Stock fact sheet · data as of
ONE Gas, Inc. (OGS): fair value, margin of safety and Wheel Score
Ticker symbol OGS · Utilities · Regulated Gas · United States · Blend
Is OGS undervalued?
ONE Gas, Inc. (OGS) closed at 82.22 on 5 Nov 2026, 72% above the GLS average fair value of 47.74. 6 of the 7 models that produced a number value the shares below the current price. A gap this wide usually means the market is paying for growth or a story the trailing numbers do not show yet; the models work from filed results, not forecasts, so they are conservative by design.
There is a wide gap between GLS Growth (13.61) and Graham Growth (89.81). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for OGS, so the nightly engine files it under Blend (value score 39, growth score 46, out of 100).
Nine valuation models for OGS
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | - | - | Present value of the projected free cash flows, discounted at the cost of capital; no value tonight |
| Graham Number | 76.53 | -7% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 89.81 | +9% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 26.17 | -68% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 13.61 | -83% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 36.55 | -56% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 39.88 | -52% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 51.65 | -37% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -79.11 | -196% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 86.75 | +6% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
ONE Gas, Inc. scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. On durability OGS scores 5.7/10 on the GLS Moat - a middle reading; the Moat Score tab on the Quote page's Financials view shows which of the four parts hold it back.
Returns on capital are thin or negative - ROIC 3.9%, ROE 7.7%, ROA 2.8% - with debt at 0.99 times equity and negative free cash flow.
The dividend yield is 3.30% at a payout ratio of 57%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold.
Institutional ownership scores 10/10, insider activity 10/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 3.9% |
|---|---|---|---|
| GLS Moat | 5.7 / 10 | ROE | 7.7% |
| Debt / equity | 0.99 | ROA | 2.8% |
| Free-cash-flow yield | -3.1% | Payout ratio | 57% |
| Institutions | 10 / 10 | Insiders · Congress | 10 · 5 / 10 |
Wheel Score 23: Weak
With a Wheel Score of 23 ONE Gas, Inc. sits in the Weak band. It fails filter 1, options that actually trade - options too quiet (566 open interest, 246 a day); and filter 3, below fair value - trades 72% above our fair value; and filter 4, financially healthy - Piotroski 5/9 (under 6); Value (weak) is its weakest part.
Implied volatility is 25% on the near-the-money contracts 20-60 days out: enough to pass the 25-80% Wheel Trade Filter, but under the 35-60% sweet spot the score rewards most. Chain open interest is thin - 566 contracts across every expiry - so fills at a fair price are not guaranteed; a 30-45-day put may not exist at a usable strike.
Volume runs at 851k shares a day on a market cap of $5.2B, with a beta of 0.60 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that good.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Fails | options too quiet (566 open interest, 246 a day) |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 72% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 72% above fair value | |
| Premium | Weak | implied volatility 25% | |
| Moat | Fair | moat 5.7/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Weak | Red Flags score 65/100 | |
| Option trading | Weak | 246 contracts a day, 566 open interest | |
| Stability | Good | beta 0.60, $5.2B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for OGS in the nightly calendar. The shares go ex-dividend on 16 Nov 2026 (0.6800 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Analysts downgraded OGS 1 time in the last 30 days with no upgrades; the latest action was a reiterated rating by BTIG on 4 Nov 2026.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Regulated Gas
The 12 companies below are the closest to ONE Gas, Inc. by market cap within the Regulated Gas industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| SR Spire Inc. | 90.31 | 171.00 | +47% | 36Weak | $5.3B |
| NJR New Jersey Resources Corporation | 55.06 | 44.64 | -23% | 28Weak | $5.6B |
| BIPC Brookfield Infrastructure Corporation | 38.39 | 26.41 | -45% | 29Weak | $4.7B |
| MDU MDU Resources Group, Inc. | 19.82 | 11.44 | -73% | 35Weak | $4.2B |
| BKH Black Hills Corporation | 84.27 | 38.57 | -118% | 30Weak | $6.4B |
| SWX Southwest Gas Holdings, Inc. | 92.33 | 65.84 | -40% | 25Weak | $6.7B |
| CPK Chesapeake Utilities Corporation | 141.70 | 83.37 | -70% | 29Weak | $3.4B |
| UGI UGI Corporation | 38.11 | 32.46 | -17% | 29Weak | $8.2B |
| NWN Northwest Natural Holding Company | 51.32 | 33.82 | -52% | 31Weak | $2.2B |
| CTRI Centuri Holdings, Inc. | 20.54 | 8.04 | -155% | 31Weak | $2.1B |
| NI NiSource Inc | 45.29 | 25.42 | -78% | 20Weak | $21.7B |
| AILIP Ameren Illinois Company PFD 4.20% | 66.48 | 35.90 | -85% | 16No options | $29.1B |
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about OGS
Is OGS undervalued right now?
No: at 82.22 the stock trades 72% above the GLS average fair value of 47.74 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of OGS and what does it mean?
OGS scores 23 out of 100 (Weak) - it fails Wheel Trade Filters 1, 3, 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for OGS?
47.74 per share as of 5 Nov 2026 - the simple average of the 7 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does ONE Gas, Inc. report earnings next?
No upcoming earnings date is recorded for OGS in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does OGS have listed options, and how liquid are they?
Yes. The nightly snapshot found 78 listed contracts with 566 open interest across all expiries and implied volatility of 25% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.