# ONE Gas, Inc. (OGS)

> Source: Nexqual · https://nexqual.com/OGS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ONE Gas, Inc. (OGS), nexqual.com/OGS" · informational, not investment advice.

**Price:** USD 78.25 (+3.57% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 75.55 · day 76.22–78.3 · 52w 70.37–90.78 · market cap $4.92B · NYQ

## Key facts
- 1 of 80 tracked superinvestors hold OGS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.30 on a 1–5 scale) (10 analysts), mean target USD 85.5 (range 78–90).
- Total return with dividends: 1Y -1.7% vs S&P 500 +14.9%; 5Y +37.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.48, revenue estimate $390M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.81B | $2.58B | — | — | — | — |
| Gross profit | $1.03B | $1.12B | — | — | — | — |
| Operating income | $310M | $350M | $378M | $399M | $457M | $477M |
| Net income | $206M | $222M | $231M | $223M | $264M | $288M |
| EPS (diluted) | $3.85 | $4.08 | $4.14 | $3.91 | $4.37 | — |
| Free cash flow | -$2.03B | $961M | $273M | -$335M | -$128M | -$173M |
| Gross margin | 57.1% | 43.4% | — | — | — | — |
| Operating margin | 17.2% | 13.6% | — | — | — | — |
| Net margin | 11.4% | 8.6% | — | — | — | — |
| Revenue growth | +18.2% | +42.5% | — | — | — | — |
| Cash + short-term investments | $8.9M | $9.7M | $18.8M | $103M | $10.6M | — |
| Total debt | $3.70B | $2.70B | $2.96B | $2.41B | $2.64B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Dec 2025 17.7x, Dec 2024 17.7x, Dec 2023 15.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold OGS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $12.4M | Added +49.9% |

## Analysts
Consensus Buy (mean 2.30 on a 1–5 scale), 10 analysts; mean target USD 85.5 (low 78, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Morgan Stanley | Target lowered | Equal-Weight | $79 → $78 |
| 2026-10-08 | Jefferies | Downgrade | Buy → Hold | $103 → $80 |
| 2026-09-29 | Scotiabank | Initiated | Sector Outperform | $86 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $82 → $79 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $86 → $82 |
| 2026-08-13 | Ladenburg Thalmann | Upgrade | Neutral → Buy | $85.5 |
| 2026-08-13 | Truist Securities | Target lowered | Buy | $89 → $87 |
| 2026-08-06 | Wells Fargo | Upgrade | Underweight → Equal-Weight | $85 |
| 2026-07-22 | Truist Securities | Target lowered | Buy | $95 → $89 |
| 2026-07-17 | Morgan Stanley | Target raised | Equal-Weight | $80 → $81 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -1.7% | +37.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -1.7% | +6.5% |
| Volatility (annualized) | 18.4% | 24.2% |
| Max drawdown | -19.6% (Apr 2026→Sep 2026) | -31.9% (Apr 2022→Nov 2023) |

## Peers (Utilities - Regulated Gas)
SR (Spire Inc.) USD 85.56 +3.70% · BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53% · NJR (NewJersey Resources Corporation) USD 53.63 +2.94% · MDU (MDU Resources Group, Inc.) USD 19.37 +1.31% · BKH (Black Hills Corporation) USD 79.31 +0.97% · SWX (Southwest Gas Holdings, Inc.) USD 91.08 +3.01%

## More
Full page: https://nexqual.com/OGS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-04)

- "(NYSE: OGS) today announced its second quarter financial results and raised its 2026 adjusted earnings expectations to the upper half of the previously announced financial guidance ranges."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.48 | $0.50 | -3.5% | $390.4M | 8 |
| Next quarter (ends 2026-12-31) | $1.51 | $1.62 | -7.0% | $825.1M | 6 |
| Current fiscal year (ends 2026-12-31) | $4.91 | $4.87 | +0.7% | $2.48B | 10 |
| Next fiscal year (ends 2027-12-31) | $5.01 | $5.02 | -0.2% | $2.58B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±5.8%; last 8 reports averaged ±1.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 22.8% | ±5.8% |
| 2026-12-18 | 56 | 20.4% | ±7.5% |
| 2027-01-15 | 84 | 21.2% | ±8.5% |
| 2027-04-16 | 175 | 22.4% | ±12.6% |