One Gas
OGS · Gas Utilities
$77.93
0.4%Southwest Gas
SWX · Gas Utilities
$91.15
0.1%The short version
- One Gas is the larger business, with $2.4B of revenue in fiscal 2025 against $1.9B for Southwest Gas.
- One Gas grew revenue faster (16.5%, against −21.6%).
- Southwest Gas kept more of each dollar of sales as operating profit (24.4% operating margin, against 18.9% operating margin).
- One Gas turned more of its sales into free cash flow (−5.3% FCF margin, against −13.0% FCF margin).
- One Gas earned a higher return on the capital invested in it (6.2%, against 4.7%).
- Investors pay more for each dollar of One Gas’s earnings: a P/E of 16.8x against 12.1x for Southwest Gas.
| Latest fiscal year | OGS · FY25 | SWX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $6.6B |
| Revenue | $2.4B | $1.9B |
| Free cash flow | −$128M | −$252M |
| Net income | $264M | $440M |
| Growth | ||
| Revenue growth | 16.5% | −21.6% |
| 5-year growth | 9.7% | −10.1% |
| Share count change | 6.1% | 0.4% |
| Profitability | ||
| Gross margin | 58.9% | — |
| Operating margin | 18.9% | 24.4% |
| Net margin | 10.9% | 22.7% |
| FCF margin | −5.3% | −13.0% |
| Return on capital | 6.2% | 4.7% |
| Return on equity | 8.1% | 11.8% |
| Balance sheet | ||
| Net debt | $3.4B | $2.9B |
| Net debt / EBITDA | — | 3.6x |
| Dividends and buybacks | $161M | $179M |
| Valuation & quality | ||
| P/E | 16.8x | 12.1x |
| Piotroski F-score | 5 | 6 |
FY16
OGS $1.4B
SWX $2.5B
FY17
OGS $1.5B
SWX $2.5B
FY18
OGS $1.6B
SWX $2.9B
FY19
OGS $1.7B
SWX $3.1B
FY20
OGS $1.5B
SWX $3.3B
FY21
OGS $1.8B
SWX $3.7B
FY22
OGS $2.6B
SWX $5.0B
FY23
OGS $2.4B
SWX $2.5B
FY24
OGS $2.1B
SWX $2.5B
FY25
OGS $2.4B
SWX $1.9B
OGS
SWX
FY16
OGS 20.3%
SWX 12.8%
FY17
OGS 20.6%
SWX 13.5%
FY18
OGS 17.7%
SWX 12.4%
FY19
OGS 17.9%
SWX 11.9%
FY20
OGS 19.8%
SWX 12.8%
FY21
OGS 17.2%
SWX 10.0%
FY22
OGS 13.6%
SWX −0.5%
FY23
OGS 15.9%
SWX 11.6%
FY24
OGS 19.2%
SWX 16.4%
FY25
OGS 18.9%
SWX 24.4%
OGS
SWX
FY16
OGS −$18.5M
SWX $71.0M
FY17
OGS −$103M
SWX −$254M
FY18
OGS $73.2M
SWX −$237M
FY19
OGS −$107M
SWX −$438M
FY20
OGS −$107M
SWX −$199M
FY21
OGS −$2.0B
SWX −$604M
FY22
OGS $961M
SWX −$452M
FY23
OGS $273M
SWX −$257M
FY24
OGS −$335M
SWX $509M
FY25
OGS −$128M
SWX −$252M
OGS
SWX
FY16
OGS 5.9%
SWX —
FY17
OGS 6.5%
SWX 7.3%
FY18
OGS 6.8%
SWX 6.5%
FY19
OGS 7.1%
SWX 6.2%
FY20
OGS 6.9%
SWX 6.3%
FY21
OGS 5.3%
SWX 5.7%
FY22
OGS 5.1%
SWX −0.4%
FY23
OGS 5.9%
SWX 3.5%
FY24
OGS 6.2%
SWX 4.4%
FY25
OGS 6.2%
SWX 4.7%
OGS
SWX
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.