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ONE Gas, Inc. (OGS) Stock Fundamental Analysis & AI Rating 2026

OGS NYSE Natural Gas Distribution OK CIK: 0001587732
Recently Updated • Analysis: Apr 13, 2026 • SEC Data: 2025-12-31
HOLD
75% Conf
Pending
Analysis scheduled

📊 OGS Key Takeaways

Revenue: $2.6B
Net Margin: 10.2%
Free Cash Flow: $-128.4M
Current Ratio: 0.60x
Debt/Equity: 0.77x
EPS: $4.37
AI Rating: HOLD with 75% confidence
ONE Gas, Inc. (OGS) receives a HOLD rating with 75% confidence from our AI fundamental analysis based on SEC 10-K filings. With revenue of $2.6B, net profit margin of 10.2%, and return on equity (ROE) of 7.7%, ONE Gas, Inc. demonstrates mixed fundamentals in the Utilities sector. Below is our complete OGS stock analysis for 2026.

Is ONE Gas, Inc. (OGS) a Good Investment?

Claude

ONE Gas demonstrates strong operational fundamentals with exceptional 42.5% revenue growth and robust 17.7% operating margins, supported by substantial operating cash flow of $578.8M. However, negative free cash flow of -$128.4M combined with critically low liquidity ratios (0.60x current and quick ratios) and minimal cash reserves ($10.6M) present significant financial stress despite its capital-intensive utility infrastructure investment profile.

Why Buy ONE Gas, Inc. Stock? OGS Key Strengths

Claude
  • + Exceptional revenue growth of 42.5% YoY significantly above typical utility benchmarks
  • + Strong operating margins of 17.7% and robust operating cash flow generation of $578.8M
  • + Moderate leverage with Debt/Equity of 0.77x and acceptable interest coverage of 3.2x

OGS Stock Risks: ONE Gas, Inc. Investment Risks

Claude
  • ! Negative free cash flow of -$128.4M indicates company is burning cash despite strong operating performance
  • ! Critically low liquidity with current ratio of 0.60x and quick ratio of 0.60x; only 10.6M cash against 707.2M annual capex
  • ! Margin compression indicated by net income growth (18.6%) lagging revenue growth (42.5%), suggesting operating leverage limitations

Key Metrics to Watch

Claude
  • * Free cash flow trend and sustainability of capital spending relative to operating cash generation
  • * Current ratio and cash position relative to debt obligations and capex requirements
  • * Net income margin stability and cost inflation impacts on profitability

ONE Gas, Inc. (OGS) Financial Metrics & Key Ratios

Revenue
$2.6B
Net Income
$264.2M
EPS (Diluted)
$4.37
Free Cash Flow
$-128.4M
Total Assets
$8.9B
Cash Position
$10.6M

💡 AI Analyst Insight

The current ratio below 1.0x warrants monitoring of short-term liquidity.

OGS Profit Margin, ROE & Profitability Analysis

Gross Margin 26.1%
Operating Margin 17.7%
Net Margin 10.2%
ROE 7.7%
ROA 3.0%
FCF Margin -5.0%

OGS vs Utilities Sector: How ONE Gas, Inc. Compares

How ONE Gas, Inc. compares to Utilities sector averages

Net Margin
OGS 10.2%
vs
Sector Avg 12.0%
OGS Sector
ROE
OGS 7.7%
vs
Sector Avg 10.0%
OGS Sector
Current Ratio
OGS 0.6x
vs
Sector Avg 0.8x
OGS Sector
Debt/Equity
OGS 0.8x
vs
Sector Avg 1.4x
OGS Sector

Sector benchmarks are approximate industry averages. Actual sector performance may vary.

Is ONE Gas, Inc. Stock Overvalued? OGS Valuation Analysis 2026

Based on fundamental analysis, ONE Gas, Inc. has mixed fundamental signals relative to the Utilities sector in 2026.

Return on Equity
7.7%
Sector avg: 10%
Net Profit Margin
10.2%
Sector avg: 12%
Revenue Growth
N/A
Year-over-year
Debt/Equity
0.77x
Sector avg: 1.4x

Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.

ONE Gas, Inc. Balance Sheet: OGS Debt, Cash & Liquidity

Current Ratio
0.60x
Quick Ratio
0.60x
Debt/Equity
0.77x
Debt/Assets
0.0%
Interest Coverage
3.20x
Long-term Debt
$2.6B

OGS Revenue & Earnings Growth: 5-Year Financial Trend

OGS 5-year financial data: Year 2018: Revenue $1.6B, Net Income N/A, EPS N/A. Year 2019: Revenue $1.7B, Net Income N/A, EPS N/A. Year 2020: Revenue $1.7B, Net Income $172.2M, EPS $3.25. Year 2021: Revenue $1.8B, Net Income $186.7M, EPS $3.51. Year 2022: Revenue $2.6B, Net Income $196.4M, EPS $3.68.
Revenue
Net Income
EPS (right axis)

5-Year Trend Summary: ONE Gas, Inc.'s revenue has grown significantly by 58% over the 5-year period, indicating strong business expansion. The most recent EPS of $4.14 reflects profitable operations.

OGS Revenue Growth, EPS Growth & YoY Performance

Revenue Growth
N/A
Year-over-year
Net Income Growth
N/A
Year-over-year
EPS Growth
N/A
Earnings per share
FCF Margin
-5.0%
Free cash flow / Revenue

ONE Gas, Inc. Dividends, Buybacks & Capital Allocation

Operating Cash Flow
$578.8M
Cash generated from operations
Capital Expenditures
$707.2M
Investment in assets
Dividends Paid
$160.7M
Returned to shareholders

OGS SEC Filings: Latest 10-K & 10-Q Analysis

Access official SEC EDGAR filings for ONE Gas, Inc. (CIK: 0001587732)

📋 Recent SEC Filings

Date Form Document Action
Apr 7, 2026 8-K ogs-20260407.htm View →
Apr 1, 2026 DEF 14A d47083ddef14a.htm View →
Mar 10, 2026 4 xslF345X05/ownership.xml View →
Feb 25, 2026 4 xslF345X05/ownership.xml View →
Feb 24, 2026 8-K ogs-20260224.htm View →

Frequently Asked Questions about OGS

What is the AI rating for OGS?

ONE Gas, Inc. (OGS) has an AI rating of HOLD with 75% confidence, based on fundamental analysis of SEC EDGAR filings.

What are OGS's key strengths?

Claude: Exceptional revenue growth of 42.5% YoY significantly above typical utility benchmarks. Strong operating margins of 17.7% and robust operating cash flow generation of $578.8M.

What are the risks of investing in OGS?

Claude: Negative free cash flow of -$128.4M indicates company is burning cash despite strong operating performance. Critically low liquidity with current ratio of 0.60x and quick ratio of 0.60x; only 10.6M cash against 707.2M annual capex.

What is OGS's revenue and growth?

ONE Gas, Inc. reported revenue of $2.6B.

Does OGS pay dividends?

ONE Gas, Inc. pays dividends, with $160.7M distributed to shareholders in the trailing twelve months.

Where can I find OGS SEC filings?

Official SEC filings for ONE Gas, Inc. (CIK: 0001587732) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.

What is OGS's EPS?

ONE Gas, Inc. has a diluted EPS of $4.37.

How is the AI analysis conducted?

Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined rating reflects both perspectives for balanced insights.

Is OGS a good stock to buy right now?

Based on our AI fundamental analysis in April 2026, ONE Gas, Inc. has a HOLD rating with 75% confidence. Review the strengths and risks sections above before making a decision. This is not investment advice.

Is OGS stock overvalued or undervalued?

Valuation metrics for OGS: ROE of 7.7% (sector avg: 10%), net margin of 10.2% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.

Should I buy OGS stock in 2026?

Our dual AI analysis gives ONE Gas, Inc. a combined HOLD rating for 2026. Revenue is data pending, with profitability at or below sector average. Always conduct your own research.

What is OGS's free cash flow?

ONE Gas, Inc.'s operating cash flow is $578.8M, with capital expenditures of $707.2M. FCF margin is -5.0%.

How does OGS compare to other Utilities stocks?

Vs Utilities sector averages: Net margin 10.2% (avg: 12%), ROE 7.7% (avg: 10%), current ratio 0.60 (avg: 0.8).

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Disclaimer: This analysis is generated by Claude AI (Anthropic) and ChatGPT (OpenAI) based on publicly available SEC EDGAR filings. It does not include stock price data and should not be considered financial advice. All fundamental data is sourced from SEC public domain filings. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.
Data Source: SEC EDGAR | Analysis Date: Apr 13, 2026 | Data as of: 2025-12-31 | Powered by Claude AI