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ONE Gas, Inc. OGS

NYSE · stock · Natural Gas Distribution · website · IPO 2014-01-16 · LEI

ONE Gas, Inc. statistics & valuation

Market cap$5.0B
P / E18.9×
P / B1.5×
Dividend yield3.22%
Return on equity7.7%
Net debt$2.6B
Enterprise value USD$7.6B
Earnings yield EBIT/EV6%
Return on capital6.2%
Graham number -8.6%$73.45

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($73.45); a green figure means the price is below it.

Profitability & efficiency

Gross margin (%)
62.00% 60.10% 2016201720182019202020212022202320242025
Operating margin (%)
20.20% 20.60% 17.70% 17.90% 19.80% 17.20% 13.60% 2016201720182019202020212022202320242025
Return on equity (%)
7.40% 8.30% 8.40% 8.80% 8.80% 8.80% 8.60% 8.40% 7.20% 7.70% 2016201720182019202020212022202320242025
Shares outstanding
53.0M 53.0M 53.0M 53.2M 53.4M 53.7M 55.3M 56.5M 59.9M 62.7M 2016201720182019202020212022202320242025
Net debt ($)
$1.19B $1.19B $1.28B $1.28B $1.59B $3.69B $2.69B $2.94B $2.36B $2.63B 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
2.80% 3.10% 3.10% 3.30% 3.30% 2.50% 2.90% 3.00% 2.60% 3.00% 2016201720182019202020212022202320242025
Free cash flow margin (%)
-1.30% -6.70% 4.50% -6.50% -7.00% -112.30% 37.30% 2016201720182019202020212022202320242025
Debt / equity (×)
0.64× 0.61× 0.64× 0.61× 0.72× 1.57× 1.04× 1.07× 0.78× 0.77× 2016201720182019202020212022202320242025
EPS ($)
$2.65 $3.08 $3.25 $3.51 $3.68 $3.85 $4.08 $4.14 $3.91 $4.37 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

ONE Gas, Inc. trades at about 18.4× earnings — near its 10-year norm (10-year range 14.8×–26.9×, median 20.2×).

14.8× 26.9×

Shaded band = 10-year range (14.8×–26.9×); dot = today's 18.4×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Gross margin————————60.1%62.0%
Operating margin———13.6%17.2%19.8%17.9%17.7%20.6%20.2%
Net margin———8.6%11.4%12.8%11.3%10.5%10.6%9.8%
FCF margin———37.3%-112.3%-7.0%-6.5%4.5%-6.7%-1.3%
Return on assets3.0%2.6%3.0%2.9%2.5%3.3%3.3%3.1%3.1%2.8%
Return on equity7.7%7.2%8.4%8.6%8.8%8.8%8.8%8.4%8.3%7.4%
Debt / equity0.77×0.78×1.07×1.04×1.57×0.72×0.61×0.64×0.61×0.64×
Current ratio0.600.640.521.022.270.680.580.780.871.28

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.