OGS
ONE Gas, Inc.
OGS has the edge over SMR overall, supported by stronger fundamentals and lower modeled downside.
SMR
NuScale Power Corporation
SMR offers stronger modeled upside, but that advantage does not outweigh its weaker overall profile.
OGS Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Healthy | |
| Unavailable | |
| Unavailable |
OGS's profitability is currently healthy. There isn't enough data to rate its revenue, cash flow and balance sheet.
SMR Fundamentals
| Metric | Status |
|---|---|
| Weak | |
| Weak | |
| Weak | |
| Unavailable |
SMR's revenue, profitability and cash flow are currently weak. There isn't enough data to rate its balance sheet.
OGS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $80.72 | -2.3% |
| Forward | 17x | $82.59 | — |
| Current | 18x | $82.59 | — |
| Fair | 19x | $89.97 | +8.9% |
| Expensive | 22x | $101 | +22% |
Historical ranges are pointers, not guarantees.
OGS's PE is in its cheap range at 18x. On analysts' estimates for next year's earnings, today's price would be 17x.
SMR PE Valuation
SMR has no meaningful PE right now: it lost money over the past year.
OGS Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Stable | |
| Decline | |
| Improving | |
| Limited | |
| High |
Analysts expect OGS's profitability to improve, but its revenue to decline.
SMR Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Losses shrinking | |
| Strong growth | |
| -- | |
| Limited | |
| High |
Analysts expect SMR's losses to shrink, with revenue growing.
OGS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.88 | +4% |
| Q3 2026 | $4.69 | +9.3% |
| Q2 2026 | $4.64 | +11% |
| Q1 2026 | $4.43 | +7% |
| Q4 2025 | $4.37 | +12% |
| Q3 2025 | $4.29 | +12% |
| Q2 2025 | $4.19 | +6.1% |
| Q1 2025 | $4.14 | +2.2% |
| Q4 2024 | $3.91 | -5.6% |
OGS has the edge over SMR on earnings quality, reporting a profit while its opponent remains loss making.
SMR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | -$0.72 | +$2.14 |
| Q2 2026 | -$2.46 | -$1.27 |
| Q1 2026 | -$2.46 | -$1.09 |
| Q4 2025 | -$2.43 | -$0.96 |
| Q3 2025 | -$2.86 | -$1.91 |
| Q2 2025 | -$1.19 | -$0.16 |
| Q1 2025 | -$1.37 | -$0.52 |
| Q4 2024 | -$1.47 | -$0.67 |
SMR is still losing money, but far less than before: $0.72 per share over the past year, against $2.86 at its worst in late 2025.
OGS Quarterly Revenue
OGS and SMR do not have enough comparable growth data to identify a winner.
SMR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $281K | -97% |
| Q2 2026 | $75K | -99% |
| Q1 2026 | $565K | -96% |
| Q4 2025 | $1.8M | -95% |
| Q3 2025 | $8.2M | +1635% |
| Q2 2025 | $8.1M | +733% |
| Q1 2025 | $13.4M | +870% |
| Q4 2024 | $34.2M | +651% |
SMR's revenue has slid since its 2024 peak: $281,000 last quarter, down 97% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | -23068% | -16535 points |
| Q2 2026 | -85337% | -84802 points |
| Q1 2026 | -10181% | -9917 points |
| Q4 2025 | -4022% | -3988 points |
| Q3 2025 | -6533% | +2103 points |
| Q2 2025 | -535% | +3796 points |
| Q1 2025 | -264% | +2925 points |
| Q4 2024 | -35% | +1524 points |
SMR's operating margin was −23068% last quarter, down 16535 points from the same quarter a year ago, near the bottom of its range since 2022.
OGS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$92M | +$13.4M |
| Q2 2026 | $37.5M | +$46.6M |
| Q1 2026 | $19.8M | -82% |
| Q4 2025 | -$124.8M | -$7.8M |
| Q3 2025 | -$105.4M | +$21M |
| Q1 2025 | $110.9M | +$169.4M |
| Q4 2024 | -$116.9M | -$37.7M |
| Q3 2024 | -$126.4M | -$52M |
OGS has the stronger cash trend. Its trailing FCF is up 39% versus its history, compared with SMR at down 161%.
SMR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | -$58.6M | -$25.3M |
| Q1 2026 | -$316.2M | -$293.3M |
| Q4 2025 | -$204.1M | -$177.6M |
| Q2 2025 | -$33.3M | +$2.7M |
| Q1 2025 | -$22.9M | +$10.6M |
| Q4 2024 | -$26.5M | +$46.8M |
| Q3 2024 | -$12.7M | +$15M |
| Q2 2024 | -$36M | +$4.5M |
SMR has burned cash in almost every quarter: −$608M over the past year, against −$95M the year before.
OGS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | +30K shares |
| 1 year | +4.3% | +2.6M shares |
| 3 years | +13% | +7.2M shares |
| 5 years | +17% | +9.4M shares |
| Available history | +19% | +9.9M shares |
OGS has the edge over SMR on shareholder dilution, with a more favorable share count trend.
SMR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +13% | +45.9M shares |
| 1 year | +178% | +263M shares |
| 3 years | +448% | +336M shares |
SMR has 410M diluted shares, up 178% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | — |
| Q1 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
OGS Net Leverage
SMR Net Leverage
SMR's operating earnings (EBITDA) were negative over the past year, so its debt can't be measured against them.
OGS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.5 | Neutral |
| Stochastic | 75.8 | Neutral |
OGS's weekly RSI is 59 (neutral) and its Stochastic is 76 (neutral).
SMR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 29.5 | Oversold |
| Stochastic | 8.6 | Oversold |
SMR's weekly RSI is 30 (oversold) and its Stochastic is 9 (oversold).
OGS PE vs Utilities Sector
| Metric | OGS | Sector median | Relative |
|---|---|---|---|
| PE | 18x | 20x | 14% below |
| PE % | 22 | 44 | 22 pts below |
OGS is trading at 18x earnings, a 14% discount to the Utilities sector's median of 20x.
SMR PE vs Utilities Sector
SMR has no meaningful PE right now: it lost money over the past year.
OGS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $76.6 | 7.9% above |
| 20 week MA | $77.9 | 6% above |
| 50 week MA | $80.6 | 2.5% above |
| 100 week MA | $77.9 | 6% above |
| 200 week MA | $74.1 | 11% above |
OGS has the edge over SMR on trend strength, trading above more of its moving averages.
SMR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $6.26 | 23% below |
| 20 week MA | $7.88 | 39% below |
| 50 week MA | $11.4 | 58% below |
| 100 week MA | $20.2 | 76% below |
| 200 week MA | $14.4 | 67% below |
SMR is in a downtrend: it's below all five of its weekly moving averages, and 67% below its 200-week average.
OGS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $92.6 | $76.6 | -17% |
| 2021 | $76.6 | $75.7 | -1.1% |
| 2022 | $75.7 | $75.5 | -0.2% |
| 2023 | $75.5 | $63.7 | -16% |
| 2024 | $63.7 | $69.6 | +9.2% |
| 2025 | $69.6 | $77.7 | +12% |
| 2026 YTD | $77.7 | $82.6 | +6.3% |
OGS has the edge over SMR on returns for 2026, with the stronger performance.
SMR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.1 | $10.3 | +1.2% |
| 2021 | $10.3 | $10.1 | -1.9% |
| 2022 | $10.1 | $10.1 | +0.5% |
| 2023 | $10.1 | $3.29 | -67% |
| 2024 | $3.29 | $19.5 | +493% |
| 2025 | $19.5 | $14.9 | -24% |
| 2026 YTD | $14.9 | $4.82 | -68% |
SMR's yearly returns have swung widely, from +493% in 2024 to −67% in 2023. It's down 68% so far in 2026.