What is ONE GAS's net debt?

ONE GAS (OGS) reported net debt of $2.42B in Q1 2026.

How has ONE GAS's net debt changed year-over-year?

ONE GAS's net debt increased by 11.8% year-over-year, from $2.16B to $2.42B.

What is the long-term trend for ONE GAS's net debt?

Over 5 years (2020 to 2025), ONE GAS's net debt has grown at a 8.5% compound annual growth rate (CAGR), from $1.61B to $2.42B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

ONE GAS OGS Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

SeaboardSEB

2×-0.4×

Sabra HealthcareSBRA

-0.2×-0.3×

TDS

Telephone and Data SystemsTDS

-0.2×-25.0×

Dolby Laboratories, Inc.DLB

-1.8×-0.2×

Hannon Armstrong Sustainable Infrastructure CapitalHASI

0.5×+0.4×

Moelis & CompanyMC

0.7×-0.1×

Other financials

Income statement

See full

Revenue$644.5M+42.5%

Gross profit$279.7M+8.3%

Operating income$189.6M+5.0%

Net income$128.7M+7.7%

EPS (diluted)$2.04+3.0%

Balance sheet

See full

Cash & equivalents$23.0M-18.4%

Total debt$2.4B+11.5%

Total equity$3.5B+10.7%

Total assets$8.8B+6.0%

Cash flow

See full

Operating cash flow$176.3M-36.5%

CapEx$156.5M-6.0%

Free cash flow$19.8M-82.2%

Valuation

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Market cap$4.82B+19.3%

Enterprise value$7.24B+16.9%

P/E17.6×+1.0×

P/S1.9×-0.8×

Profitability

See full

Gross margin43.4%-13.7pp

Operating margin13.6%-3.6pp

Net margin8.6%-2.8pp

FCF margin42.8%+24.8pp

Returns & leverage

See full

Return on equity8.2%+0.1pp

Debt / equity0.7×0.0×

Current ratio0.6×0.0×

Where this comes from

Calculated from ONE GAS’s reported figures.

$2.4Btotal debt−$23.0Mcash and equivalents=$2.42B

The official record: ONE GAS’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is ONE GAS's net debt?: ONE GAS (OGS) reported net debt of $2.42B in Q1 2026.
How has ONE GAS's net debt changed year-over-year?: ONE GAS's net debt increased by 11.8% year-over-year, from $2.16B to $2.42B.
What is the long-term trend for ONE GAS's net debt?: Over 5 years (2020 to 2025), ONE GAS's net debt has grown at a 8.5% compound annual growth rate (CAGR), from $1.61B to $2.42B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.