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The Moat Index

ONE Gas, Inc.

OGS · Utilities · $5.0B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

33/ 100
No moat

The four filters

Pricing power87

Median gross margin 60.1% over 5y, stable.

Returns on capital5

Median ROIC 6.2%, above the 9% hurdle in 0% of years.

Balance-sheet safety3

Net debt/EBITDA 7.3x, interest coverage 3x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$79.74
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

15 years of fundamentals

The business, in plain English

ONE Gas, Inc. booked $2.6B of revenue in FY2022 in the Utilities sector and kept 43.4% of it as gross profit — a solid-margin business by that measure. After every other cost, 8.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $1.4B (FY2016) to $2.6B (FY2022) — about 10.4% a year compounded over 6 years.

It earned 5.6% on invested capital in FY2025, with a median of 6.2% across 14 filed years. The Returns on Capital filter above scores it 5/100.

The balance sheet carried $3.3B of total debt in FY2025. Balance-Sheet Safety scores it 3/100.

The share count rose 62692292.0% between FY2013 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (87/100) and Balance-Sheet Safety the weakest (3/100), which is how OGS lands at 33/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2011–FY2025 · 15 fiscal years, normalized from OGS’s SEC filings

RevenueSales, as filed$2.6B FY2022
$0$1B$2B2011201620212025
Gross marginRevenue kept after cost of goods43.4% FY2022
0%25%50%2011201620212025
Return on invested capitalOperating profit on the capital employed5.6% FY2025
0%5%10%2011201620212025
Owner earningsCash an owner could take out−$443.0M FY2025
−$400M−$200M$02011201620212025

Gaps in a line mean that item isn’t in OGS’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale33.1 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — OGS has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Utilities context

#29 of 48 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #27TRGP TARGA RESOURCES CORP.33.3No moat
  2. #28SR Spire Inc.33.1No moat
  3. #30OKE ONEOK INC /NEW/32.6No moat
  4. #31SENR Strategic Environmental & Energy Resources, Inc.32.3No moat

Compare OGS with its nearest peers →All Utilities companies on the Index →

Common questions about OGS

Does ONE Gas, Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores ONE Gas, Inc. (OGS) 33.1 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 87, returns on capital 5, balance-sheet safety 3, capital discipline 24.
How has OGS's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 33.1 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell OGS. See the disclaimer.

ONE Gas, Inc. (OGS) Moat Score — The Moat Index · Buy Like Buffett