What is ONE GAS's operating margin?

ONE GAS (OGS) reported operating margin of 13.6% in Q4 2022.

How has ONE GAS's operating margin changed year-over-year?

ONE GAS's operating margin decreased by 20.9% year-over-year, from 17.2% to 13.6%.

What is the long-term trend for ONE GAS's operating margin?

Over 2 years (2020 to 2022), ONE GAS's operating margin has grown at a -17.3% compound annual growth rate (CAGR), from 19.8% to 13.6%.

What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

ONE GAS OGS Operating margin

Discontinued — last reported Q4 '22

Operating margin at other companies

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35.9%+2.6pp

SpireSR

22.6%+3.0pp

CNP

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22.5%-0.1pp

New Jersey ResourcesNJR

23.8%-6.1pp

MDU Resources GroupMDU

16.2%+1.0pp

Essential UtilitiesWTRG

35%-3.4pp

Other financials

Income statement

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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

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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

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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

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Gross margin43.4%-13.7pp

Net margin8.6%-2.8pp

FCF margin42.8%+24.8pp

Returns & leverage

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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.

operating income/total revenue=13.6%

Based on trailing twelve months.

The official record: ONE GAS’s 10-K, filed February 19, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is ONE GAS's operating margin?: ONE GAS (OGS) reported operating margin of 13.6% in Q4 2022.
How has ONE GAS's operating margin changed year-over-year?: ONE GAS's operating margin decreased by 20.9% year-over-year, from 17.2% to 13.6%.
What is the long-term trend for ONE GAS's operating margin?: Over 2 years (2020 to 2022), ONE GAS's operating margin has grown at a -17.3% compound annual growth rate (CAGR), from 19.8% to 13.6%.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.