stockrowONE 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
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ONE Gas, Inc. (OGS) Altman Z-score
ONE Gas, Inc.'s Altman Z-score for fiscal 2025 is 1.02, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.02 | 0.11 |
| FY2024 | 0.91 | (0.01) |
| FY2023 | 0.91 | (0.16) |
| FY2022 | 1.08 | 0.06 |
| FY2021 | 1.02 | (0.10) |
| FY2020 | 1.13 | (0.19) |
| FY2019 | 1.31 | 0.06 |
| FY2018 | 1.26 | 0.00 |
| FY2017 | 1.25 | 0.04 |
| FY2016 | 1.22 | 0.07 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.07) | — | −0.08 | |
| Retained earnings / total assets | 0.10 | — | 0.14 | |
| EBIT / total assets | 0.05 | — | 0.17 | |
| Market value of equity / total liabilities | 0.86 | — | 0.52 | |
| Sales / total assets | 0.27 | — | 0.27 | |
| Altman Z-score | Distress zone | 1.02 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.89 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CTRI Centuri Holdings, Inc. compare | 2.4× |
| UGI UGI Corporation compare | 1.4× |
| CPK Chesapeake Utilities Corporation compare | 1.3× |
| NJR NewJersey Resources Corporation compare | 1.3× |
| MDU MDU Resources Group, Inc. compare | 1.1× |
| SWX Southwest Gas Corporation compare | 1.0× |
| OGS ONE Gas, Inc. | 1.0× |
| BKH Black Hills Corporation compare | 1.0× |
| SR Spire Inc. compare | 0.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets