OGS Stock Analysis: One Gas | NYSE
Utilities - Regulated Gas | NYSE, USA | Market Cap: 5.093m USD | 12M Return: 2.7% | US68235P1084 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 46.6M
EPS Trend: 86.0%
Qual. Beats: 0
Rev. Trend: 56.0%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
ONE Gas, Inc. (NYSE: OGS) is a regulated natural gas distribution utility headquartered in Tulsa, Oklahoma, operating across Oklahoma, Kansas, and Texas. The company serves approximately 2.3 million residential, commercial, industrial, transportation, and wholesale customers through a network of 43,200 miles of distribution pipelines and 2,200 miles of transmission pipelines as of December 31, 2025. Founded in 1906 and spun off as a public company in 2014, ONE Gas is classified within the GICS Gas Utilities sub-industry and carries a mid-cap valuation of approximately $4.56 billion USD.
As a regulated gas utility, ONE Gas operates under a state-level rate-of-return framework, where revenue is largely set by public utility commissions in each operating jurisdiction. The business model is capital-intensive, requiring sustained investment in pipeline infrastructure to maintain safety, reliability, and service capacity, while customer growth is typically tied to population trends in its Midwestern service territories.
- Oklahoma rate case order determines future earnings growth trajectory
- Cold winter weather drives higher natural gas distribution volumes and revenue
- Capital expenditure plan expands rate base and supports dividend growth
| Net Income: 293.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: -0.02 > 0.02 and ΔFCF/TA -0.40 > 1.0 |
| NWC/Revenue: -21.61% < 20% (prev -32.71%; Δ 11.09% < -1%) |
| CFO/TA 0.06 > 3% & CFO 550.8m > Net Income 293.0m |
| Net Debt (3.51b) to EBITDA (792.6m): 4.43 < 3 |
| Current Ratio: 0.58 > 1.5 & < 3 |
| Outstanding Shares: last quarter (63.2m) vs 12m ago 4.51% < -2% |
| Gross Margin: 64.57% > 18% (prev 41.66%; Δ 22.91% > 0.5%) |
| Asset Turnover: 26.58% > 50% (prev 27.85%; Δ -1.28% > 0%) |
| Interest Coverage Ratio: 3.52 > 6 (EBIT TTM 480.6m / Interest Expense TTM 136.5m) |
| A: -0.06 (Total Current Assets 693.6m - Total Current Liabilities 1.20b) / Total Assets 8.98b |
| B: 0.11 (Retained Earnings 986.4m / Total Assets 8.98b) |
| C: 0.05 (EBIT TTM 480.6m / Avg Total Assets 8.74b) |
| D: 0.65 (Book Value of Equity 3.53b / Total Liabilities 5.46b) |
| Altman-Z'' = 1.04 = BB |
| DSRI: 0.83 (Receivables 215.9m/263.8m, Revenue 2.32b/2.37b) |
| GMI: 0.65 (GM 41.66% / 64.57%) |
| AQI: 0.95 (AQ_t 0.09 / AQ_t-1 0.10) |
| SGI: 0.98 (Revenue 2.32b / 2.37b) |
| TATA: -0.03 (NI 293.0m - CFO 550.8m) / TA 8.98b) |
| Beneish M = -3.53 (Cap -4..+1) = AAA |
As of November 07, 2026, the stock is trading at USD 80.92 with a total of 581,865 shares traded. Over the past week, the price has changed by +3.03%, over one month by +10.62%, over three months by +2.49% and over the past year by +2.70%.
Current recommended Stop Loss: 77.20 (which is 4.6% or 2.2 ATR below the current price).
One Gas has received a consensus analysts rating of 4.10. Therefore, it is recommended to buy OGS.
- StrongBuy: 5
- Buy: 1
- Hold: 4
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 85.2 | 5.3% |
P/E Trailing = 17.4258
P/E Forward = 17.3913
P/S = 2.2031
P/B = 1.4203
P/EG = 4.19
Revenue TTM = 2.32b USD
EBIT TTM = 480.6m USD
EBITDA TTM = 792.6m USD
Long Term Debt = 2.36b USD (from longTermDebt, last fiscal year)
Short Term Debt = 822.1m USD (from shortTermDebt, last quarter)
Debt = 3.52b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 3.51b USD (calculated: Debt 3.52b - CCE 7.27m)
Enterprise Value = 8.60b USD (5.09b + Debt 3.52b - CCE 7.27m)
Interest Coverage Ratio = 3.52 (Ebit TTM 480.6m / Interest Expense TTM 136.5m)
EV/FCF = -53.95x (Enterprise Value 8.60b / FCF TTM -159.5m)
FCF Yield = -1.85% (FCF TTM -159.5m / Enterprise Value 8.60b)
FCF Margin = -6.86% (FCF TTM -159.5m / Revenue TTM 2.32b)
Net Margin = 12.61% (Net Income TTM 293.0m / Revenue TTM 2.32b)
Gross Margin = 64.57% ((Revenue TTM 2.32b - Cost of Revenue TTM 823.4m) / Revenue TTM)
Gross Margin QoQ = 19.77% (prev 78.07%)
Tobins Q-Ratio = 0.96 (Enterprise Value 8.60b / Total Assets 8.98b)
Interest Expense / Debt = 3.88% (Interest Expense 136.5m / Debt 3.52b)
Taxrate = 17.36% (61.6m / 354.6m)
NOPAT = 397.2m (EBIT 480.6m * (1 - 17.36%))
Current Ratio = 0.58 (Total Current Assets 693.6m / Total Current Liabilities 1.20b)
Debt / Equity = 1.00 (Debt 3.52b / totalStockholderEquity, last quarter 3.53b)
Debt / EBITDA = 4.43 (Net Debt 3.51b / EBITDA 792.6m)
Debt / FCF = -22.01 (negative FCF - burning cash) (Net Debt 3.51b / FCF TTM -159.5m)
Total Stockholder Equity = 3.51b (last 4 quarters mean from totalStockholderEquity)
RoA = 3.35% (Net Income 293.0m / Total Assets 8.98b)
RoE = 8.35% (Net Income TTM 293.0m / Total Stockholder Equity 3.51b)
RoCE = 8.20% (EBIT 480.6m / Capital Employed (Equity 3.51b + L.T.Debt 2.36b))
RoIC = 4.62% (NOPAT 397.2m / Invested Capital 8.60b)
WACC = 4.34% (E(5.09b)/V(8.61b) * Re(5.13%) + D(3.52b)/V(8.61b) * Rd(3.88%) * (1-Tc(0.17)))
Discount Rate = 5.13% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 95.85 | Cagr: 4.82%
[DCF] Fair Price = unknown (Cash Flow -159.5m)
EPS Correlation: 86.04 | EPS CAGR: 8.12% | SUE: 0.64 | # QB: 0
Revenue Correlation: 55.98 | Revenue CAGR: 3.92% | SUE: -0.05 | # QB: 0
EPS current Quarter (2027-03-31): EPS=1.88 | Chg30d=-0.11% | Revisions=-40% | Analysts=5
EPS current Year (2026-12-31): EPS=4.95 | Chg30d=+0.77% | Revisions=+0% | GrowthEPS=+13.3% | GrowthRev=+2.0%
EPS next Year (2027-12-31): EPS=5.01 | Chg30d=-0.69% | Revisions=+0% | GrowthEPS=+1.2% | GrowthRev=+3.8%
[Analyst] Revisions Ratio: -22% (up=2, down=4)