At a glance
One Gas Inc is worth $4.87B, about 18 times its fiscal 2025 earnings. It pays a 3.5% dividend yield, raised every year for at least 9 years, and returned $712.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −3.2% over the past year with dividends reinvested and +6.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.9% in the 2020 crash (S&P 500: 33.7%) and 22.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months and 36 months after the lows.
The business in plain English
ONE Gas, Inc., based in Tulsa, Oklahoma, is a fully regulated natural gas utility. It delivers gas to about 2.3 million homes and businesses through three divisions: Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service. It is the largest gas distributor in Oklahoma and Kansas, serving about 89% and 72% of gas customers there. It is the third largest in Texas, with about 13%. Big markets include Oklahoma City, Tulsa, Kansas City, Wichita, Austin and El Paso. It separated from ONEOK in 2014.
State and city regulators set its prices. The cost of the gas itself is passed to customers with no markup. Profit comes from delivery charges, which are set to give a fair return on the money invested in its pipe network. That investment is known as the rate base. The allowed return on shareholders' equity is 9.4% in Oklahoma and 9.8% in Texas, with about 9.6% estimated for Kansas. Fixed monthly charges don't change with usage. They made up about 91%, 52% and 66% of sales-customer revenue, excluding gas costs, in Oklahoma, Kansas and Texas in 2025.
The annual report gives no clean revenue split by division. Measured by rate base, Oklahoma is the biggest at about $2.45 billion. Texas follows at $1.89 billion and Kansas at $1.47 billion, based on the latest rate filings and estimates.
Price history
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OGS -3.2% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was —, and net income was $46.8M (+46.1%).
- For fiscal 2025, revenue was — (— year over year) with a null% net margin.
Financial health check
| Return on equity (FY2025) | 7.7% weak |
|---|---|
| Return on assets (FY2025) | 3% watch |
| Net cash (cash minus debt) | $-3.39B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $1.53B | $196.4M | $-106.8M |
| FY2021 | $1.81B | $206.4M | $-2.03B |
| FY2022 | $2.58B | $221.7M | $961.4M |
| FY2023 | — | $231.2M | $272.9M |
| FY2024 | — | $222.8M | $-334.8M |
| FY2025 | — | $264.2M | $-128.4M |
Valuation snapshot
| Market value | $4.87B |
|---|---|
| P/E ratio | 17.7 |
| Dividend yield | 3.5% |
Rank among 1514 US companies
Market value at each year end
One Gas’s market value went from $3.34B at the end of 2016 to $4.87B on Oct 28, 2026, up 46%; since the end of 2025 it is up 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.87B | +5.0% |
| 2025 | $4.63B | +18.1% |
| 2024 | $3.92B | +11.0% |
| 2023 | $3.53B | -13.8% |
| 2022 | $4.10B | -1.4% |
| 2021 | $4.16B | +2.0% |
| 2020 | $4.08B | -17.4% |
| 2019 | $4.93B | +18.0% |
| 2018 | $4.18B | +9.2% |
| 2017 | $3.83B | +14.6% |
| 2016 | $3.34B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| OGS price data to Oct 28, 2026 | +2.8% | -3.2% | +12.0% | +6.5% | +5.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.8% |
| 2025 | +15.6% |
| 2024 | +13.1% |
| 2023 | -12.8% |
| 2022 | +0.6% |
| 2021 | +4.4% |
| 2020 | -15.7% |
| 2019 | +20.3% |
| 2018 | +11.4% |
| 2017 | +17.3% |
| 2016 | +30.5% |
| 2015 | +25.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.9% over that stretch · deepest drop along the way 28.9%, back to its old high 24.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 7.1% over that stretch · deepest drop along the way 22.6%, back to its old high 36.1 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (23 read): 0 open-market purchases and 3 sales ($396K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Dec 4, 2025 | Michael G Hutchinson Director | sell | $237K |
| Feb 24, 2026 | Brian F. Brumfield See Remarks | sell | $86K |
| Mar 6, 2026 | Eduardo A Rodriguez Director | sell | $73K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.8% | Sep 30, 2026 |
| American Century Capital Portfolios, Inc. | 6.6% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.76% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Jun 30, 2026 |
| Vanguard Capital Management | 5.19% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.2% | Mar 31, 2026 |
ETFs with the most weight in OGS
| REGL ProShares S&P MidCap 400 Dividend Aristocrats ETF | 2.24% |
| FPWR First Trust EIP Power Solutions ETF | 2.06% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 1.69% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 1.13% |
| JPSV JPMorgan Active Small Cap Value ETF | 1.13% |
| NIXT Research Affiliates Deletions ETF | 0.94% |
| EIPI FT Energy Income Partners Enhanced Income ETF | 0.83% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.69% |
What could go wrong
- All its customers are in three states. Every customer is in Oklahoma, Kansas or Texas. A weak regional economy, harsh local weather or a tough decision by one state's regulators could hurt results, with no other regions to offset it.
- Regulators decide how much it can earn. Prices are set in formal reviews called rate cases, so new rates lag behind spending. Some costs can't be recovered at all. Oklahoma Natural Gas must file its next rate case by June 30, 2027.
- Leaks, explosions and pipeline accidents. Leaks, pipe ruptures, fires, explosions, damage caused by others or severe weather could hurt people and property. That can bring fines, lawsuits and repair bills, and insurance may not cover the full loss.
- Big spending depends on outside money. Capital spending exceeded operating cash flow in four of the six years from FY2020 to FY2025. Debt was about $3.4 billion as of June 30, 2026. Costlier or scarcer credit could hurt results and growth.
- Climate rules and customers leaving gas. Climate laws could raise costs or limit growth in new or existing markets. Customers may also use less gas thanks to better insulation and efficient appliances, or switch to other energy sources.
- Relies on others for gas supply. ONE Gas relies on other companies for gas, pipeline transport and storage. Extreme cold, storms or cyberattacks that disrupt supply could leave it unable to fully meet customer demand.
Recent events
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released; Investor presentation or announcement; Other company announcement
- Bylaws or fiscal year changed
- Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
For income and retirement investors
ONE Gas has raised its dividend for at least nine straight years. SEC filings show an increase in every year from FY2016 to FY2025, so the streak may be longer. Dividends per share grew from $2.16 in FY2020 to $2.68 in FY2025, about 4.4% a year. The FY2025 dividend took 60.8% of earnings. Free cash flow is operating cash minus capital spending. It was negative in four of the six years from FY2020 to FY2025, including FY2025, so it did not cover the dividend in those years. The company did not repurchase shares from FY2021 to FY2025, and its share count rose 17.5% between July 2021 and July 2026. The dividend yield was 3.5% as of October 28, 2026.
The shares fell 28.9% in the 2020 COVID crash and took about 24 months to recover. In the 2022 bear market they fell 22.6% and took about 36 months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
Does ONE Gas raise its dividend every year?
Yes, in every year on record. SEC filings show an increase in each fiscal year from FY2016 to FY2025, a streak of at least nine straight raises. Dividends per share rose from $2.16 in FY2020 to $2.68 in FY2025, about 4.4% a year. The dividend took 60.8% of FY2025 earnings, and the yield was 3.5% as of October 28, 2026. Past raises don't guarantee future ones.
How does ONE Gas make money?
ONE Gas makes money by delivering natural gas through its pipes to about 2.3 million customers in Oklahoma, Kansas and Texas. State and city regulators set its rates. Gas costs are passed to customers with no markup. Profit comes from delivery charges designed to earn a fair return on the pipe network. Allowed returns on equity range from 9.4% in Oklahoma to 9.8% in Texas. Much of its revenue comes from fixed monthly customer charges.
Does weather affect ONE Gas earnings?
Yes, but only partly. All of its service areas use weather normalization. This trims delivery charges when cold weather pushes usage above normal and raises them when warm weather cuts usage. It applies from November to April in Oklahoma, September to May in Texas and all year in Kansas. Fixed monthly charges also made up about 91%, 52% and 66% of sales-customer revenue, excluding gas costs, in Oklahoma, Kansas and Texas in 2025.
How much debt does ONE Gas have?
ONE Gas had about $3.39 billion of total debt and $7.9 million of cash as of June 30, 2026. Shareholders' equity was about $3.54 billion. Capital spending exceeded operating cash flow in four of the six years from FY2020 to FY2025, so the company depends on raising outside money. A filing dated August 13, 2026 reported a new debt obligation. The share count also rose 17.5% from July 2021 to July 2026.
How has ONE Gas stock performed over the long term?
Based on share price, the stock rose 75% in total over the ten years to October 28, 2026, about 5.8% a year. It gained about 6.5% a year over five years and 12% a year over three years, but lost 3.2% over one year. Calendar years ranged from a 15.7% loss in 2020 to a 30.5% gain in 2016. On October 28, 2026, the shares traded at about 17.7 times FY2025 earnings.