One Gas vs Southwest Gas
One Gas reported revenue of $2.4 billion in fiscal 2025, 1.3 times Southwest Gas' $1.9 billion in fiscal 2025. One Gas' revenue grew 16.5% in its latest year, and Southwest Gas' fell 21.6%. One Gas had an operating margin of 18.9%, against 24.4% at Southwest Gas. Free cash flow was −$128 million at One Gas and −$252 million at Southwest Gas.
Side by side
| One Gas | Southwest Gas | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $2.4B | $1.9B |
| Revenue growth | 16.5% | −21.6% |
| Revenue growth a year, last 5 years | 9.7% | −10.1% |
| Gross margin | 58.9% | — |
| Operating margin | 18.9% | 24.4% |
| Net margin | 10.9% | 22.7% |
| Free cash flow | −$128M | −$252M |
| Free cash flow margin | −5.3% | −13.0% |
| Return on capital | 6.2% | 4.7% |
| Net debt to EBITDA | — | 3.6x |
| Dividends and buybacks | $161M | $178M |
| Change in diluted share count | 6.1% | 0.4% |
| Last close | $78.36 | $92.31 |
| P/E at the last close | 16.9× | 12.2× |
| Insider trades, last 12 months | sold $396,409 | sold $450,035 |
| Piotroski F-score | 5 of 9 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
One GasSouthwest Gas
Operating margin
Percent of revenue
One GasSouthwest Gas
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
One GasSouthwest Gas
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the One Gas and Southwest Gas pages.