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ONE Gas, Inc.

OGS Utilities Utilities Regulated Gas

ONE Gas, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.4 billion, up 16.5% from fiscal 2024.

Revenue
−2.86%
EPS
+39.6%
Free cash flow
+511.5%
Total debt
+9.23%

Quarter to June 2026, against a year earlier

79.68 1.14 +1.45%
Market cap
$4.9B
P/E
17.1×
Fwd P/E
16.2×
Dividend yield
3.40%
F-score
6/9
Altman Z
1.02
Beneish M
−2.51
Dividend safety
44/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.40
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 1 1 — — — — — — — —
Insider Ownership 1.27%

Capital & Financial Ratios $m

Size
Market Cap 4,940.00
Revenue ttm 2,311.85
Net income ttm 288.25
Free cash flow ttm (172.84)
Net debt Q 2,591.56
Valuation
P/E 17.10
Forward P/E 16.20
Price / sales 2.17
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.42
Financial health
Current ratio Q 0.48 (below 1: weak)
Debt / equity Q 0.74
Interest coverage Q 2.66
Growth
Revenue growth Q −2.86% (below 0%: shrinking)
Operating income growth Q +15.05% (above 0%: growing)
EPS, this year +9.13%
EPS, next year A +2.15%
Revenue, next year A +2.04%
EPS, past 5 yrs +3.50%
EPS, next 5 yrs A +6.64%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.3×, against a ten-year median of 3.2×; over the ten years it ranged from 2.3× in 2023 to 5.0× in 2021.
P/E against its own 10 years 10.83%
10-year low 10-year high
P/S against its own 10 years 43.10%
10-year low 10-year high
P/B against its own 10 years 17.69%
10-year low 10-year high
EV/Sales against its own 10 years 53.78%
10-year low 10-year high

Dividends raised every year since 2016

Yield
3.40%
Annual rate
2.71
Payout ratio
58.4%
Growth, 2016–25
+7.48%/yr
  1. 1.40 ’16
  2. 1.68 ’17 +20%
  3. 1.84 ’18 +10%
  4. 2.00 ’19 +9%
  5. 2.16 ’20 +8%
  6. 2.32 ’21 +7%
  7. 2.48 ’22 +7%
  8. 2.60 ’23 +5%
  9. 2.64 ’24 +2%
  10. 2.68 ’25 +2%
  11. 2.72 ’26e +1%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 39 79 34 31
Receivables 352 462 517 251
Inventory 187 161 176 158
Other 187 228 189 105
765 930 916 662
2023 2024 2025 Q'26
Payables 278 261 222 111
ST’ Debt 773 29 280 281
Other 241 178 217 156
1,477 1,458 1,532 1,376

Compound Annual Growth %

10y 5y 3y
Sales 4.60% 9.67% (1.99%)
Cash Flow 3.56% 9.69% (28.31%)
Earnings 8.30% 6.11% 6.02%
Book Value 6.45% 9.02% 10.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.65 Actual 0.82

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.44 0.44 Met by 0.00
Q4 FY25 1.42 1.48 Beat by 0.06
Q1 FY26 2.13 2.11 Miss by 0.02
Q2 FY26 0.65 0.82 Beat by 0.17
Q3 FY26 0.48 — Reports 2 November 2026

EPS $

Mar Jun Sep Dec Year
’26 2.04 0.74 — — —
’25 1.98 0.53 0.44 1.42 4.37
’24 1.75 0.48 0.34 1.34 3.91
’23 1.84 0.58 0.45 1.27 4.14
’22 1.83 0.59 0.44 1.23 4.08
’21 1.79 0.56 0.38 1.12 3.85
’20 1.72 0.48 0.39 1.09 3.68
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 832 412 — — —
’25 935 424 379 689 2,427
’24 758 354 340 631 2,084
’23 1,032 398 336 606 2,372
’22 971 429 359 818 2,578
’21 625 316 274 594 1,809
’20 528 273 245 484 1,530
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 176 211 — — —
’25 277 171 87 43 579
’24 108 143 55 63 368
’23 469 280 94 97 940
’22 108 179 1,269 15 1,571
’21 (1,659) 82 17 25 (1,536)
’20 183 96 47 39 365
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 20 38 — — —
’25 111 (9) (105) (125) (128)
’24 (58) (33) (126) (117) (335)
’23 318 108 (74) (79) 273
’22 (6) 41 1,108 (182) 961
’21 (1,758) (36) (114) (123) (2,031)
’20 69 (25) (67) (83) (107)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,427 1,540 1,634 1,653 1,530 1,809 2,578 2,372 2,084 2,427 2,312 +6.1% 2,477 2,570 2,673 +3.3%
Gross margin, % 62.04 60.09 56.26 58.37 64.88 57.15 43.40 52.17 62.64 58.85 63.13 (3.2) pt
EBT 225 256 226 230 238 247 268 272 259 321 349 +4.0%
EBT margin, % 15.79 16.64 13.82 13.89 15.55 13.64 10.41 11.46 12.44 13.24 15.09 (2.6) pt
Net income 140 163 172 187 196 206 222 231 223 264 288 +7.3%
Per share, $
Per share, $ Revenue 27.21 29.31 31.00 31.25 28.80 33.76 47.56 42.66 36.67 40.35 36.72 +4.5%
Earnings 2.67 3.10 3.27 3.53 3.70 3.85 4.09 4.16 3.92 4.39 4.66 +5.7%
Cash flow 5.54 4.83 8.88 5.87 6.86 (28.66) 28.98 16.90 6.48 9.62 8.22 +6.3%
Capex (5.89) (6.78) (7.49) (7.89) (8.87) (9.24) (11.24) (11.99) (12.37) (11.76) (10.96) +8.0%
Free cash flow (0.35) (1.95) 1.39 (2.02) (2.01) (37.91) 17.73 4.91 (5.89) (2.13) (2.75) +22.2%
Book value 36.00 37.32 38.77 40.26 42.03 43.86 47.68 49.75 54.63 57.18 56.19 +5.3%
Shares, m 52 53 53 53 53 54 54 56 57 60 62 +1.5%
Valuation, ×
Valuation, × P/E 23.86 23.31 24.27 26.51 20.75 20.10 18.66 15.55 17.67 17.60 17.10 20.8
P/S 2.34 2.47 2.57 2.99 2.67 2.30 1.60 1.52 1.89 1.91 2.17 2.2
P/B 1.77 1.94 2.05 2.32 1.83 1.77 1.60 1.30 1.27 1.35 1.42 1.7
EV/Sales 3.17 3.23 3.52 4.08 3.97 4.61 2.64 2.74 3.01 2.99 3.29 3.4
EV/FCF (244.54) (48.51) 78.62 (63.01) (56.89) (4.10) 7.07 23.78 (18.73) (56.47) (44.02) (38.3)
Cash, $m
Cash, $m Operating cash flow 291 254 468 310 365 (1,536) 1,571 940 368 579 517 +8.0%
Capex (309) (356) (394) (417) (471) (495) (609) (667) (703) (707) (690) +9.6%
Free cash flow (18) (103) 73 (107) (107) (2,031) 961 273 (335) (128) (173) +24.0%
Balance, $m
Balance, $m Working capital 125 (84) (156) (367) (257) 1,244 28 (712) (528) (616) (715) n/m
Net debt 1,323 1,536 1,564 1,791 1,999 4,176 2,664 2,894 2,336 2,603 2,592 +7.8%
Shareholders’ equity 1,888 1,960 2,043 2,129 2,233 2,350 2,584 2,766 3,105 3,440 3,538 +6.9%
Returns, %
Returns, % ROA 2.93 3.21 3.23 3.34 3.35 2.86 2.74 2.97 2.75 3.06 3.36 +0.1 pt
ROIC 5.62 5.66 5.00 4.71 4.48 2.97 4.17 4.17 4.58 4.73 4.87 (0.9) pt
ROE 7.51 8.47 8.61 8.95 9.00 9.01 8.99 8.64 7.59 8.07 8.58 +0.6 pt
People
People Employees 3,400 4,200 4,200 3,600 3,700 3,600 3,800 3,900 3,900 4,000 — +1.8%
Revenue/emp, $m 0.42 0.37 0.39 0.46 0.41 0.50 0.68 0.61 0.53 0.61 — +4.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

ONE Gas, Inc. vs peers in Utilities Regulated Gas (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
UGI UGI Corporation $8.3B 12.4× 13.7× −4.52% (below 0%: shrinking) n/m −56.52% (below 0%: shrinking) 43.05% (3.31%) Compare
SWX Southwest Gas Corporation $6.7B 12.1× 21.4× −9.63% (below 0%: shrinking) n/m −157.57% (below 0%: shrinking) 89.27% 23.54% Compare
BKH Black Hills Corporation $6.3B 20.7× 19.0× +3.14% (above 0%: growing) +31.58% (above 0%: growing) +24.09% (above 0%: growing) 74.93% 21.42% Compare
NJR NewJersey Resources Corporation $5.4B 14.6× 15.0× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $5.2B 9.8× 21.9× −0.40% (below 0%: shrinking) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $4.9B 16.9× 16.2× −2.86% (below 0%: shrinking) +39.62% (above 0%: growing) +511.45% (above 0%: growing) 78.07% 20.08%
MDU MDU Resources Group, Inc. $4.2B 20.8× 20.1× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78% Compare
CPK Chesapeake Utilities Corporation $3.3B 21.7× 21.2× +4.72% (above 0%: growing) +2.91% (above 0%: growing) +38.63% (above 0%: growing) 74.39% 26.20% Compare
CTRI Centuri Holdings, Inc. $2.2B 69.3× 69.5× +32.86% (above 0%: growing) −33.33% (below 0%: shrinking) +85.38% (above 0%: growing) 7.19% 2.51% Compare
Median of peers $5.3B 17.6× 20.7× +3.93% +31.58% −1.46% 69.58% 10.96%

All 14 Utilities Regulated Gas stocks →

Pay and ownership Proxy statement filed 1 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 5.58m 6.38m 119.72

Ownership

Directors and executive officers, together 1.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

ONE Gas, Inc. (OGS) Latest News

2 Nov

Impact 3 · · PR Newswire

26 Oct

Impact 3 · · Zacks

14 Oct

Impact 3 · · Zacks

28 Sep

Impact 3 · · Zacks
Impact 3 ·

25 Aug

Impact 4 ·
Impact 3 ·

11 Aug

Impact 3 · · The Motley Fool transcript

8 Aug

Impact 3 · · MarketBeat

5 Aug

Impact 4 · transcript
Impact 3 ·
Impact 3 · · Moby transcript

4 Aug

Impact 4 ·

25 Jun

Impact 3 · · Zacks

5 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 3 · · Zacks

4 May

Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · PR Newswire

26 Apr

Impact 3 · · Simply Wall St.

10 Apr

Impact 4 · · Simply Wall St.

28 Mar

Impact 3 · · Simply Wall St.

27 Mar

Impact 4 · · Zacks

25 Feb

Impact 3 ·

23 Feb

Impact 3 · · MarketBeat

19 Feb

Impact 4 · · GuruFocus.com
Impact 3 ·
stockrow.com/OGS · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com