Loading…
Regulated natural gas distribution utility serving Oklahoma, Kansas and Texas, spun off from ONEOK.
Regulated natural gas distribution utility serving Oklahoma, Kansas and Texas, spun off from ONEOK.
Earns an allowed return on the pipes and equipment it has invested in, set by state regulators in rate cases, while the cost of gas is passed through to customers. Oklahoma, Kansas and Texas each have separate regulators and rate cases, so results depend on regulatory timing in each. It was spun off from ONEOK in 2014.
Moat: wide (regulatory licence, scale). Exclusive regulated service territory with state-approved rate-base returns.
Headquarters: Tulsa, Oklahoma, US · Founded: 2014 · Employees: 4,000
Size ONE Gas (OGS) is a United States Utilities company (Gas Distributors) with a market value of $5.09B, the 1173rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $80.92 on 6 Nov 2026.
Performance Over six months the shares fell 4.7%, against -0.5% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 1.9% over the last twelve months (peer median +1.7%); the operating margin is 21.1% (peer median 18.3%).
Valuation It trades at 16.6× forward earnings against a peer median of 16.2× (10th most expensive of 21).
Capital Return on invested capital runs 1.4 points below its cost of capital (6.9% WACC).
Credit ONE Gas has 6 bonds outstanding ($2.52B), rated A- by the agencies and trading like A at a weighted spread of 71 bp.
Short interest Short interest is 7.5% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.32B | $2.43B | $2.08B | $2.37B | $2.58B |
| Revenue growth | — | +17% | -12% | -8% | — |
| Gross profit | $584M | $553M | $478M | $449M | $418M |
| EBITDA | $801M | $775M | $696M | $657M | $578M |
| Net income | $293M | $264M | $223M | $231M | $222M |
| Free cash flow | -$159M | -$128M | -$335M | $273M | $961M |
| Capital expenditure | $710M | $707M | $703M | $667M | $609M |
| Total debt | $3.52B | $3.39B | $3.35B | $3.07B | $3.26B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ONE Gas OGS | $5.09B | -5% | -2% | 21% | 16.6× | n/a |
| Spire SR | $5.25B | +4% | +4% | 20% | 17.9× | n/a |
| Atmos Energy ATO | $29.3B | -4% | +6% | 37% | 19.3× | n/a |
| CenterPoint Energy CNP | $27.0B | -2% | +8% | 24% | 19.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OGS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.8% | +3.0% | 2nd highest of 21 |
| 6-month return | -4.7% | -0.5% | 9th lowest of 21 |
| Distance from 52-week high | -10.9% | -15.7% | 8th highest of 21 |
| Revenue growth (TTM) | -1.9% | +1.7% | 8th lowest of 21 |
| Operating margin | 21.1% | 18.3% | 10th highest of 21 |
| Forward P/E | 16.6× | 16.2× | 10th most expensive of 21 |
| ROIC minus cost of capital | -1.4 pp | -0.7 pp | 10th lowest of 21 |
| EV / EBITDA | 10.7× | 10.0× | 9th most expensive of 18 |
| Net debt / EBITDA | 4.4× | 4.2× | 9th most indebted of 18 |
| Bond spread | 71 bp | 84 bp | 2nd tightest of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| DCC Energy DCC.L | United Kingdom | $7.41B | +13% | -14% | 3% | 12.7× | 7.1% | +2.9% |
| China Suntien Green Energy 600956.SS | China | $3.40B | -18% | -12% | 13% | 15.9× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |
| KunLun Energy 0135.HK | Hong Kong | $8.35B | +1% | +6% | 5% | 9.5× | -13.0% | +11.4% |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| Centrica CNA.L | United Kingdom | $9.23B | -25% | 0% | 23% | 13.1× | n/a | n/a |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
ONE Gas has 6 bonds outstanding with $2.52B face value. The agencies rate it A-; its bonds trade like A. Weighted yield 5.58%, a spread of 71 bp over government bonds.