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ONE GasOGS +0.75%72 Cyclically Adjusted PB Ratio is 1.52 as of Aug. 09, 2026, which is 2% below its 10-year median of 1.55. GuruFocus rates OGS with a GF Score™ of 72/100 and a GF Value™ of $73.80 (Fairly Valued). The stock has 5 warning signs investors should review. Among 434 Utilities - Regulated companies, ONE Gas ranks worse than 50.23% on this metric.
As of today (2026-08-09), ONE Gas's current share price is $80.22. ONE Gas's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 was $52.70. ONE Gas's Cyclically Adjusted PB Ratio for today is 1.52.
The historical rank and industry rank for ONE Gas's Cyclically Adjusted PB Ratio or its related term are showing as below:
OGS'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 1.25 Med: 1.55 Max: 2.19
Current: 1.52
During the past years, ONE Gas's highest Cyclically Adjusted PB Ratio was 2.19. The lowest was 1.25. And the median was 1.55.
OGS's Cyclically Adjusted PB Ratio is ranked worse than 50.23% of 434
companies
in the Utilities - Regulated industry
Industry Median: 1.515
vs OGS: 1.52
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
ONE Gas's adjusted book value per share data for the three months ended in Jun. 2026 was $56.021. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is $52.70 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
ONE Gas (NYSE:OGS) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
ONE Gas Cyclically Adjusted PB Ratio Related Terms
ONE Gas Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for ONE Gas's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
OGS vs SR, MDU, BKH: Cyclically Adjusted PB Ratio Comparison
For the Utilities - Regulated Gas subindustry, ONE Gas's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
ONE Gas Cyclically Adjusted PB Ratio vs Utilities - Regulated Industry
For the Utilities - Regulated industry and Utilities sector, ONE Gas's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where ONE Gas's Cyclically Adjusted PB Ratio falls into.
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
ONE Gas's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 1.52 mean?
ONE Gas (OGS) has a Cyclically Adjusted PB Ratio of 1.52 as of Aug. 09, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on ONE Gas and its competitors. This is near median its historical median of 1.55. Over the past decade, ONE Gas' Cyclically Adjusted PB Ratio has ranged from 1.25 to 2.19. According to the industry distribution chart, ONE Gas ranks #218 out of 434 companies in the Utilities - Regulated industry, placing it in the top 50.2%.
Is ONE Gas' Cyclically Adjusted PB Ratio too high?
ONE Gas' current Cyclically Adjusted PB Ratio of 1.52 is near median its 10-year median of 1.55. Over the past 10 years, this metric has ranged from a low of 1.25 to a high of 2.19. The Utilities - Regulated industry median Cyclically Adjusted PB Ratio is 1.52. ONE Gas' value of 1.52 is 0.3% above this industry median. Based on the distribution chart, ONE Gas ranks #218 out of 434 companies in the Utilities - Regulated industry, which is below the industry midpoint. Overall, ONE Gas has a GF Score™ of 72/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does ONE Gas' Cyclically Adjusted PB Ratio compare to SR and MDU?
According to the Utilities - Regulated industry distribution chart, ONE Gas ranks #218 out of 434 companies for Cyclically Adjusted PB Ratio. This places ONE Gas in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 1.52. ONE Gas' value of 1.52 is 0.3% above this benchmark. Historically, ONE Gas' own Cyclically Adjusted PB Ratio has ranged from 1.25 to 2.19 over the past decade. While the company's 10-year median is 1.55 vs. the industry median of 1.52, ONE Gas has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for an Utilities - Regulated company?
The median Cyclically Adjusted PB Ratio among Utilities - Regulated companies is 1.52, based on 434 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. ONE Gas's current Cyclically Adjusted PB Ratio of 1.52 is 0.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on ONE Gas and its competitors. For the Utilities - Regulated industry, the median Cyclically Adjusted PB Ratio is 1.52 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ONE Gas's current Cyclically Adjusted PB Ratio is 1.52, which is near median its own 10-year median of 1.55. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ONE Gas stock overvalued right now?
Based on GuruFocus' analysis, ONE Gas (OGS) is currently considered Fairly Valued. The stock's GF Value™ is $73.80, compared to a current price of $80.22 — trading 8.7% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 1.52, which is near median its 10-year median of 1.55 and 0.3% above the Utilities - Regulated industry median of 1.52. ONE Gas' overall GF Score™ is 72/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For ONE Gas (OGS), the current Cyclically Adjusted PB Ratio is 1.52 as of Aug. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is ONE Gas (OGS) Overvalued in 2026?
Based on GuruFocus' analysis, ONE Gas stock appears to be overvalued.
The current stock price of $80.22 is trading 8.7% above its estimated GF Value™ of $73.80.
GuruFocus considers ONE Gas to be Fairly Valued.
Key valuation signals for OGS:
Cyclically Adjusted PB Ratio: 1.52 (near median its 10-year median of 1.55)
GF Value™: $73.80 vs. price of $80.22 (8.7% above fair value)
Industry Position: 0.3% above the Utilities - Regulated median (#218 of 434)
No single metric tells the full story. See the OGS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ONE Gas Inc is a regulated natural gas utility company. It is involved in the distribution and sale of natural gas to residential, commercial, industrial, and transportation consumers through its network of pipelines and service lines. Almost all of the company's revenue is derived from natural gas sales in the states of Oklahoma, Kansas, and Texas. It operates in one reportable business segment: regulated public utilities that deliver natural gas to residential, commercial, and transportation customers.
72GF Score
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