公司概述
ONE Gas, Inc. operates as a regulated natural gas distribution utility company serving customers across the United States, providing essential natural gas distribution services through an extensive infrastructure network. The company functions within the Utilities sector and specifically the Utilities - Regulated Gas industry, a classification that denotes its earnings are typically subject to regulatory oversight and price caps rather than pure market forces. As of the latest available data, the entity maintains a market capitalization of $5.33B, generates annual revenue of $2.43B, and employs approximately 4000 staff members. These valuation and revenue figures indicate that ONE Gas, Inc. possesses a substantial operational footprint, evidenced by the ownership of 43,200 miles of distribution pipelines and 2,200 miles of transmission pipelines as of December 31, 2025, positioning it as a significant player in the regional energy landscape.
财务健康
The company reported a revenue of $2.43B for the trailing twelve months, with a corresponding net income of $264.22M and an EBITDA of $775.96M. The substantial gap between the $2.43B revenue and the $264.22M net income reveals a significant cost structure where operating expenses, including cost of goods sold and administrative costs, consume approximately 89.1% of gross revenue before arriving at the bottom line. Regarding cash flow dynamics, the free cash flow stands at -$208,684,256, which indicates a period where capital expenditures for infrastructure maintenance and expansion exceeded the cash generated from operations, limiting immediate financial flexibility for discretionary spending. The firm holds $13.25M in cash against a total debt load of $3.39B, resulting in a debt-to-equity ratio of 98.43, which characterizes a highly leveraged balance sheet typical for capital-intensive utility assets but reliant on stable cash flows. Profitability metrics show a gross margin of 35.8%, an operating margin of 20.3%, and a profit margin of 10.9%, illustrating that while the business model retains value from sales, regulatory constraints and operational overheads significantly impact the final return to shareholders. Liquidity analysis via the current ratio of 0.60 suggests that current assets are insufficient to cover current liabilities without relying on external financing or asset sales, a common characteristic for regulated utilities with heavy long-term debt obligations. Management effectiveness is reflected in a return on equity of 8.1% and a return on assets of 3.3%, metrics that demonstrate the efficiency with which the company utilizes shareholder capital and total assets to generate profit within a low-margin, high-volume industry.
估值评估
Valuation multiples for ONE Gas, Inc. include a trailing P/E ratio of 19.44 and a forward P/E of 17.08, where the lower forward multiple implies that the market expects earnings growth to outpace the current stock price in the coming year. The price-to-book ratio is 1.55, indicating that the market values the company at a premium of 55% over its book value, likely reflecting the tangible value of its regulated pipeline assets and stable utility franchise rights. Alternative valuation metrics such as a price-to-sales ratio of 2.19 and an EV/EBITDA of 11.21 provide context for the stock's relative cost compared to sales volume and earnings before interest, taxes, depreciation, and amortization. The stock has traded between a 52-week low of $69.75 and a high of $88.03, and without a specific current price provided in the facts, the valuation range suggests a trading band defined by these historical extremes where market sentiment fluctuates. The beta value of 0.76 indicates that the stock's price volatility is significantly lower than the broader market, behaving more conservatively during periods of high market risk and offering potential stability for risk-averse portfolios.
Growth & Income
The company has demonstrated a revenue growth rate of 9.3% year-over-year and an earnings growth rate of 6.0% year-over-year, indicating that earnings are growing at a slower pace than revenue, which often suggests margin compression or one-time costs impacting the bottom line more heavily than top-line sales. As a dividend payer, ONE Gas, Inc. offers a dividend yield of 3.2% with a payout ratio of 61.3%, a level that requires careful monitoring given the negative free cash flow and high leverage, as sustaining a 61.3% payout while maintaining debt obligations and funding infrastructure needs presents a challenge for long-term dividend safety. The divergence between the 9.3% revenue expansion and the 6.0% earnings expansion highlights the difficulty of translating sales volume increases directly into proportional profit growth in a regulated environment where rate cases and regulatory adjustments play a critical role. Overall, the asset profile combines moderate earnings growth with a meaningful dividend yield, characteristic of a mature utility that prioritizes shareholder returns through dividends while managing capital intensive growth through debt financing.