ONE Gas, Inc. (OGS) is a publicly traded company in the Utilities — Regulated Gas industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
ONE Gas, Inc., along with its affiliated companies, functions as a regulated natural gas utility across the United States. Its operations are structured into three distinct divisions: Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. These divisions collectively deliver natural gas distribution services to approximately 2.2 million customers spanning three states.
Is ONE Gas, Inc. stock overvalued or undervalued in 2026?
ONE Gas, Inc. (OGS) trades at 16.7× earnings (P/E), below the median of the 83 utilities companies over $2bn in Kaplio's universe. At the decade median (20.9×) $97 (+25 %); at its sector median (20.7×) $96 (+24 %).
Kaplio overview: ONE Gas, Inc.
Market cap $5B · 52 weeks $72 – $91 (13 % below the high) · P/E 16.7× · 2027 expected P/E 15.5× · Dividend 3.4 % · 11 years rising · Next earnings November 2, 2026 · expected EPS $0.48 · Closing price, Oct 28 · accounts published Aug 4.
- Valuation: P/E 16.7× (cheap).
- Business: ROE 8.4 % (solid).
- Balance sheet: Net debt/EBITDA 4.3× (solid).
- Earnings: 3 of 8 (disappointing).
What would it be worth at its usual multiples?
At the decade median (20.9×) $97 (+25 %); at its sector median (20.7×) $96 (+24 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in utilities: 5 of 6 pass
- 5y EPS growth 3.5 %, fails.
- Regulated ROE (8-12%) 8.4 %, passes.
- 10y dividend growth 8.4 %, passes.
- Net debt / EBITDA 4.3×, passes.
- Interest coverage 3.2×, passes, near the threshold.
- Payout Ratio 60.8 %, passes.
Against its peers (reference peers) — ONE Gas, Inc.: P/E 16.7×; EV/EBITDA 10.6×; ROIC 4.7 %; $4.9B. Spire Inc. (P/E 9.5×; EV/EBITDA 14.2×; ROIC 3.1 %; $5.1B), New Jersey Resources Corporation (P/E 14.6×; EV/EBITDA 11.7×; ROIC 5.6 %; $5.4B), Southwest Gas Holdings, Inc. (P/E 12.9×; EV/EBITDA 11.4×; ROIC 62.3 %; $6.7B).
Expensive or cheap against its last ten years?
P/E at each close: today 16.7× · median 20.9× · minimum 14.4× · maximum 29.5× · cheap below 19.2× · expensive above 26.6×. It has been cheaper than today only 12% of the time over its last ten years.
Dividend
tight · Yield 3.4 % ($2.67 per share in 2025) · Years raising it ≥ 11 · 5-year growth +4 % a year · Free cash flow coverage -0.4× · With $1,000 invested today you'd collect $33.70 a year ($2.81 a month).
Profitability
| Return on Equity | 8.42% |
| Return on Invested Capital | 4.65% |
| Return on Assets | 3.27% |
| Gross Margin | 74.65% |
| Operating Margin | 20.65% |
| Net Margin | 12.47% |
Financial Health
| Debt / Equity | 0.96 |
| Current Ratio | 0.48 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.95 |
Price Performance
| 1 month | +7.29% |
| 3 months | -0.24% |
| Year-to-date | +0.27% |
| 1 year | -3.84% |
| 3 years | +26.32% |
| 5 years | +15.10% |
| 10 years | +26.40% |
Dividend History
Paid in the last 12 months: $2.7100 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-08-17 | $0.6800 |
| 2026-05-18 | $0.6800 |
| 2026-02-20 | $0.6800 |
| 2025-11-14 | $0.6700 |
| 2025-08-18 | $0.6700 |
| 2025-05-19 | $0.6700 |
| 2025-02-21 | $0.6700 |
| 2024-11-19 | $0.6600 |
| 2024-08-14 | $0.6600 |
| 2024-05-17 | $0.6600 |
Amounts adjusted for stock splits.
Related companies: NWE · NI · OGE · UGI · SWX · NJR · SR · CPK
Explore sector: Utilities · Regulated Gas
More sections of OGS: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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