Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 2026
One Gas, Inc. (OGS)
A forensic read on One Gas, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
1.2
Distress distance
Clean
Earnings quality
5
Forensic signals
18.3
P / E (ttm)
7.7%
ROE
$4.9B
Market cap
3.42%
Dividend yield
42.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
One Gas, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.2, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
5.0%
FY2025
Return on invested capital.Return on invested capital is 5.0% in the latest fiscal year and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.7%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +11% over the last 3 years to FY2025 (+3.7%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~3.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~10%.
0.4% of rev
FY2022
Stock-based comp load.Stock-based compensation ran 0.4% of revenue and 1% of free cash flow in FY2022 — about $0.20 per diluted share. The cost of it is not in the cash flow — no cash left the business — it is in the count: holders gave up about 3.7% of the company a year, and that rate is not falling. That is the figure to weigh, not the share of free cash flow.
FCF ($128M)
FY2025
Shareholder returns.Returned $161M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($128M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $579M — 28% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
+10.5%
Key fundamentals
Latest Revenue$2.58B
Revenue Growth YoY+42.5%
Revenue CAGR (3yr)+16.0%
Net Margin8.6%
Free Cash Flow-$128.4M
Return on Equity7.7%
Debt / Equity0.86x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from One Gas, Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +10.5% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by payables paid down 15% on the year and receivables up +13% on the year. The cash-flow cross-check is more mixed: reported earnings ran behind operating cash by 5% of net operating assets, diverging from the balance-sheet accrual read.
One Gas, Inc. (OGS) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy