Latest Ratios: P/E Ratio 17.4x · EV/EBITDA 10.5x · ROE 8.1%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.1B | $4.7B | $3.9B | $3.6B | $4.1B | $4.2B | $4.1B | $5.0B | $4.2B | $3.9B | $3.4B |
| Enterprise Value | $8.4B | $8.0B | $7.2B | $6.6B | $7.4B | $8.3B | $6.1B | $6.8B | $5.8B | $5.4B | $4.7B |
| P/E Ratio → | 17.45 | 17.68 | 17.76 | 15.39 | 18.56 | 20.15 | 20.86 | 26.66 | 24.49 | 23.79 | 24.14 |
| P/S Ratio | 2.19 | 1.93 | 1.90 | 1.50 | 1.60 | 2.30 | 2.68 | 3.01 | 2.58 | 2.52 | 2.37 |
| P/B Ratio | 1.42 | 1.36 | 1.27 | 1.29 | 1.59 | 1.77 | 1.83 | 2.34 | 2.07 | 1.98 | 1.79 |
| P/FCF | — | — | — | 13.04 | 4.28 | — | — | — | 57.63 | — | — |
| P/OCF | 8.77 | 8.08 | 10.72 | 3.79 | 2.62 | — | 11.24 | 16.05 | 9.03 | 15.29 | 12.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.31 | 3.47 | 2.78 | 2.86 | 4.61 | 3.98 | 4.09 | 3.54 | 3.52 | 3.30 |
| EV / EBITDA | 10.53 | 10.37 | 10.38 | 10.02 | 12.73 | 16.10 | 12.22 | 14.23 | 12.90 | 11.56 | 10.88 |
| EV / EBIT | 18.45 | 17.31 | 17.76 | 17.03 | 21.29 | 27.14 | 20.27 | 23.15 | 20.88 | 17.93 | 17.51 |
| EV / FCF | — | — | — | 24.15 | 7.66 | — | — | — | 78.98 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 58.8% | 58.8% | 37.2% | 30.7% | 25.1% | 32.3% | 36.7% | 32.4% | 31.1% | 34.2% | 34.2% |
| Operating Margin | 18.8% | 18.8% | 19.2% | 15.9% | 13.6% | 17.2% | 19.8% | 17.9% | 17.7% | 20.6% | 20.2% |
| Net Profit Margin | 10.9% | 10.9% | 10.7% | 9.7% | 8.6% | 11.4% | 12.8% | 11.3% | 10.5% | 10.6% | 9.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.1% | 8.1% | 7.6% | 8.6% | 9.0% | 9.0% | 9.0% | 9.0% | 8.6% | 8.5% | 7.5% |
| ROA | 3.0% | 3.0% | 2.8% | 3.0% | 2.7% | 2.9% | 3.3% | 3.3% | 3.2% | 3.2% | 2.9% |
| ROIC | 5.2% | 5.2% | 4.9% | 4.9% | 4.3% | 4.3% | 5.6% | 5.9% | 6.1% | 7.1% | 6.9% |
| ROCE | 6.2% | 6.2% | 6.0% | 5.9% | 5.0% | 4.9% | 6.0% | 6.1% | 6.2% | 7.0% | 6.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.99 | 0.99 | 1.07 | 1.10 | 1.26 | 1.78 | 0.90 | 0.85 | 0.78 | 0.79 | 0.71 |
| Debt / EBITDA | 4.38 | 4.38 | 4.78 | 4.64 | 5.63 | 8.07 | 4.01 | 3.79 | 3.53 | 3.31 | 3.09 |
| Net Debt / Equity | — | 0.98 | 1.05 | 1.10 | 1.26 | 1.77 | 0.89 | 0.84 | 0.77 | 0.78 | 0.70 |
| Net Debt / EBITDA | 4.34 | 4.34 | 4.70 | 4.61 | 5.61 | 8.06 | 4.00 | 3.75 | 3.49 | 3.28 | 3.06 |
| Debt / FCF | — | — | — | 11.10 | 3.38 | — | — | — | 21.35 | — | — |
| Interest Coverage | 3.25 | 3.25 | 2.76 | 3.36 | 4.46 | 5.09 | 4.81 | 4.66 | 5.40 | 6.56 | 6.15 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.60 | 0.60 | 0.64 | 0.52 | 1.02 | 2.27 | 0.68 | 0.58 | 0.78 | 0.87 | 1.28 |
| Quick Ratio | 0.42 | 0.42 | 0.46 | 0.34 | 0.74 | 2.03 | 0.49 | 0.40 | 0.56 | 0.62 | 0.92 |
| Cash Ratio | 0.02 | 0.02 | 0.04 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.02 | 0.03 |
| Asset Turnover | — | 0.26 | 0.25 | 0.31 | 0.33 | 0.22 | 0.25 | 0.29 | 0.30 | 0.30 | 0.29 |
| Inventory Turnover | 3.65 | 3.65 | 5.17 | 6.21 | 5.68 | 5.22 | 6.60 | 6.98 | 7.43 | 5.97 | 5.89 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.3% | 3.4% | 3.8% | 4.0% | 3.3% | 3.0% | 2.8% | 2.1% | 2.3% | 2.3% | 2.2% |
| Payout Ratio | 60.8% | 60.8% | 67.1% | 62.3% | 60.4% | 60.0% | 58.2% | 56.5% | 56.1% | 54.0% | 52.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 5.7% | 5.6% | 6.5% | 5.4% | 5.0% | 4.8% | 3.8% | 4.1% | 4.2% | 4.1% |
| FCF Yield | — | — | — | 7.7% | 23.4% | — | — | — | 1.7% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.7% |
| Total Shareholder Yield | 3.3% | 3.4% | 3.8% | 4.0% | 3.3% | 3.0% | 2.8% | 2.1% | 2.3% | 2.7% | 2.9% |
| Shares Outstanding | — | $61M | $57M | $56M | $54M | $54M | $53M | $53M | $53M | $53M | $53M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying OGS stock.
ONE Gas, Inc.'s current P/E ratio is 17.4x. The historical average is 21.0x. This places it at the 8th percentile of its historical range.
ONE Gas, Inc.'s current EV/EBITDA is 10.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
ONE Gas, Inc.'s return on equity (ROE) is 8.1%. The historical average is 8.2%.
Based on historical data, ONE Gas, Inc. is trading at a P/E of 17.4x. This is at the 8th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ONE Gas, Inc.'s current dividend yield is 3.28% with a payout ratio of 60.8%.
ONE Gas, Inc. has 58.8% gross margin and 18.8% operating margin. Operating margin between 10-20% is typical for established companies.
ONE Gas, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Quarterly earnings volatility and funding gap
Metrics are mathematically derived from official filings.
Premium Multiples Rest on Bond-Like Yield
Based on reported figures, OGS trades at 18.73x trailing earnings and a 3.2% dividend yield, a multiple that sits above the peer median and suggests investors are pricing the stability of a regulated earnings stream rather than growth.
The trailing P/E of 18.73 and forward P/E of 16.74 imply modest expected earnings recovery, but the valuation is better anchored to the 3.2% dividend yield relative to Treasury alternatives. Because utilities behave as bond proxies, the premium over peers such as Southwest Gas at 14.88 may reflect confidence in the regulatory compact rather than earnings momentum. Investors should monitor whether interest rate moves compress this premium if the yield spread narrows.
Earned Returns Lag Regulatory Expectations
As reported in the quarterly ratio data, OGS earned ROE ranged from 0.7% to 3.8% over ten quarters, a level far below the authorized returns typical for gas distributors and suggesting a material gap between regulatory allowance and realized earnings.
Earned ROE averaged only about 2% across the period, which points to either significant regulatory lag, a large equity base diluting returns, or timing effects in reported earnings. The gap between this figure and the authorized ROE is the single most important diagnostic for whether the rate base is being recovered on schedule. Until the earnings bridge reconciles the quarterly shortfall, the gap warrants close scrutiny.
Leverage Steady as Equity Grows Slowly
According to the quarterly balance data, OGS debt-to-capital held near 0.49 to 0.54 while interest coverage swung between 1.6x and 5.8x, indicating that credit metrics are sensitive to the timing of earnings recognition.
Debt-to-capital stability alongside a debt-to-equity decline from 1.20 to 1.00 suggests equity growth partially offsets debt-funded asset expansion. However, FFO-to-debt ranging from 3.4% to 8.2% is thin for a utility carrying this asset base, implying limited cushion if earnings weaken. Credit quality appears adequate but dependent on sustained recovery of capital investment.
Dividend Coverage Thins in Weak Quarters
Based on reported cash flows, OCF covered quarterly dividends of roughly $40M to $43M between 1.1x and 6.9x, meaning the dividend is well covered on average yet exposed in low-demand quarters.
Quarterly payout ratios above 100% in several periods reflect the seasonality of earnings rather than structural dividend stress. Because CapEx has consistently exceeded operating cash flow, the dividend effectively competes with infrastructure funding that must be sourced externally. Investors should watch whether payout levels constrain the internal funding of the capital program.
P/B Premium Misread as Quality Signal
Standard P/E and price-to-book comparisons applied to OGS may overstate valuation quality, since the 1.44x price-to-book reflects a regulated asset base whose returns have run well below authorized levels.
Applying industrial P/E benchmarks ignores that utility earnings are set by commission-authorized returns and that reported ROE near 2% depresses the earnings denominator. The more informative adjustment is to compare price-to-book against earned-versus-allowed ROE spread, which better captures whether the market premium is justified by regulatory recovery. Standard debt-to-equity also understates leverage risk when external funding of CapEx is ongoing.