ONE Gas, Inc. (OGS) Key Metrics
OGS valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $4.75B
- Enterprise value
- $7.93B
- P/E (TTM)
- 16.3 10-yr median 20.5
- Forward P/E
- 17.4
- PEG ratio
- 4.19
- Price / sales
- 2.1 10-yr median 2.3
- Price / book
- 1.3 10-yr median 1.8
- EV / EBITDA
- 10.0 10-yr median 12.1
- Dividend yield
- 3.60% $2.72 a year
- Beta
- 0.63
OGS key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsOGS valuation Price multiples at each fiscal year-end price.
OGS returns How much profit the business earns on the capital it uses.
OGS per-share figures Results divided by the shares outstanding at year-end.
OGS financial health Debt, liquidity and how easily interest is covered.
OGS efficiency & capital use Working capital cycle and where the cash goes.
OGS valuation history
OGS returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
OGS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
OGS cash returned to shareholders
OGS price vs earnings per share
OGS key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.67B | $3.95B | $3.56B | $4.11B | $4.16B | $4.10B | $4.98B | $4.22B | $3.88B | $3.39B |
| Enterprise value | $8.03B | $7.22B | $6.59B | $7.34B | $8.33B | $6.09B | $6.77B | $5.78B | $5.42B | $4.71B |
| P/E ratio | 17.7 | 17.7 | 15.4 | 18.6 | 20.2 | 20.9 | 26.7 | 24.5 | 23.8 | 24.2 |
| Price / sales | 1.9 | 1.9 | 1.5 | 1.6 | 2.3 | 2.7 | 3.0 | 2.6 | 2.5 | 2.4 |
| Price / book | 1.4 | 1.3 | 1.3 | 1.6 | 1.8 | 1.8 | 2.3 | 2.1 | 2.0 | 1.8 |
| Price / free cash flow | — | — | 13.0 | 4.3 | — | — | — | 57.6 | — | — |
| Price / operating cash flow | 8.1 | 10.7 | 3.8 | 2.6 | — | 11.2 | 16.1 | 9.0 | 15.3 | 12.0 |
| EV / sales | 3.3 | 3.5 | 2.8 | 2.8 | 4.6 | 4.0 | 4.1 | 3.5 | 3.5 | 3.3 |
| EV / EBITDA | 10.3 | 10.3 | 9.9 | 12.8 | 16.2 | 12.3 | 14.3 | 13.2 | 11.9 | 11.4 |
| EV / free cash flow | — | — | 24.1 | 7.6 | — | — | — | 79.0 | — | — |
| Earnings yield | 5.7% | 5.6% | 6.5% | 5.4% | 5.0% | 4.8% | 3.7% | 4.1% | 4.2% | 4.1% |
| Free cash flow yield | −2.7% | −8.5% | 7.7% | 23.4% | −48.8% | −2.6% | −2.1% | 1.7% | −2.6% | −0.8% |
| Dividend yield | 3.4% | 3.8% | 4.0% | 3.3% | 3.0% | 2.8% | 2.1% | 2.3% | 2.3% | 2.2% |
| Shareholder yield (dividends + buybacks) | 3.4% | 3.8% | 4.1% | 3.3% | 3.0% | 2.8% | 2.1% | 2.3% | 2.7% | 2.9% |
| Share price at fiscal year-end | $77.25 | $69.25 | $63.72 | $75.72 | $77.59 | $76.77 | $93.57 | $79.60 | $73.26 | $63.96 |
| Per share | ||||||||||
| Revenue per share | $40.11 | $36.53 | $42.46 | $47.44 | $33.70 | $28.67 | $31.04 | $30.81 | $29.06 | $26.95 |
| Earnings per share | $4.37 | $3.91 | $4.14 | $4.08 | $3.85 | $3.68 | $3.51 | $3.25 | $3.08 | $2.65 |
| Operating cash flow per share | $9.57 | $6.46 | $16.82 | $28.91 | −$28.61 | $6.83 | $5.83 | $8.82 | $4.79 | $5.32 |
| Free cash flow per share | −$2.12 | −$5.87 | $4.89 | $17.69 | −$37.84 | −$2.00 | −$2.01 | $1.38 | −$1.94 | −$0.52 |
| Cash per share | $0.56 | $1.02 | $0.34 | $0.18 | $0.16 | $0.15 | $0.34 | $0.40 | $0.27 | $0.28 |
| Book value per share | $56.85 | $54.43 | $49.51 | $47.56 | $43.77 | $41.85 | $40.00 | $38.52 | $37.00 | $35.65 |
| Tangible book value per share | $50.38 | $47.00 | $41.43 | $38.70 | $40.83 | $38.89 | $37.03 | $35.54 | $31.04 | $29.69 |
| Dividends per share | $2.66 | $2.62 | $2.58 | $2.47 | $2.31 | $2.14 | $1.98 | $1.82 | $1.66 | $1.38 |
| Capex per share | $11.69 | $12.33 | $11.93 | $11.22 | $9.23 | $8.83 | $7.84 | $7.44 | $6.73 | $5.84 |
| Debt per share | $56.08 | $58.37 | $54.59 | $59.52 | $77.83 | $37.49 | $33.86 | $29.89 | $29.27 | $25.25 |
| Shares outstanding | 60.5M | 57.0M | 55.9M | 54.3M | 53.7M | 53.4M | 53.2M | 53.0M | 53.0M | 53.0M |
| Change in shares outstanding | +6.1% | +2.1% | +2.8% | +1.2% | +0.6% | +0.2% | +0.4% | +0.1% | +0.0% | −0.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 8.1% | 7.6% | 8.6% | 9.0% | 9.0% | 9.0% | 9.0% | 8.6% | 8.5% | 7.5% |
| Return on invested capital (ROIC) | 5.7% | 5.6% | 5.5% | 4.7% | 4.8% | 6.2% | 6.4% | 6.2% | 6.0% | 5.7% |
| Return on assets (ROA) | 3.0% | 2.8% | 3.0% | 2.7% | 2.9% | 3.3% | 3.3% | 3.2% | 3.2% | 2.9% |
| Return on tangible assets | 3.0% | 2.8% | 3.2% | 3.0% | 2.5% | 3.3% | 3.4% | 3.2% | 3.3% | 3.0% |
| Free cash flow margin | −5.3% | −16.1% | 11.5% | 37.3% | −112.3% | −7.0% | −6.5% | 4.5% | −6.7% | −1.9% |
| Income quality (OCF / net income) | 2.19 | 1.65 | 4.06 | 7.08 | −7.44 | 1.86 | 1.66 | 2.72 | 1.56 | 2.01 |
| Financial health | ||||||||||
| Total debt | $3.39B | $3.33B | $3.05B | $3.23B | $4.18B | $2.00B | $1.80B | $1.58B | $1.55B | $1.34B |
| Cash & short-term investments | $33.7M | $58.0M | $18.8M | $9.7M | $8.9M | $8.0M | $17.9M | $21.3M | $14.4M | $14.7M |
| Net debt | $3.36B | $3.27B | $3.03B | $3.22B | $4.17B | $1.99B | $1.78B | $1.56B | $1.54B | $1.32B |
| Debt / equity | 0.99 | 1.07 | 1.10 | 1.25 | 1.78 | 0.90 | 0.85 | 0.78 | 0.79 | 0.71 |
| Debt / assets | 0.36 | 0.40 | 0.39 | 0.42 | 0.50 | 0.33 | 0.32 | 0.29 | 0.30 | 0.27 |
| Net debt / EBITDA | 4.30 | 4.65 | 4.54 | 5.62 | 8.11 | 4.02 | 3.78 | 3.58 | 3.38 | 3.20 |
| Current ratio | 0.60 | 0.64 | 0.52 | 1.02 | 2.27 | 0.68 | 0.58 | 0.78 | 0.87 | 1.28 |
| Quick ratio | 0.42 | 0.46 | 0.34 | 0.74 | 2.03 | 0.49 | 0.40 | 0.56 | 0.62 | 0.92 |
| Interest coverage | 3.2 | 2.7 | 3.3 | 4.5 | 5.1 | 4.9 | 4.7 | 5.6 | 6.9 | 6.6 |
| Working capital | −$616.0M | −$528.4M | −$712.0M | $28.2M | $1.24B | −$257.2M | −$366.5M | −$155.6M | −$84.3M | $125.0M |
| Invested capital | $6.80B | $6.38B | $5.80B | $5.81B | $6.52B | $4.23B | $3.91B | $3.61B | $3.50B | $3.21B |
| Tangible asset value | $3.05B | $2.68B | $2.31B | $2.10B | $2.19B | $2.08B | $1.97B | $1.88B | $1.64B | $1.57B |
| Net current asset value | −$4.97B | −$4.39B | −$4.24B | −$3.97B | −$3.83B | −$3.26B | −$3.07B | −$2.88B | −$2.66B | −$2.49B |
| Graham number | $74.73 | $69.18 | $67.91 | $66.08 | $61.55 | $58.86 | $56.18 | $53.06 | $50.61 | $46.06 |
| Graham net-net per share | −$88.07 | −$83.99 | −$82.17 | −$84.60 | −$105.64 | −$65.47 | −$61.86 | −$58.60 | −$55.18 | −$51.75 |
| Capital allocation | ||||||||||
| Dividends paid | $160.7M | $149.5M | $144.1M | $134.0M | $123.9M | $114.4M | $105.4M | $96.6M | $88.0M | $73.2M |
| Share buybacks (net) | $0 | $0 | $2.7M | $0 | $0 | $0 | $0 | $0 | $17.5M | $24.1M |
| Dividend payout ratio | 60.8% | 67.1% | 62.3% | 60.4% | 60.0% | 58.2% | 56.5% | 56.1% | 54.0% | 52.3% |
| Dividends + buybacks / free cash flow | — | — | 53.8% | 13.9% | — | — | — | 131.9% | — | — |
| Capex / revenue | 29.1% | 33.7% | 28.1% | 23.6% | 27.4% | 30.8% | 25.3% | 24.1% | 23.1% | 21.7% |
| Capex / operating cash flow | 122.2% | 190.9% | 71.0% | 38.8% | — | 129.3% | 134.5% | 84.3% | 140.4% | 109.8% |
| Capex / depreciation | 2.23 | 2.37 | 2.38 | 2.67 | 2.39 | 2.42 | 2.31 | 2.46 | 2.35 | 2.15 |
| Stock-based compensation / revenue | 0.6% | 0.7% | 0.5% | 0.4% | 0.6% | 0.6% | 0.6% | 0.5% | 0.6% | 0.8% |
| SG&A / revenue | 26.9% | 29.3% | 24.5% | 21.0% | 28.5% | 32.3% | 29.6% | 28.8% | 29.7% | 31.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 73.6 | 71.3 | 69.7 | 63.4 | 64.0 | 64.8 | 60.2 | 66.4 | 70.1 | 70.0 |
| Days of inventory on hand | 96.3 | 72.2 | 67.2 | 54.3 | 56.8 | 57.8 | 50.9 | 52.1 | 59.3 | 65.1 |
| Days payables outstanding | 88.3 | 75.2 | 70.9 | 58.5 | 61.2 | 51.4 | 48.2 | 51.6 | 49.6 | 46.5 |
| Cash conversion cycle (days) | 81.6 | 68.2 | 65.9 | 59.2 | 59.6 | 71.1 | 62.9 | 66.9 | 79.7 | 88.6 |
| Receivables turnover | 4.96 | 5.12 | 5.24 | 5.76 | 5.70 | 5.64 | 6.06 | 5.50 | 5.21 | 5.21 |
| Payables turnover | 4.13 | 4.85 | 5.15 | 6.24 | 5.96 | 7.10 | 7.57 | 7.08 | 7.36 | 7.84 |
| Inventory turnover | 3.79 | 5.06 | 5.43 | 6.72 | 6.42 | 6.32 | 7.17 | 7.01 | 6.16 | 5.61 |
| Asset turnover | 0.27 | 0.26 | 0.31 | 0.32 | 0.25 | 0.26 | 0.30 | 0.31 | 0.30 | 0.30 |
| Average receivables | $489.6M | $406.9M | $452.8M | $447.8M | $317.4M | $271.5M | $272.7M | $297.1M | $295.6M | $273.8M |
| Average payables | $241.7M | $269.7M | $319.3M | $309.5M | $205.4M | $136.4M | $147.5M | $159.1M | $137.8M | $119.7M |
| Average inventory | $263.4M | $258.8M | $302.4M | $287.3M | $190.6M | $153.4M | $155.8M | $160.7M | $164.7M | $167.5M |
| Intangibles / total assets | 4.2% | 5.0% | 5.8% | 6.2% | 1.9% | 2.6% | 2.8% | 2.9% | 6.1% | 6.4% |
Computed from OGS's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
OGS valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), ONE Gas traded at 17.7 times earnings, against a 10-year median of 20.5. Based on the latest twelve months, the trailing P/E is 16.3 and the forward P/E is 17.4. ONE Gas earned a return on equity of 8.1% and a return on invested capital of 5.7% in fiscal 2025. It ended the year with $3.4 billion of debt and $33.7 million in cash and short-term investments, net debt of $3.4 billion. It returned $160.7 million to shareholders: $160.7 million in dividends and $0 in share buybacks. The share count rose 14.3% from 53.0M to 60.5M over 9 years.
See the OGS income statement, the OGS chart for price history, or the OGS stock overview for the latest quote and news.
OGS key metrics FAQ
What is ONE Gas's P/E ratio?
ONE Gas's trailing P/E ratio is 16.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 17.4. At the end of fiscal 2025 it was 17.7, compared with a 10-year median of 20.5.
What is ONE Gas's EV/EBITDA?
ONE Gas's enterprise value was 10.3 times EBITDA at the end of fiscal 2025 (enterprise value $8.0 billion, EBITDA $781.5 million); the current EV/EBITDA is 10.0.
What is ONE Gas's return on equity?
ONE Gas's return on equity (ROE) was 8.1% in fiscal 2025: net income of $264.2 million on average shareholders' equity of $3.3 billion.
What is ONE Gas's ROIC?
ONE Gas's return on invested capital was 5.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does ONE Gas have?
ONE Gas had total debt of $3.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.99 and $3.4 billion of net debt (4.30 times EBITDA).
What is ONE Gas's dividend yield?
ONE Gas's forward dividend yield is 3.60%. ONE Gas paid $160.7 million in dividends in fiscal 2025 ($2.66 per share), a payout ratio of 60.8%.
What is ONE Gas's free cash flow yield?
ONE Gas generated -$128.4 million of free cash flow in fiscal 2025, a free cash flow yield of −2.7% on its market value at year-end ($4.7 billion).
What is ONE Gas's current ratio?
ONE Gas's current ratio was 0.60 at the end of fiscal 2025: current assets were 0.60 times current liabilities.