One Gas Inc (OGS)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	377,591	374,035	363,884	358,431	349,957	333,382	328,137	320,670	310,258	308,279	307,151	300,657	303,516	300,462	298,560	300,843	295,258	294,142	291,606	285,758
Total assets	US$ in thousands	7,770,990	7,432,450	7,335,120	7,420,250	7,776,400	7,321,510	8,411,410	8,467,630	8,402,120	8,133,920	8,183,650	8,679,900	6,028,710	5,763,760	5,681,610	5,674,900	5,708,300	5,533,180	5,446,610	5,524,290
Operating ROA		4.86%	5.03%	4.96%	4.83%	4.50%	4.55%	3.90%	3.79%	3.69%	3.79%	3.75%	3.46%	5.03%	5.21%	5.25%	5.30%	5.17%	5.32%	5.35%	5.17%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $377,591K ÷ $7,770,990K
= 4.86%

The operating return on assets (ROA) of ONE Gas Inc has shown a generally positive trend over the past eight quarters. The operating ROA has been increasing gradually from 4.50% in Q4 2022 to 4.86% in Q4 2023. This indicates that the company has been able to generate more operating income relative to its total assets over time.

Although there were some fluctuations in the operating ROA figures, overall the trend has been upward, with the highest level observed in Q3 2023 at 5.03%. This indicates the company's ability to efficiently utilize its assets to generate operating profits.

The operating ROA in Q1 and Q2 2022 was relatively lower compared to the other quarters, but it started to increase significantly in Q3 2022. This improvement continued into 2023, reaching its peak in Q3 2023 before slightly tapering off in the most recent quarter.

The consistent improvement in operating ROA suggests that ONE Gas Inc has been effectively managing its assets to generate operating income and create value for its stakeholders. Continued monitoring of this ratio will be important to assess the company's operational efficiency and asset utilization in the future.