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what it is
ONE Gas delivers natural gas to more than 2 million customers across Oklahoma, Kansas, and Texas.
how it gets paid
Last year ONE Gas had ~$2.4B in revenue. By dollars, residential was the largest line at ~$1.3B (~54% of revenue). The table below shows delivered volume mix by customer class—that is not the same thing as revenue share.
what just happened
Quarterly EPS came in at $1.42, matching consensus and up from $1.34 a year earlier.
At a glance
A balance sheet — strong enough to weather a downturn
100/100 earnings predictability — you can trust these numbers
18.7x trailing p/e — priced about right
3.4% dividend yield — cash in your pocket every quarter
7.5% return on capital — nothing to write home about
xvary composite: 64/100 — average
What they do
ONE Gas delivers natural gas to more than 2 million customers across Oklahoma, Kansas, and Texas.
Your gas bill is boring by design. ONE Gas serves more than 2 million customers through three local utilities, so you are paying for a necessity, not choosing between brands. Beta → stock wiggle versus the market → so what: at 0.75, OGS usually moves less than the market, and its price stability score is 85.
How they make money
$2.4B
annual revenue
Revenue rows below: 2024 delivered volume by segment (percent of therms/volume), not dollar sales. Dollar splits appear in the product cards.
Transportation
60.7% of 2024 delivered volume
Residential
28.6% of 2024 delivered volume
Commercial & industrial
10.1% of 2024 delivered volume
Other
0.6% of 2024 delivered volume
The products that matter
delivers gas to households
Residential
$1.3B · 54% of revenue
this is the core bill-paying base. at $1.3B of revenue and 4% growth, it is where customer additions in oklahoma and texas show up first.
core demand
serves businesses and industry
Commercial & Industrial
$0.9B · 38% of revenue
this segment brings scale, but it grew 3%, slower than residential. it helps smooth demand, not transform the business.
load balance
smaller non-core demand
Transportation & Other
$0.2B · 8% of revenue
at $0.2B and flat growth, this piece is too small to carry the story. if you want the thesis in one line, it still comes back to regulated residential demand.
too small to lead
Key numbers
3.4%
dividend yield
You are getting paid to wait, which matters when the 18-month target of $78 sits below the current $81.77 price.
18.7x
trailing p/e
P/E → price compared with last year's profit → so what: you are paying a full utility multiple for mid-single-digit growth.
$2.4B
long-term debt
This is balance-sheet borrowings (~$2.4B, ~32% of capital)—not the revenue line, even though both round to the same headline number on this page.
7.5%
return on capital
Return on capital → profit earned on the money used in the business → so what: this is solid, not spectacular.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 2 — safer than 80% of stocks
- price stability 85 / 100
- long-term debt $2.4B (32% of capital)
- net profit margin 11.3% — keeps 11 cents of every dollar in revenue
- return on equity 11% — $0.11 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in OGS 3 years ago → it's now worth $11,460.
The index would have given you $13,880.
source: institutional data · total return
What just happened
met consensus
Quarterly EPS came in at $1.42, matching consensus and up from $1.34 a year earlier.
Full-year EPS rose to $4.37 in 2025 from $3.91 in 2024, based on the quarterly history. The turnaround was helped by new rates, and the first nine months had EPS up nearly 15% to $2.95.
$1.42
q4 eps
$4.37
fy2025 eps
+11.8%
fy eps growth
the number that mattered
$4.37 matters most because it shows the business recovered from $3.91 in 2024, but it is still below the $6.00 forward consensus floating around the stock.
-
one gas probably staged a significant bottom-line turnaround in 2025.
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recall that through the first nine months, earnings per share climbed nearly 15%, to $2.95, compared to the prior year's $2.57 tally.
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that can be traced, in part, to benefits from new rates.another supporting factor was higher residential sales, mainly reflecting net customer growth in both oklahoma and texas. but greater depreciation & amortization expense, given additional capital investments, held back the company's solid performance a bit. furthermore, employee-related costs rose attributed, to some extent, to planned investments in the workforce. nevertheless, since the fourth quarter went fairly well for one gas, full-year profits may have finished at about $4.37 a share.
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that would indicate a 12% recovery from 2024's $3.91 figure.
-
business prospects for 2026 look promising, as well.
source: company earnings report, 2026
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What could go wrong
the top risk here is regulatory pushback on recovering the $800M capital plan through customer rates. this company grows when commissions say yes.
high
rate-case friction
one gas earns through regulated returns. if commissions slow or trim recovery on capital spending, the path to the $4.83–$4.95 2026 EPS guide gets tighter.
$800M of planned 2026 spending only helps shareholders if regulators let the company earn on it.
med
equity issuance
the company filed a $225M at-the-market equity program in february 2026. if management leans on it, your slice of the business gets smaller.
for a stock with a ~$5B market cap, $225M is not trivial. it is support capital, not free capital.
low
three-state concentration
all of the business sits in kansas, oklahoma, and texas. that keeps operations focused, but it also means weather, local regulation, and regional demand all hit the same income statement.
more than two million customers sounds diversified until you remember they are concentrated in three jurisdictions.
the dividend looks supported by steady utility earnings, but your upside depends on rate-base growth outrunning dilution and regulatory drag.
source: institutional data · regulatory filings · risk analysis
Pay attention to
guidance
2026 EPS range
management now points to $4.83–$4.95. if quarterly results drift below that pace, the post-earnings confidence fades fast.
regulation
rate recovery on the $800M spend
this is the whole game. approved spending becomes future earnings; delayed recovery becomes dead time.
earnings
next earnings report
expected on or around may 4, 2026. you want to see whether the raised guide still holds.
customer trend
oklahoma and texas meter growth
residential revenue was $1.3B and grew 4%. steady customer additions keep that base moving in the right direction.
Analyst rankings
earnings predictability
100 / 100
in human-speak, the company usually lands close to what it signals.
risk rank
2
this sits on the safer end of the scale. you are not buying chaos here.
price stability
85 / 100
the stock tends to move like a utility should: slower than the market, with fewer surprises.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 175 buyers vs. 163 sellers in 3q2025. total institutional holdings: 56.1M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$61
$94
$82
current price
$78
target midpoint · 5% from current · 3-5yr high: $125 (+55% · 14% ann'l return)
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
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