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One Gas

OGS NYSE Gas Utilities Financials FY2016–FY2025

One Gas' revenue rose 16.5% to $2.4 billion in fiscal 2025. Its operating margin was 18.9%, down from 19.1% a year earlier. Free cash flow was −$128 million. It paid out $161 million in dividends and buybacks. The diluted share count rose 6.1%.

Last close · Oct 23, 2026

$77.93

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.4B
16.5% vs prior year
Operating margin Operating income as a share of revenue.
18.9%
0.3 pts
Net income Profit after all expenses, interest and tax.
$264M
18.6%
Free cash flow Cash from operations minus capital spending.
−$128M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.2%
0.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
16.8x
On $4.65 EPS (TTM)

About these figures. Revenue is One Gas's total operating revenues; from 2023 its filings tag them only under a utility revenue label.

What One Gas does

No business description yet.

Legal name
ONE Gas, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001587732-26-000009
0001587732

Revenue and margins

One Gas had $2.4B of revenue in fiscal 2025, up 16.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$128M in fiscal 2025, −5.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

One Gas returned $161M to shareholders in fiscal 2025. The diluted share count rose 6.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value One Gas yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.4B and divides by 60.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 16.8x · peers 13.4x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably One Gas can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $8.9M$9.7M$18.8M$103M$10.6M
Debt incl. finance leases $3.7B$2.7B$3.0B$2.4B$3.4B
Debt / equity 1.6x1.0x1.1x0.8x1.0x
Interest coverage 5.2x4.5x3.3x2.7x3.2x
Current ratio 2.3x1.0x0.5x0.6x0.6x
Quick ratio 2.3x1.0x0.5x0.6x0.6x
Total assets $8.4B$7.8B$7.8B$8.4B$8.9B
Total liabilities $6.1B$5.2B$5.0B$5.3B$5.4B
Shareholders' equity $2.3B$2.6B$2.8B$3.1B$3.4B
Net debt (− = net cash) $3.7B$2.7B$2.9B$2.3B$3.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.4M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 6, 2026 Eduardo A RodriguezDirector Sold 850 $86.34 $0.1M Form 4
Feb 24, 2026 Brian F. BrumfieldSee Remarks Sold 1,000 $86.44 $0.1M Form 4
Dec 4, 2025 Michael G HutchinsonDirector Sold 3,000 $78.86 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 5 / 96 / 95 / 9
Accruals ratio −9.1%−1.8%−3.6%
Altman Z'' 0.620.830.89

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
One Gas OGS $4.9B 16.5% 18.9% −5.3% 6.2% 16.8x 5
Spire SR $5.0B −4.5% 21.2% −13.9% 5.2% 15.0x 5 Compare →
National Fuel Gas NFG $7.7B 17.1% 35.7% 8.2% 10.6% 11.2x 8 Compare →
New Jersey Resources NJR $5.4B 13.4% 25.0% — 6.8% 14.7x 7 Compare →
Southwest Gas SWX $6.6B −21.6% 24.4% −13.0% 4.7% 12.1x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.4B $1.5B $1.6B $1.7B $1.5B $1.8B $2.6B $2.4B $2.1B $2.4B
Gross profit $885M $925M — — $993M $1.0B $1.1B $1.2B $1.3B $1.4B
Operating income $289M $317M $288M $295M $304M $310M $350M $378M $399M $458M
Interest expense $43.7M $46.1M $51.3M $62.7M $62.5M $60.3M $77.5M $115M $147M $143M
Pretax income $225M $256M $226M $230M $238M $247M $268M $272M $259M $322M
Income tax $85.2M $93.1M $53.5M $42.9M $41.6M $40.3M $46.5M $40.5M $36.4M $57.2M
Net income $140M $163M $172M $187M $196M $206M $222M $231M $223M $264M
Diluted EPS $2.65 $3.08 $3.25 $3.51 $3.68 $3.85 $4.08 $4.14 $3.91 $4.37
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $291M $254M $468M $310M $365M −$1.5B $1.6B $940M $368M $579M
Capital expenditure $309M $356M $394M $417M $471M $495M $610M $667M $703M $707M
Free cash flow −$18.5M −$103M $73.2M −$107M −$107M −$2.0B $961M $273M −$335M −$128M
Stock-based compensation $11.2M $8.9M $8.2M $9.3M $9.8M $10.5M $10.7M $12.2M $13.7M $14.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $24.1M $17.5M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $73.2M $88.0M $96.6M $105M $114M $124M $134M $144M $150M $161M
Dividends and buybacks $97.3M $105M $96.6M $105M $114M $124M $134M $144M $149M $161M
Balance sheet
Cash and short-term investments $14.7M $14.4M $21.3M $17.9M $8.0M $8.9M $9.7M $18.8M $103M $10.6M
Total debt $1.2B $1.2B $1.3B $1.3B $1.6B $3.7B $2.7B $3.0B $2.4B $3.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $569M $589M $543M $506M $540M $2.2B $1.2B $765M $930M $916M
Current liabilities $444M $673M $699M $873M $797M $981M $1.2B $1.5B $1.5B $1.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — — — — — — — — $6.6B $7.1B
Total assets $4.9B $5.2B $5.5B $5.7B $6.0B $8.4B $7.8B $7.8B $8.4B $8.9B
Total liabilities $3.1B $3.2B $3.4B $3.6B $3.8B $6.1B $5.2B $5.0B $5.3B $5.4B
Shareholders' equity $1.9B $2.0B $2.0B $2.1B $2.2B $2.3B $2.6B $2.8B $3.1B $3.4B
Margins
Gross margin 62.0% 60.1% — — 64.9% 57.2% 43.4% 52.2% 62.6% 58.9%
Operating margin 20.3% 20.6% 17.7% 17.9% 19.8% 17.2% 13.6% 15.9% 19.2% 18.9%
Net margin 9.8% 10.6% 10.5% 11.3% 12.8% 11.4% 8.6% 9.8% 10.7% 10.9%
FCF margin −1.3% −6.7% 4.5% −6.5% −7.0% −112.3% 37.3% 11.5% −16.1% −5.3%
Returns
Return on capital 5.9% 6.5% 6.8% 7.1% 6.9% 5.3% 5.1% 5.9% 6.2% 6.2%
Return on capital employed 6.6% 7.0% 6.2% 6.2% 6.0% 4.9% 5.0% 5.9% 6.0% 6.4%
Return on equity 7.5% 8.5% 8.6% 9.0% 9.0% 9.0% 9.0% 8.6% 7.6% 8.1%
Return on assets 2.9% 3.2% 3.2% 3.3% 3.4% 2.9% 2.7% 3.0% 2.8% 3.1%
Growth
Revenue growth — 7.9% 6.1% 1.2% −7.4% 18.2% 42.5% −8.0% −12.2% 16.5%
Net income growth 17.7% 16.4% 5.7% 8.4% 5.2% 5.1% 7.4% 4.3% −3.6% 18.6%
EPS growth 18.3% 16.2% 5.5% 8.0% 4.8% 4.6% 6.0% 1.5% −5.6% 11.8%
FCF growth −116.3% — — −246.1% — — — −71.6% −222.7% —
Share count change −0.6% 0.0% 0.1% 0.4% 0.2% 0.6% 1.2% 2.8% 2.1% 6.1%
Financial health
Debt / equity 0.6x 0.6x 0.6x 0.6x 0.7x 1.6x 1.0x 1.1x 0.8x 1.0x
Interest coverage 6.6x 6.9x 5.6x 4.7x 4.9x 5.2x 4.5x 3.3x 2.7x 3.2x
Current ratio 1.3x 0.9x 0.8x 0.6x 0.7x 2.3x 1.0x 0.5x 0.6x 0.6x
Quick ratio 1.3x 0.9x 0.8x 0.6x 0.7x 2.3x 1.0x 0.5x 0.6x 0.6x
Capital allocation
Capex / revenue 21.7% 23.2% 24.1% 25.3% 30.8% 27.4% 23.6% 28.1% 33.8% 29.1%
Stock comp / revenue 0.8% 0.6% 0.5% 0.6% 0.6% 0.6% 0.4% 0.5% 0.7% 0.6%
Payouts / FCF — — 131.9% — — — 13.9% 52.8% — —
Quality scores
Piotroski F-score — 6.0 5.0 5.0 5.0 3.0 5.0 5.0 6.0 5.0
Altman Z'' 1.3 1.1 1.0 0.8 0.9 1.9 1.1 0.6 0.8 0.9
Accruals ratio −3.1% −1.8% −5.5% −2.2% −2.9% 24.1% −16.7% −9.1% −1.8% −3.6%

Source: SEC EDGAR XBRL filings (CIK 0001587732). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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