ONE Gas, Inc.

NYSE:OGS Stock Report

Market Cap: US$4.7b

ONE Gas Future Growth

Future criteria checks 1/6

ONE Gas is forecast to grow earnings and revenue by 7.7% and 4.2% per annum respectively. EPS is expected to grow by 5.9% per annum. Return on equity is forecast to be 8.9% in 3 years.

Key information

7.7%

Earnings growth rate

5.92%

EPS growth rate

Gas Utilities earnings growth9.6%
Revenue growth rate4.2%
Future return on equity8.92%
Analyst coverage

Good

Last updated18 Sep 2026

Recent future growth updates

Analysis Article • May 07

Revenue Miss: ONE Gas, Inc. Fell 14% Short Of Analyst Revenue Estimates And Analysts Have Been Revising Their Models

It's shaping up to be a tough period for ONE Gas, Inc. ( NYSE:OGS ), which a week ago released some disappointing...
Analysis Article • Nov 06

ONE Gas, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

ONE Gas, Inc. ( NYSE:OGS ) last week reported its latest quarterly results, which makes it a good time for investors to...
Analysis Article • May 09

Earnings Update: ONE Gas, Inc. Beat Earnings And Now Analysts Have New Forecasts For This Year

ONE Gas, Inc. ( NYSE:OGS ) defied analyst predictions to release its first-quarter results, which were ahead of market...

Recent updates

Seeking Alpha • Aug 11

Based On Its Current Valuation And Outlook, ONE Gas Looks More Compelling (Rating Upgrade)

Summary ONE Gas is upgraded to Buy following a strong Q2 2026, with earnings and revenue beating expectations and guidance raised for the full year. ONE Gas benefits from recent rate increases across all three states, driving operating income growth despite lower revenues. ONE Gas trades at a 16.4x PE, below peers, with continued regulatory wins and constructive rate environments supporting its growth outlook. Natural gas continues to trade at a relatively low price compared to electricity, making it a more appealing option for cost-conscious consumers and businesses. Read the full article on Seeking Alpha
Analysis Article • Jun 20

ONE Gas (OGS) Stock Could Be 15% Undervalued After Recent Pullback

ONE Gas (OGS) stock has drawn attention after a recent shift in its short term performance, with the share price down about 7% over the past month and roughly 8% over the past 3 months. See our latest analysis for ONE Gas. Stepping back, ONE Gas’s recent share price weakness contrasts with its longer record of positive total shareholder returns. This suggests the latest pullback may reflect a shift in short term sentiment rather than a clear change in the company’s underlying trajectory. If...
Narrative Update • Jun 05

OGS: Affirmed 2026 Earnings Range Supports Steady Long Term Execution

Analysts have trimmed their average price targets on ONE Gas by a few dollars, with recent cuts to $82 and $95. These changes reflect updated sector models and more tempered expectations for utilities compared with the broader market.
Analysis Article • May 07

Revenue Miss: ONE Gas, Inc. Fell 14% Short Of Analyst Revenue Estimates And Analysts Have Been Revising Their Models

It's shaping up to be a tough period for ONE Gas, Inc. ( NYSE:OGS ), which a week ago released some disappointing...
Narrative Update • Apr 25

OGS: Steady Outlook Balances Equity Offering Plans And Long Term Execution

Analysts have raised their blended price target for ONE Gas by about $1 to $91.50, reflecting updated views around slightly higher long term revenue growth and steady profitability assumptions in recent research. Analyst Commentary Recent research on ONE Gas has featured several price target increases and a fresh initiation, giving you a clearer sense of how the Street is thinking about the company’s execution and valuation setup.
Narrative Update • Apr 09

OGS: Steady Execution And Equity Plans Support Balanced Long Term Outlook

Analysts have slightly raised their blended price target for ONE Gas to about $90, reflecting recent $5 and $2 upward revisions, citing steady Q4 execution and what they view as continued growth opportunities over the coming years. Analyst Commentary Recent research updates on ONE Gas focus on modest price target adjustments, Q4 execution and how the company is positioned within the regulated utilities group.
Narrative Update • Mar 26

OGS: Steady Execution And Measured Outlook Support Future Earnings Potential

Analysts have nudged their average price target for ONE Gas higher by about $3. This reflects updated views on the company’s fair value, projected profit margins, and future P/E assumptions following recent research updates from multiple firms.
Narrative Update • Mar 11

OGS: Steady Execution And New Pipeline Project Will Support Future Earnings

Narrative Update: ONE Gas Analyst Price Target Analysts have nudged their views on ONE Gas higher, with recent price targets moving to $79 and $90. This reflects Q4 results that aligned with expectations and an outlook that highlights what they see as ongoing growth opportunities and sector-wide adjustments across regulated utilities.
Narrative Update • Feb 24

OGS: Texas Policy And New Projects Will Steady Earnings Outlook

Analysts have nudged their price expectations for ONE Gas higher, with our updated fair value estimate moving from $85 to about $87, informed by recent target increases to $79 and $90 and supported by views that the company has ample growth opportunity over the next several years. Analyst Commentary Recent Street research around ONE Gas has focused on updated price targets, Q4 execution and the company’s longer term growth potential.
Analysis Article • Feb 10

ONE Gas' (NYSE:OGS) Shareholders Will Receive A Bigger Dividend Than Last Year

ONE Gas, Inc. ( NYSE:OGS ) will increase its dividend from last year's comparable payment on the 6th of March to $0.68...
Narrative Update • Feb 09

OGS: Texas Policy And Rates Will Steady Earnings And Capital Plans

Narrative Update: ONE Gas Analyst Price Target Shift The analyst price target for ONE Gas has moved higher, with recent Street research pointing to incremental increases such as a US$3 lift at Morgan Stanley and an upgrade to Neutral at UBS with a US$20 higher target. Analysts cite a better earnings outlook, a more balanced valuation, supportive Texas legislation, and interest rate tailwinds.
Narrative Update • Jan 26

OGS: Texas Policy And Rate Tailwinds Will Guide Balanced Earnings Outlook

Analysts nudged their fair value estimate for ONE Gas to about $85.00, supported by recent price target increases of $1, to $75, and to $86 that reflect an improved earnings outlook, more balanced valuation, and support from Texas legislation and interest rate tailwinds. Analyst Commentary Bullish Takeaways Bullish analysts point to an improved earnings outlook as a key support for higher fair value, which underpins the recent cluster of price targets near the mid to high US$70s to mid US$80s.
Analysis Article • Jan 21

Is Now The Time To Look At Buying ONE Gas, Inc. (NYSE:OGS)?

While ONE Gas, Inc. ( NYSE:OGS ) might not have the largest market cap around , it had a relatively subdued couple of...
Narrative Update • Jan 10

OGS: Supportive Texas Policy And Rates Will Shape Measured Future Expectations

Analysts have nudged their price targets for ONE Gas higher, with recent moves such as US$72 to US$75 and US$66 to US$86. This reflects a view that an improved earnings outlook, supportive Texas legislation and interest rate tailwinds now make the stock's valuation look more balanced.
Narrative Update • Dec 21

OGS: Supportive Texas Legislation And Interest Rates Will Shape Future Prospects

Analysts have nudged their price targets for ONE Gas higher, with a modest fair value adjustment to approximately $85 per share. This reflects improved earnings visibility, supportive Texas legislation, and a more balanced valuation backdrop.
Narrative Update • Dec 06

OGS: Supportive Texas Legislation And Interest Rates Will Shape Future Performance

Analysts have nudged our price target for ONE Gas modestly higher from approximately $85.36 to $86.07, as improving earnings visibility, supportive Texas legislation, and interest rate tailwinds reinforce a slightly stronger long term growth and valuation outlook. Analyst Commentary Recent Street research reflects a meaningfully improved stance on ONE Gas, with several firms lifting ratings and price targets as they reassess the company’s growth, risk profile, and relative valuation within the regulated utilities space.
Narrative Update • Nov 22

OGS: Future Texas Legislation And Regulatory Outcomes Will Influence Performance Outlook

ONE Gas saw its analyst price target raised from $82.50 to $85.36. Analysts cited an improved earnings outlook, positive effects from Texas legislation, and a more balanced valuation in their updated assessments.
Analysis Article • Nov 06

ONE Gas, Inc. Just Beat Earnings Expectations: Here's What Analysts Think Will Happen Next

ONE Gas, Inc. ( NYSE:OGS ) last week reported its latest quarterly results, which makes it a good time for investors to...
Narrative Update • Nov 06

OGS: Future Regulatory Developments And Texas Legislation Will Shape Sector Discount

ONE Gas's fair value was recently revised upward from $80.07 to $82.50 per share. Analysts cite improved legislative support, regulatory catalysts, and favorable sector dynamics as drivers for their increased price targets.
Analysis Article • Oct 30

Unpleasant Surprises Could Be In Store For ONE Gas, Inc.'s (NYSE:OGS) Shares

With a median price-to-earnings (or "P/E") ratio of close to 18x in the United States, you could be forgiven for...
Narrative Update • Oct 23

Analysts Cite Supportive Legislation and Raised Earnings Outlook in ONE Gas Valuation Update

Analysts have raised the fair value estimate for ONE Gas from $76.67 to $80.07 per share. They cite regulatory catalysts, supportive legislation, and the company’s attractive relative valuation as key drivers for the updated price target.
Analysis Article • Sep 09

Is Now The Time To Put ONE Gas (NYSE:OGS) On Your Watchlist?

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
Analysis Article • Aug 22

Here's What To Make Of ONE Gas' (NYSE:OGS) Decelerating Rates Of Return

There are a few key trends to look for if we want to identify the next multi-bagger. In a perfect world, we'd like to...
Analysis Article • Jul 28

Calculating The Intrinsic Value Of ONE Gas, Inc. (NYSE:OGS)

Key Insights ONE Gas' estimated fair value is US$78.85 based on Dividend Discount Model ONE Gas' US$72.93 share price...
Analysis Article • Jun 30

There's Reason For Concern Over ONE Gas, Inc.'s (NYSE:OGS) Price

It's not a stretch to say that ONE Gas, Inc.'s ( NYSE:OGS ) price-to-earnings (or "P/E") ratio of 17.7x right now seems...
Analysis Article • May 16

We Think Some Shareholders May Hesitate To Increase ONE Gas, Inc.'s (NYSE:OGS) CEO Compensation

Key Insights ONE Gas to hold its Annual General Meeting on 22nd of May CEO Sid McAnnally's total compensation includes...
Analysis Article • May 09

Earnings Update: ONE Gas, Inc. Beat Earnings And Now Analysts Have New Forecasts For This Year

ONE Gas, Inc. ( NYSE:OGS ) defied analyst predictions to release its first-quarter results, which were ahead of market...
Analysis Article • Apr 28

Estimating The Fair Value Of ONE Gas, Inc. (NYSE:OGS)

Key Insights ONE Gas' estimated fair value is US$78.85 based on Dividend Discount Model With US$77.84 share price, ONE...
Seeking Alpha • Apr 08

ONE Gas: Valuation Looks Attractive At First, But This Does Not Tell The Whole Story

Summary ONE Gas is a regulated natural gas utility serving 2.3 million customers in Texas, Oklahoma, and Kansas, with a lower valuation than its peer, Southwest Gas Holdings. Despite a lower price-to-earnings ratio and attractive dividend yield, ONE Gas's stock performance has been disappointing, partially due to its lack of participation in the utility sector rebound. The company's growth is driven by Texas's rapid population growth and substantial capital investments, but share dilution will suppress earnings per share growth compared to peers. While ONE Gas offers a competitive dividend yield and reasonable total return potential, it may not be the best investment opportunity in the natural gas utility sector. Read the full article on Seeking Alpha
Analysis Article • Mar 20

Does ONE Gas (NYSE:OGS) Have A Healthy Balance Sheet?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analysis Article • Feb 27

Weak Statutory Earnings May Not Tell The Whole Story For ONE Gas (NYSE:OGS)

The subdued market reaction suggests that ONE Gas, Inc.'s ( NYSE:OGS ) recent earnings didn't contain any surprises...
Analysis Article • Feb 24

ONE Gas, Inc. Just Missed Earnings And Its Revenue Numbers Were Weaker Than Expected

It's been a good week for ONE Gas, Inc. ( NYSE:OGS ) shareholders, because the company has just released its latest...
Analysis Article • Feb 16

ONE Gas (NYSE:OGS) Has More To Do To Multiply In Value Going Forward

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common...
Analysis Article • Jan 25

ONE Gas, Inc.'s (NYSE:OGS) Shares May Have Run Too Fast Too Soon

It's not a stretch to say that ONE Gas, Inc.'s ( NYSE:OGS ) price-to-earnings (or "P/E") ratio of 18x right now seems...
Analysis Article • Nov 22

A Look At The Intrinsic Value Of ONE Gas, Inc. (NYSE:OGS)

Key Insights The projected fair value for ONE Gas is US$81.60 based on Dividend Discount Model With US$76.88 share...
Analysis Article • Oct 31

Slowing Rates Of Return At ONE Gas (NYSE:OGS) Leave Little Room For Excitement

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...
Analysis Article • Oct 09

ONE Gas, Inc.'s (NYSE:OGS) Share Price Could Signal Some Risk

With a median price-to-earnings (or "P/E") ratio of close to 18x in the United States, you could be forgiven for...
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New Narrative • Sep 03

Innovations And Challenges Steer Gas Utility Toward Revenue And Margin Growth

Regulatory approval for increased rates after a settlement suggests enhanced future revenue stability and growth.
Analysis Article • Jul 18

Estimating The Fair Value Of ONE Gas, Inc. (NYSE:OGS)

Key Insights The projected fair value for ONE Gas is US$73.03 based on Dividend Discount Model Current share price of...

Earnings and Revenue Growth Forecasts

NYSE:OGS - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20282,623354N/A7616
12/31/20272,550322N/A7027
12/31/20262,489303N/A7006
6/30/20262,312288-173517N/A
3/31/20262,324273-219478N/A
12/31/20252,427264-128579N/A
9/30/20252,369255-121598N/A
6/30/20252,330248-142566N/A
3/31/20252,260243-165538N/A
12/31/20242,084223-335368N/A
9/30/20242,059217-297403N/A
6/30/20242,054222-245442N/A
3/31/20242,098228-104579N/A
12/31/20232,372231273940N/A
9/30/20232,584228170858N/A
6/30/20232,6082261,3522,033N/A
3/31/20232,6392251,2851,932N/A
12/31/20222,5782229611,571N/A
9/30/20222,3542151,0211,581N/A
6/30/20222,268212-201328N/A
3/31/20222,155210-278231N/A
12/31/20211,809206-2,031-1,536N/A
9/30/20211,699204-1,992-1,521N/A
6/30/20211,670205-1,945-1,492N/A
3/31/20211,627200-1,934-1,477N/A
12/31/20201,530196-107365N/A
9/30/20201,499189-113347N/A
6/30/20201,503186-120348N/A
3/31/20201,520185N/A371N/A
12/31/20191,653187N/A310N/A
9/30/20191,665180N/A319N/A
6/30/20191,654179N/A309N/A
3/31/20191,656175N/A367N/A
12/31/20181,634172N/A468N/A
9/30/20181,632175N/A388N/A
6/30/20181,641177N/A374N/A
3/31/20181,628177N/A315N/A
12/31/20171,540163N/A254N/A
9/30/20171,518158N/A303N/A
6/30/20171,503152N/A294N/A
3/31/20171,469152N/A264N/A
12/31/20161,427140N/A291N/A
9/30/20161,376137N/A335N/A
6/30/20161,369132N/A328N/A
3/31/20161,380123N/A342N/A
12/31/20151,548119N/A408N/A
9/30/20151,673116N/A346N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: OGS's forecast earnings growth (7.7% per year) is above the savings rate (3.7%).

Earnings vs Market: OGS's earnings (7.7% per year) are forecast to grow slower than the US market (17.4% per year).

High Growth Earnings: OGS's earnings are forecast to grow, but not significantly.

Revenue vs Market: OGS's revenue (4.2% per year) is forecast to grow slower than the US market (13.5% per year).

High Growth Revenue: OGS's revenue (4.2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: OGS's Return on Equity is forecast to be low in 3 years time (8.9%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/20 01:40
End of Day Share Price 2026/09/18 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

ONE Gas, Inc. is covered by 19 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ross FowlerBofA Global Research
Lynsey ProutBofA Global Research
Alexis KaniaBTIG