ONE Gas

OGS on NYSE. One Gas sells natural gas to homes and businesses in three states. Market value $4.9bn.

Ranked 709 of 1,305 on tonight’s list. On the list every night since 3 August 2026.

Cash yield

-2.6%low

For every $100 of what the whole company costs, it produced $-2.64 of spare cash last year. A savings account pays about 4.

Price to profit

15.8×full

You pay 15.8 years of operating profit for the business. The average large US company costs around 18.

Return on capital

5.7%five-year median

Each dollar kept in the business earns 6 cents a year. Above 10 is good.

Five years of cash, in billions

0.1

-0.1

-2.0

1.0

20182019202020212022

Revenue	$1.6bn	$1.7bn	$1.5bn	$1.8bn	$2.6bn
Operating margin	17.7%	17.9%	19.8%	17.2%	13.6%
Debt to equity	0.63	0.60	0.71	1.57	1.03
Shares outstanding	0.05bn	0.05bn	0.05bn	0.05bn	0.05bn

Health checks

Free cash flow positive2 of 5 years
Accounting looks honest (Beneish)Not enough data
Financial strength (Piotroski)5 of 9
Profit backed by cash (accruals)Yes
Debt0.68× equity
Revenue growth, five yearsStrong, 12.1% a year
Buying back its own sharesRoughly flat

Dates

n/a

Next results (estimated)

19 February 2026

Last annual report (10-K)

4 November 2026

Next quarterly (estimated, 10-Q)

Funds that own it

Manager	Value	Change
First Eagle Investment	$12m	Added 50%
GAMCO Investors	$3m	Held

From 13F filings for the quarter ending 30 June 2026. These are reported 45 days late and only show long positions.

Insiders

We do not track insider filings for this company yet.

What could go wrong

Cheap for a reason is the question the numbers cannot answer. Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

What the business is worth, as a range, and the margin of safety at today’s price
Prices to start buying, buy, and buy hard
The three things that would make this a mistake
Every number footnoted to the filing it came from

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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; the five-year figures are rounded.