(OGS) One Gas - Overview
Sector: Utilities | Industry: Utilities - Regulated Gas | Exchange: NYSE (USA) | Market Cap: 5.168m USD | Total Return: 13.4% in 12m
Avg Turnover: 45.3M
EPS Trend: 60.4%
Qual. Beats: -1
Rev. Trend: -15.3%
Qual. Beats: -1
Warnings
High Debt while negative Cash Flow
Altman Z'' 0.48 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
Confidence
ONE Gas, Inc. (OGS) is a pure-play regulated natural gas utility headquartered in Tulsa, Oklahoma. The company manages a network of approximately 43,200 miles of distribution pipelines and 2,200 miles of transmission pipelines, providing service to 2.3 million customers across Oklahoma, Kansas, and Texas. Its customer base includes residential, commercial, industrial, and wholesale segments.
As a regulated utility, the company operates under a cost-of-service business model where rates are set by state commissions, providing a predictable revenue stream linked to capital investment. The natural gas utility sector is characterized by high barriers to entry due to the extensive physical infrastructure required to maintain safety and reliability standards. Investors often look to this sector for dividend stability and defensive positioning during periods of market volatility.
Analyzing the long-term valuation trends on ValueRay can help determine if the current stock price aligns with historical performance. Those interested in the regulatory environment of the Southern United States should monitor upcoming rate case filings in the companys three primary jurisdictions.
- Regulatory rate case outcomes in Texas and Oklahoma dictate annual revenue growth
- Capital expenditure on aging pipeline infrastructure drives long-term rate base expansion
- Customer base growth in the Austin-San Antonio corridor fuels residential service demand
- Fluctuations in natural gas prices influence customer bad debt and working capital
- Interest rate volatility impacts the cost of financing multi-billion dollar infrastructure projects
| Net Income: 273.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA -0.53 > 1.0 |
| NWC/Revenue: -26.06% < 20% (prev -23.06%; Δ -3.01% < -1%) |
| CFO/TA 0.05 > 3% & CFO 477.7m > Net Income 273.5m |
| Net Debt (3.36b) to EBITDA (785.2m): 4.28 < 3 |
| Current Ratio: 0.57 > 1.5 & < 3 |
| Outstanding Shares: last quarter (63.2m) vs 12m ago 4.88% < -2% |
| Gross Margin: 67.95% > 18% (prev 0.36%; Δ 6.76k% > 0.5%) |
| Asset Turnover: 27.10% > 50% (prev 27.14%; Δ -0.05% > 0%) |
| Interest Coverage Ratio: 3.39 > 6 (EBITDA TTM 785.2m / Interest Expense TTM 139.5m) |
| A: -0.07 (Total Current Assets 796.6m - Total Current Liabilities 1.40b) / Total Assets 8.83b |
| B: 0.11 (Retained Earnings 994.8m / Total Assets 8.83b) |
| C: 0.06 (EBIT TTM 472.8m / Avg Total Assets 8.58b) |
| D: 0.19 (Book Value of Equity 995.3m / Total Liabilities 5.30b) |
| Altman-Z'' = 0.48 = B |
| DSRI: 0.90 (Receivables 460.7m/500.4m, Revenue 2.32b/2.26b) |
| GMI: 0.53 (GM 67.95% / 36.27%) |
| AQI: 0.93 (AQ_t 0.09 / AQ_t-1 0.10) |
| SGI: 1.03 (Revenue 2.32b / 2.26b) |
| TATA: -0.02 (NI 273.5m - CFO 477.7m) / TA 8.83b) |
| Beneish M = -3.58 (Cap -4..+1) = AAA |
As of May 25, 2026, the stock is trading at USD 82.35 with a total of 626,460 shares traded.
Over the past week, the price has changed by +0.99%,
over one month by -5.57%,
over three months by -2.58% and
over the past year by +13.42%.
One Gas has received a consensus analysts rating of 3.50. Therefore, it is recommended to hold OGS.
- StrongBuy: 3
- Buy: 0
- Hold: 4
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 90.7 | 10.1% |
P/E Forward = 19.0476
P/S = 2.224
P/B = 1.474
P/EG = 4.19
Revenue TTM = 2.32b USD
EBIT TTM = 472.8m USD
EBITDA TTM = 785.2m USD
Long Term Debt = 2.34b USD (from longTermDebt, last quarter)
Short Term Debt = 1.04b USD (from shortTermDebt, last quarter)
Debt = 3.38b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.36b USD (calculated: Debt 3.38b - CCE 23.0m)
Enterprise Value = 8.53b USD (5.17b + Debt 3.38b - CCE 23.0m)
Interest Coverage Ratio = 3.39 (Ebit TTM 472.8m / Interest Expense TTM 139.5m)
EV/FCF = -38.85x (Enterprise Value 8.53b / FCF TTM -219.5m)
FCF Yield = -2.57% (FCF TTM -219.5m / Enterprise Value 8.53b)
FCF Margin = -9.44% (FCF TTM -219.5m / Revenue TTM 2.32b)
Net Margin = 11.77% (Net Income TTM 273.5m / Revenue TTM 2.32b)
Gross Margin = 67.95% ((Revenue TTM 2.32b - Cost of Revenue TTM 744.7m) / Revenue TTM)
Gross Margin QoQ = 52.68% (prev none%)
Tobins Q-Ratio = 0.97 (Enterprise Value 8.53b / Total Assets 8.83b)
Interest Expense / Debt = 4.12% (Interest Expense 139.5m / Debt 3.38b)
Taxrate = 17.06% (26.5m / 155.1m)
NOPAT = 392.2m (EBIT 472.8m * (1 - 17.06%))
Current Ratio = 0.57 (Total Current Assets 796.6m / Total Current Liabilities 1.40b)
Debt / Equity = 0.96 (Debt 3.38b / totalStockholderEquity, last quarter 3.53b)
Debt / EBITDA = 4.28 (Net Debt 3.36b / EBITDA 785.2m)
Debt / FCF = -15.30 (negative FCF - burning cash) (Net Debt 3.36b / FCF TTM -219.5m)
Total Stockholder Equity = 3.33b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.19% (Net Income 273.5m / Total Assets 8.83b)
RoE = 8.20% (Net Income TTM 273.5m / Total Stockholder Equity 3.33b)
RoCE = 8.33% (EBIT 472.8m / Capital Employed (Equity 3.33b + L.T.Debt 2.34b))
RoIC = 4.65% (NOPAT 392.2m / Invested Capital 8.44b)
WACC = 4.95% (E(5.17b)/V(8.55b) * Re(5.95%) + D(3.38b)/V(8.55b) * Rd(4.12%) * (1-Tc(0.17)))
Discount Rate = 5.95% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 98.88 | Cagr: 5.73%
[DCF] Fair Price = unknown (Cash Flow -219.5m)
EPS Correlation: 60.39 | EPS CAGR: 3.12% | SUE: -0.87 | # QB: -1
Revenue Correlation: -15.27 | Revenue CAGR: -1.41% | SUE: -1.02 | # QB: -1
EPS current Quarter (2026-06-30): EPS=0.64 | Chg30d=+14.60% | Revisions=+0% | Analysts=5
EPS next Quarter (2026-09-30): EPS=0.49 | Chg30d=+15.60% | Revisions=+33% | Analysts=5
EPS current Year (2026-12-31): EPS=4.87 | Chg30d=+2.50% | Revisions=+0% | GrowthEPS=+11.5% | GrowthRev=+3.5%
EPS next Year (2027-12-31): EPS=5.01 | Chg30d=+0.82% | Revisions=+14% | GrowthEPS=+2.9% | GrowthRev=+2.6%
[Analyst] Revisions Ratio: +33%