ONE Gas, Inc. (OGS) Stock Analysis
Utilities · Utilities - Regulated Gas · NYSE
ONE Gas, Inc. (OGS) posted $2.43B in revenue for fiscal 2025 (up 16.5% year over year), at a 10.9% net margin, and has compounded revenue about 9.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on ONE Gas, Inc.
ONE Gas, Inc. has grown revenue from $1.43B to $2.43B over the last 10 fiscal years, compounding about 9.7% a year. The most recent year was up 16.5%, so growth is actually accelerating.
Net margin sits at 10.9% on a 58.8% gross margin. It carries about $2.64B of total debt.
The one thing worth a second look in the filings is share count rising (dilution).
Synthesised from ONE Gas, Inc.'s SEC filings — descriptive, not advice. Ask the analyst your own question →
ONE Gas, Inc. revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.43B | $1.54B | $1.63B | $1.65B | $1.53B | $1.81B | $2.58B | $2.37B | $2.08B | $2.43B |
| Gross profit | $885.43M | $925.13M | — | — | $992.82M | $1.03B | $1.12B | $1.24B | $1.31B | $1.43B |
| Net income | $140.09M | $163.00M | $172.23M | $186.75M | $196.41M | $206.43M | $221.74M | $231.23M | $222.85M | $264.22M |
| Net margin | 9.8% | 10.6% | 10.5% | 11.3% | 12.8% | 11.4% | 8.6% | 9.7% | 10.7% | 10.9% |
Source: ONE Gas, Inc. SEC filings (10-K). 14 years of history available in the interactive view.
ONE Gas, Inc.: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Share count rising (dilution)Shares outstanding grew 16.9% over 4 years (53.6M → 62.7M) — existing holders' stakes are being diluted.
- Heavy debt loadTotal debt of $3135.6M is 5.4× last year's operating cash flow — it would take years of cash flow to clear.
Explore 14 years of ONE Gas, Inc. financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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ONE Gas, Inc. financial history by metric
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About ONE Gas, Inc.
ONE Gas, Inc., together with its subsidiaries, operates as a regulated natural gas distribution utility company in the United States. The company offers natural gas distribution services. As of December 31, 2025, it owned 43,200 miles of distribution pipelines and 2,200 miles of transmission pipelines. The company serves approximately 2.3 million residential, commercial, industrial, transportation, and wholesale customers in Oklahoma, Kansas, and Texas. ONE Gas, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
ONE Gas, Inc. — frequently asked questions
What is ONE Gas, Inc.'s revenue?
ONE Gas, Inc. (OGS) reported revenue of $2.43B for fiscal year 2025, up 16.5% from the prior year, according to its SEC filings.
Is ONE Gas, Inc. profitable?
Yes. OGS earned net income of $264.22M in fiscal 2025, a net margin of 10.9%.
What is OGS's P/E ratio?
ONE Gas, Inc. trades at a price-to-earnings ratio of about 17.4 based on the latest data in our nightly-refreshed cache.
How fast is ONE Gas, Inc. growing?
OGS's revenue grew at roughly 9.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does ONE Gas, Inc. have?
As of fiscal year 2025, OGS carried roughly $2.64B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is ONE Gas, Inc.'s gross margin?
OGS's gross margin was 58.8% in fiscal 2025 — gross profit of $1.43B on revenue of $2.43B.
What is ONE Gas, Inc.'s market cap?
ONE Gas, Inc. (OGS) has a market capitalization of about $4.85B, based on the latest data in our nightly-refreshed cache.
When does ONE Gas, Inc.'s fiscal year end?
OGS's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
Where does this data come from?
All figures are computed from ONE Gas, Inc.'s official SEC filings (10-K and 10-Q), covering 14 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.