OGS vs NWN

For growth investors, ONE Gas, Inc.

(OGS) is the stronger pick with 16. 5% revenue growth year-over-year, versus 11. 8% for Northwest Natural Holding Company (NWN). Northwest Natural Holding Company (NWN) offers the better valuation at 18. 1x trailing P/E (16. 4x forward), making it the more compelling value choice. Analysts rate ONE Gas, Inc. (OGS) a "Hold" — based on 14 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Northwest Natural Holding Company (NWN) is the cheapest at 18.

1x versus ONE Gas, Inc. at 19. 5x. On forward P/E, Northwest Natural Holding Company is actually cheaper at 16. 4x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Northwest Natural Holding Company wins at 4. 55x versus ONE Gas, Inc. 's 5. 07x.

Over the past 5 years, ONE Gas, Inc.

(OGS) delivered a total return of +25. 2%, compared to +8. 5% for Northwest Natural Holding Company (NWN). Over 10 years, the gap is even starker: OGS returned +76. 9% versus NWN's +22. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Northwest Natural Holding Company (NWN) is the lower-risk stock at -0.

05β versus ONE Gas, Inc. 's -0. 00β — meaning OGS is approximately -94% more volatile than NWN relative to the S&P 500. On balance sheet safety, ONE Gas, Inc. (OGS) carries a lower debt/equity ratio of 99% versus 187% for Northwest Natural Holding Company — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), ONE Gas, Inc.

(OGS) is pulling ahead at 16. 5% versus 11. 8% for Northwest Natural Holding Company (NWN). On earnings-per-share growth, the picture is similar: Northwest Natural Holding Company grew EPS 36. 5% year-over-year, compared to 12. 1% for ONE Gas, Inc.. Over a 3-year CAGR, NWN leads at 7. 5% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

ONE Gas, Inc.

(OGS) is the more profitable company, earning 10. 9% net margin versus 8. 8% for Northwest Natural Holding Company — meaning it keeps 10. 9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: NWN leads at 31. 4% versus 18. 8% for OGS. At the gross margin level — before operating expenses — OGS leads at 58. 8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Northwest Natural Holding Company (NWN) is the more undervalued stock at a PEG of 4. 55x versus ONE Gas, Inc. 's 5. 07x. Both stocks trade at elevated growth-adjusted valuations, so expected growth needs to materialise. On forward earnings alone, Northwest Natural Holding Company (NWN) trades at 16. 4x forward P/E versus 17. 7x for ONE Gas, Inc. — 1. 3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NWN: 13. 9% to $57. 00.

All stocks in this comparison pay dividends.

Northwest Natural Holding Company (NWN) offers the highest yield at 3. 8%, versus 3. 1% for ONE Gas, Inc. (OGS).

For long-horizon retirement investors, Northwest Natural Holding Company (NWN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0.

05), 3. 8% yield). Both have compounded well over 10 years (NWN: +22. 0%, OGS: +76. 9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Utilities sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: OGS is a small-cap high-growth stock; NWN is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.