ONE Gas
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
18.0216.4715.7314.78
Price/Sales ratio
1.591.521.431.37
Earnings per Share (EPS)
$4.14$4.53$4.75$5.06

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
19.6522.1623.9423.6024.3526.5020.7620.1318.5115.3218.2526.50
Price/Sales ratio
1.181.702.352.492.562.992.662.291.591.491.912.99
Price/Book Value ratio
1.201.431.771.962.052.321.821.761.581.281.402.32
Price/Cash Flow ratio
8.756.6911.9115.168.9615.9411.19-2.702.613.779.818.96
Price/Free Cash Flow ratio
-42.7926.40-121.97-37.5257.26-46.26-38.17-2.044.2612.98-13.26-46.26
Price/Earnings Growth ratio
2.092.901.321.464.443.334.314.962.968.957.924.44
Dividend Yield
2.02%2.38%2.18%2.28%2.30%2.13%2.80%2.98%3.26%4.06%3.79%2.30%
Profitability Indicator Ratios
Gross Profit Margin
22.33%27.60%32.81%33.03%31.05%32.40%36.70%32.28%25.08%30.73%36.05%31.05%
Operating Profit Margin
12.38%15.45%18.85%19.45%17.65%17.86%19.83%17.15%13.57%15.91%18.54%17.65%
Pretax Profit Margin
9.79%12.40%15.78%16.63%13.81%13.89%15.55%13.64%10.40%11.45%12.46%13.89%
Net Profit Margin
6.03%7.69%9.81%10.58%10.54%11.29%12.83%11.41%8.60%9.74%10.51%11.29%
Effective Tax Rate
38.36%38.00%37.82%36.36%23.71%18.66%17.47%16.33%17.34%14.90%15.60%18.66%
Return on Assets
2.36%2.56%2.83%3.13%3.14%3.27%3.25%2.45%2.85%2.97%2.69%3.27%
Return On Equity
6.11%6.46%7.41%8.31%8.43%8.77%8.79%8.78%8.57%8.36%7.71%8.77%
Return on Capital Employed
5.29%5.50%5.98%6.60%6.04%6.10%5.80%4.18%5.31%5.99%5.74%6.10%
Liquidity Ratios
Current Ratio
1.701.581.280.870.770.580.67N/AN/AN/A0.490.58
Quick Ratio
1.221.010.920.620.560.390.492.020.730.330.290.39
Cash ratio
0.030.000.030.020.030.020.010.000.000.020.010.02
Days of Sales Outstanding
74.3560.1874.7670.8266.0057.4269.8868.9778.4153.5231.2457.42
Days of Inventory outstanding
47.8757.1660.7160.1249.1352.2755.2869.9064.2758.8176.2949.13
Operating Cycle
122.23117.35135.47130.94115.13109.69125.17138.87142.68112.34107.54109.69
Days of Payables Outstanding
41.0935.0150.2350.8656.5539.3657.3977.0568.1261.7740.7039.36
Cash Conversion Cycle
81.1382.3485.2480.0858.5870.3267.7761.8174.5550.5766.8358.58
Debt Ratios
Debt Ratio
0.260.250.270.290.280.310.330.490.410.390.410.28
Debt Equity Ratio
0.690.650.700.790.770.840.891.771.241.101.190.77
Long-term Debt to Capitalization
0.400.390.380.370.380.370.410.610.500.430.450.38
Total Debt to Capitalization
0.400.390.410.440.430.450.470.640.550.520.540.43
Interest Coverage Ratio
4.915.366.156.505.624.714.85N/AN/AN/A2.784.71
Cash Flow to Debt Ratio
0.190.320.210.160.290.170.18-0.360.480.300.110.17
Company Equity Multiplier
2.592.522.612.652.672.682.693.573.002.802.852.67
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.130.250.190.160.280.180.23-0.840.600.390.190.19
Free Cash Flow / Operating Cash Flow Ratio
-0.200.25-0.09-0.400.15-0.34-0.291.320.610.29-0.73-0.34
Cash Flow Coverage Ratio
0.190.320.210.160.290.170.18-0.360.480.300.110.17
Short Term Coverage Ratio
5.8731.511.940.711.560.600.87-3.102.841.050.410.60
Dividend Payout Ratio
39.79%52.78%52.25%53.95%56.08%56.45%58.23%60.02%60.40%62.31%68.39%56.08%