ONE Gas, Inc.

OGS

UtilitiesSmall CapUS Equities · NYSE / NASDAQ

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Company Profile

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.

Valuation

Market Cap$5.5B

Current Price$87.61

P/E Ratio20.05

P/B Ratio1.60

EV / EBITDA11.43

EV / Sales3.65

Profitability

Operating Margin-

Net Profit Margin10.9%

EBITDA Margin32.2%

Returns

ROE7.7%

ROCE-

ROIC %5.6%

ROA3.0%

Solvency

Current Ratio0.60

Debt / Equity0.98

Debt / Assets0.38

CFO / Net Profit2.19

Price History▲ 11.90% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$2.4B▲ 16.5%

EBITDA$782M

Net Profit$264M▲ 18.6%

Cash from Ops (CFO)$579M

Free Cash Flow (FCF)$-128M

Revenue CAGR 3Y-

Revenue CAGR 5Y-

Net Profit CAGR 3Y-

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$2.4B	$782M	$264M	$-128M	7.7%	16.5%	18.6%
2024	$2.1B	$703M	$223M	$-335M	7.2%	-12.2%	-3.6%
2023	$2.4B	$667M	$231M	$273M	8.4%	-8.0%	4.3%
2022	$2.6B	$574M	$222M	$961M	8.6%	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2022	2023	2024	2025
Total Revenue	2,578.01	2,371.99	2,083.56	2,427.43
Cost Of Revenue	1,931.35	1,642.91	1,308.59	1,557.41
Gross Profit	646.65	729.08	774.97	870.02
Operating Expense	296.70	351.49	376.07	412.55
Operating Income	349.96	377.59	398.90	457.47
EBITDA	574.25	666.90	703.17	781.52
EBIT	345.77	387.07	406.47	464.27
Pretax Income	268.27	271.73	259.24	321.46
Tax Provision	46.53	40.49	36.39	57.23
Net Income	221.74	231.23	222.85	264.22
Net Income Common Stockholders	221.74	231.23	222.85	264.22
Total Expenses	2,228.05	1,994.40	1,684.66	1,969.96
Interest Expense	77.51	115.34	147.24	142.81
Normalized EBITDA	581.45	662.07	699.52	776.51
Normalized Income	227.64	227.13	219.71	260.10
Basic EPS	4.09	4.16	3.92	4.39
Diluted EPS	4.08	4.14	3.91	4.37
Tax Effect Of Unusual Items	-1.30	0.72	0.51	0.89
Tax Rate For Calcs	0.18	0.15	0.14	0.18
Total Unusual Items	-7.20	4.83	3.65	5.02
Total Unusual Items Excluding Goodwill	-7.20	4.83	3.65	5.02
Net Income From Continuing Operation Net Minority Interest	221.74	231.23	222.85	264.22
Reconciled Depreciation	228.48	279.83	296.70	317.26
Reconciled Cost Of Revenue	1,931.35	1,642.91	1,308.59	1,557.41
Net Interest Income	-77.51	-115.34	-147.24	-142.81
Net Income From Continuing And Discontinued Operation	221.74	231.23	222.85	264.22
Total Operating Income As Reported	349.96	377.59	398.90	457.47
Diluted Average Shares	54.34	55.86	57.03	60.51
Basic Average Shares	54.21	55.60	56.83	60.16
Diluted NI Availto Com Stockholders	221.74	231.23	222.85	264.22
Net Income Including Noncontrolling Interests	221.74	231.23	222.85	264.22
Net Income Continuous Operations	221.74	231.23	222.85	264.22
Other Income Expense	-4.18	9.48	7.57	6.80
Other Non Operating Income Expenses	3.01	4.65	3.92	1.78
Gain On Sale Of Security	-7.20	4.83	3.65	5.02
Net Non Operating Interest Income Expense	-77.51	-115.34	-147.24	-142.81
Interest Expense Non Operating	77.51	115.34	147.24	142.81
Other Taxes	68.22	71.66	79.37	95.30
Depreciation Amortization Depletion Income Statement	228.48	279.83	296.70	317.26
Depreciation And Amortization In Income Statement	228.48	279.83	296.70	317.26
Operating Revenue	2,555.85	2,297.64	2,001.48	2,357.82

Peer Comparison

Utilities sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
ONE Gas, Inc.this co.	OGS	$5.5B	20.05	1.60	7.7%	11.43
Ormat Technologies, Inc.	ORA	$6.8B	54.61	2.64	4.6%	20.43
Southwest Gas Holdings, Inc.	SWX	$6.7B	28.28	1.68	11.1%	11.64
TXNM Energy, Inc.	TXNM	$6.5B	39.77	1.88	4.4%	14.10
Portland General Electric Company	POR	$5.9B	18.43

Learn while you research

Hand-picked academy chapters to deepen your understanding of ONE Gas, Inc. and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Stock Market Risks

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.4B

$782M

$264M

$-128M

7.7%

16.5%

18.6%

2024

$2.1B

$703M

$223M

$-335M

7.2%

-12.2%

-3.6%

2023

$2.4B

$667M

$231M

$273M

8.4%

-8.0%

4.3%

2022

$2.6B

$574M

$222M

$961M

8.6%

Metric

2022

2023

2024

2025

Total Revenue

2,578.01

2,371.99

2,083.56

2,427.43

Cost Of Revenue

1,931.35

1,642.91

1,308.59

1,557.41

Gross Profit

646.65

729.08

774.97

870.02

Operating Expense

296.70

351.49

376.07

412.55

Operating Income

349.96

377.59

398.90

457.47

EBITDA

574.25

666.90

703.17

781.52

EBIT

345.77

387.07

406.47

464.27

Pretax Income

268.27

271.73

259.24

321.46

Tax Provision

46.53

40.49

36.39

57.23

Net Income

221.74

231.23

222.85

264.22

Net Income Common Stockholders

221.74

231.23

222.85

264.22

Total Expenses

2,228.05

1,994.40

1,684.66

1,969.96

Interest Expense

77.51

115.34

147.24

142.81

Normalized EBITDA

581.45

662.07

699.52

776.51

Normalized Income

227.64

227.13

219.71

260.10

Basic EPS

4.09

4.16

3.92

4.39

Diluted EPS

4.08

4.14

3.91

4.37

Tax Effect Of Unusual Items

-1.30

0.72

0.51

0.89

Tax Rate For Calcs

0.18

0.15

0.14

0.18

Total Unusual Items

-7.20

4.83

3.65

5.02

Total Unusual Items Excluding Goodwill

-7.20

4.83

3.65

5.02

Net Income From Continuing Operation Net Minority Interest

221.74

231.23

222.85

264.22

Reconciled Depreciation

228.48

279.83

296.70

317.26

Reconciled Cost Of Revenue

1,931.35

1,642.91

1,308.59

1,557.41

Net Interest Income

-77.51

-115.34

-147.24

-142.81

Net Income From Continuing And Discontinued Operation

221.74

231.23

222.85

264.22

Total Operating Income As Reported

349.96

377.59

398.90

457.47

Diluted Average Shares

54.34

55.86

57.03

60.51

Basic Average Shares

54.21

55.60

56.83

60.16

Diluted NI Availto Com Stockholders

221.74

231.23

222.85

264.22

Net Income Including Noncontrolling Interests

221.74

231.23

222.85

264.22

Net Income Continuous Operations

221.74

231.23

222.85

264.22

Other Income Expense

-4.18

9.48

7.57

6.80

Other Non Operating Income Expenses

3.01

4.65

3.92

1.78

Gain On Sale Of Security

-7.20

4.83

3.65

5.02

Net Non Operating Interest Income Expense

-77.51

-115.34

-147.24

-142.81

Interest Expense Non Operating

77.51

115.34

147.24

142.81

Other Taxes

68.22

71.66

79.37

95.30

Depreciation Amortization Depletion Income Statement

228.48

279.83

296.70

317.26

Depreciation And Amortization In Income Statement

228.48

279.83

296.70

317.26

Operating Revenue

2,555.85

2,297.64

2,001.48

2,357.82

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

ONE Gas, Inc.this co.

OGS

$5.5B

20.05

1.60

7.7%

11.43

Ormat Technologies, Inc.

ORA

$6.8B

54.61

2.64

4.6%

20.43

Southwest Gas Holdings, Inc.

SWX

$6.7B

28.28

1.68

11.1%

11.64

TXNM Energy, Inc.

TXNM

$6.5B

39.77

1.88

4.4%

14.10

Portland General Electric Company

POR

$5.9B

18.43

ONE Gas, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

ONE Gas, Inc.

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on