ONEOK, Inc. (OKE)

NYSE: OKE · USD

$94.6

-1.38 (-1.4%)· Recorded snapshot

StockMarketAgent Research · Analyzed 2026-09-28

Our latest published analysis: OKE rated Reduce

ONEOK, Inc.'s published Reduce conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$74.7 / share

Potential value

$80.6 / share

Upside to FV

-15.7%

from $94.6

Moat

6.5/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$55.9B
Revenue (ttm)	43.2B
Net income (ttm)	4.1B
EPS (ttm)	$6.44
Shares out	630.4M
P/E (trailing)	14.7x
P/E (forward)	14.5x
Dividend	$4.28 (4.52%)
Volume	2,857,010
Beta	0.80

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 43.2B
Net income (ttm): 4.1B
EPS (ttm): $6.44
P/E (trailing): 14.7x
P/E (forward): 14.5x
Market cap: $55.9B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$16.54B	$22.39B	$17.68B	$21.70B	$33.63B	+19.4%
Gross profit	$3.02B	$3.12B	$5.75B	$5.05B	$7.22B	+24.3%
Operating income	$2.60B	$2.81B	$4.07B	$4.99B	$5.74B	+21.9%
Net income	$1.50B	$1.72B	$2.66B	$3.04B	$3.39B	+22.6%
EPS (diluted)	$3.35	$3.84	$5.48	$5.17	$5.42	+12.8%
EBITDA	$3.30B	$3.52B	$5.11B	$6.60B	$7.79B	+24.0%
R&D	—	—	—	—	—	—
SG&A	$17.7M	—	—	—	—	—

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAL	American Airlines Group Inc.	8.3B	—	0.1x	3.0%	+20.0%	-6.9%	Hold
ALB	Albemarle Corporation	11.4B	198.9x	1.9x	4.1%	+12.8%	+1.9%	Hold
ANET	Arista Networks Inc.	235.7B	59.1x	22.4x	284.8%	+32.0%	+19.7%	Sell
BKR	Baker Hughes Company	54.3B	18.8x	1.9x	11.7%	+7.0%	+20.1%	Sell
COP	ConocoPhillips	179B	19.8x	2.8x	11.6%	+16.8%	+73.8%	Hold
CVX	Chevron Corporation	448.9B	22.0x	2.2x	8.2%	+12.6%	+54.1%	Reduce

Base and Bull scenarios

Base60%

Price target

$74.71

-15.7% from spot

The modal path reflects steady baseline throughput supported by firm export commitments at the Seabrook terminal and multi-year acreage dedications. Capital expenditures remain elevated through mid-decade to complete processing additions before moderating, aligning intrinsic value with Fair value at $74.71 relative to $88.63.

Steady volume throughput across NGL logistics and export infrastructure
Execution of major Permian processing projects within projected capital budgets
Predictable fee-based cash flow under take-or-pay acreage dedications
Gradual deleveraging as major capital construction concludes

Bull20%

Price target

$80.59

-9.1% from spot

In the upside path, accelerated volume growth across Permian and Bakken gathering networks combines with prompt commercialization of the Bighorn plant expansion and rapid expansion of data center power supply agreements. Operating leverage expands net margins while capital spending moderates, driving substantial free cash flow expansion and rapid debt reduction toward Potential value at $80.59.

Accelerated gathering and processing volume growth across core basins
Bighorn processing capacity expansion commissioned ahead of schedule
Expansion of data center power supply commitments beyond initial agreements
Capital spending normalizes promptly toward recurring maintenance requirements

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($74.71). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
7.3%	$74.7	$74.7	$74.7	$74.7	$74.7
7.8%	$74.7	$74.7	$74.7	$74.7	$74.7
8.3%	$74.7	$74.7	$74.7	$74.7	$74.7
8.8%	$74.7	$74.7	$74.7	$74.7	$74.7
9.3%	$74.7	$74.7	$74.7	$74.7	$74.7

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E14.5

P25 n/aP50 n/aP75 n/a

Trailing P/E15.3

P25 n/aP50 n/aP75 n/a

ROE15

P25 n/aP50 n/aP75 n/a

ROIC8.8

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All OKE indicators

Market & fundamental data

Available fields

285

Groups with data

Currency

USD

Showing 285 of 285 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001039684
Company name	ONEOK, Inc.
Country	United States
Country code	US
CUSIP number	30609A109
Earnings date	2026-10-27
Earnings time	amc
Employees	6,326
Employees change	1,149
Employees growth	22.19%
Enterprise value	$88B
Exchange	NYSE
Financial currency	USD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1906
In index	SP500
Industry	Oil & Gas Midstream
Is primary listing	Yes
Is SPAC	No
ISIN number	US30609A1097
Last 10-K release date	2026-02-24
Last earnings date	2026-10-27
Last refreshed	2026-10-28
Last stock split date	2012-06-04
Last stock split type	Forward
Market cap	$59.7B
Market cap category	Large-Cap
Next earnings date	2027-02-22
Options	Yes
Price	$94.63
Price currency	USD
Sector	Energy
SIC code	4923
Stock price date	2026-10-28
Symbol	OKE
U.S. state	Oklahoma
Website	https://www.oneok.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	15.82x
Average P/E ratio (10Y)	22.22x
Average P/E ratio (3Y)	16.75x
Average P/E ratio (5Y)	16.24x
Earnings yield	6.8%
EV/Earnings	21.64x
EV/EBIT	14.3x
EV/EBITDA	11.43x
EV/FCF	34.82x
EV/Sales	2.04x
FCF / EV yield	2.87%
FCF yield	4.24%
Forward EV/Sales	1.9x
Forward P/E	16.01x
Forward P/S	1.29x
Graham number	73.1921
Graham upside	-22.7%
Industry forward P/E	15.26x
Industry P/E	17.69x
Lynch fair value	$149.99
Lynch upside	58.41%
P/B ratio	2.6x
P/E ratio	14.7x
P/FCF ratio	23.61x
P/OCF ratio	10.1x
P/S ratio	1.38x
PEG ratio	3x
Price / tangible book value	4.79x
Price/EBITDA ratio	7.75x
Sector forward P/E	10.06x
Sector P/E	15.08x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	14.25%
EBITDA margin	17.83%
Effective tax rate	16.17%
FCF margin	5.85%
Gross margin	25.2%
Operating margin	14.25%
Pretax margin	11.34%
Profit margin	9.42%
Profit per employee	$642,902
Profitable quarters	25
Profitable years	34
Revenue per employee	$6.8M
ROA	5.46%
ROA (5Y)	6.34%
ROCE	9.2%
ROE	15.02%
ROE (5Y)	21.43%
ROIC	8.83%
ROIC (5Y)	9.19%
Tax / revenue	1.83%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	18.63%
EPS growth (Q)	43.04%
EPS growth (QoQ)	39.22%
EPS growth 10Y	16.87%
EPS growth 3Y	5.76%
EPS growth 5Y	15.04%
EPS growth quarters	2
EPS growth years	1
FCF growth	-13.43%
FCF growth (Q)	-46.1%
FCF growth (QoQ)	-69.31%
FCF growth 3Y	-1.5%
FCF growth 5Y	10.63%
Gross profit growth	7.86%
Gross profit growth (Q)	6.4%
Gross profit growth 3Y	30.01%
Gross profit growth 5Y	21.41%
Net income growth	21.8%
Net income growth (Q)	43.77%
Net income growth (QoQ)	39.75%
Net income growth 3Y	18.32%
Net income growth 5Y	23.3%
Net income growth quarters	5
Net income growth years	5
OCF growth	4.38%
OCF growth (Q)	-15.09%
OCF growth (QoQ)	-32.83%
OCF growth 10Y	16.96%
OCF growth 3Y	14.36%
OCF growth 5Y	20.92%
Operating income growth	4.18%
Operating income growth (Q)	0.96%
Operating income growth 3Y	25.91%
Operating income growth 5Y	19.93%
Revenue growth	36.82%
Revenue growth (Q)	44.26%
Revenue growth (QoQ)	3.37%
Revenue growth 10Y	18.08%
Revenue growth 3Y	35.2%
Revenue growth 5Y	25.83%
Revenue growth quarters	11
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-3.4B
Depreciation and amortization	$1.5B
EBIT	$6.2B
EBITDA	$7.7B
EPS	$6.44
FCF per share	$4.01
Financing cash flow	$1.1B
Free cash flow	$2.5B
Gross profit	$10.9B
Income taxes	$792M
Investing cash flow	$-4B
Net borrowing	$-5.1B
Net cash flow	$3B
Net income	$4.1B
Operating income	$6.2B
Revenue	$43.2B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$36.98
Debt / EBITDA	3.7
Debt / equity	0.88
Debt / FCF	11.28
Goodwill	$8.1B
Interest coverage	3.53
Long-term assets	$68B
Long-term liabilities	$34.4B
Net cash (debt)	$-28.3B
Net cash / market cap	-47.47%
Net debt / EBITDA	3.68
Net debt / equity	0.87
Net debt / FCF	11.21
Piotroski F-Score	6
Property, plant and equipment	$49.4B
Shareholders' equity	$32.5B
Tangible book value	$12.5B
Tangible book value per share	$19.76
Total assets	$74.3B
Total cash	$186M
Total debt	$28.5B
Total liabilities	$41.8B
WACC	7.5%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.61
Current assets	$6.3B
Current liabilities	$7.4B
Current ratio	0.84
Inventory turnover	29.25
Net working capital	$231M
Quick ratio	0.59
Working capital	$-1.2B
Working capital turnover	-50.28

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-2.75%
Dividend growth	3.88%
Dividend growth (10Y)	5.69%
Dividend growth (3Y)	3.86%
Dividend growth (5Y)	2.73%
Dividend growth years	3
Dividend payment date	2026-11-16
Dividend payment years	56
Dividend payout frequency	Quarterly
Dividend per share	$4.28
Dividend yield	4.52%
Ex-dividend date	2026-11-02
FCF payout ratio	106.74%
Last dividend	$1.07
Payout ratio	66.48%
Shareholder yield	1.77%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	95.07%
10Y return CAGR	13.43%
10Y total return	252.37%
150-day SMA	$90.39
15Y price change	146.59%
15Y return CAGR	13.17%
15Y total return	539.54%
1D price change	-1.44%
1M price change	6.77%
1M total return	6.77%
1W price change	1.62%
1W total return	1.62%
1Y price change	36.57%
1Y return CAGR	44.02%
1Y total return	43.98%
20-day SMA	$91.87
200-day SMA	$88.52
20Y price change	354.08%
20Y return CAGR	14.16%
20Y total return	1,313.71%
3M price change	5.78%
3M total return	7.04%
3Y price change	44.61%
3Y return CAGR	18.95%
3Y total return	68.33%
50-day SMA	$92.78
50-day SMA vs 200-day SMA	50over200
52-week high	$99.85
52-week high date	2026-09-01
52-week low	$64.02
52-week low date	2025-11-04
5Y price change	45.12%
5Y return CAGR	13.72%
5Y total return	90.15%
6M price change	7.84%
6M total return	10.43%
All-time high	$118.07
All-time high date	2024-11-22
All-time low	$1.20
All-time low date	1988-03-18
Average true range (ATR)	$2.27
Average volume	2.9M
Beta (1Y)	-1.09
Beta (2Y)	0.37
Beta (5Y)	0.8
Change from 52-week high	-5.22%
Change from 52-week low	47.81%
Change from all-time high	-19.85%
Change from all-time low	7,766.17%
Change from open	-0.87%
Day's gap	-0.57%
Dollar volume	$270.4M
High price	$95.61
Low price	$94.25
Monthly RSI	57.33
Open price	$95.46
Position in 52-week range	27.94%
Premarket change	-1.18%
Premarket close	$96.01
Premarket price	$94.88
Previous close	$96.01
Price vs 150-day SMA	4.69%
Price vs 20-day SMA	3%
Price vs 200-day SMA	6.91%
Price vs 50-day SMA	1.99%
Relative volume	1.01
RSI	56.75
Sharpe ratio	1.33
Sharpe ratio (3Y)	0.62
Sharpe ratio (5Y)	0.46
Sortino ratio	2.18
Sortino ratio (3Y)	1.04
Sortino ratio (5Y)	0.81
Volume	2.9M
Weekly RSI	55.72
YTD price change	28.75%
YTD total return	33.65%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	628.6M
Float percentage	99.7%
Shares change (QoQ)	0.09%
Shares change (YoY)	2.75%
Shares held by insiders	0.18%
Shares held by institutions	82.15%
Shares outstanding	630.4M
Short % of float	3.88%
Short % of shares	3.87%
Short ratio	6.4 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	300

Deeper analysis on OKE

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this OKE report

What is the latest published OKE stock rating?

ONEOK, Inc. is shown with Reduce in the latest published report, analyzed 2026-09-28. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full OKE analysis?

The full latest published report, analyzed 2026-09-28, lives at /stocks/OKE/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for OKE?

The latest published report analyzed 2026-09-28 gives OKE a fair value of USD 75 and a potential value of USD 81. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the OKE page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-28). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

ReduceOKE · Fair value $74.7-15.7%

Read full analysis →

Category	Score	Reading
Valuation	3.0
Management	7.5
Balance Sheet	3.0
Profitability	6.0
Revenue Growth	9.0
Risk Assessment	5.5
Competitive Moat	6.5
Earnings Quality	8.0
Capital Efficiency	5.5

ONEOK, Inc. (OKE)

Our latest published analysis: OKE rated Reduce

Price

Financial snapshot

Fair-value bridge

Latest news · OKE

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All OKE indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on OKE

Frequently asked questions

Rating history