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$4.9B

Current Price$78.12as of Jun 23, 2026

P/E Ratio18.36

P/B Ratio1.41

EV / EBITDA10.51

EV / Sales3.38

Profitability

Operating Margin18.8%

Net Profit Margin10.9%

EBITDA Margin32.2%

Returns

ROE7.7%

ROCE6.8%

ROIC %5.6%

ROA3.0%

Solvency

Current Ratio0.60

Debt / Equity0.98

Debt / Assets0.38

CFO / Net Profit2.19

Price History▲ 6.07% 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▲ 11.1%

Net Profit$264M▲ 18.6%

Cash from Ops (CFO)$579M▲ 57.1%

Free Cash Flow (FCF)$-128M▼ 61.6%

Revenue CAGR 3Y-2.0%

Revenue CAGR 5Y-

Net Profit CAGR 3Y6.0%

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%	-	-
2021	-	-	-

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,578	2,371.99	2,083.56	2,427.43
Operating Revenue	-	2,555.85	2,297.64	2,001.48	2,357.82
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
Total Expenses	-	2,228.05	1,994.40	1,684.66	1,969.96
Operating Income	-	349.96	377.59	398.90	457.47
Total Operating Income As Reported	-	349.96	377.59	398.90	457.47
EBITDA	-	574.25	666.90	703.17	781.52
Normalized EBITDA	-	581.45	662.07	699.52	776.51
EBIT	-	345.77	387.07	406.47	464.27
Interest Expense	-	77.51	115.34	147.24	142.81
Net Interest Income	-	-77.51	-115.34	-147.24	-142.81
Other Non Operating Income Expenses	-	3.01	4.65	3.92	1.78
Other Income Expense	-	-4.18	9.48	7.57	6.80
Interest Expense Non Operating	-	77.51	115.34	147.24	142.81
Net Non Operating Interest Income Expense	-	-77.51	-115.34	-147.24	-142.81
Pretax Income	-	268.27	271.73	259.24	321.46
Tax Provision	-	46.53	40.49	36.39	57.24
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-1.30	0.72	0.51	0.89
Net Income Continuous Operations	-	221.74	231.23	222.85	264.22
Net Income From Continuing And Discontinued Operation	-	221.74	231.23	222.85	264.22
Net Income From Continuing Operation Net Minority Interest	-	221.74	231.23	222.85	264.22
Net Income	-	221.74	231.23	222.85	264.22
Net Income Common Stockholders	-	221.74	231.23	222.85	264.22
Net Income Including Noncontrolling Interests	-	221.74	231.23	222.85	264.22
Normalized Income	-	227.64	227.13	219.71	260.10
Diluted NI Availto Com Stockholders	-	221.74	231.23	222.85	264.22
Basic Average Shares	-	54.21	55.60	56.83	60.16
Diluted Average Shares	-	54.34	55.86	57.03	60.51
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
Total Unusual Items	-	-7.20	4.83	3.65	5.02
Total Unusual Items Excluding Goodwill	-	-7.20	4.83	3.65	5.02
Gain On Sale Of Security	-	-7.20	4.83	3.65	5.02
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
Other Taxes	-	68.22	71.66	79.37	95.30

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	$4.9B	18.36	1.41	7.7%	10.51
Southwest Gas Holdings, Inc.	SWX	$6.3B	14.34	1.59	11.1%	10.69
Portland General Electric Company	POR	$5.7B	18.79	1.39	7.4%	9.09
New Jersey Resources Corporation	NJR	$5.5B	16.42	2.30	14.0%	12.47
Black Hills Corporation	BKH	$5.5B	18.77

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%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

2,578

2,371.99

2,083.56

2,427.43

Operating Revenue

2,555.85

2,297.64

2,001.48

2,357.82

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

Total Expenses

2,228.05

1,994.40

1,684.66

1,969.96

Operating Income

349.96

377.59

398.90

457.47

Total Operating Income As Reported

349.96

377.59

398.90

457.47

EBITDA

574.25

666.90

703.17

781.52

Normalized EBITDA

581.45

662.07

699.52

776.51

EBIT

345.77

387.07

406.47

464.27

Interest Expense

77.51

115.34

147.24

142.81

Net Interest Income

-77.51

-115.34

-147.24

-142.81

Other Non Operating Income Expenses

3.01

4.65

3.92

1.78

Other Income Expense

-4.18

9.48

7.57

6.80

Interest Expense Non Operating

77.51

115.34

147.24

142.81

Net Non Operating Interest Income Expense

-77.51

-115.34

-147.24

-142.81

Pretax Income

268.27

271.73

259.24

321.46

Tax Provision

46.53

40.49

36.39

57.24

Tax Rate For Calcs

Tax Effect Of Unusual Items

-1.30

0.72

0.51

0.89

Net Income Continuous Operations

221.74

231.23

222.85

264.22

Net Income From Continuing And Discontinued Operation

221.74

231.23

222.85

264.22

Net Income From Continuing Operation Net Minority Interest

221.74

231.23

222.85

264.22

Net Income

221.74

231.23

222.85

264.22

Net Income Common Stockholders

221.74

231.23

222.85

264.22

Net Income Including Noncontrolling Interests

221.74

231.23

222.85

264.22

Normalized Income

227.64

227.13

219.71

260.10

Diluted NI Availto Com Stockholders

221.74

231.23

222.85

264.22

Basic Average Shares

54.21

55.60

56.83

60.16

Diluted Average Shares

54.34

55.86

57.03

60.51

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

Total Unusual Items

-7.20

4.83

3.65

5.02

Total Unusual Items Excluding Goodwill

-7.20

4.83

3.65

5.02

Gain On Sale Of Security

-7.20

4.83

3.65

5.02

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

Other Taxes

68.22

71.66

79.37

95.30

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

ONE Gas, Inc.this co.

OGS

$4.9B

18.36

1.41

7.7%

10.51

Southwest Gas Holdings, Inc.

SWX

$6.3B

14.34

1.59

11.1%

10.69

Portland General Electric Company

POR

$5.7B

18.79

1.39

7.4%

9.09

New Jersey Resources Corporation

NJR

$5.5B

16.42

2.30

14.0%

12.47

Black Hills Corporation

BKH

$5.5B

18.77

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