ONE Gas Inc
Research ONE Gas Inc (OGS) on Bullrun: valuation model: 8.0% undervalued, market cap USD 5.05B, P/E 17.4, dividend yield 3.4%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerOGS
- ExchangeNYSE
- CountryUnited States
- SectorUtilities
- IndustryUtilities-Regulated Gas
- CurrencyUSD
- Valuation signal8.0% undervalued
- Market capUSD 5.05B
- P/E17.4
- Dividend yield3.4%
- Financial periodQ2 2026
- RevenueUSD 411.64M
- Net incomeUSD 46.81M
- Free cash flowUSD 33.52M
- Gross margin44.1%
Valuation Snapshot
Bullrun's latest valuation model marks ONE Gas Inc as 8.0% undervalued; latest market cap is USD 5.05B; P/E is 17.4; dividend yield is 3.4%.
Peer valuation comparison
Latest P/E is 17.35x versus a Utilities sector median of 17.14x.
Latest dividend yield is 3.4% versus a Utilities sector median of 3.61% (5.8% below).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 2.43B | USD 264.22M | -USD 128.39M | 35.8% | 4.37 | USD 10.62M | USD 2.61B | USD 3.44B |
| FY2024 | USD 2.08B | USD 222.85M | -USD 334.75M | 37.2% | 3.91 | USD 58.00M | USD 2.39B | USD 3.10B |
| FY2023 | USD 2.37B | USD 231.23M | USD 272.90M | 30.7% | 4.14 | USD 18.84M | USD 2.93B | USD 2.77B |
| FY2022 | USD 2.58B | USD 221.74M | USD 961.36M | 43.4% | 4.08 | USD 9.68M | USD 2.66B | USD 2.58B |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-08-25 | USD 5.05B | 17.4 | 3.4% | 2.71 |
| 2025 | 2025-12-31 | USD 4.84B | 17.7 | 3.5% | 2.68 |
| 2024 | 2024-12-31 | USD 4.15B | 17.7 | 3.8% | 2.64 |
| 2023 | 2023-12-29 | USD 3.53B | 15.5 | 4.1% | 2.6 |
| 2022 | 2022-12-30 | USD 4.19B | 19.0 | 3.3% | 2.48 |
| 2021 | 2021-12-31 | USD 4.16B | 20.2 | 3.0% | 2.32 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 2.71 USD, yield 3.4%.
| Year | Dividends/share |
|---|---|
| FY2025 | 2.68 USD |
| FY2024 | 2.64 USD |
| FY2023 | 2.6 USD |
| FY2022 | 2.48 USD |
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.
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Frequently asked questions
Is ONE Gas Inc overvalued or undervalued?
Bullrun's valuation model currently marks ONE Gas Inc as 8.0% undervalued.
What is ONE Gas Inc's market cap?
ONE Gas Inc's market capitalization is USD 5.05B.
What is ONE Gas Inc's P/E ratio?
ONE Gas Inc's price-to-earnings (P/E) ratio is 17.4.
Does ONE Gas Inc pay a dividend?
ONE Gas Inc has a dividend yield of 3.4%.
What does ONE Gas Inc do?
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.