ONEOK, Inc.

US$85.19As of Sun 8 Nov 2026, 12:00 UTC

NYSE:OKEEnergy

Country USA

PE (Fwd) •••

TSR 10Y CAGR 12.35%

Div yield 5.02%

ROE 15.02%

Oil & Gas Midstream

Beta (5Y) 0.74

PE TTM 13.23

TSR TTM 35.55%

Mkt cap US$53.71B

ROIC 8.83%

SE Grade™

Value

Quality

Moat

Consensus

Reference

$82

(3.47%)

(41.04%)

Hold 7|9|10|8|0

TTM

FYE 31 Dec USD

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

22.14

Revenue$B

11.67

12.12

12.66

13.24

14.03

14.55

15.45

16.34

17.31

18.61

22.88

5.81%

5.17%

18.03

Revenue growth%

33.92

35.38

32.50

31.88

30.41

30.55

31.91

31.97

29.64

30.13

27.34

30.55

31.90

11.50

Gross margin%

15.44

13.81

16.62

16.32

15.47

12.71

10.88

8.32

10.24

13.08

20.83

10.88

13.45

18.93

Operating margin%

27.91

28.41

31.09

28.90

28.69

26.39

27.42

24.74

23.67

24.56

15.26

24.74

27.67

4.77

Net margin%

19.87

17.23

15.49

17.86

19.55

20.32

20.96

22.47

24.31

21.89

7.40

21.89

20.10

35.51

P/E ratio (avg)x

40.37

42.23

47.11

52.39

56.39

66.14

70.50

78.65

81.92

81.11

9.359

78.65

61.27

17.29

EV/EBITx

20.48

19.12

21.97

24.71

23.58

25.93

27.36

30.82

35.62

36.79

28.40

30.82

25.32

10.98

FCF yield (avg)%

17.83

18.17

19.33

18.73

21.41

21.80

19.17

19.71

21.00

22.39

14.34

21.00

19.52

20.57

FCF margin%

8.56

9.22

7.39

5.27

8.26

9.78

11.42

9.53

9.13

6.81

28.17

9.53

8.85

1.311

FCF / Net incomex

1.359

1.532

1.686

1.595

1.710

1.845

2.049

2.119

2.418

2.301

0.582

2.119

1.777

28.39

ROIC%

10.03

11.90

10.53

12.13

14.51

13.47

13.95

15.74

16.26

14.39

11.78

14.39

13.71

21.61

Return on equity%

14.75

14.03

14.70

15.73

15.57

15.95

13.40

15.77

17.05

18.38

18.42

15.95

15.65

12.68

Return on assets%

13.38

11.60

8.92

11.83

9.76

11.46

8.51

10.01

9.19

10.90

13.66

10.01

10.46

5.52

EPS$

3.40

3.44

3.25

3.43

3.49

3.60

3.91

4.28

4.72

5.12

6.00

7.92%

3.27%

—

25.31

EPS growth%

9.05

9.89

8.28

6.09

6.41

5.33

5.39

4.29

4.20

6.87

27.38

5.33

6.25

3.61

Bookvalue per sh$

3.84

3.82

3.64

3.73

3.85

3.93

3.70

4.08

4.47

4.82

7.18

4.60%

2.21%

—

5.34

FCF per share$

8.30

8.65

9.61

10.05

9.96

11.30

10.92

11.58

12.68

14.77

2.11

8.21%

5.56%

—

3.91

Dividend per sh$

10.80

11.15

12.36

13.35

16.16

16.88

17.12

18.00

19.94

20.81

6.01

5.19%

7.66%

—

12.19

Div yield (avg)%

7.42

5.13

5.74

8.06

5.35

6.45

4.21

5.98

3.58

1.16

2.41

4.21

5.55

28.57

Payout ratio%

15.39

12.51

14.17

14.10

16.02

16.72

19.54

21.63

22.14

24.96

24.55

21.63

16.37

0.634

Shares (diluted)B

0.882

0.924

1.018

0.989

1.087

1.065

1.121

1.045

1.016

1.165

0.646

1.41%

2.39%

10.26

Buyback yield%

23.10

20.67

19.32

20.68

21.35

21.16

21.66

22.69

22.70

23.55

8.41

22.69

21.51

0.661

D/E ratiox

0.942

1.012

1.074

1.193

1.100

0.992

1.062

1.197

1.093

1.063

0.274

1.063

1.069

23.18

Enterprise value$B

12.30

13.12

13.70

15.23

17.85

19.82

22.82

22.61

23.43

25.47

20.18

7.37%

7.69%

1.759

LT debt$B

6.986

7.188

7.031

7.077

7.084

6.293

6.332

5.462

4.803

5.148

21.47

(6.18%)

(2.53%)

Peers (US$53.71B)

Cap (US$)

Targa Resources Corp.

56.77B

23.41x

Cheniere Energy, Inc.

56.76B

19.31x

MPLX LP

56.68B

13.06x

TC Energy Corporation

64.55B

23.46x

Capital

TTM

10Y

Leveragex

3.595

0.222

0.220

EBIT/Intx

0.216

0.042

0.044

Own earn%

(42.36)

(12.54)

(26.09)

Sh yield%

22.45

26.28

26.49

Owners

Insiders/Inst%

1.97

56.35

Short interest%

5.26

SBC / revenue%

3.54

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

24–31

$1 testx

—

Incr. ROIC%

**ONEOK, Inc.** provides midstream gathering, processing, fractionation, transportation, storage and marine export services in the United States across natural gas, natural gas liquids, refined products and crude oil, with assets in the Mid-Continent, Permian Basin, North Texas, Gulf Coast and Rocky Mountain regions. It serves exploration and production companies, utilities, propane distributors, refineries and exporters.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

$18.61B

5.17%

1.00×

Cost of revenue

$12.55B

4.95%

0.98×

Operating expenses

$3.550B

5.76%

1.06×