ONE Gas - Public Comps and Valuation Multiples

ONE Gas Overview

About ONE Gas

ONE Gas Inc is a regulated natural gas utility company. It is involved in the distribution and sale of natural gas to residential, commercial, industrial, and transportation consumers through its network of pipelines and service lines. Almost all of the company's revenue is derived from natural gas sales in the states of Oklahoma, Kansas, and Texas. The company controls considerable market shares in Oklahoma and Kansas.

Founded

2013

HQ

Employees

3.9K+

Website

onegas.com

Sectors

Utilities
Energy Services

Financials

LTM Revenue $2.5B

LTM EBITDA $750M

EV

$8.1B

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ONE Gas Financials

As of September 2025, ONE Gas reported last 12-month revenue of $2.5B and EBITDA of $750M.

In the same period, ONE Gas generated $1.5B in LTM gross profit and $254M in net income.

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ONE Gas P&L

In the most recent fiscal year, ONE Gas reported revenue of $2.1B and EBITDA of $703M.

ONE Gas expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.5B	XXX	$2.1B	XXX	XXX	XXX
Gross Profit	$1.5B	XXX	$775M	XXX	XXX	XXX
Gross Margin	62%	XXX	37%	XXX	XXX	XXX
EBITDA	$750M	XXX	$703M	XXX	XXX	XXX
EBITDA Margin	31%	XXX	34%	XXX	XXX	XXX
EBIT	$456M	XXX	$399M	XXX	XXX	XXX
EBIT Margin	19%	XXX	19%	XXX	XXX	XXX
Net Profit	$254M	XXX	$223M	XXX	XXX	XXX
Net Margin	10%	XXX	11%	XXX	XXX	XXX
Net Debt	XXX	XXX	$3.3B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for ONE Gas including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.5B. EBITDA for the last twelve months was $750M. In the most recent fiscal year, ONE Gas achieved $2.1B in revenue and $703M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.5B	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$1.5B	Analyst estimates available to subscribers	$775M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	62.2% gross margin	Analyst estimates available to subscribers	37.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$750M	Analyst estimates available to subscribers	$703M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	30.6% EBITDA margin	Analyst estimates available to subscribers	33.7% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$456M	Analyst estimates available to subscribers	$399M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	18.6% EBIT margin	Analyst estimates available to subscribers	19.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$254M	Analyst estimates available to subscribers	$223M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	10.4% net profit margin	Analyst estimates available to subscribers	10.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$3.3B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for ONE Gas

This financial data table provides comprehensive performance metrics for ONE Gas, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

ONE Gas generated $2.5B in revenue over the last twelve months.
The company achieved $750M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $1.5B.
Net income over the last twelve months reached $254M.

Fiscal Year Performance

In the most recent fiscal year, ONE Gas reported $2.1B in total revenue.
Fiscal year EBITDA was $703M.
The company maintained a gross profit margin of 37.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was 33.7%.
Net profit margin reached 10.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for ONE Gas. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

ONE Gas Stock Performance

ONE Gas has current market cap of $4.8B, and EV of $8.1B.

Market Cap Evolution

ONE Gas Stock Data

As of October 13, 2025, ONE Gas's stock price is $80.

See ONE Gas trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$8.1B	$4.8B	XXX	XXX	XXX	XXX	$4.24

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ONE Gas Valuation Multiples

ONE Gas's trades at 3.9x EV/Revenue multiple, and 11.5x EV/EBITDA.

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ONE Gas Financial Valuation Multiples

As of October 13, 2025, ONE Gas has market cap of $4.8B and EV of $8.1B.

Equity research analysts estimate ONE Gas's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

ONE Gas has a P/E ratio of 19.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$4.8B	XXX	$4.8B	XXX	XXX	XXX
EV (current)	$8.1B	XXX	$8.1B	XXX	XXX	XXX
EV/Revenue	3.3x	XXX	3.9x	XXX	XXX	XXX
EV/EBITDA	10.8x	XXX	11.5x	XXX	XXX	XXX
EV/EBIT	17.7x	XXX	20.2x	XXX	XXX	XXX
EV/Gross Profit	5.3x	XXX	n/a	XXX	XXX	XXX
P/E	19.0x	XXX	21.7x	XXX	XXX	XXX
EV/FCF	n/a	XXX	-24.1x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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ONE Gas Margins & Growth Rates

ONE Gas's last 12 month revenue growth is 8%

ONE Gas's revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.1M for the same period.

ONE Gas's rule of 40 is 36% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

ONE Gas's rule of X is 50% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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ONE Gas Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	8%	XXX	13%	XXX	XXX	XXX
EBITDA Margin	31%	XXX	34%	XXX	XXX	XXX
EBITDA Growth	8%	XXX	7%	XXX	XXX	XXX
Rule of 40	36%	XXX	41%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	50%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	18%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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