Zacks Investment Research·Jun 25, 2026
Customer Growth and Strategic Investments Drive OGS' PerformanceONE Gas gains from customer growth, new rates and infrastructure investments, while competitive energy costs and natural gas reliance pose risks.
ONE Gas, Inc.(OGS)Earnings, Financials & Key Ratios
OGS•NYSE•Utilities
$77.84
17.8× P/E·Price updated Jul 7, 2026
AboutONE Gas, Inc., together with its subsidiaries, operates as a regulated natural gas distribution utility company in the United States. The company operates through three divisions: Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. It provides natural gas distribution services to 2.2 million customers in three states. It serves residential, commercial, and transportation customers. As of December 31, 2021, it operated approximately 41,600 miles of distribution mains; and 2,400 miles of transmission pipelines, as well as had 51.4 billion cubic feet of natural gas storage capacity. ONE Gas, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.Show more
- Revenue$2.43B+16.5%
- EBITDA$775M+11.4%
- Net Income$264M+18.6%
- Free Cash Flow-$128M+61.6%
- EBITDA Margin31.92%-4.4%
- Net Margin10.88%+1.8%
- ROE8.07%+6.4%
- Interest Coverage3.25+17.8%
- Debt/Equity0.99-8.0%
OGS Price & Volume
ONE Gas, Inc. (OGS) stock price & volume — 10-year historical chart
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Regulated Infrastructure Growth Drives Stable Earnings Potential
Investment Thesis • Updated 2026Q1
VerdictNeutral: While the 3.3% dividend yield provides income stability
Growth:Stable
Profitability:Stable
Financial:Adequate
Cash Flow:Mixed
Primary Risk:Regulatory lag and CAPEX
Key Thesis Takeaways
- ONE Gas, Inc.
- maintains a predictable earnings profile underpinned by consistent rate base expansion, with net property, plant, and equipment growing to $7.2 billion by 2026Q1.
- While the company faces inherent regulatory lag and capital-intensive requirements, the successful securitization of past extraordinary costs has stabilized its long-term financial position.
- Investors should monitor the company's reliance on external financing, as evidenced by the $208.6 million net stock issuance in 2025Q4, to ensure that future infrastructure investments continue to support sustainable dividend growth.
Verdict Logic
the current forward P/E of 16.43 and the persistent need for external financing to fund infrastructure suggest that investors should weigh valuation against the risks of ongoing regulatory lag.
OGS Growth Metrics
ONE Gas, Inc. (OGS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years4.6%
5 Years9.67%
3 Years-1.99%
TTM2.81%
Profit CAGR
10 Years8.3%
5 Years6.11%
3 Years6.02%
TTM12.56%
EPS CAGR
10 Years6.91%
5 Years3.5%
3 Years2.32%
TTM7%
Return on Capital
10 Years5.99%
5 Years5.6%
3 Years6.03%
Last Year6.2%
OGS Recent Earnings
ONE Gas, Inc. (OGS) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 3/12 qtrs (25%)●Beat Revenue 3/12 qtrs (25%)
Q2 2026Latest
May 4, 2026Metric
Actual
Est
EPS
$2.11-0.9%
$2.13
Rev
$832M-14.2%
$969M
Q1 2026
Feb 18, 2026Metric
Actual
Est
EPS
$1.48+4.2%
$1.42
Rev
$689M-30.4%
$990M
Q4 2025
Nov 3, 2025Metric
Actual
Est
EPS
$0.44+0.0%
$0.44
Rev
$379M-61.7%
$990M
Q3 2025
Aug 5, 2025Metric
Actual
Est
EPS
$0.53+0.0%
$0.53
Rev
$424M-17.0%
$511M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 4, 2026 | $2.11vs $2.13-0.9% | $832Mvs $969M-14.2% |
| Q1 2026 | Feb 18, 2026 | $1.48vs $1.42+4.2% | $689Mvs $990M-30.4% |
| Q4 2025 | Nov 3, 2025 | $0.44vs $0.44+0.0% | $379Mvs $990M-61.7% |
| Q3 2025 | Aug 5, 2025 | $0.53vs $0.53+0.0% | $424Mvs $511M-17.0% |
Based on last 12 quarters of dataView full earnings history →
Latest OGS News
Recent stock market news and headlines for ONE Gas, Inc. (OGS)
Zacks Investment Research·Jun 22, 2026
ONE Gas (OGS) Could Be a Great ChoiceDividends are one of the best benefits to being a shareholder, but finding a great dividend stock is no easy task. Does ONE Gas (OGS) have what it takes?
Peers Comparison
Key metrics vs top competitors for ONE Gas, Inc. (OGS)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $77.84 | $4.89B | 17.81 | 16.5% | 10.88% | 8.07% | 3.41% | |
| $81.04 | $4.79B | 18.54 | -4.5% | 14.12% | 10.44% | — | |
| $57.47 | $5.8B | 17.26 | 13.94% | 15.45% | 18.74% | — | |
| $88.51 | $6.41B | 14.56 | -62.05% | 18.55% | 11.53% | — | |
| $49.81 | $2.1B | 17.98 | 11.83% | 9.56% | 8.27% | — | |
| $23.72 | $246.86M | 18.39 | 12.63% | 13.01% | 11.87% | — |
Compare OGS vs Peers
ONE Gas, Inc. (OGS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
OGS SEC Filings & Documents
ONE Gas, Inc. (OGS) SEC filings — annual & quarterly reports (10-K, 10-Q)
8-K Announcements
6Material company update
May 4, 2026·SEC
Material company update
Apr 7, 2026·SEC
Material company update
Feb 24, 2026·SEC
10-K Annual Reports
210-Q Quarterly Reports
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OGS Frequently Asked Questions
ONE Gas, Inc. (OGS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is ONE Gas, Inc.'s revenue?
ONE Gas, Inc. (OGS) reported $2.32B in revenue for fiscal year 2025. This represents a 43% increase from $1.62B in 2011.
How fast is ONE Gas, Inc. growing?
ONE Gas, Inc. (OGS) grew revenue by 16.5% over the past year. This is strong growth.
Is OGS profitable?
Yes, ONE Gas, Inc. (OGS) is profitable, generating $273.5M in net income for fiscal year 2025 (10.9% net margin).
Dividend & Returns
Does OGS pay dividends?
Yes, ONE Gas, Inc. (OGS) pays a dividend with a yield of 3.41%. This makes it attractive for income-focused investors.
What is OGS's return on equity?
ONE Gas, Inc. (OGS) has a return on equity (ROE) of 8.1%. This is below average, suggesting room for improvement.
What is ONE Gas, Inc.'s free cash flow?
ONE Gas, Inc. (OGS) had negative free cash flow of $219.5M in fiscal year 2025, likely due to heavy capital investments.
Industry Metrics
Is OGS's dividend sustainable?
ONE Gas, Inc. (OGS) has a dividend payout ratio of 61%. This suggests the dividend is well-covered and sustainable.