olivLaw · US equity research
ONE Gas, Inc. OGS
Natural Gas Distribution · SIC 4924 · Vertical: Natural Gas Distribution (SIC 4924)
ONE Gas is a 100% regulated natural gas distribution utility serving about 2.3 million customers in Oklahoma, Kansas and Texas. For 2026 management raised its adjusted earnings expectations to the upper half of guidance, showing how constructive rate decisions can shape results.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, ONE Gas, Inc. (OGS) stock was 82.22 USD (+1.47% on the day), with market capitalisation 5.2 bn USD, P/E 17.5 on diluted EPS of 4.69 USD over the last 12 months, dividend yield 3.30%, beta 0.10, 52-week range 71.66–90.64 USD. Latest reported quarter (Q3 2026): net income of 31.2 m USD (+18.0% YoY), diluted EPS 0.49 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 75.4
- overbought (≥ 70)
- Bollinger (20, 2)
- 71.26 – 82.06
- above the upper band · %B 1.01 · band width 14.1%
- SMA 50 / 200
- 76.25 / 80.95
- mixed trend
- MACD (12, 26, 9)
- 1.53 / 0.87
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.3% | −2.0% | +15.3 pp | — |
| 3 months | +3.7% | −2.2% | +5.9 pp | — |
| 6 months | −4.4% | +4.3% | −8.7 pp | — |
| Year to date | +6.4% | +10.6% | −4.1 pp | — |
| 1 year | +0.4% | +10.5% | −10.0 pp | +9.1% |
| 3 years | +32.2% | +73.7% | −41.5 pp | +40.1% |
| 5 years | +18.7% | +61.7% | −43.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Cost of revenue | 263.7 m | 512.5 m | 117.9 m | 76.6 m | 291.9 m | 393.6 m | 90.3 m | 73.8 m |
| Operating income | 124.3 m | 180.5 m | 71.9 m | 65.4 m | 139.7 m | 189.6 m | 82.7 m | 77.4 m |
| Interest expense | 39.8 m | 35.7 m | 35.3 m | 35.4 m | 36.5 m | 32.4 m | 31.1 m | 36.6 m |
| Pre-tax income | 84.7 m | 145.3 m | 39.1 m | 32.4 m | 104.6 m | 155.1 m | 56.8 m | 38.0 m |
| Income tax | 7.6 m | 25.9 m | 7.1 m | 5.9 m | 18.3 m | 26.5 m | 10.0 m | 6.8 m |
| Net income | 77.0 m | 119.4 m | 32.0 m | 26.5 m | 86.3 m | 128.7 m | 46.8 m | 31.2 m |
| Diluted EPS | 1.34 ≈ | 1.98 | 0.53 | 0.44 | 1.42 ≈ | 2.04 | 0.74 | 0.49 |
| Operating cash flow | 62.6 m | 277.5 m | 171.4 m ≈ | 87.0 m ≈ | 43.0 m | 176.3 m | 211.0 m ≈ | 120.5 m ≈ |
| Capex | 179.6 m | 166.6 m | 180.5 m ≈ | 192.4 m ≈ | 167.8 m | 156.5 m | 173.5 m ≈ | 212.4 m ≈ |
| Dividends paid | 37.4 m | 40.2 m | 40.2 m ≈ | 40.2 m ≈ | 40.2 m | 42.7 m | 42.7 m ≈ | 42.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 20 percentile of its own 40-quarter history (min 15.3, median 19.5, max 28.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.7 bn | 1.5 bn | 1.8 bn | 2.6 bn | unavailable | unavailable | unavailable |
| Revenue YoY | +6.1% | +1.2% | −7.4% | +18.2% | +42.5% | unavailable | unavailable | unavailable |
| Net income | 172.2 m | 186.7 m | 196.4 m | 206.4 m | 221.7 m | 231.2 m | 222.9 m | 264.2 m |
| Net income YoY | +5.7% | +8.4% | +5.2% | +5.1% | +7.4% | +4.3% | −3.6% | +18.6% |
| Diluted EPS | 3.25 | 3.51 | 3.68 | 3.85 | 4.08 | 4.14 | 3.91 | 4.37 |
| Diluted EPS YoY | +5.5% | +8.0% | +4.8% | +4.6% | +6.0% | +1.5% | −5.6% | +11.8% |
| net % | 10.5% | 11.3% | 12.8% | 11.4% | 8.6% | unavailable | unavailable | unavailable |
| Free cash flow | 73.2 m | -107.0 m | -106.8 m | -2.0 bn | 961.4 m | 272.9 m | -334.8 m | -128.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.6 m USD
- Financial debt
- 2.6 bn USD
- Net debt
- 2.6 bn USD
- Equity
- 3.4 bn USD
- Total assets
- 8.9 bn USD
- Debt / equity
- 0.76x
- Current ratio
- 0.60x
- ROE
- 8.1%
- ROA
- 3.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 1.8 bn | 2.6 bn | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Cost of revenue | 537.4 m | 775.0 m | 1.5 bn | 1.1 bn | 778.3 m | 998.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Gross profit | 992.8 m ≈ | 1.0 bn ≈ | 1.1 bn ≈ | — | — | — | SEC (XBRL)· 23 Feb 2023derived |
| Operating income | 303.5 m | 310.3 m | 350.0 m | 377.6 m | 398.9 m | 457.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Interest expense | 62.5 m | 60.3 m | 77.5 m | 115.3 m | 147.2 m | 142.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 238.0 m | 246.8 m | 268.3 m | 271.7 m | 259.2 m | 321.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 41.6 m | 40.3 m | 46.5 m | 40.5 m | 36.4 m | 57.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 196.4 m | 206.4 m | 221.7 m | 231.2 m | 222.9 m | 264.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 3.68 | 3.85 | 4.08 | 4.14 | 3.91 | 4.37 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 53.4 m | 53.7 m | 54.3 m | 55.9 m | 57.0 m | 60.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | 2.16 | 2.32 | 2.48 | 2.60 | 2.64 | 2.68 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 8.0 m | 8.9 m | 9.7 m | 18.8 m | 58.0 m | 10.6 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 539.9 m | 2.2 bn | 1.2 bn | 765.2 m | 929.9 m | 915.9 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | — | — | — | — | 6.6 bn | 7.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 158.0 m | 158.0 m | 158.0 m | 158.0 m | 158.0 m | 158.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | — | 0 | 323.8 m | — | — | — | SEC (XBRL)· 23 Feb 2023verified |
| Total assets | 6.0 bn | 8.4 bn | 7.8 bn | 7.8 bn | 8.4 bn | 8.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 152.3 m | 258.6 m | 360.5 m | 278.1 m | 261.3 m | 222.1 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 0 | 0 | 0 | 0 | 0 | 249.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 1.6 bn | 3.7 bn | 2.7 bn | 2.2 bn | 2.4 bn | 2.4 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 797.1 m | 980.5 m | 1.2 bn | 1.5 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 2.2 bn † | 2.3 bn † | 2.6 bn † | 2.8 bn † | 3.1 bn † | 3.4 bn † | SEC (XBRL)· 19 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 364.5 m | -1.5 bn | 1.6 bn | 939.5 m | 368.4 m | 578.8 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 471.3 m | 495.2 m | 609.5 m | 666.6 m | 703.2 m | 707.2 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | -106.8 m ≈ | -2.0 bn ≈ | 961.4 m ≈ | 272.9 m ≈ | -334.8 m ≈ | -128.4 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -470.4 m | -501.1 m | -614.1 m | -669.6 m | -707.5 m | -715.3 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 96.0 m | 2.0 bn | -947.5 m | -248.6 m | 378.2 m | 91.7 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 114.4 m | 123.9 m | 134.0 m | 144.1 m | 149.5 m | 160.7 m | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 36 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation22
- Returns47
- Quality25
- Balance sheet19
- Growth67
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 35.22 – 97.52 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E54.88 – 97.52 (Mid 75.81)10 companies used · median multiple 16.2x · quartiles 11.7x – 20.8xATO, CQP, EE, LNG, MDU, NFG, NJR, NWN, SR, VG
- Dividend discount (DDM)35.22 – 47.36 (Mid 40.40)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 36/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.7% | 40 (vs peers) | 15% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | -54.4% | 0 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 16.0% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | 5.1% | 34 (on a fixed band) | 12% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.6x | 32 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 17.5x | 40 (vs peers) | 15% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -3.1% | 0 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 3.3% | 47 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 2/3 factors with a value
- Growth67/100 · 2/2 factors with a value
- Quality25/100 · 2/3 factors with a value
- Returns· partial47/100 · 1/2 factors with a value
- Valuation22/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ONE Gas, Inc. (OGS). Latest full fiscal year: 2022; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.6 bn USD in 2022; YoY growth 42.5%; ROE 8.7%.
The estimated value range is 45.05–72.44 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 58.10 USD, the price of 82.22 USD leaves a potential of -29.3% (value / price − 1) and a margin of safety of -41.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 36/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 16.0%
What contradicts it
- FCF conversion: -54.4%
- Current ratio: 0.6x
- FCF yield: -3.1%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net margin, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Natural Gas Distribution (SIC 4924) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LNGCheniere Energy, Inc. | 63.5 bn | 21.7 | 45.7% | 13.1% | +27.2% | +49% / +71% |
| CQPCheniere Energy Partners, L.P. | 30.5 bn | 9.3 | — | 28.1% | +23.6% | +16% / +2% |
| ATOAtmos Energy Corp | 29.4 bn | 20.7 | 9.8% | 28.5% | +12.9% | −1% / +53% |
| NFGNational Fuel Gas Company | 7.3 bn | 10.6 | 19.6% | 26.9% | +17.1% | −7% / +51% |
| NJRNew Jersey Resources Corporation | 5.6 bn | 15.2 | 14.5% | 24.0% | +9.9% | +15% / +30% |
| SRSpire Inc. | 5.3 bn | 14.9 | 10.3% | 13.9% | −4.5% | +2% / +48% |
| OGSONE Gas, Inc. | 5.2 bn | 17.5 | 8.7% | — | +42.5% | +0% / +32% |
| MDUMdu Resources Group Inc | 4.2 bn | 20.8 | 7.0% | 10.7% | +6.7% | −7% / +87% |
| NWNNorthwest Natural Holding Company | 2.2 bn | 17.1 | 8.3% | 9.7% | +11.8% | +4% / +40% |
| NFENew Fortress Energy Inc. | 1.2 bn | — | -533.9% | -148.7% | −36.2% | +234% / −89% |
| SLNGStabilis Solutions, Inc. | 71.2 m | — | -12.7% | -14.1% | −6.9% | −18% / −16% |
| CETYClean Energy Technologies, Inc. | 10.4 m | — | -76.3% | -245.9% | −63.8% | −53% / −96% |
| VGVenture Global, Inc. | — | 9.1 | 54.7% | 22.3% | +176.9% | +61% / unavailable |
| EEExcelerate Energy, Inc | — | 26.8 | — | — | +44.3% | +22% / +105% |
| UGPUltrapar Holdings Inc. | — | — | 16.5% | 1.8% | +5.9% | +36% / +10% |
1- and 3-year price returns: for OGS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
In brief
ONE Gas is a 100% regulated natural gas distribution utility serving about 2.3 million customers in Oklahoma, Kansas and Texas 1. For 2026 management raised its adjusted earnings expectations to the upper half of guidance, showing how constructive rate decisions can shape results 3.
SWOT
Strengths
- The company is a 100% regulated utility with predictable revenue and gas acquisition costs recovered without markup 1.
- It operates in three states with growing customer numbers and mechanisms that reduce the lag in recovering investment 12.
- It recently raised its 2026 adjusted earnings expectations, indicating solid execution of its growth strategy 3.
Weaknesses
- Revenue depends heavily on weather and consumption volumes, and part of the fixed recovery is not fully compensated for consumption swings 1.
- Employee and outside service costs have risen, compressing operating margins in some quarters 12.
- Part of the workforce is unionized, and renegotiating collective agreements could lead to work stoppages 1.
Opportunities
- Infrastructure projects in southeast Oklahoma and extensions to new customers could open additional regulated revenue 1.
- Rate mechanisms in Texas and Kansas allow requests between rate cases, which could speed up investment recovery 12.
- If regulators approve further reliability investment, the company could expand its regulated capital base 2.
Risks
- Operational and safety riskhigh
Leaks, explosions and equipment failures can have serious consequences, and insurance may not fully cover losses 1.
- Climate and weather riskmedium
Extreme weather and climate change can shift demand and raise service costs, even though normalization mechanisms soften the effect 12.
- Technology and cyber riskmedium
Reliance on IT systems and cyber attacks can disrupt operations and expose confidential data 1.
- Workforce risklow
Difficulty attracting and keeping skilled staff, and possible strikes by unionized employees, can affect operations 1.
Investment thesis
What would need to be true (bull case)
- If regulators keep approving rate increases and interim mechanisms, earnings could keep growing, as the raised 2026 guidance suggests 23.
- Customer growth in Oklahoma and Texas, combined with an expanding regulated capital base, could support long-term revenue 12.
- The 100% regulated utility structure offers a more predictable risk profile than companies exposed to market prices 1.
What would break the thesis
- If regulators partly reject rate requests or delay approvals, the gap between investment and recovery could weigh on results 12.
- Warmer weather or stronger competition from electricity could reduce volumes and revenue despite normalization mechanisms 12.
- Rising staff and outside service costs could compress margins if they are not fully recovered through rates 12.
What to watch
- OCC decision on the Oklahoma PBRC application and any appeals2026
- Approval of the Kansas Gas Service GSRS request, planned to take effect in October 2026Q4 2026
- Delivery of 2026 adjusted earnings guidance in the upper half of the range2026
- Trend of operating costs and capital expenditure against the target of about 800 million USDnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 05 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).
The business
ONE Gas, Inc., headquartered in Tulsa, Oklahoma, trades on the NYSE under the symbol OGS and distributes natural gas to residential, commercial and transportation customers in three states 1. Its divisions Oklahoma Natural Gas, Kansas Gas Service and Texas Gas Service serve largely major cities such as Oklahoma City, Tulsa, Kansas City, Wichita, Austin and El Paso 1. The company operates as a single reportable segment, regulated public utilities 1.
The strategy centers on safe operations, capital investment for system integrity and reliability, and an engaged workforce 1. Revenue comes from delivering gas rather than selling it, since gas costs pass through to customers at cost 1. Revenue is sensitive to weather, partly cushioned by weather normalization mechanisms 1.
The latest quarterly results show net income of 46.8 million USD in the second quarter of 2026, compared with 32.0 million USD a year earlier, supported by new rates and customer growth 23.
Segments
Regulated natural gas distribution
The single reported segment covers regulated public utilities delivering natural gas to residential, commercial and transportation customers, with total revenues of 2427.4 million USD in fiscal 2025 1.
Natural gas sales
Natural gas sales reached 2196.3 million USD in fiscal 2025, combining fixed and variable charges with gas costs passed through to customers 1.
Market context
The company operates in cost-of-service jurisdictions where regulators set allowed returns and permit cost recovery, with an inherent lag between investment and new rates 1. The authorized ROE is 9.4 percent in Oklahoma and 9.8 percent in Texas 1. Demand depends mainly on weather and, to a lesser extent, economic activity 1.
Competition comes mainly from electricity for heating and cooking, from other local distribution companies in Texas, and for large industrial customers from other pipelines 1. The energy source is usually chosen at installation and tends to remain for the life of the equipment 1.
Trends
- Infrastructure investment and new ratestailwind
New rates and interim mechanisms allow recovery of investment, and the second quarter of 2026 benefited from them; if regulators keep approving such mechanisms, earnings growth could support guidance 23.
- Customer growthtailwind
Net customer growth across all three states supports residential revenue, especially in Oklahoma and Texas 12.
- Warmer than normal weatherheadwind
The second quarter of 2026 was warmer than the prior year, and higher temperatures reduce volumes; normalization mechanisms soften but do not fully offset this effect 23.
- Cost pressure and environmental regulationmixed
Employee, outside service and integrity and safety costs are rising, and changing regulation may limit full recovery, which could weigh on results 12.
Competitive position
The company competes mainly with electricity for heating, cooking and drying, a competition that could reduce gas consumption over time 1. In Texas it also faces other local distribution companies, and large industrial customers can choose other gas transporters 1.
Negotiated reduced transportation rates apply where a competing pipeline is nearby or another viable energy option exists, which pressures margins in the industrial segment 1.
- Other local distribution companies in Texas
Compete for customers in Texas, where ONE Gas faces other local distribution companies 1.
- Electricity suppliers
Compete with natural gas for heating, water heating and cooking, especially in the residential and small commercial market 1.
- Gas pipeline operators
Compete for large industrial and commercial customers that transport gas, especially where negotiated rates apply 1.
- Other alternative energy providers
Competition from other energy sources could replace natural gas if their price or availability becomes more favorable 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report03 Nov 2026
- Current report02 Nov 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report29 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report25 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report08 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report13 Aug 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report05 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report04 Aug 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report13 Jul 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / ONE Gas, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / ONE Gas, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / ONE Gas, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.