ONE Gas, Inc. (OGS) Financial Ratios
15 years of historical data (2011–2025) · Utilities · Regulated Gas
EV/EBITDA
↓
11.30
-5% vs avg
5yr avg: 11.92
30Y Low9.7·High16.1
P/FCF
↑
N/A
—
5yr avg: 8.66
30Y Low4.3·High57.6
P/B Ratio
↓
1.51
+4% vs avg
5yr avg: 1.46
30Y Low1.2·High2.3
ROE
↓
8.1%
-5% vs avg
5yr avg: 8.5%
30Y Low7%·High9%
Debt/EBITDA
↓
4.38
↓-20% vs avg
5yr avg: 5.50
30Y Low3.1·High8.1
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
OGS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
ONE Gas, Inc. trades at 19.7x earnings, 10% above its 5-year average of 17.9x, sitting at the 33rd percentile of its historical range. This is roughly in line with the Utilities sector median P/E of 19.7x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.4B | $4.7B | $3.9B | $3.6B | $4.1B | $4.2B | $4.1B | $5.0B | $4.2B | $3.9B | $3.4B |
| Enterprise Value | $8.8B | $8.0B | $7.2B | $6.6B | $7.4B | $8.3B | $6.1B | $6.8B | $5.8B | $5.4B | $4.7B |
| P/E Ratio → | 19.68 | 17.68 | 17.76 | 15.39 | 18.56 | 20.15 | 20.86 | 26.66 | 24.49 | 23.79 | 24.14 |
| P/S Ratio | 2.22 | 1.93 | 1.90 | 1.50 | 1.60 | 2.30 | 2.68 | 3.01 | 2.58 | 2.52 | 2.37 |
| P/B Ratio | 1.51 | 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 | 9.32 | 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
OGS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
ONE Gas, Inc.'s enterprise value stands at 11.3x EBITDA, 5% below its 5-year average of 11.9x. This is roughly in line with the Utilities sector median of 11.5x.
| 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 | 11.30 | 10.37 | 10.38 | 10.02 | 12.73 | 16.10 | 12.22 | 14.23 | 12.90 | 11.56 | 10.88 |
| EV / EBIT | 19.14 | 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 | — | — |
OGS Profitability
Margins and return-on-capital ratios measuring operating efficiency
ONE Gas, Inc. earns an operating margin of 18.8%, roughly in line with the Utilities sector average. Operating margins have expanded from 15.9% to 18.8% over the past 3 years, signaling improving operational efficiency. ROE of 8.1% is modest, trailing the sector median of 9.4%. ROIC of 5.2% represents adequate returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
OGS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
ONE Gas, Inc. carries a Debt/EBITDA ratio of 4.4x, which is highly leveraged (12% below the sector average of 5.0x). Net debt stands at $3.4B ($3.4B total debt minus $34M cash). Interest coverage of 3.3x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 |
OGS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.60x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.52x to 0.60x over the past 3 years.
| 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 | 0.60 | 0.60 | 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 | — | — | 5.17 | 6.21 | 5.68 | 5.22 | 6.60 | 6.98 | 7.43 | 5.97 | 5.89 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
OGS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
ONE Gas, Inc. returns 3.1% to shareholders annually primarily through dividends. A payout ratio of 60.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 3.1% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.1% | 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 | 3.1% | 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 |
Peer Comparison
Compare OGS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 OGSYou | $5B | 19.7 | 11.3 | — | 58.8% | 18.8% | 8.1% | 5.2% | 4.4 |
 SR | $5B | 19.7 | 12.6 | — | 78.1% | 21.2% | 8.2% | 4.7% | 6.4 |
 NJR | $6B | 16.5 | 14.9 | — | 21.4% | 21.4% | 14.6% | 5.5% | 6.0 |
 SWX | $7B | 14.9 | 11.8 | — | 29.3% | 24.4% | 11.5% | 4.7% | 4.4 |
 NWN | $2B | 17.6 | 7.8 | — | 39.6% | 31.4% | 7.9% | 8.1% | 4.5 |
 RGCO | $238M | 19.8 | 14.0 | — | 35.8% | 20.2% | 11.3% | 5.2% | 5.4 |
 ATO | $31B | 24.7 | 17.3 | — | 52.4% | 33.2% | 9.3% | 5.5% | 4.1 |
 NFG | $8B | 14.4 | 8.3 | 41.4 | 66.1% | 35.7% | 17.4% | 10.6% | 2.2 |
 UGI | $8B | 11.3 | 8.8 | 19.3 | 49.9% | 15.2% | 14.8% | 7.1% | 4.5 |
 CMS | $23B | 21.0 | 14.3 | — | 60.9% | 20.2% | 11.6% | 4.9% | 6.6 |
 NI | $23B | 24.3 | 12.9 | — | 58.6% | 27.6% | 8.3% | 5.3% | 5.4 |
| Utilities Median | — | 19.7 | 11.5 | 15.4 | 40.7% | 19.8% | 9.4% | 4.9% | 5.0 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonOGS — Frequently Asked Questions
Quick answers to the most common questions about buying OGS stock.
What is ONE Gas, Inc.'s P/E ratio?
ONE Gas, Inc.'s current P/E ratio is 19.7x. The historical average is 21.0x. This places it at the 33th percentile of its historical range.
What is ONE Gas, Inc.'s EV/EBITDA?
ONE Gas, Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
What is ONE Gas, Inc.'s ROE?
ONE Gas, Inc.'s return on equity (ROE) is 8.1%. The historical average is 8.2%.
Is OGS stock overvalued?
Based on historical data, ONE Gas, Inc. is trading at a P/E of 19.7x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is ONE Gas, Inc.'s dividend yield?
ONE Gas, Inc.'s current dividend yield is 3.09% with a payout ratio of 60.8%.
What are ONE Gas, Inc.'s profit margins?
ONE Gas, Inc. has 58.8% gross margin and 18.8% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does ONE Gas, Inc. have?
ONE Gas, Inc.'s Debt/EBITDA ratio is 4.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.