Health score, competitive moat, risk signals, and key metrics at a glance.
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.
Competitive analysis based on 49 quarters of fundamental data
Operating margins are stable at ~19.2%, suggesting durable pricing power and cost discipline.
ROE is positive at ~7.7% on average, adequate but below the threshold typically associated with wide moats.
Data-driven red flags and warnings across 49 quarters
Margins are stable or improving at ~19.3% — no sign of cost or pricing stress.
Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
6 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Shares outstanding increased 10.9% — significant dilution, likely from stock compensation or capital raises.
as of March 2026
Revenue, EBITDA, operating income, net income, EPS, and shares
Gross, EBITDA, operating, and net margin trends
P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield
Total assets, cash, debt, book value, and leverage
Operating cash flow, free cash flow, FCF margin, and earnings quality
Only 2 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~13.1% growth over the period. Strong demand durability.
