One Gas Inc logo

One Gas Inc(OGS)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL
1-STAR RATING
PASS
LAST CLOSE
$71.8
09/25/2026
(24-hour delay)

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Upturn Advisory & Investor View for OGS

09/25/2026: OGS (1-star) is currently NOT-A-BUY. Pass it for now.

ONE Gas Inc is a 100% regulated natural gas utility that serves customers across Oklahoma, Kansas, and Texas. As a pure-play utility, the stock is valued for its stable, rate-regulated cash flows, which historically support consistent dividend payments for income-focused investors. Its primary growth story revolves around infrastructure modernization and rate-base expansion in its core territories. However, the company faces risks from potential electrification shifts and regulatory pressures that influence rate-case outcomes. OGS is best suited for low-risk, dividend-oriented investors who prioritize stability over rapid growth and should monitor regional regulatory developments and weather trends that impact seasonal performance.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorWeak fitAs a regulated utility, OGS prioritizes stability and dividends over rapid capital appreciation.
Momentum investorWeak fitThe stock typically exhibits low beta and steady, slow-moving price action, which rarely attracts momentum interest.
Value investorMixed fitValue investors may find the regulated, predictable earnings attractive, though valuations are often tied strictly to rate base growth.
Dividend investorStrong fitThe company's status as a regulated utility with steady cash flows makes it a suitable candidate for income-focused portfolios.
Low-risk investorStrong fitThe regulated nature of its business provides a degree of insulation from broader market and commodity price volatility.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityLowRegulated utility stocks are typically less volatile than the broader market.
Valuation riskMediumHigh interest rates can compress valuation multiples for yield-sensitive utility stocks.
Competition risk (Regulatory utility environment)LowCompetition is limited by exclusive franchise territories, but regulatory risk remains a factor.
Business qualityStrongThe company's core utility business model provides highly predictable and essential service revenues.
Dividend incomeStrongThe company has a consistent history of supporting and growing its dividend payment.
Execution riskMediumSuccessful capital project execution is essential for securing favorable regulatory rate adjustments.

Price Behavior

Downtrend
PRICE PATH

Downtrend

The stock has experienced a sustained decline in price over recent periods.

Very Smooth
PRICE STABILITY

Very Smooth

The stock has followed a highly orderly price path with minimal short-term disruption.

Analysis of Past Performance

Type Stock
Historic Profit 3.06%
Avg. Invested days 46
Today’s Advisory PASS
Upturn Advisory Rating upturn star rating icon
Upturn Advisory Performance Upturn Advisory Performance icon 3.0
Stock Returns Performance Upturn Returns Performance icon 1.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/25/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
OGS receives a 3-star rating, supported by solid company fundamentals. The rating is constrained by soft unit economics, and weak price momentum.

Company Fundamentals

★★★★★
OGS has solid overall fundamentals (4 stars), with moderate financial health, solid growth momentum, and solid ownership. In FY2025 versus FY2024, solid earnings growth (+18.6%) and solid revenue growth (+16.5%) are partially offset by soft cash generation (FCF margin -5.3%), modest insider ownership of 1.08%.

Financial Health Rating

★★★★★
OGS's financial health is supported by solid profitability, including gross margin of 58.8% and operating margin of 18.8%. Liquidity is soft (2 stars), which helps explain the 3-star overall score.

Growth Momentum Score

★★★★★
Free-cash-flow growth is OGS's strongest growth driver at +61.6% FY2025 versus FY2024 (strong, 5 stars). Revenue growth (+16.5%, solid) and earnings growth (+18.6%, solid) are also constructive, though not equally high across every growth measure.

Ownership

★★★★★
Institutional ownership is 95.4% and approximately 98.9% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 1.08% provides only moderate management-shareholder alignment.

Top 5 Institutional Investors

BlackRock Inc 14.50%
Vanguard Portfolio Management, LLC 5.71%
American Century Companies Inc 5.64%
State Street Corp 4.83%
Vanguard Capital Management, LLC 4.42%

Unit Economics (Per $1K Revenue)

★★★★★
OGS generates approximately $588 of gross profit, $188 of operating income, and $-53 of free cash flow for every $1,000 of revenue. Based on FY2025 results. Strong cash conversion and healthy margins support the rating, although capital efficiency remains below the highest tier.

Economic Dimensions

★★★★★
Effective Tax Rate: 17.80%

Quantitative Style Profile

★★★★★
OGS has a liquid, relatively low-volatility profile. Weak momentum is the primary drawback.

Style Classification

Quality Focused

Value-OrientedLow VolatilitySmall / Mid Cap RiskShort Squeeze RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Mid-Cap Stock
Market Capitalization 4.51B USD
Price to earnings Ratio 15.47
1Y Target Price 89.06
Price to earnings Ratio 15.47
1Y Target Price 89.06
Volume (30-day avg) 531.0K shares
Beta 0.66
52 Weeks Range 71.27 - 89.27
Updated Date 09/27/2026
52 Weeks Range 71.27 - 89.27
Updated Date 09/27/2026
Dividends yield (FY) 3.75%
Basic EPS (TTM) 4.64

How Company Makes Money

Business areaWhat it includesRetail investor read
Natural Gas DistributionRegulated delivery of natural gas to residential and commercial customers in Oklahoma, Kansas, and Texas.The company earns revenue through state-approved rates for the reliable delivery of natural gas, providing steady and predictable income.
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Valuation

Trailing PE 15.47
Forward PE 17.39
Enterprise Value 7.93B
Price to Sales(TTM) 1.95
Enterprise Value 7.93B
Price to Sales(TTM) 1.95
Enterprise Value to Revenue 3.43
Enterprise Value to EBITDA 9.99
Shares Outstanding 62.86M
Shares Floating 62.16M
Shares Outstanding 62.86M
Shares Floating 62.16M
Percent Insiders 1.08
Percent Institutions 95.42

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About One Gas Inc

Exchange NYSE
Headquarters Tulsa, OK, United States
IPO Launch date 2014-01-16
CEO & Director Mr. Robert S. McAnnally J.D.
Sector Utilities
Industry Utilities - Regulated Gas
Full time employees 4000
Full time employees 4000

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.