ONE Gas (OGS) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

ONE Gas

NYSE•Utilities•Utilities - Regulated Gas

$75.19-1.05(-0.01%)Market closed

Market Cap

$4.73B

P/E

16.4x

P/S

2.0x

P/B

1.3x

ONE Gas, Inc., together with its subsidiaries, operates as a regulated natural gas distribution utility company in the United States. The company offers natural gas distribution services. As of December 31, 2025, it owned 43,200 miles of distribution pipelines and 2,200 miles of transmission pipelines. The company serves approximately 2.3 million residential, commercial, industrial, transportation, and wholesale customers in Oklahoma, Kansas, and Texas. ONE Gas, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.

How this company scores

AverageMetricSide Score: 49/100

Strongest: Profitability (18/25); weakest: Cash & Earnings Quality (3/25).

Profitability18/25

Growth13/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality3/25

Strengths

Strong marginsRising earningsProfit converts from growthImproving leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 16.4x5y range 15.3x – 22.7x

Currently near its 20-quarter median.

P/S · 2.0x5y range 1.5x – 2.3x

Currently near its 20-quarter median.

P/B · 1.3x5y range 1.3x – 1.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Watch

5 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.

Price & Volume

Market Cap $4.73B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $2.31B
Q. Revenue: $411.64M
TTM EBITDA: $786.64M
TTM Op. Income: $477.38M
Q. Op. Income: $82.67M
TTM Net Income: $288.25M
Q. Net Income: $46.81M
EPS: $0.74
Shares Out.: $62.96M

$2.31B in TTM revenue declined 0.8% YoY, reaching $411.64M last quarter. TTM EBITDA of $786.64M and TTM operating income of $477.38M show growth is flowing through to the bottom line. TTM net income of $288.25M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 78.1%
EBITDA Margin: 38.6%
Op. Margin: 20.1%
Net Margin: 11.4%

Op. margin of 20.1% is up 3.1% YoY — cost efficiency is improving. Net margin at 11.4% and gross margin of 78.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 18% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 16.4x
P/S Ratio: 2.0x
P/B Ratio: 1.3x

At 16.4x P/E, the stock trades within typical market levels. P/S of 2.0x and P/B of 1.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 6% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $8.81B
Cash: $7.86M
Long-Term Debt: $2.34B
Book Value: $3.54B
D/E Ratio: 0.7
Debt/EBITDA: 14.7

With $8.81B in assets and $2.34B in long-term debt, D/E is 0.7and book value is $3.54B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 4 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $211.02M
TTM Free Cash Flow: $-172.84M
FCF Margin: -7.5%
FCF / Net Income: -0.6

TTM FCF of $-172.84M on $211.02M in operating cash flow. The FCF / Net Income ratio of -0.6x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is down 22% — an improving trend.