A Business at a Glance
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ONEOK INC /NEW/
OKE
$58.3B
Mkt Cap
$93.16
-0.08%
ONEOK INC /NEW/ (OKE) has a current P/E ratio of 17.2, compared to its historical median P/E of 15.2. The stock is currently considered Fair based on its historical valuation range.
ONEOK INC /NEW/ (OKE) has a 5-year average return on invested capital (ROIC) of 9.8%. This is below average and may indicate limited pricing power.
ONEOK INC /NEW/ (OKE) has a market capitalization of $58.7B. It is classified as a large-cap stock.
Yes, ONEOK INC /NEW/ (OKE) pays a dividend with a trailing twelve-month yield of 4.45%. The company also returns capital through share buybacks, with a buyback yield of 0.13%.
Based on historical P/E analysis, ONEOK INC /NEW/ (OKE) appears fair. The current P/E of 17.2 is 13% above its historical median of 15.2. The estimated fair value CAGR (P/E method) is 16.3%.
ONEOK INC /NEW/ (OKE) operates in the Natural Gas Transmisison & Distribution industry, within the Utilities sector.
ONEOK INC /NEW/ (OKE) reported annual revenue of $33.6 billion in its most recent fiscal year, based on SEC EDGAR filings.
ONEOK is a leading North American midstream energy infrastructure company that gathers, processes, fractionates, transports, stores, and exports natural gas, natural gas liquids (NGLs), refined products, and crude oil through an integrated network of approximately 60,000 miles of pipelines and associated facilities. The company operates four reportable segments—Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude—serving major shale basins including the Permian, Bakken, Mid-Continent, and other productive regions. ONEOK's business model is primarily fee-based (approximately 90% of consolidated earnings in 2025), generating revenue from long-term contracts with major and independent producers and refineries rather than direct commodity exposure, though the company faces volumetric risk from drilling activity, weather, and demand fluctuations. The company has built a competitive moat through its extensive, integrated asset base spanning multiple basins and demand centers, strategic acreage dedications exceeding 1.7 million acres, and significant synergies captured from recent acquisitions including Magellan (completed September 2023) and EnLink (completed January 2025), which have enhanced operational leverage and connectivity across the value chain. Distribution occurs through firm transportation contracts, exchange services, and optimization opportunities, with the company positioned to serve domestic energy demand and international LNG export markets while maintaining investment-grade credit ratings and financial flexibility.
【Strong execution and synergy realization】 Management expects continued earnings growth driven by completed and near-completion capital projects, incremental synergy realization of approximately $150 million in 2026 beyond the nearly $500 million already captured since the Magellan acquisition, and higher volumes from producer activity across multiple basins. The company anticipates steady demand for natural gas from power generation and industrial customers, with refined products benefiting from robust diesel and gasoline demand, and expects to approach its long-term leverage target of 3.5x by mid-2027, which will unlock additional capital allocation flexibility for debt reduction and shareholder returns. Management remains confident in the durability of its integrated asset base and the ability to capture value from optimization opportunities, particularly in the Permian Basin and across legacy EnLink assets, while maintaining disciplined capital deployment with CapEx expected to step down in coming years as major projects complete.
| Metric | Target | Period |
|---|---|---|
| Net income | $3.5 billion (midpoint) | FY2026 |
| Diluted earnings per share | $5.53 (midpoint) | FY2026 |
| Adjusted EBITDA | $8.25 billion (midpoint) | FY2026 |
| Capital expenditures | $2.7 billion–$3.2 billion | FY2026 |
Net income (FY2026): “We now expect 2026 net income to increase to a midpoint of approximately $3.5 billion”
Diluted earnings per share (FY2026): “with diluted earnings per share increasing to a midpoint of $5.53”
Adjusted EBITDA (FY2026): “We are also increasing our adjusted EBITDA guidance to a midpoint of $8.25 billion”
Capital expenditures (FY2026): “Our total 2026 CapEx guidance remains unchanged at $2.7 billion-$3.2 billion”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 35.2B | 33.6B | 21.7B | 17.7B | 22.4B | 16.5B |
| Net Income | 3.5B | 3.4B | 3.0B | 2.7B | 1.7B | 1.5B |
| EPS | $5.61 | $5.42 | $5.17 | $5.48 | $3.84 | $3.35 |
| Free Cash Flow | 2.2B | 2.4B | 2.9B | 2.8B | 1.7B | 1.8B |
| ROIC | 8.2% | 8.5% | 8.7% | 10.7% | 10.9% | 10.0% |
| Gross Margin | - | 30.5% | 38.7% | 32.5% | 20.0% | 25.9% |
| Debt/Equity | 1.51 | 1.47 | 1.90 | 1.32 | 2.11 | 2.28 |
| Dividends/Share | $4.15 | $4.12 | $3.96 | $3.82 | $3.74 | $3.74 |
| Operating Income | 5.9B | 5.7B | 5.0B | 4.1B | 2.8B | 2.6B |
| Operating Margin | 16.9% | 17.1% | 23.0% | 23.0% | 12.5% | 15.7% |
| ROE | 15.8% | 17.2% | 18.1% | 23.1% | 27.5% | 24.9% |
| Shares Outstanding | 630M | 626M | 587M | 485M | 448M | 447M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 12.2B | 7.8B | 8.9B | 12.2B | 12.6B | 10.2B | 8.5B | 16.5B | 22.4B | 17.7B | 21.7B | 33.6B | 35.2B |
| Gross Margin | 17.3% | 27.3% | 27.2% | 21.7% | 25.2% | 33.2% | 40.2% | 25.9% | 20.0% | 32.5% | 38.7% | 30.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 963M | 1.1B | 1.1B | 1.2B | 1.3B | 1.5B | 2.1B | 1.7B | 1.7B | 1.7B | 3.4B | 4.5B | 4.5B |
| EBIT | 1.1B | 996M | 1.3B | 1.4B | 1.8B | 1.9B | 1.4B | 2.6B | 2.8B | 4.1B | 5.0B | 5.7B | 5.9B |
| Op. Margin | 9.4% | 12.8% | 14.5% | 11.4% | 14.6% | 18.8% | 15.9% | 15.7% | 12.5% | 23.0% | 23.0% | 17.1% | 16.9% |
| Net Income | 314M | 245M | 352M | 387M | 1.2B | 1.3B | 612M | 1.5B | 1.7B | 2.7B | 3.0B | 3.4B | 3.5B |
| Net Margin | 2.6% | 3.2% | 3.9% | 3.2% | 9.1% | 12.6% | 7.2% | 9.1% | 7.7% | 15.0% | 14.0% | 10.1% | 10.0% |
| Non-Recurring | 6.6M | 270M | 9.6M | 21M | 601K | -2.6M | 646M | 1.4M | 0 | 0 | 227M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 9.7% | 8.2% | 10.8% | 7.0% | 9.1% | 8.5% | 5.4% | 10.0% | 10.9% | 10.7% | 8.7% | 8.5% | 8.2% |
| ROE | 21.4% | 52.8% | 134.2% | 13.5% | 19.0% | 20.0% | 10.0% | 24.9% | 27.5% | 23.1% | 18.1% | 17.2% | 15.8% |
| ROA | 1.9% | 1.6% | 2.2% | 2.3% | 6.6% | 6.4% | 2.7% | 6.4% | 7.2% | 7.7% | 5.6% | 5.2% | 5.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.3B | 1.0B | 1.4B | 1.3B | 2.2B | 1.9B | 1.9B | 2.5B | 2.9B | 4.4B | 4.9B | 5.6B | 5.6B |
| Free Cash Flow | -494M | -165M | 729M | 803M | 45M | -1.9B | -296M | 1.8B | 1.7B | 2.8B | 2.9B | 2.4B | 2.2B |
| Owner Earnings | 965M | 652M | 921M | 883M | 1.7B | 1.4B | 1.3B | 1.9B | 2.2B | 3.6B | 3.7B | 4.0B | 4.0B |
| CapEx | 1.8B | 1.2B | 625M | 512M | 2.1B | 3.8B | 2.2B | 697M | 1.2B | 1.6B | 2.0B | 3.2B | 3.4B |
| Maint. CapEx | 295M | 355M | 392M | 406M | 429M | 477M | 579M | 622M | 626M | 769M | 1.1B | 1.5B | 1.5B |
| Growth CapEx | 1.5B | 834M | 233M | 106M | 1.7B | 3.4B | 1.6B | 75M | 576M | 826M | 887M | 1.6B | 1.9B |
| D&A | 295M | 355M | 392M | 406M | 429M | 477M | 579M | 622M | 626M | 769M | 1.1B | 1.5B | 1.5B |
| CapEx/OCF | 138.4% | 118.0% | 46.2% | 39.0% | 97.9% | 197.7% | 115.6% | 27.4% | 41.4% | 36.1% | 41.3% | 56.3% | 60.2% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 444M | 509M | 518M | 829M | 1.3B | 1.5B | 1.6B | 1.7B | 1.7B | 1.8B | 2.3B | 2.6B | 2.6B |
| Dividend Yield | 3.5% | 6.0% | 5.4% | 8.9% | 8.3% | 7.9% | 13.9% | 9.0% | 7.3% | 6.7% | 5.0% | 5.2% | 4.5% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 159M | 75M | 75M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.3% | 0.2% | 0.1% |
| Stock-Based Comp | 26M | 16M | 41M | 26M | 32M | 37M | 29M | 54M | 53M | 63M | 102M | 92M | 92M |
| Debt Repayment | 558M | 7.8M | 1.1B | 995M | 933M | 1.1B | 1.5B | 605M | 896M | 1.3B | 2.0B | 3.0B | 3.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 8.0B | 8.9B | 9.2B | 9.1B | 9.4B | 12.7B | 13.8B | 13.6B | 13.5B | 21.4B | 31.6B | 33.0B | 33.5B |
| Cash & Equiv. | 173M | 98M | 249M | 37M | 12M | 21M | 524M | 146M | 220M | 338M | 733M | 78M | 172M |
| Long-Term Debt | 7.2B | 8.3B | 7.9B | 8.1B | 8.9B | 12.5B | 14.2B | 12.7B | 12.7B | 21.2B | 31.0B | 30.8B | 30.8B |
| Debt/Equity | 13.88 | 26.74 | 50.02 | 1.65 | 1.43 | 2.04 | 2.37 | 2.28 | 2.11 | 1.32 | 1.90 | 1.47 | 1.51 |
| Interest Coverage | 3.2 | 2.4 | 2.8 | 2.9 | 3.9 | 3.9 | 1.9 | 3.5 | 4.2 | 4.7 | 3.6 | 3.2 | 3.3 |
| Equity | 592M | 336M | 189M | 5.5B | 6.6B | 6.2B | 6.0B | 6.0B | 6.5B | 16.5B | 17.0B | 22.5B | 22.4B |
| Total Assets | 15.3B | 15.4B | 16.1B | 16.8B | 18.2B | 21.8B | 23.1B | 23.6B | 24.4B | 44.3B | 64.1B | 66.6B | 68.2B |
| Total Liabilities | 11.3B | 11.7B | 12.7B | 11.2B | 11.7B | 15.6B | 2.5B | 17.6B | 3.1B | 5.7B | 9.1B | 9.6B | 460M |
| Intangibles | 489M | 492M | 480M | 312M | 286M | 277M | 246M | 236M | 225M | 1.3B | 3.0B | 2.9B | 2.9B |
| Retained Earnings | 138M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 50M | 868M | 1.6B | 2.4B | 2.5B |
| Working Capital | -1.1B | -663M | -1.4B | -903M | -710M | -550M | 525M | -810M | -503M | -344M | -481M | -1.9B | -2.3B |
| Current Assets | 1.3B | 975M | 1.4B | 1.8B | 1.4B | 1.5B | 1.9B | 2.4B | 2.5B | 3.1B | 4.2B | 4.5B | 5.5B |
| Current Liabilities | 2.4B | 1.6B | 2.8B | 2.7B | 2.1B | 2.0B | 1.3B | 3.2B | 3.1B | 3.5B | 4.7B | 6.4B | 7.8B |
| Per Share Data | |||||||||||||
| EPS | 0.75 | 0.58 | 0.83 | 1.29 | 2.78 | 3.07 | 1.42 | 3.35 | 3.84 | 5.48 | 5.17 | 5.42 | 5.61 |
| Owner EPS | 2.29 | 1.54 | 2.17 | 2.94 | 4.17 | 3.44 | 3.00 | 4.18 | 4.97 | 7.40 | 6.22 | 6.38 | 6.39 |
| Book Value | 1.40 | 0.80 | 0.45 | 18.42 | 15.90 | 14.96 | 14.03 | 13.44 | 14.49 | 33.99 | 29.03 | 35.92 | 35.49 |
| Cash Flow/Share | 3.05 | 2.42 | 3.19 | 4.38 | 5.28 | 4.68 | 4.41 | 5.69 | 6.48 | 9.11 | 8.33 | 8.94 | 8.00 |
| Dividends/Share | 1.06 | 1.22 | 1.23 | 2.72 | 3.25 | 3.53 | 3.74 | 3.74 | 3.74 | 3.82 | 3.96 | 4.12 | 4.15 |
| Shares Out. | 421.6M | 422.4M | 424.1M | 300.1M | 413.9M | 416.1M | 430.8M | 447.5M | 448.2M | 485.0M | 586.8M | 626.0M | 630.0M |
| Valuation | |||||||||||||
| P/E Ratio | 16.7 | 11.0 | 19.7 | 24.7 | 12.0 | 16.3 | 19.9 | 14.1 | 14.2 | 11.5 | 18.3 | 13.3 | 16.6 |
| P/FCF | N/A | N/A | 19.0 | 11.9 | 304.1 | N/A | N/A | 11.4 | 14.3 | 10.8 | 19.3 | 18.4 | 26.2 |
| EV/EBIT | 11.5 | 11.5 | 12.3 | 13.4 | 12.6 | 17.5 | 18.7 | 13.6 | 13.7 | 12.8 | 17.3 | 13.5 | 15.5 |
| Price/Book | 8.8 | 8.0 | 36.7 | 1.7 | 2.1 | 3.3 | 2.0 | 3.5 | 3.8 | 1.9 | 3.3 | 2.0 | 2.6 |
| Price/Sales | 0.5 | 0.5 | 0.5 | 0.8 | 1.3 | 1.8 | 1.4 | 1.1 | 1.0 | 1.6 | 2.1 | 1.5 | 1.7 |
| FCF Yield | -9.4% | -6.1% | 10.5% | 8.4% | 0.3% | -9.1% | -2.4% | 8.8% | 7.0% | 9.3% | 5.2% | 5.4% | 3.8% |
| Market Cap | 5.2B | 2.7B | 6.9B | 9.6B | 13.8B | 20.8B | 12.2B | 21.1B | 24.4B | 30.5B | 55.5B | 45.0B | 58.7B |
| Avg. Price | 29.91 | 20.14 | 22.66 | 31.16 | 38.68 | 44.25 | 26.89 | 41.20 | 51.06 | 56.64 | 78.66 | 79.17 | 93.16 |
| Year-End Price | 24.83 | 12.75 | 32.69 | 31.88 | 33.25 | 50.05 | 28.31 | 47.09 | 54.37 | 62.95 | 94.49 | 71.87 | 93.16 |
ONEOK INC /NEW/ passes 5 of 9 quality checks, suggesting mixed fundamentals.
ONEOK INC /NEW/ trades at 17.2x trailing earnings, compared to its 15-year median P/E of 15.2x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 24.0x vs a median of 14.3x. The company's 5-year average ROIC is 9.8% with a gross margin of 29.5%. Total shareholder yield (dividends + buybacks) is 4.6%. At current prices, the estimated annualized return to fair value is +50.3%.
ONEOK INC /NEW/ (OKE) has a net profit margin of 10.1%. This is a healthy margin.
ONEOK INC /NEW/ (OKE) generated $2.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ONEOK INC /NEW/ (OKE) has a debt-to-equity ratio of 1.47. This indicates moderate leverage.
ONEOK INC /NEW/ (OKE) reported earnings per share (EPS) of $5.42 in its most recent fiscal year.
ONEOK INC /NEW/ (OKE) has a return on equity (ROE) of 17.2%. This indicates the company generates strong returns for shareholders.
ONEOK INC /NEW/ (OKE) has a 5-year average gross margin of 29.5%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 19 years of financial data for ONEOK INC /NEW/ (OKE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ONEOK INC /NEW/ (OKE) has a book value per share of $35.92, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued earnings growth driven by completed and near-completion capital projects, incremental synergy realization of approximately $150 million in 2026 beyond the nearly $500 million already captured since the Magellan acquisition, and higher volumes from producer activity across multiple basins. The company anticipates steady demand for natural gas from power generation and industrial customers, with refined products benefiting from robust diesel and gasoline demand, and expects to approach its long-term leverage target of 3.5x by mid-2027, which will unlock additional capital allocation flexibility for debt reduction and shareholder returns. Management remains confident in the durability of its integrated asset base and the ability to capture value from optimization opportunities, particularly in the Permian Basin and across legacy EnLink assets, while maintaining disciplined capital deployment with CapEx expected to step down in coming years as major projects complete.
Based on recent SEC filings and earnings calls, ONEOK INC /NEW/ (OKE) has provided the following forward guidance: Net income: $3.5 billion (midpoint) (FY2026); Diluted earnings per share: $5.53 (midpoint) (FY2026); Adjusted EBITDA: $8.25 billion (midpoint) (FY2026); Capital expenditures: $2.7 billion–$3.2 billion (FY2026).
No recent press releases.