ONE Gas, Inc. (OGS) Balance Sheet
OGS balance sheet, 2025
December 31, 2025 · U.S. dollars$9.33B assets = $5.89B liabilities + $3.44B equity
Both columns are drawn to the same scale: what OGS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
OGS financial health
Descriptive bands, not a rating. Fiscal 2025.
OGS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.94B2016 | $9.33B2025 | +7.3%/yr | |
| Total liabilities | $3.05B2016 | $5.89B2025 | +7.6%/yr | |
| Shareholders’ equity | $1.89B2016 | $3.44B2025 | +6.9%/yr | |
| Cash & short-term investments | $14.7M2016 | $33.7M2025 | +9.7%/yr | |
| Total debt | $1.34B2016 | $3.39B2025 | +10.9%/yr | |
| Net cash (debt) | −$1.32B2016 | −$3.36B2025 | −$2.0B | |
| Working capital | $125.0M2016 | −$616.0M2025 | −$741.0M | |
| Book value per share | $35.652016 | $56.852025 | +5.3%/yr | |
| Current ratio | 1.282016 | 0.602025 | −0.68 | |
| Debt / equity | 0.712016 | 0.992025 | +0.28 | |
| Shares outstanding | 53.0M2016 | 60.5M2025 | +1.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
OGS assets
OGS liabilities and equity
OGS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
OGS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $33.7M | $58.0M | $18.8M | $9.7M | $8.9M | $8.0M | $17.9M | $21.3M | $14.4M | $14.7M |
| Cash & equivalents | $33.7M | $58.0M | $18.8M | $9.7M | $8.9M | $8.0M | $17.9M | $21.3M | $14.4M | $14.7M |
| Short-term investments | — | — | −$20.6M | — | — | — | — | — | $0 | $0 |
| Receivables | $517.2M | $462.1M | $351.8M | $553.8M | $341.8M | $293.0M | $250.0M | $295.4M | $298.8M | $292.3M |
| Inventory | $274.0M | $252.8M | $264.7M | $340.1M | $234.5M | $146.7M | $160.0M | $151.6M | $169.8M | $159.5M |
| Other current assets | $90.9M | $157.0M | $129.8M | $314.0M | $1.64B | $92.2M | $78.3M | $74.9M | $106.0M | $102.4M |
| Total current assets | $915.9M | $929.9M | $765.2M | $1.22B | $2.22B | $539.9M | $506.2M | $543.3M | $589.0M | $568.9M |
| Property, plant & equipment (net) | $7.14B | $6.65B | $6.14B | $5.63B | $5.19B | $4.87B | $4.57B | $4.28B | $4.01B | $3.73B |
| Goodwill & intangible assets | $391.7M | $423.9M | $451.6M | $481.8M | $158.0M | $158.0M | $158.0M | $158.0M | $315.9M | $315.9M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $885.3M | $425.9M | $419.0M | $448.2M | $828.8M | $463.8M | $478.9M | $483.7M | $294.4M | $326.3M |
| Total assets | $9.33B | $8.43B | $7.77B | $7.78B | $8.40B | $6.03B | $5.71B | $5.47B | $5.21B | $4.94B |
| Liabilities | ||||||||||
| Accounts payable | $222.1M | $261.3M | $278.1M | $360.5M | $258.6M | $152.3M | $120.5M | $174.5M | $143.7M | $132.0M |
| Short-term debt | $1.02B | $943.6M | $888.9M | $572.7M | $494.0M | $418.2M | $516.5M | $299.5M | $357.2M | $187.6M |
| Deferred revenue | $52.9M | $56.2M | $62.2M | $57.9M | $62.5M | $68.0M | $58.0M | $61.2M | $60.8M | $61.2M |
| Total current liabilities | $1.53B | $1.46B | $1.48B | $1.19B | $980.5M | $797.1M | $872.7M | $698.9M | $673.3M | $443.9M |
| Long-term debt | $2.36B | $2.39B | $2.16B | $2.66B | $3.68B | $1.58B | $1.29B | $1.29B | $1.19B | $1.19B |
| Other long-term liabilities | $2.00B | $1.48B | $1.37B | $1.34B | $1.39B | $1.42B | $1.42B | $1.44B | $1.38B | $1.42B |
| Total liabilities | $5.89B | $5.32B | $5.01B | $5.19B | $6.05B | $3.80B | $3.58B | $3.43B | $3.25B | $3.05B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $627,000 | $599,000 | $565,000 | $553,000 | $536,000 | $532,000 | $528,000 | $526,000 | $526,000 | $526,000 |
| Retained earnings (deficit) | $909.4M | $809.6M | $737.7M | $651.9M | $565.2M | $483.6M | $402.5M | $320.9M | $246.1M | $161.0M |
| Treasury stock | — | — | — | — | — | — | — | −$2.1M | −$18.5M | −$18.1M |
| Accumulated other comprehensive income | $4,000 | −$126,000 | −$1.2M | −$704,000 | −$6.5M | −$7.8M | −$6.7M | −$4.1M | −$5.5M | −$4.7M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $3.44B | $3.10B | $2.77B | $2.58B | $2.35B | $2.23B | $2.13B | $2.04B | $1.96B | $1.89B |
| Key figures | ||||||||||
| Total debt | $3.39B | $3.33B | $3.05B | $3.23B | $4.18B | $2.00B | $1.80B | $1.58B | $1.55B | $1.34B |
| Net cash (debt) | −$3.36B | −$3.27B | −$3.03B | −$3.22B | −$4.17B | −$1.99B | −$1.78B | −$1.56B | −$1.54B | −$1.32B |
| Working capital | −$616.0M | −$528.4M | −$712.0M | $28.2M | $1.24B | −$257.2M | −$366.5M | −$155.6M | −$84.3M | $125.0M |
| Tangible book value | $3.05B | $2.68B | $2.31B | $2.10B | $2.19B | $2.08B | $1.97B | $1.88B | $1.64B | $1.57B |
| Book value per share | $56.85 | $54.43 | $49.51 | $47.56 | $43.77 | $41.85 | $40.00 | $38.52 | $37.00 | $35.65 |
| Shares outstanding | 60.5M | 57.0M | 55.9M | 54.3M | 53.7M | 53.4M | 53.2M | 53.0M | 53.0M | 53.0M |
| Current ratio | 0.60 | 0.64 | 0.52 | 1.02 | 2.27 | 0.68 | 0.58 | 0.78 | 0.87 | 1.28 |
| Quick ratio | 0.36 | 0.36 | 0.25 | 0.47 | 0.36 | 0.38 | 0.31 | 0.45 | 0.47 | 0.69 |
| Debt / equity | 0.99 | 1.07 | 1.10 | 1.25 | 1.78 | 0.90 | 0.85 | 0.78 | 0.79 | 0.71 |
| Equity / assets | 36.9% | 36.8% | 35.6% | 33.2% | 28.0% | 37.0% | 37.3% | 37.4% | 37.6% | 38.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $7.9M | $23.0M | $33.7M | $11.6M | $20.5M | $19.3M | $58.0M | $18.8M | $10.7M | $11.5M | $18.8M | $9.2M |
| Cash & equivalents | $7.9M | $23.0M | $33.7M | $9.0M | $20.5M | $19.3M | $58.0M | $18.8M | $10.7M | $11.5M | $18.8M | $9.2M |
| Short-term investments | — | — | — | $2.6M | $1.4M | — | — | −$10.0M | — | — | — | — |
| Receivables | $250.9M | $460.7M | $517.2M | $263.8M | $316.7M | $500.4M | $462.1M | $176.2M | $193.3M | $324.5M | $351.8M | $177.5M |
| Inventory | $254.9M | $216.9M | $274.0M | $295.5M | $230.0M | $156.7M | $252.8M | $275.2M | $224.8M | $190.8M | $264.7M | $279.3M |
| Other current assets | $148.2M | $96.0M | $90.9M | $108.3M | $114.0M | $79.8M | $157.0M | $220.3M | $171.4M | $136.9M | $129.8M | $98.4M |
| Total current assets | $661.8M | $796.6M | $915.9M | $679.2M | $681.3M | $756.2M | $929.9M | $690.5M | $600.2M | $663.7M | $765.2M | $564.4M |
| Property, plant & equipment (net) | $7.32B | $7.21B | $7.14B | $7.01B | $6.87B | $6.74B | $6.65B | $6.50B | $6.37B | $6.24B | $6.14B | $5.99B |
| Goodwill & intangible assets | $376.9M | $384.3M | $391.7M | $399.4M | $406.9M | $416.2M | $423.9M | $430.5M | $436.9M | $444.2M | $451.6M | $460.0M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $453.3M | $433.2M | $885.3M | $415.9M | $398.9M | $416.2M | $425.9M | $413.6M | $414.8M | $418.2M | $419.0M | $422.4M |
| Total assets | $8.81B | $8.83B | $9.33B | $8.50B | $8.36B | $8.33B | $8.43B | $8.04B | $7.83B | $7.76B | $7.77B | $7.43B |
| Liabilities | ||||||||||||
| Accounts payable | $111.0M | $137.6M | $222.1M | $121.1M | $131.0M | $175.9M | $261.3M | $146.8M | $165.0M | $196.6M | $278.1M | $168.6M |
| Short-term debt | $1.05B | $1.04B | $1.02B | $1.04B | $902.2M | $841.7M | $943.6M | $980.4M | $1.06B | $981.6M | $888.9M | $1.13B |
| Deferred revenue | $53.4M | $54.9M | $52.9M | $56.7M | $54.0M | $54.9M | $56.2M | $72.5M | $60.2M | $58.1M | $62.2M | $67.0M |
| Total current liabilities | $1.38B | $1.40B | $1.53B | $1.45B | $1.30B | $1.28B | $1.46B | $1.39B | $1.46B | $1.40B | $1.48B | $1.57B |
| Long-term debt | $2.34B | $2.34B | $2.36B | $2.36B | $2.37B | $2.37B | $2.39B | $2.38B | $2.15B | $2.15B | $2.16B | $1.86B |
| Other long-term liabilities | $1.56B | $1.56B | $2.00B | $1.51B | $1.50B | $1.49B | $1.48B | $1.45B | $1.39B | $1.38B | $1.37B | $1.35B |
| Total liabilities | $5.27B | $5.30B | $5.89B | $5.32B | $5.17B | $5.14B | $5.32B | $5.23B | $5.00B | $4.93B | $5.01B | $4.79B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $629,000 | $628,000 | $627,000 | $600,000 | $600,000 | $599,000 | $599,000 | $567,000 | $567,000 | $566,000 | $565,000 | $555,000 |
| Retained earnings (deficit) | $998.5M | $994.8M | $909.4M | $863.8M | $879.9M | $888.4M | $809.6M | $770.4M | $789.0M | $799.4M | $737.7M | $703.4M |
| Accumulated other comprehensive income | −$265,000 | −$179,000 | $4,000 | $78,000 | $44,000 | −$2,000 | −$126,000 | −$929,000 | −$1.2M | −$1.2M | −$1.2M | −$705,000 |
| Total shareholders' equity | $3.54B | $3.53B | $3.44B | $3.18B | $3.18B | $3.19B | $3.10B | $2.81B | $2.83B | $2.83B | $2.77B | $2.65B |
| Key figures | ||||||||||||
| Total debt | $3.39B | $3.38B | $3.39B | $3.40B | $3.27B | $3.21B | $3.33B | $3.37B | $3.21B | $3.13B | $3.05B | $2.99B |
| Net cash (debt) | −$3.39B | −$3.36B | −$3.36B | −$3.39B | −$3.25B | −$3.19B | −$3.27B | −$3.35B | −$3.20B | −$3.12B | −$3.03B | −$2.98B |
| Working capital | −$714.6M | −$605.6M | −$616.0M | −$774.7M | −$620.7M | −$521.2M | −$528.4M | −$697.1M | −$856.7M | −$739.8M | −$712.0M | −$1.01B |
| Tangible book value | $3.16B | $3.14B | $3.05B | $2.78B | $2.78B | $2.77B | $2.68B | $2.38B | $2.39B | $2.39B | $2.31B | $2.19B |
| Book value per share | $56.02 | $55.78 | $56.60 | $52.64 | $52.67 | $52.85 | $54.07 | $49.26 | $49.75 | $49.82 | $49.61 | $47.28 |
| Shares outstanding | 63.2M | 63.2M | 60.8M | 60.5M | 60.5M | 60.3M | 57.4M | 57.1M | 56.8M | 56.8M | 55.8M | 56.0M |
| Current ratio | 0.48 | 0.57 | 0.60 | 0.47 | 0.52 | 0.59 | 0.64 | 0.50 | 0.41 | 0.47 | 0.52 | 0.36 |
| Quick ratio | 0.19 | 0.34 | 0.36 | 0.19 | 0.26 | 0.41 | 0.36 | 0.14 | 0.14 | 0.24 | 0.25 | 0.12 |
| Debt / equity | 0.96 | 0.96 | 0.99 | 1.07 | 1.03 | 1.01 | 1.07 | 1.20 | 1.13 | 1.11 | 1.10 | 1.13 |
| Equity / assets | 40.1% | 39.9% | 36.9% | 37.4% | 38.1% | 38.2% | 36.8% | 35.0% | 36.1% | 36.4% | 35.6% | 35.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 19, 2026); data from EODHD.
OGS financial position
At the end of fiscal 2025 (December 31, 2025), ONE Gas had total assets of $9.3 billion (up 10.7% from a year earlier), total liabilities of $5.9 billion and shareholders' equity of $3.4 billion. It held $33.7 million in cash and short-term investments against $3.4 billion of debt, net debt of $3.4 billion. Its current ratio was 0.60. In the latest quarter (ended June 30, 2026) total assets were $8.8 billion and equity $3.5 billion.
Related: OGS income statement, OGS cash flow statement, OGS key metrics. See the OGS stock overview for the latest quote and news.
OGS balance sheet FAQ
What are ONE Gas's total assets?
ONE Gas reported total assets of $9.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.4 billion a year earlier.
How much debt does ONE Gas have?
ONE Gas had $3.4 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.99.
How much cash does ONE Gas have?
ONE Gas held $33.7 million in cash and short-term investments at the end of fiscal 2025; with $3.4 billion of debt that is net debt of $3.4 billion.
What is ONE Gas's book value?
ONE Gas's shareholders' equity (book value) was $3.4 billion at the end of fiscal 2025, or $56.85 per share.
What is ONE Gas's current ratio?
ONE Gas had current assets of $915.9 million and current liabilities of $1.5 billion, a current ratio of 0.60 (current liabilities exceed current assets).
How much goodwill does ONE Gas have?
ONE Gas carried $391.7 million of goodwill and intangible assets, 4.2% of total assets, at the end of fiscal 2025.