Oneok Inc (OKE)

Energy · Oil & Gas Storage & Transportation · US stock · S&P 500 component

$93.90 ▲ +0.78 (0.84%)

At close 22 Oct 2026 · USD · Volume 3,579,993

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Interactive chart Research report Forecast ranges Pro workspace SEC filings Historical data

Fair valueUndervalued

$138 +47.0% to fair value

$69fair band $117–$167$207

Day's range

$91.10 – $94.38

52-week range

$64.02 – $99.85

Red flags⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution⚠ Heavy dilution

About Oneok Inc

ONEOK is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids. Its pipelines and processing plants link oil and gas producing regions with refineries, petrochemical plants, utilities and export facilities. Following acquisitions it has also taken on refined products and crude oil logistics. Its customers are mainly energy producers, processors and industrial and utility users that pay to move and process their output.

Most of the money comes from fees for gathering, processing, transport and storage, along with some earnings tied to commodity prices. Revenue was $39.4 billion over the last twelve months, and sales have grown at 14.5% a year across the last three years. The operating margin is 15.5%, and net debt is 4.3 times EBITDA. A dividend is paid, with a yield of 4.5%. On the site's X-Ray Score it receives 52 out of 100.

Price chart

Interactive chart Historical data & CSV

52-wk range $64.02 – $99.85Volume 3,579,993Daily, split-adjusted

Vitals

Market cap$59.3B

52-week range$64.02 – $99.85

Volume (last day)3,579,993

P/E (TTM)16.2

EBIT / EV yield6.6%

Free-cash-flow yield4.9%

Dividend yield4.5%

Revenue (TTM)$39.4B

Net income (TTM)$3.7B

Operating margin15.5%

Return on capital8.4%

Debt incl. leases$33.0B

Cash & securities$161M

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$138middle half of models $106 – $168

Undervalued +47.0% to fair value

Average of the 11 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.

Price $94

Undervalued < $117Fair $117 – $167Overvalued > $167

P/E multiple

$94

P/B multiple

$110

P/S multiple

$131

EV/EBITDA multiple

$101

EV/EBIT multiple

$103

EV/revenue multiple

$132

10-year DCF, EBITDA exit

$175

5-year DCF, EBITDA exit

$156

10-year DCF, revenue exit

$179

5-year DCF, revenue exit

$162

10-year DCF, growth exit · not used

$208

5-year DCF, growth exit · not used

$189

Dividend discount, multi-stage · not used

$540

Earnings power value

$177

Growth the price implies

5.5%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.

What this means

Weak business, but the price is low

Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 25 The price is not above fair value $138 fair value Debt looks manageable 4.3× EBITDA Revenue has been growing 14.5% a year Profits are backed by cash There are no red flags 5 raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.

Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data

Valuation Fair

63/100

Priced about in line with its sector.

See the numbers →

EBIT / EV yield6.6%

Free-cash-flow yield4.9%

Fair value vs price1.5×

Growth Strong

91/100

Growing faster than most of its sector.

See the numbers →

Revenue growth (3y)14.5%

EPS growth (3y)12.2%

Growth consistency100%

Profitability Weak

30/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital8.4%

Operating margin15.5%

Gross profitability15.6%

Financial health Weak

20/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score5 / 9

Net debt / EBITDA4.3×

Interest cover3.4×

Dividends Fair

68/100

Dividend is typical for its sector.

See the numbers →

Dividend yield4.5%

Dividends vs free cash flow92%

Dividend growth15.6%

Quarterly results: last 6 quarters

+68.2%

Mar '25

+61.2%

Jun '25

+71.9%

Sep '25

+29.5%

Dec '25

+19.6%

Mar '26

+52.8%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $12.0B, diluted EPS $1.53.

Compare with peers

KMI Kinder Morgan, Inc.43 TRGP Targa Resources Corp.42 WMB Williams Companies, In...38

Other Oil & Gas Storage & Transportation companies by X-Ray Score.

SWOT analysis: Oneok Inc

Strengthsinside the company

Revenue has grown 14.5% a year over three years (median -5.7% for industry peers).
Earnings per share have compounded at 12.2% a year over three years.

Weaknessesinside the company

Operating margin of 15.5% is thin against 29.0% for industry peers.
Net debt is 4.3x EBITDA, above the 3x level that lenders usually watch.
Altman Z-score of 1.1 is in the zone linked with financial distress in past studies.

Opportunitiesvaluation and setting

Revenue growth picked up to 55.0% last year from 14.5% a year over three years.
Trades at 16.2x earnings, 41% below the 27.5x median of industry peers.
The price is 47% below our fair value estimate, with the gap larger than the margin we allow for error.
Our Market Compass rates the backdrop for Energy as favourable.

Threatsvaluation and setting

Heavy debt makes profits sensitive to interest rates and refinancing conditions.
Our checks raised: Heavy dilution; Heavy dilution.

Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.

Compare OKE with peers and sector

Medians of 3 Oil & Gas Storage & Transportation peers and of 19 Energy stocks in our universe. Largest peers (X-Ray Score): WMB 38, KMI 43, TRGP 42.

Metric	OKE	Peers	Sector
X-Ray Score (out of 100)	52	42	50
Valuation	63	10	47
Growth	91	63	52
Profitability	29	40	50
Financial health	20	43	55
Dividends	68	60	49

Sector leaders: highest X-Ray Score in Energy

OKE ranks #8 of 20 in Energy and #1 of 4 in Oil & Gas Storage & Transportation by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.

Company	X-Ray Score
#1 EXE EXPAND ENERGY Corp	67
#2 EOG Eog Resources Inc	66
#3 EQT EQT Corp	63
#4 APA APA Corp	62
#5 COP Conocophillips	58
…
#8 OKE Oneok Inc (this stock)	52

Metric	OKE	Peers	Sector
P/E ratio	16.2x	27.5x	17.4x
PEG ratio	1.33	3.12	3.12
Price / book	2.6x	6.6x	2.6x
Price / sales	1.5x	4.2x	2.5x
EV / EBITDA	12.1x	14.8x	9.1x
Price / free cash flow	20.4x	–	15.5x
Dividend yield	4.5%	2.9%	2.3%
Gap to our fair value	+47.0%	−18.7%	+12.7%

Metric	OKE	Peers	Sector
Price change, 1 month	+4.2%	+2.6%	+7.8%
Price change, 3 months	+3.6%	+2.3%	+9.2%
Price change, 6 months	+11.7%	+8.0%	+10.6%
Price change, 1 year	+42.3%	+27.3%	+52.8%

Metric	OKE	Peers	Sector
Market value	$59.3B	$75.0B	$74.6B
Revenue (last 12 months)	$39.4B	$16.7B	$22.2B
EBITDA (last 12 months)	$7.6B	$7.0B	$7.4B
Net income (last 12 months)	$3.7B	$3.1B	$3.3B
Free cash flow (last 12 months)	$2.9B	$741M	$4.2B

Metric	OKE	Peers	Sector
Revenue growth, last year	+55.0%	+12.2%	+1.2%
Revenue growth, 3 years a year	+14.5%	−5.7%	−6.2%
EPS growth, 3 years a year	+12.2%	+8.6%	−22.8%
Free cash flow growth, 3 years a year	+12.8%	−17.7%	−18.6%
Dividend growth	+15.6%	+5.6%	+2.3%

Metric	OKE	Peers	Sector
Gross margin	27.2%	–	43.2%
EBITDA margin	19.4%	42.9%	41.7%
Operating margin	15.5%	29.0%	23.1%
Net margin	9.3%	19.3%	14.1%
Return on invested capital	8.4%	8.1%	12.3%
Return on equity	15.9%	23.3%	14.6%

Metric	OKE	Peers	Sector
Net debt / EBITDA	4.3x	4.2x	0.8x
Interest cover	3.4x	50.0x	27.7x
Current ratio	0.7x	0.5x	1.3x
Piotroski F-score (0 to 9)	5	7	6

Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.

Factor ratings for OKE

Each factor is rated by where OKE stands among the 20 Energy stocks in our universe.

Rating against the sector

Goodthe top third of these stocks

Averagethe middle third of these stocks

Badthe bottom third of these stocks

"Beats" is the share of those stocks it is ahead of.

Against its own history

The last columns set today's figure against the company's own median of its last five financial years:

▲ Betterbetter than its usual level

▼ Worseworse than its usual level

≈ In linewithin its usual range

For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.

In total: 7 Good · 7 Average · 9 Bad of 23 Growth: 3 · 0 · 0 Profitability: 0 · 3 · 2 Financial strength: 0 · 1 · 3 Valuation: 1 · 3 · 1 Cash flow: 1 · 0 · 3 Efficiency: 2 · 0 · 0

Factor	OKE	Rating	Sector median	Own 5-year median	Against own history
Growth
Revenue growth, 3 years a year	+14.5%	Good beats 92%	−5.7%	–	–
Revenue growth, last year	+55.0%	Good beats 87%	+3.9%	+35.3%	▲ Better
EPS growth, 3 years a year	+12.2%	Good beats 92%	−22.6%	–	–
Profitability
Gross margin	27.2%	Bad beats 18%	47.1%	30.5%	▼ Worse
Operating margin	15.5%	Average beats 42%	23.0%	17.1%	≈ In line
Net margin	9.3%	Average beats 39%	13.5%	10.1%	≈ In line
Return on invested capital	8.4%	Bad beats 29%	12.3%	–	–
Return on equity	15.9%	Average beats 53%	15.2%	17.8%	≈ In line
Financial strength
Net debt / EBITDA	4.3x	Bad beats 8%	1.1x	4.4x	≈ In line
Interest cover	3.4x	Bad beats 8%	22.5x	3.6x	≈ In line
Current ratio	0.74	Bad beats 28%	1.19	0.84	≈ In line
Piotroski F-score	5 / 9	Average beats 38%	6 / 9	–	–
Valuation
P/E ratio	16.2x	Average beats 57%	17.4x	17.1x	≈ In line
Price / book	2.6x	Average beats 53%	2.6x	3.5x	▲ Better
Price / sales	1.5x	Good beats 76%	2.3x	1.6x	≈ In line
EV / EBITDA	12.1x	Bad beats 29%	9.4x	12.4x	≈ In line
Free cash flow yield	4.9%	Average beats 35%	6.2%	5.8%	≈ In line
Cash flow
Free cash flow margin	7.4%	Bad beats 18%	13.2%	11.2%	▼ Worse
Cash from operations / net income	1.68	Bad beats 23%	1.95	1.66	≈ In line
Free cash flow growth, 3 years a year	+12.8%	Good beats 88%	−17.7%	–	–
Accruals (lower is better)	−3.6%	Bad beats 13%	−6.6%	–	–
Efficiency
Inventory turnover	27.1x	Good beats 92%	4.2x	24.7x	▲ Better
Days sales outstanding	33 days	Good beats 79%	43 days	33 days	≈ In line

These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.

Fundamentals checklist

● 5 Good · ● 4 Average · ● 7 Bad

Cash quality

Earnings backed by cashBad

Free-cash-flow yieldAverage

Risk models

Altman Z''Bad

Piotroski F-ScoreAverage

Growth

EPS growth (3y)Good

Free-cash-flow growth (3y)Good

Revenue growth (3y)Good

Growth consistencyGood

Balance sheet

Current ratioBad

Net debt / EBITDABad

Interest coverBad

Valuation

Fair value vs priceGood

EBIT / EV yieldAverage

Profitability

Return on invested capitalBad

Operating marginAverage

Gross profitabilityBad

Each check is graded against the company's sector, not a fixed number. Checklist score 45/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$16.5B	$22.4B	$17.7B	$21.7B	$33.6B
Operating income	$2.6B	$2.8B	$4.1B	$5.0B	$5.7B
Net income	$1.5B	$1.7B	$2.7B	$3.0B	$3.4B
Operating cash flow	$2.5B	$2.9B	$4.4B	$4.9B	$5.6B
Operating margin	15.7%	12.5%	23.0%	23.0%	17.1%
Free cash flow	$1.8B	$1.7B	$2.8B	$2.9B	$2.4B
Diluted EPS	$3.35	$3.84	$5.48	$5.17	$5.42

Fiscal years, from SEC filings.

Technical summary

Daily

Strongly bullish

12 bullish · 2 neutral · 2 bearish

Weekly

Strongly bullish

11 bullish · 1 neutral · 0 bearish

Monthly

Strongly bullish

7 bullish · 1 neutral · 0 bearish

Moving averages (daily)

SMA 10	92.34	Bullish
EMA 10	92.27	Bullish
SMA 20	90.20	Bullish
EMA 20	91.66	Bullish
SMA 50	92.73	Bullish
EMA 50	91.50	Bullish
SMA 100	90.57	Bullish
EMA 100	90.25	Bullish
SMA 200	86.84	Bullish
EMA 200	87.03	Bullish

Oscillators (daily)

RSI (14)	57.66	Neutral
MACD (12, 26)	0.44	Bullish
Momentum (12)	5.23	Bullish
Stochastic %K (14)	93.45	Bearish
Williams %R (14)	-6.55	Bearish
CCI (20)	93.97	Neutral

Pivot points (classic, last session)

88.59

89.85

91.87

Pivot

93.13

95.15

96.41

98.43

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

4.24 USD

Yield on today's price

4.52%

Frequency

Quarterly

Next ex-dividend date

2 Nov 2026

Ex-dividend date	Amount per share
2 Nov 2026 (upcoming)	1.0700
3 Aug 2026	1.0700
4 May 2026	1.0700
2 Feb 2026	1.0700
3 Nov 2025	1.0300
1 Aug 2025	1.0300
5 May 2025	1.0300
3 Feb 2025	1.0300
1 Nov 2024	0.9900
1 Aug 2024	0.9900
30 Apr 2024	0.9900
29 Jan 2024	0.9900

Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.

ETFs that hold OKE

ETF	Share of the fund
MLPX Global X MLP & Energy Infrastructure	6.57%
XLE Energy Select Sector SPDR	3.29%
SPHD Invesco S&P 500 High Dividend Low Vola...	2.64%
ERX Direxion Daily Energy Bull 2X	2.52%
IYE iShares U.S. Energy	2.51%
FXN First Trust Energy AlphaDEX	2.39%
FENY Fidelity MSCI Energy Index	2.25%
EMLP First Trust North American Energy Infr...	2.25%

The eight funds with the largest weight in OKE among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.