ONE Gas, Inc. (OGS) 10-Year Financial Performance & Capital Metrics

OGS • • Utilities

UtilitiesGas UtilitiesNatural Gas Distribution UtilitiesMulti-State Gas Utilities

AboutONE Gas, Inc., together with its subsidiaries, operates as a regulated natural gas distribution utility company in the United States. The company operates through three divisions: Oklahoma Natural Gas, Kansas Gas Service, and Texas Gas Service. It provides natural gas distribution services to 2.2 million customers in three states. It serves residential, commercial, and transportation customers. As of December 31, 2021, it operated approximately 41,600 miles of distribution mains; and 2,400 miles of transmission pipelines, as well as had 51.4 billion cubic feet of natural gas storage capacity. ONE Gas, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.Show more

Revenue $2.08B -12.2%
EBITDA $696M +5.8%
Net Income $223M -3.6%
Free Cash Flow -$335M -222.7%
EBITDA Margin 33.39% +20.5%
Net Margin 10.7% +9.7%
ROE 7.59% -12.2%
Interest Coverage 2.71 -17.2%
Debt/Equity 1.07 -2.7%
Net Debt/EBITDA 4.70 +2.0%
CapEx / Revenue 33.75% +20.1%
CapEx Coverage 0.52 -62.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓11 years of consecutive dividend growth
✓11 consecutive years of dividend growth
✓Healthy dividend yield of 3.4%
✓Trading at only 1.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.37%

5Y4.74%

3Y4.83%

TTM15.06%

Profit (Net Income) CAGR

10Y7.34%

5Y3.6%

3Y2.58%

TTM17.72%

EPS CAGR

10Y6.54%

5Y2.13%

3Y0.43%

TTM11.72%

ROCE

10Y Avg5.93%

5Y Avg5.56%

3Y Avg5.63%

Latest6.02%

Peer Comparison

Multi-State Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SWXSouthwest Gas Holdings, Inc.	5.89B	81.60	29.57	-5.92%	11.59%	11.81%	6.96%	1.37
ATOAtmos Energy Corporation	27.11B	167.61	22.47	12.91%	25.04%	8.65%		0.69
OGSONE Gas, Inc.	4.61B	76.80	19.69	-12.16%	10.76%	8.01%		1.07
SRSpire Inc.	4.85B	82.07	18.78	-4.5%	10.97%	8%		1.54

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.55B	1.43B	1.54B	1.63B	1.65B	1.53B	1.81B	2.58B	2.37B	2.08B
Revenue Growth %	-0.15%	-0.08%	0.08%	0.06%	0.01%	-0.07%	0.18%	0.43%	-0.08%	-0.12%
Cost of Revenue	1.12B	939.11M	1.01B	1.13B	1.12B	968.56M	1.22B	1.93B	1.64B	1.31B
Gross Profit+	427.26M	488.09M	525.81M	507.39M	535.63M	561.71M	583.91M	646.65M	729.08M	775.11M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.05%	0.14%	0.08%	-0.04%	0.06%	0.05%	0.04%	0.11%	0.13%	0.06%
Operating Expenses+	188.14M	199.14M	209.08M	218.96M	240.37M	258.19M	273.66M	296.7M	351.49M	376.07M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	372.15M	432.78M	468.62M	448.51M	475.65M	498.4M	517.49M	578.44M	657.42M	695.74M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.06%	0.16%	0.08%	-0.04%	0.06%	0.05%	0.04%	0.12%	0.14%	0.06%
Depreciation & Amortization+	133.02M	143.83M	151.89M	160.09M	180.4M	194.88M	207.23M	228.48M	279.83M	296.7M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	239.13M	288.95M	316.73M	288.43M	295.26M	303.52M	310.26M	349.96M	377.59M	399.04M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.06%	0.21%	0.1%	-0.09%	0.02%	0.03%	0.02%	0.13%	0.08%	0.06%
Interest Expense+	44.57M	43.74M	46.06M	51.3M	62.68M	62.51M	60.3M	77.51M	115.34M	147.24M
Interest Coverage	5.37x	6.61x	6.88x	5.62x	4.71x	4.86x	5.15x	4.52x	3.27x	2.71x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	192.01M	225.34M	256.14M	225.76M	229.6M	237.99M	246.75M	268.27M	271.73M	259.24M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	72.98M	85.24M	93.14M	53.53M	42.85M	41.58M	40.32M	46.53M	40.49M	36.39M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	119.03M	140.09M	163M	172.23M	186.75M	196.41M	206.43M	221.74M	231.23M	222.85M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.08%	0.18%	0.16%	0.06%	0.08%	0.05%	0.05%	0.07%	0.04%	-0.04%
EPS (Diluted)+	2.24	2.65	3.08	3.25	3.51	3.68	3.85	4.08	4.14	3.90
EPS Growth %	0.08%	0.18%	0.16%	0.06%	0.08%	0.05%	0.05%	0.06%	0.01%	-0.06%
EPS (Basic)	2.26	2.67	3.10	3.27	3.53	3.70	3.85	4.09	4.16	3.92
Diluted Shares Outstanding	53.25M	52.96M	52.98M	53.03M	53.24M	53.37M	53.67M	54.34M	55.86M	57.03M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.64B	4.94B	5.21B	5.47B	5.71B	6.03B	8.4B	7.78B	7.77B	8.43B
Asset Growth %	-0%	0.06%	0.05%	0.05%	0.04%	0.06%	0.39%	-0.07%	-0%	0.08%
PP&E (Net)+	3.51B	3.73B	4.01B	4.28B	4.57B	4.87B	5.19B	5.63B	6.14B	6.65B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	482.85M	568.92M	588.99M	543.29M	506.2M	539.87M	2.22B	1.22B	765.2M	929.88M
Cash & Equivalents	2.43M	14.66M	14.41M	21.32M	17.85M	7.99M	8.85M	9.68M	18.84M	57.99M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	175.48M	159.52M	169.83M	151.63M	159.99M	146.71M	234.54M	340.08M	264.75M	252.85M
Other Current Assets	49.71M	103.8M	105.99M	74.92M	78.35M	92.18M	1.64B	314.01M	129.81M	156.97M
Long-Term Investments	-515.92M	-598.05M	-194.76M	-214.95M	0	0	0	0	0	0
Goodwill	157.95M	157.95M	157.95M	157.95M	157.95M	157.95M	157.95M	157.95M	157.95M	157.95M
Intangible Assets	0	0	0	0	0	0	0	323.84M	293.62M	265.95M
Other Assets	55.84M	43.77M	47.16M	46.21M	478.92M	463.83M	828.77M	448.16M	419.01M	425.91M
Total Liabilities	2.8B	3.05B	3.25B	3.43B	3.58B	3.8B	6.05B	5.19B	5.01B	5.32B
Total Debt+	1.21B	1.34B	1.55B	1.58B	1.8B	2B	4.18B	3.23B	3.05B	3.33B
Net Debt	1.21B	1.32B	1.54B	1.56B	1.78B	1.99B	4.17B	3.22B	3.03B	3.27B
Long-Term Debt	1.19B	1.19B	1.19B	1.29B	1.29B	1.58B	3.68B	2.66B	2.16B	2.39B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	304.22M	443.93M	673.33M	698.89M	872.74M	797.08M	980.49M	1.19B	1.48B	1.46B
Accounts Payable	107.48M	131.99M	143.68M	174.51M	120.49M	152.31M	258.55M	360.49M	278.06M	261.32M
Accrued Expenses	50.34M	41.78M	48.83M	47.64M	0	0	0	0	0	0
Deferred Revenue	60.33M	61.21M	60.81M	61.18M	57.99M	68.03M	62.45M	57.85M	62.19M	56.24M
Other Current Liabilities	36.31M	63.94M	21.46M	116.06M	129.8M	94.71M	98.45M	119.99M	179.27M	121.53M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	281.95M	303.51M	692.36M	699.59M	737.48M	759.09M	693.43M	642.35M	615.43M	585.72M
Total Equity+	1.84B	1.89B	1.96B	2.04B	2.13B	2.23B	2.35B	2.58B	2.77B	3.1B
Equity Growth %	0.03%	0.03%	0.04%	0.04%	0.04%	0.05%	0.05%	0.1%	0.07%	0.12%
Shareholders Equity	1.84B	1.89B	1.96B	2.04B	2.13B	2.23B	2.35B	2.58B	2.77B	3.1B
Minority Interest	0	0	0	0	0	0	0	0	0	0
Common Stock	526K	526K	526K	526K	528K	532K	536K	553K	565K	599K
Additional Paid-in Capital	1.76B	1.75B	1.74B	1.73B	1.73B	1.76B	1.79B	1.93B	2.03B	2.29B
Retained Earnings	95.05M	161.02M	246.12M	320.87M	402.51M	483.63M	565.16M	651.86M	737.74M	809.61M
Accumulated OCI	-4.4M	-4.71M	-5.49M	-4.09M	-6.74M	-7.78M	-6.53M	-704K	-1.18M	-126K
Return on Assets (ROA)	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Return on Equity (ROE)	0.07%	0.08%	0.08%	0.09%	0.09%	0.09%	0.09%	0.09%	0.09%	0.08%
Debt / Equity	0.66x	0.71x	0.79x	0.78x	0.85x	0.90x	1.78x	1.25x	1.10x	1.07x
Debt / Assets	0.26%	0.27%	0.3%	0.29%	0.32%	0.33%	0.5%	0.42%	0.39%	0.4%
Net Debt / EBITDA	3.26x	3.06x	3.28x	3.49x	3.75x	4.00x	8.06x	5.58x	4.61x	4.70x
Book Value per Share	34.58	35.65	37	38.52	40	41.85	43.77	47.56	49.51	54.43

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	394.21M	281.57M	253.8M	467.69M	310.35M	364.5M	-1.54B	1.57B	939.53M	368.41M
Operating CF Growth %	0.6%	-0.29%	-0.1%	0.84%	-0.34%	0.17%	-5.21%	2.02%	-0.4%	-0.61%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	119.03M	140.09M	163M	172.23M	186.75M	196.41M	206.43M	221.74M	231.23M	222.85M
Depreciation & Amortization	133.02M	143.83M	151.89M	160.09M	180.4M	194.88M	207.23M	228.48M	279.83M	296.7M
Deferred Taxes	63.79M	86.79M	92.39M	53.24M	13.31M	18.48M	43.45M	-22.03M	24.77M	106.52M
Other Non-Cash Items	-47.09M	-48M	-45.05M	-44.35M	-38.79M	-25.38M	-39.9M	1.29B	207.06M	-52.25M
Working Capital Changes	116.27M	-52.36M	-117.3M	118.29M	-40.63M	-29.7M	-1.96B	-157.64M	184.45M	-219.15M
Capital Expenditures+	-294.32M	-309.07M	-356.36M	-394.45M	-424.33M	-474.15M	-495.25M	-609.49M	-666.63M	-703.16M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-294.32M	-308.58M	-355.74M	-394.45M	-422.93M	-470.37M	-501.08M	-614.11M	-669.64M	-707.5M
Acquisitions	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	0	492K	618K	0	1.4M	3.78M	-5.84M	-4.62M	-3.01M	-4.33M
Cash from Financing+	-109.4M	39.24M	101.69M	-66.33M	109.12M	96.01M	2.04B	-947.46M	-248.63M	378.23M
Dividends Paid	-62.83M	-73.21M	-87.95M	-96.59M	-105.42M	-114.37M	-123.91M	-133.95M	-144.09M	-149.46M
Dividend Payout Ratio %	0.53%	0.52%	0.54%	0.56%	0.56%	0.58%	0.6%	0.6%	0.62%	0.67%
Debt Issuance (Net)	0	1000K	0	1000K	1000K	1000K	1000K	-1000K	-1000K	1000K
Stock Issued	7.05M	4.02M	4.46M	4.8M	5.12M	19.38M	26.66M	133.71M	85.26M	252.38M
Share Repurchases	-24.12M	-24.07M	-17.51M	0	0	0	0	0	0	0
Other Financing	-29.5M	0	202.7M	479K	-7.58M	-6.27M	-39.82M	-11.74M	-5.16M	-3.3M
Net Change in Cash+	-9.51M	12.23M	-250K	6.91M	-3.47M	-9.86M	859K	9.28M	21.26M	39.15M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	11.94M	2.43M	14.66M	14.41M	21.32M	17.85M	7.99M	8.85M	18.13M	39.39M
Cash at End	2.43M	14.66M	14.41M	21.32M	17.85M	7.99M	8.85M	18.13M	39.39M	78.54M
Free Cash Flow+	99.89M	-27.5M	-102.56M	73.24M	-113.99M	-109.65M	-2.03B	961.36M	272.9M	-334.75M
FCF Growth %	2.98%	-1.28%	-2.73%	1.71%	-2.56%	0.04%	-17.52%	1.47%	-0.72%	-2.23%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.55%	7.51%	8.47%	8.61%	8.95%	9%	9.01%	8.99%	8.64%	7.59%
EBITDA Margin	24.05%	30.32%	30.44%	27.45%	28.78%	32.57%	28.61%	22.44%	27.72%	33.39%
Net Debt / EBITDA	3.26x	3.06x	3.28x	3.49x	3.75x	4.00x	8.06x	5.58x	4.61x	4.70x
Interest Coverage	5.37x	6.61x	6.88x	5.62x	4.71x	4.86x	5.15x	4.52x	3.27x	2.71x
CapEx / Revenue	19.02%	21.66%	23.15%	24.14%	25.67%	30.98%	27.38%	23.64%	28.1%	33.75%
Dividend Payout Ratio	52.78%	52.26%	53.96%	56.08%	56.45%	58.23%	60.02%	60.41%	62.32%	67.07%
Debt / Equity	0.66x	0.71x	0.79x	0.78x	0.85x	0.90x	1.78x	1.25x	1.10x	1.07x
EPS Growth	8.21%	18.3%	16.23%	5.52%	8%	4.84%	4.62%	5.97%	1.47%	-5.8%

Frequently Asked Questions

Valuation & Price

ONE Gas, Inc. (OGS) has a price-to-earnings (P/E) ratio of 19.7x. This is roughly in line with market averages.

Growth & Financials

ONE Gas, Inc. (OGS) reported $2.37B in revenue for fiscal year 2024. This represents a 46% increase from $1.62B in 2011.

ONE Gas, Inc. (OGS) saw revenue decline by 12.2% over the past year.

Yes, ONE Gas, Inc. (OGS) is profitable, generating $254.9M in net income for fiscal year 2024 (10.7% net margin).

Dividend & Returns

Yes, ONE Gas, Inc. (OGS) pays a dividend with a yield of 3.41%. This makes it attractive for income-focused investors.

ONE Gas, Inc. (OGS) has a return on equity (ROE) of 7.6%. This is below average, suggesting room for improvement.

ONE Gas, Inc. (OGS) had negative free cash flow of $116.8M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

ONE Gas, Inc. (OGS) has a dividend payout ratio of 67%. This suggests the dividend is well-covered and sustainable.

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