One Gas Inc (OGS) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of One Gas Inc $48.92, price $72.29, upside -32.3%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $52.60 – $89.89 · fair‑value band $43.05 – $57.62 · the $72.29 price screens above the $48.92 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
One Gas Inc (OGS) currently trades at $72.29, while our model-based Fair Value estimate is $48.92, implying the stock looks roughly 47.8% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $71.57 per share, and 3 of the 15 models we run sit above the $72.29 price.
Bear case: the Earnings-Based group reads lowest at $30.12, and 12 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: $43.05 (bear) to $57.62 (bull), the price of $72.29 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 39/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
One Gas Inc reported revenue of $2.4B in FY2025 versus $1.8B in FY2021, a compound +7.6%/yr. Reported net income was $264M in FY2025, compounding +6.4%/yr from FY2021.
Key figures
Market cap $5.0B · P/E ratio 16.3 · P/S ratio 1.78 · EPS (TTM) $4.43 · Dividend yield 3.7% · Net margin 10.9% · Return on equity 8.2% · Return on assets (EBIT) 4.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −11% fair-value upside, at −32%, OGS screens richer than that median.
Fair Value models
Bear $43.05Fair Value $48.92Bull $57.62
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($1.27 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+7.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+3.5%
Dividend (yield on the price)3.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4% vs 7%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 19%
News mood ⓘNews mood, the average tone of recent news (92 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Gas · 107 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−32% · Bottom 25%
Profitability
Return on equity (TTM)8% · Below median
Return on assets3% · Above median
Net margin (TTM)12% · Above median
Operating margin (TTM)23% · Top 25%
Growth and dividend
Revenue growth−11% · Below median
Dividend yield (TTM)3.7% · Above median
Balance sheet
Debt / equity0.69× · Above median
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
P/E (TTM)16.3× · Pricier than median
P/B1.44× · Cheaper than median
P/S (TTM)2.14× · Pricier than median
EV/EBITDA9.4× · Pricier than median
PEG4.19× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 36
FUTURE (revenue growth)0· sector 0
PAST (return on equity)33· sector 35
HEALTH (low debt)66· sector 83
DIVIDEND (yield)74· sector 72
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "One Gas Inc Fair Value". https://www.fairvalue-calculator.com/stock/OGS
Frequently asked questions
Is One Gas Inc (OGS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $48.92 versus a price of $72.29, about −32% upside (overvalued).
What is the fair value of OGS?
Our model-based fair value for One Gas Inc is $48.92 (as of Sep 24, 2026), built from audited fundamentals. The current price: $72.29.
What is the quality score of OGS?
One Gas Inc has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for One Gas Inc (OGS)?
Our model-based price target is the fair value of $48.92 (as of Sep 24, 2026) from 15 valuation models. Cautious scenario $43.05, optimistic scenario $57.62. It is a calculation from audited fundamentals, not an analyst target.
What is the One Gas Inc stock forecast for 2026?
Our models put fair value at $48.92, about −32% upside versus a price of $72.29 (overvalued). Cautious scenario $43.05, optimistic scenario $57.62. The calculation is refreshed regularly with new filings.
What is the revenue of One Gas Inc (OGS)?
One Gas Inc reported trailing-twelve-month revenue of about $2.3B (latest available figure, as of Sep 24, 2026).
Does One Gas Inc pay a dividend?
One Gas Inc currently shows a dividend yield of about 3.72% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of One Gas Inc (OGS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For One Gas Inc it is $48.92 per share (as of Sep 24, 2026), against a price of $72.29. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is One Gas Inc stock overvalued or undervalued in 2026?
As of Sep 24, 2026, OGS trades above its calculated fair value: price $72.29, fair value $48.92, a gap of about −32% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of OGS?
No. The price is what the market pays today ($72.29); the fair value is what the company's own numbers justify ($48.92). For One Gas Inc the two are $23.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is One Gas Inc worth?
The market values One Gas Inc at about $5.0B (market capitalisation, as of Sep 24, 2026). Per share that is $72.29; our models calculate a fair value of $48.92 per share.
What do the bullish and bearish scenarios say about OGS?
Our models span a range for One Gas Inc: cautious scenario $43.05, base $48.92, optimistic $57.62 per share (as of Sep 24, 2026, price $72.29). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of OGS?
One Gas Inc trades at a price-to-earnings ratio of 16.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $48.92 is built from several models across several years. Other multiples: PEG 4.2, P/B 1.4, P/S 2.1, EV/EBITDA 9.4.
What is the PEG ratio of OGS?
The PEG ratio of One Gas Inc is 4.19 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of One Gas Inc (OGS)?
Balance-sheet figures for One Gas Inc (as of Sep 24, 2026): return on equity 8.2%, debt of 0.69 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is OGS from its 52-week high?
One Gas Inc trades at $72.29, about 20% below its 52-week high of $89.89 and at the low of $72.29 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $48.92 is for.
Which stocks are comparable to One Gas Inc?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, NiSource Inc, Uniper SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is One Gas Inc stock attractive at the current price?
The data as of Sep 24, 2026: price $72.29, calculated fair value $48.92 (−32%), Quality Score 39/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of OGS calculated?
We run One Gas Inc through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $48.92, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. One Gas Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of One Gas Inc (OGS)?
The closing price on Sep 23, 2026 was $72.29. Our model-based fair value is $48.92, about −32% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with One Gas Inc right now?
The price sits above even our optimistic bull case ($57.62). The favourable scenario is already priced in. Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of One Gas Inc (OGS) come from?
Earnings per share at One Gas Inc grew +6.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.1 %, EBIT margin +1.5 %, tax rate +3.5 %, residual (interest, one-offs) −1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of One Gas Inc
How large is the market capitalisation of One Gas Inc (OGS)?
The market capitalisation of One Gas Inc is $5.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of One Gas Inc (OGS)?
The price-to-sales ratio of One Gas Inc is 1.78 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of One Gas Inc (OGS)?
Earnings per share at One Gas Inc are $4.43 (price ÷ EPS = P/E 16.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of One Gas Inc (OGS)?
The dividend yield of One Gas Inc is 3.7% (payout 60.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of One Gas Inc (OGS)?
The net margin of One Gas Inc is 10.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of One Gas Inc (OGS)?
The return on equity (ROE) of One Gas Inc is 8.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of One Gas Inc (OGS)?
On an EBIT basis the return on assets of One Gas Inc is 4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of One Gas Inc (OGS)?
The operating margin of One Gas Inc is 22.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at One Gas Inc (OGS)?
Revenue at One Gas Inc is growing −11.1% versus a year earlier (3y avg −2.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at One Gas Inc (OGS)?
Earnings per share at One Gas Inc are growing +3.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does One Gas Inc (OGS) generate?
The free cash flow of One Gas Inc is −$128M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does One Gas Inc (OGS) carry?
The net debt of One Gas Inc is $3.4B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 24, 2026