Latest Ratios: P/E Ratio 17.3x · EV/EBITDA 10.5x · ROE 8.1%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.7B | $4.7B | $3.9B | $3.6B | $4.1B | $4.2B | $4.1B | $5.0B | $4.2B | $3.9B | $3.4B |
| Enterprise Value | $8.1B | $8.0B | $7.2B | $6.6B | $7.4B | $8.3B | $6.1B | $6.8B | $5.8B | $5.4B | $4.7B |
| P/E Ratio → | 17.31 | 17.68 | 17.76 | 15.39 | 18.56 | 20.15 | 20.86 | 26.66 | 24.49 | 23.79 | 24.14 |
| P/S Ratio | 1.96 | 1.93 | 1.90 | 1.50 | 1.60 | 2.30 | 2.68 | 3.01 | 2.58 | 2.52 | 2.37 |
| P/B Ratio | 1.33 | 1.36 | 1.27 | 1.29 | 1.59 | 1.77 | 1.83 | 2.34 | 2.07 | 1.98 | 1.79 |
| P/FCF | — | — | — | 13.04 | 4.28 | — | — | — | 57.63 | — | — |
| P/OCF | 8.20 | 8.08 | 10.72 | 3.79 | 2.62 | — | 11.24 | 16.05 | 9.03 | 15.29 | 12.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.31 | 3.47 | 2.78 | 2.86 | 4.61 | 3.98 | 4.09 | 3.54 | 3.52 | 3.30 |
| EV / EBITDA | 10.47 | 10.37 | 10.38 | 10.02 | 12.73 | 16.10 | 12.22 | 14.23 | 12.90 | 11.56 | 10.88 |
| EV / EBIT | 17.72 | 17.31 | 17.76 | 17.03 | 21.29 | 27.14 | 20.27 | 23.15 | 20.88 | 17.93 | 17.51 |
| EV / FCF | — | — | — | 24.15 | 7.66 | — | — | — | 78.98 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.8% | 58.8% | 37.2% | 30.7% | 25.1% | 32.3% | 36.7% | 32.4% | 31.1% | 34.2% | 34.2% |
| Operating Margin | 18.8% | 18.8% | 19.2% | 15.9% | 13.6% | 17.2% | 19.8% | 17.9% | 17.7% | 20.6% | 20.2% |
| Net Profit Margin | 10.9% | 10.9% | 10.7% | 9.7% | 8.6% | 11.4% | 12.8% | 11.3% | 10.5% | 10.6% | 9.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 8.1% | 7.6% | 8.6% | 9.0% | 9.0% | 9.0% | 9.0% | 8.6% | 8.5% | 7.5% |
| ROA | 3.0% | 3.0% | 2.8% | 3.0% | 2.7% | 2.9% | 3.3% | 3.3% | 3.2% | 3.2% | 2.9% |
| ROIC | 5.2% | 5.2% | 4.9% | 4.9% | 4.3% | 4.3% | 5.6% | 5.9% | 6.1% | 7.1% | 6.9% |
| ROCE | 6.2% | 6.2% | 6.0% | 5.9% | 5.0% | 4.9% | 6.0% | 6.1% | 6.2% | 7.0% | 6.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.99 | 0.99 | 1.07 | 1.10 | 1.26 | 1.78 | 0.90 | 0.85 | 0.78 | 0.79 | 0.71 |
| Debt / EBITDA | 4.38 | 4.38 | 4.78 | 4.64 | 5.63 | 8.07 | 4.01 | 3.79 | 3.53 | 3.31 | 3.09 |
| Net Debt / Equity | — | 0.98 | 1.05 | 1.10 | 1.26 | 1.77 | 0.89 | 0.84 | 0.77 | 0.78 | 0.70 |
| Net Debt / EBITDA | 4.34 | 4.34 | 4.70 | 4.61 | 5.61 | 8.06 | 4.00 | 3.75 | 3.49 | 3.28 | 3.06 |
| Debt / FCF | — | — | — | 11.10 | 3.38 | — | — | — | 21.35 | — | — |
| Interest Coverage | 3.25 | 3.25 | 2.76 | 3.36 | 4.46 | 5.09 | 4.81 | 4.66 | 5.40 | 6.56 | 6.15 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.60 | 0.60 | 0.64 | 0.52 | 1.02 | 2.27 | 0.68 | 0.58 | 0.78 | 0.87 | 1.28 |
| Quick Ratio | 0.60 | 0.60 | 0.46 | 0.34 | 0.74 | 2.03 | 0.49 | 0.40 | 0.56 | 0.62 | 0.92 |
| Cash Ratio | 0.02 | 0.02 | 0.04 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 0.26 | 0.25 | 0.31 | 0.33 | 0.22 | 0.25 | 0.29 | 0.30 | 0.30 | 0.29 |
| Inventory Turnover | — | — | 5.17 | 6.21 | 5.68 | 5.22 | 6.60 | 6.98 | 7.43 | 5.97 | 5.89 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 3.4% | 3.8% | 4.0% | 3.3% | 3.0% | 2.8% | 2.1% | 2.3% | 2.3% | 2.2% |
| Payout Ratio | 60.8% | 60.8% | 67.1% | 62.3% | 60.4% | 60.0% | 58.2% | 56.5% | 56.1% | 54.0% | 52.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.8% | 5.7% | 5.6% | 6.5% | 5.4% | 5.0% | 4.8% | 3.8% | 4.1% | 4.2% | 4.1% |
| FCF Yield | — | — | — | 7.7% | 23.4% | — | — | — | 1.7% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.7% |
| Total Shareholder Yield | 3.5% | 3.4% | 3.8% | 4.0% | 3.3% | 3.0% | 2.8% | 2.1% | 2.3% | 2.7% | 2.9% |
| Shares Outstanding | — | $61M | $57M | $56M | $54M | $54M | $53M | $53M | $53M | $53M | $53M |
Regulatory lag and CAPEX
According to current market data, OGS trades at a forward P/E of 16.43, reflecting a valuation that appears tightly tethered to its status as a pure-play regulated gas utility rather than broader market growth expectations, while the 3.3% dividend yield provides a baseline return for income-focused investors.
The current valuation suggests that the market is pricing in the predictability of the company's regulated earnings stream, though the PEG ratio of 4.70 indicates that investors are paying a significant premium for that stability. This valuation level warrants monitoring, as any shift in interest rates could compress the P/E multiple given the utility's role as a bond proxy.
As reported in the quarterly financial data, the company's ROE has fluctuated between 0.7% and 3.8% over the last ten quarters, which appears to indicate a persistent gap between authorized returns and actual performance due to the inherent friction of regulatory lag in its core jurisdictions.
The volatility in earned ROE suggests that the company is struggling to fully capture its allowed returns in real-time, likely due to the timing of rate case filings relative to capital deployment. Investors should monitor whether future rate case outcomes in Oklahoma and Kansas can effectively shorten this lag and stabilize the return profile.
Based on the provided financial statements, the debt-to-capital ratio has remained consistently near 0.50, a level that appears to reflect the company's disciplined approach to balancing its heavy infrastructure investment requirements with the need to maintain a stable credit profile within the regulated utility sector.
The interest coverage ratio, which has seen significant variance from 1.59x to 5.86x, suggests that the company's ability to service debt is highly sensitive to seasonal cash flow fluctuations. This leverage profile appears adequate for a regulated utility, provided that the company continues to successfully manage its regulatory recovery mechanisms.
Financial records indicate that the dividend payout ratio has experienced extreme volatility, reaching as high as 194.1% in 2024Q3, which highlights the inherent difficulty in assessing dividend coverage based on quarterly cash flows that are heavily influenced by the seasonal nature of gas distribution demand.
While the dividend is a core component of the total return, the high payout ratios in off-peak quarters suggest that the company relies on its broader annual cash cycle to support distributions. Investors should focus on the annual coverage rather than quarterly fluctuations to gauge the long-term sustainability of the dividend policy.
The most commonly misapplied metric for OGS is the standard P/E ratio, which often obscures the impact of regulatory lag and weather-normalization adjustments that are unique to the utility sector, leading to potentially flawed comparisons against non-regulated industrial peers with different capital recovery cycles.
Analysts should instead prioritize the use of rate base growth and authorized ROE as the primary indicators of earnings power, as these factors are more representative of the company's fundamental value drivers. Relying on standard P/E multiples without adjusting for regulatory assets and deferred costs may lead to an inaccurate assessment of the company's true valuation.
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Quick answers to the most common questions about buying OGS stock.
ONE Gas, Inc.'s current P/E ratio is 17.3x. The historical average is 21.0x. This places it at the 8th percentile of its historical range.
ONE Gas, Inc.'s current EV/EBITDA is 10.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
ONE Gas, Inc.'s return on equity (ROE) is 8.1%. The historical average is 8.2%.
Based on historical data, ONE Gas, Inc. is trading at a P/E of 17.3x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ONE Gas, Inc.'s current dividend yield is 3.51% with a payout ratio of 60.8%.
ONE Gas, Inc. has 58.8% gross margin and 18.8% operating margin. Operating margin between 10-20% is typical for established companies.
ONE Gas, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.