A Business at a Glance
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ONE Gas, Inc.
OGS
$4.9B
Mkt Cap
$80.53
+0.69%
ONE Gas, Inc. (OGS) has a current P/E ratio of 18.4, compared to its historical median P/E of 17.5. The stock is currently considered Fair based on its historical valuation range.
ONE Gas, Inc. (OGS) has a 5-year average return on invested capital (ROIC) of 5.4%. This is below average and may indicate limited pricing power.
ONE Gas, Inc. (OGS) has a market capitalization of $5.1B. It is classified as a mid-cap stock.
Yes, ONE Gas, Inc. (OGS) pays a dividend with a trailing twelve-month yield of 3.23%.
Based on historical P/E analysis, ONE Gas, Inc. (OGS) appears fair. The current P/E of 18.4 is 5% above its historical median of 17.5. The estimated fair value CAGR (P/E method) is 3.3%.
ONE Gas, Inc. (OGS) operates in the Natural Gas Distribution industry, within the Utilities sector.
ONE Gas, Inc. (OGS) reported annual revenue of $2.4 billion in its most recent fiscal year, based on SEC EDGAR filings.
ONE Gas, Inc. is a 100-percent regulated natural gas distribution utility headquartered in Tulsa, Oklahoma, serving approximately 2.3 million customers across Oklahoma, Kansas, and Texas through three divisions: Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. The company is the largest natural gas distributor in Oklahoma and Kansas and the third largest in Texas, primarily serving residential, commercial, and transportation customers in major markets including Oklahoma City, Tulsa, Kansas City, Wichita, Topeka, Austin, and El Paso. ONE Gas operates under a fully regulated framework with rates established by state and local regulatory authorities—the Oklahoma Corporation Commission, Kansas Corporation Commission, and Texas Railroad Commission or incorporated cities—which provide the company with the opportunity to earn a fair and reasonable return on its capital investments while ensuring safe and reliable service. The company's business model is capital-intensive, with significant capital spending focused on safety, integrity, and reliability of the natural gas distribution system, complemented by mechanisms such as performance-based rate changes in Oklahoma and gas system reliability surcharges in Kansas and Texas that allow for rate adjustments between full rate cases. Natural gas serves as a foundational energy source in the company's service territories, which collectively produce over one-third of U.S. energy supply, and the company's assets are essential to customers and the integrated energy system, complementing renewables and other energy sources.
【Disciplined capital deployment and regulatory progress】 Management is advancing significant utility-scale power generation projects approximating 1.5 GW of capacity across all three states, leveraging the company's fully regulated framework to serve these customers with modest increases to capital budgets while maintaining affordability for residential customers. The company continues to invest in workforce efficiency and safety improvements, including insourcing the Watch and Protect function in Oklahoma to support safe digging practices near transmission and critical pipelines. Regulatory filings are progressing across jurisdictions, with Oklahoma Natural Gas seeking rate adjustments through its annual performance-based mechanism, Texas Gas Service pursuing infrastructure program filings, and Kansas Gas Service expected to file its gas system reliability surcharge in the third quarter. Management expects long-term adjusted net income growth of 7%-9% and adjusted earnings per share growth of 5%-7% through 2030, with operating and maintenance expenses projected to grow at a 3%-4% compound annual rate over the five-year planning period.
| Metric | Target | Period |
|---|---|---|
| Adjusted net income | $306 million–$314 million | FY2026 |
| Adjusted earnings per diluted share | $4.83–$4.95 | FY2026 |
| Long-term adjusted net income growth | 7%–9% | 2026–2030 |
| Long-term adjusted EPS growth | 5%–7% | 2026–2030 |
| 2030 adjusted EPS midpoint | roughly $6 | FY2030 |
Adjusted net income (FY2026): “we expect adjusted net income in the range of $306 million-$314 million and adjusted earnings per share in the range of $4.83-$4.95”
Adjusted earnings per diluted share (FY2026): “we expect adjusted net income in the range of $306 million-$314 million and adjusted earnings per share in the range of $4.83-$4.95”
Long-term adjusted net income growth (2026–2030): “we expect long-term adjusted net income growth of 7%-9% and adjusted EPS growth of 5%-7%”
Long-term adjusted EPS growth (2026–2030): “we expect long-term adjusted net income growth of 7%-9% and adjusted EPS growth of 5%-7%”
2030 adjusted EPS midpoint (FY2030): “implying a 2030 adjusted EPS midpoint of roughly $6”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.3B | 2.4B | 2.1B | 2.4B | 2.6B | 1.8B |
| Net Income | 273M | 264M | 223M | 231M | 222M | 206M |
| EPS | $4.40 | $4.37 | $3.91 | $4.14 | $4.08 | $3.85 |
| Free Cash Flow | -219M | -128M | -335M | 273M | 961M | -2.0B |
| ROIC | 5.6% | 5.8% | 5.5% | 5.6% | 5.1% | 5.3% |
| Gross Margin | - | 58.8% | 62.6% | 52.2% | 43.4% | 57.1% |
| Debt/Equity | 0.95 | 0.97 | 1.06 | 1.09 | 1.04 | 1.57 |
| Dividends/Share | $2.60 | $2.68 | $2.64 | $2.60 | $2.48 | $2.32 |
| Operating Income | 467M | 457M | 399M | 378M | 350M | 310M |
| Operating Margin | 20.4% | 18.8% | 19.1% | 15.9% | 13.6% | 17.2% |
| ROE | 7.8% | 8.1% | 7.2% | 8.4% | 9.0% | 9.0% |
| Shares Outstanding | 63M | 60M | 57M | 56M | 54M | 54M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.8B | 1.5B | 1.4B | 1.5B | 1.6B | 1.7B | 1.5B | 1.8B | 2.6B | 2.4B | 2.1B | 2.4B | 2.3B |
| Gross Margin | 45.5% | 54.4% | 62.0% | 60.1% | N/A | N/A | 64.9% | 57.1% | 43.4% | 52.2% | 62.6% | 58.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | 689M | 723M | 769M | 860M | 906M | 971M | 971M |
| EBIT | 225M | 239M | 289M | 317M | 288M | 295M | 304M | 310M | 350M | 378M | 399M | 457M | 467M |
| Op. Margin | 12.4% | 15.5% | 20.2% | 20.6% | 17.7% | 17.9% | 19.8% | 17.2% | 13.6% | 15.9% | 19.1% | 18.8% | 20.4% |
| Net Income | 110M | 119M | 140M | 163M | 172M | 187M | 196M | 206M | 222M | 231M | 223M | 264M | 273M |
| Net Margin | 6.0% | 7.7% | 9.8% | 10.6% | 10.5% | 11.3% | 12.8% | 11.4% | 8.6% | 9.7% | 10.7% | 10.9% | 12.0% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 4.6% | 4.9% | 5.9% | 6.5% | 6.8% | 7.1% | 6.9% | 5.3% | 5.1% | 5.6% | 5.5% | 5.8% | 5.6% |
| ROE | 6.1% | 6.5% | 7.5% | 8.5% | 8.6% | 9.0% | 9.0% | 9.0% | 9.0% | 8.4% | 7.2% | 8.1% | 7.8% |
| ROA | 2.4% | 2.6% | 2.9% | 3.2% | 3.2% | 3.3% | 3.3% | 2.9% | 2.7% | 3.0% | 2.6% | 3.1% | 3.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 247M | 394M | 291M | 254M | 468M | 310M | 365M | -1.5B | 1.6B | 940M | 368M | 579M | 478M |
| Free Cash Flow | -50M | 100M | -18M | -103M | 73M | -107M | -107M | -2.0B | 961M | 273M | -335M | -128M | -219M |
| Owner Earnings | 113M | 252M | 136M | 93M | 299M | 121M | 160M | -1.8B | 1.6B | 648M | 58M | 247M | 150M |
| CapEx | 297M | 294M | 309M | 356M | 394M | 417M | 471M | 495M | 609M | 667M | 703M | 707M | 697M |
| Maint. CapEx | 126M | 133M | 144M | 152M | 160M | 180M | 195M | 207M | 3.5M | 280M | 297M | 317M | 312M |
| Growth CapEx | 171M | 161M | 165M | 204M | 234M | 237M | 276M | 288M | 606M | 387M | 406M | 390M | 385M |
| D&A | 126M | 133M | 144M | 152M | 160M | 180M | 195M | 207M | 3.5M | 280M | 297M | 317M | 312M |
| CapEx/OCF | 120.4% | 74.7% | 106.4% | 140.4% | 84.3% | 134.5% | 129.3% | N/A | 38.8% | 71.0% | 190.9% | 122.2% | 145.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 44M | 63M | 73M | 88M | 97M | 105M | 114M | 124M | 134M | 144M | 149M | 161M | 163M |
| Dividend Yield | 3.2% | 3.7% | 3.1% | 3.1% | 3.1% | 2.8% | 3.3% | 3.8% | 3.5% | 3.8% | 4.2% | 3.6% | 3.2% |
| Share Buybacks | 0 | 24M | 24M | 18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 1.2% | 0.9% | 0.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 7.6M | 9.2M | 11M | 8.9M | 8.2M | 9.3M | 9.8M | 10M | 11M | 12M | 14M | 15M | 15M |
| Debt Repayment | 0 | 0 | 0 | 0 | 300M | 0 | 0 | 400M | 1.6B | 2.5M | 2.2M | 432K | 432K |
| Balance Sheet | |||||||||||||
| Net Debt | 1.2B | 1.2B | 1.2B | 1.2B | 1.3B | 1.3B | 1.6B | 3.7B | 2.7B | 2.9B | 3.2B | 3.3B | 3.3B |
| Cash & Equiv. | 12M | 2.4M | 15M | 14M | 21M | 18M | 8.0M | 8.9M | 9.7M | 58M | 58M | 11M | 11M |
| Long-Term Debt | 1.2B | 1.2B | 1.2B | 1.2B | 1.3B | 1.3B | 1.6B | 3.7B | 2.7B | 2.2B | 2.4B | 2.4B | 2.3B |
| Debt/Equity | 0.69 | 0.65 | 0.63 | 0.61 | 0.63 | 0.62 | 0.73 | 1.57 | 1.04 | 1.09 | 1.06 | 0.97 | 0.95 |
| Interest Coverage | 4.9 | 5.4 | 6.6 | 6.9 | 5.6 | 4.7 | 4.9 | 5.1 | 4.5 | 3.3 | 2.7 | 3.2 | 3.3 |
| Equity | 1.8B | 1.8B | 1.9B | 2.0B | 2.0B | 2.1B | 2.2B | 2.3B | 2.6B | 2.8B | 3.1B | 3.4B | 3.5B |
| Total Assets | 4.6B | 4.6B | 4.9B | 5.2B | 5.5B | 5.7B | 6.0B | 8.4B | 7.8B | 7.8B | 8.4B | 8.9B | 8.8B |
| Total Liabilities | 1.3B | 1.3B | 1.2B | 797M | 833M | 3.6B | 821M | 1.3B | 5.2B | 5.0B | 5.3B | 5.4B | 463M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 324M | 294M | 266M | 234M | 226M |
| Retained Earnings | 40M | 95M | 161M | 246M | 321M | 403M | 484M | 565M | 652M | 738M | 810M | 909M | 995M |
| Working Capital | 275M | 179M | 125M | -84M | -156M | -367M | -257M | 1.2B | 28M | -712M | -528M | -616M | -606M |
| Current Assets | 668M | 483M | 569M | 589M | 543M | 506M | 540M | 2.2B | 1.2B | 765M | 930M | 916M | 797M |
| Current Liabilities | 392M | 304M | 444M | 673M | 699M | 873M | 797M | 980M | 1.2B | 1.5B | 1.5B | 1.5B | 1.4B |
| Per Share Data | |||||||||||||
| EPS | 2.07 | 2.24 | 2.65 | 3.08 | 3.25 | 3.51 | 3.68 | 3.85 | 4.08 | 4.14 | 3.91 | 4.37 | 4.40 |
| Owner EPS | 2.14 | 4.74 | 2.56 | 1.76 | 5.65 | 2.27 | 2.99 | -32.70 | 28.64 | 11.59 | 1.02 | 4.08 | 2.40 |
| Book Value | 33.83 | 34.66 | 35.72 | 37.04 | 38.54 | 40.02 | 41.84 | 43.82 | 47.55 | 49.52 | 54.47 | 56.90 | 56.18 |
| Cash Flow/Share | 4.65 | 7.42 | 5.50 | 4.80 | 8.83 | 5.83 | 6.83 | -28.64 | 28.90 | 16.82 | 6.46 | 9.57 | 9.33 |
| Dividends/Share | 0.84 | 1.20 | 1.40 | 1.68 | 1.84 | 2.00 | 2.16 | 2.32 | 2.48 | 2.60 | 2.64 | 2.68 | 2.60 |
| Shares Out. | 53.0M | 53.1M | 52.9M | 52.9M | 53.0M | 53.2M | 53.4M | 53.6M | 54.3M | 55.9M | 57.0M | 60.5M | 62.8M |
| Valuation | |||||||||||||
| P/E Ratio | 14.9 | 16.9 | 18.1 | 18.4 | 19.1 | 21.4 | 17.4 | 16.9 | 16.4 | 14.3 | 17.0 | 17.6 | 18.3 |
| P/FCF | N/A | 20.2 | N/A | N/A | 45.0 | N/A | N/A | N/A | 3.8 | 12.1 | N/A | N/A | N/A |
| EV/EBIT | 12.7 | 13.4 | 14.3 | 14.3 | 16.8 | 19.5 | 17.8 | 24.7 | 19.5 | 16.7 | 17.5 | 17.4 | 18.0 |
| Price/Book | 0.9 | 1.1 | 1.3 | 1.5 | 1.6 | 1.9 | 1.5 | 1.5 | 1.4 | 1.2 | 1.2 | 1.4 | 1.4 |
| Price/Sales | 0.8 | 1.1 | 1.7 | 1.9 | 1.9 | 2.3 | 2.3 | 1.8 | 1.5 | 1.6 | 1.7 | 1.8 | 2.2 |
| FCF Yield | -3.1% | 5.0% | -0.7% | -3.4% | 2.2% | -2.7% | -3.1% | -58.1% | 26.4% | 8.3% | -8.8% | -2.8% | -4.3% |
| Market Cap | 1.6B | 2.0B | 2.5B | 3.0B | 3.3B | 4.0B | 3.4B | 3.5B | 3.6B | 3.3B | 3.8B | 4.7B | 5.1B |
| Avg. Price | 25.98 | 32.29 | 44.93 | 54.26 | 58.69 | 71.27 | 65.50 | 61.56 | 70.74 | 67.20 | 62.51 | 73.73 | 80.53 |
| Year-End Price | 30.79 | 37.91 | 48.02 | 56.81 | 62.17 | 75.15 | 63.91 | 65.21 | 67.06 | 59.15 | 66.61 | 77.04 | 80.53 |
ONE Gas, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
ONE Gas, Inc. trades at 18.4x trailing earnings, compared to its 15-year median P/E of 17.5x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 5.4% with a gross margin of 54.8%. Total shareholder yield (dividends) is 3.2%. At current prices, the estimated annualized return to fair value is +65.1%.
ONE Gas, Inc. (OGS) has a net profit margin of 10.9%. This is a healthy margin.
ONE Gas, Inc. (OGS) generated $-128 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
ONE Gas, Inc. (OGS) has a debt-to-equity ratio of 0.97. This indicates moderate leverage.
ONE Gas, Inc. (OGS) reported earnings per share (EPS) of $4.37 in its most recent fiscal year.
ONE Gas, Inc. (OGS) has a return on equity (ROE) of 8.1%. This indicates moderate shareholder returns.
ONE Gas, Inc. (OGS) has a 5-year average gross margin of 54.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 14 years of financial data for ONE Gas, Inc. (OGS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ONE Gas, Inc. (OGS) has a book value per share of $56.90, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is advancing significant utility-scale power generation projects approximating 1.5 GW of capacity across all three states, leveraging the company's fully regulated framework to serve these customers with modest increases to capital budgets while maintaining affordability for residential customers. The company continues to invest in workforce efficiency and safety improvements, including insourcing the Watch and Protect function in Oklahoma to support safe digging practices near transmission and critical pipelines. Regulatory filings are progressing across jurisdictions, with Oklahoma Natural Gas seeking rate adjustments through its annual performance-based mechanism, Texas Gas Service pursuing infrastructure program filings, and Kansas Gas Service expected to file its gas system reliability surcharge in the third quarter. Management expects long-term adjusted net income growth of 7%-9% and adjusted earnings per share growth of 5%-7% through 2030, with operating and maintenance expenses projected to grow at a 3%-4% compound annual rate over the five-year planning period.
Based on recent SEC filings and earnings calls, ONE Gas, Inc. (OGS) has provided the following forward guidance: Adjusted net income: $306 million–$314 million (FY2026); Adjusted earnings per diluted share: $4.83–$4.95 (FY2026); Long-term adjusted net income growth: 7%–9% (2026–2030); Long-term adjusted EPS growth: 5%–7% (2026–2030); 2030 adjusted EPS midpoint: roughly $6 (FY2030).
No recent press releases.