ONEOK Inc (OKE)
Fair ValueFundamental
62
Price
$85.27
Market Cap
$55.87B
Part 1 · What the company is worth
Overview
ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines, fractionation, terminal and storage facilities; and transports refined products, including gasoline, diesel fuel, aviation fuel, kerosene, and heating oil. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities; it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases buildings, warehouses, office space, land, and equipment, including pipeline equipment, pipeline capacity, rail cars, and information technology equipment. Further, the company transports, stores, and distributes refined products, purity NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and diluent users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated on September 19, 2026 with claude-haiku-4-5 — shared with all users
Targa runs the same integrated chain as ONEOK — wellhead gathering and processing in the Permian and Mid-Continent feeding NGL pipelines and Mont Belvieu fractionation — and bids against it for the same producers' gas and the same mixed-NGL barrels.
Williams competes with ONEOK for gathering and processing volumes in the Rocky Mountain, Mid-Continent and Permian basins and for interstate natural gas transportation and storage capacity sold to the same shippers.
Kinder Morgan sells the same fee-based interstate gas transportation, storage and refined-products pipeline and terminal capacity that ONEOK offers after the Magellan acquisition, to utilities, refiners and marketers in overlapping markets.
Energy Transfer moves NGLs from the same Permian and Mid-Continent basins to the same Gulf Coast fractionation and export outlets, competing directly for producer dedications and for transport and fractionation fees.
Enterprise is the largest NGL pipeline, fractionation and export system in the United States and competes with ONEOK's natural gas liquids segment for the same mixed-NGL supply and the same petrochemical and export customers.
Western Midstream gathers and processes natural gas in the Delaware Basin, Powder River Basin and DJ Basin, chasing dedications from the same producers ONEOK connects in those areas.
Balance Sheet & Liquidity
Revenue
$39.37B
Trailing 12 months (through 6/30/2026)
Net Income
$3.66B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$2.45B
Total Equity
$22.48B
Total Liabilities
$44.07B
Current Ratio
0.74
Interest Coverage
3.44
Debt/EBITDA
4.55
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$83.75
Current Price
$85.27
Margin of Safety
-1.8%
Fair Value Range
$63.91 - $103.59
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
14.70
ROE
15.1%
P/B Ratio
2.34
P/FCF
18.50
Gross Margin
27.2%
ROIC
7.9%
Profitability Radar
Value Creation (Economic Moat)
ROIC
7.9%
WACC
7.1%
ROIC − WACC
+0.8 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
Fundamental Analysis Criteria
Passed (15)
- EPS shows upward trend
- Price CAGR 5.34%
- ROIC 7.9%
- P/FCF 18.50
- P/B Ratio 2.34
- Debt/Equity ratio
- Operating Margin 15.5%
- Positive Free Cash Flow
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 16.3%
- PEG Ratio 0.50
- Earnings Quality (OCF/NI) 1.68
- Piotroski F-Score 5/9
Failed (12)
- EPS CAGR 3.76%
- Gross Margin 27.2%
- CapEx intensity
- Current Ratio
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue Growth 5Y 4.4%
- Analyst Consensus 46% Buy
- Earnings Surprise avg 1.8%
- Share Dilution 6.6%
- Net Margin Trend 9.3% vs 11.1%
Unavailable (1)
- Dividend Payout NaN%
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Pierce H. Norton II | President, CEO & Director | 65 |
| Mr. Walter S. Hulse III | CFO, Treasurer and Executive VP of Investor Relations & Corporate Development | 61 |
| Mr. Randy N. Lentz | Executive VP & COO | 60 |
| Mr. Lyndon C. Taylor J.D. | Executive VP, Chief Legal Officer & Assistant Secretary | 66 |
| Mr. Sheridan C. Swords | Executive VP & Chief Commercial Officer | 56 |
| Ms. Mary M. Spears | Senior VP and Chief Accounting Officer of Finance & Tax | 45 |
| Mr. J. Darren Wallis | Senior Vice President of Communications & Community Relations | - |
| Mr. Brent D. Strehlow | Senior VP & Chief Human Resources Officer | - |
| Mr. Kevin L. Burdick | Executive VP & Chief Enterprise Services Officer | 60 |
| Mr. Scott D. Schingen | Senior VP of Eng., and Op. - Natural Gas Liquids, Natural Gas Pipelines and Corporate Measurement | - |
Audit Risk
6
Board Risk
2
Compensation Risk
2
Shareholder Rights Risk
8
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-24
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-08-04
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-09-15
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for OKE, sourced from Markets Gazette.
- 2/25/2026POSITIVEAfter A Recent Growth Spurt, This 4.9%-Yielding Dividend Stock is Slowing to A Crawl in 2026. Is a Reacceleration Coming?
Markets Gazette examines Oneok, an energy company boasting a 4.9% dividend yield. Despite projections indicating a slowdown in growth for 2026, the company appears to possess robust fundamentals to continue increasing its generous payout. Investors are prompted to consider whether this deceleration is merely a temporary pause before a potential reacceleration. Oneok's ability to sustain and grow its dividend, even during a period of more modest expansion, stands as a key attractive factor, suggesting prudent financial management and a long-term value proposition for income-focused investors.
- 2/24/2026NEGATIVEWhy Oneok Fell Today
Oneok Inc., the prominent pipeline operator, experienced a notable decline today, despite reporting earnings that surpassed analyst expectations. While the company delivered a strong performance on its latest earnings, this positive news was overshadowed by what investors perceived as "tepid" guidance for 2026. This cautious outlook for future performance has generated significant concern in the market, hinting at a potential slowdown in growth or lower-than-anticipated margins in the coming years. Investors often prioritize future projections over past results, particularly in capital-intensive sectors like energy infrastructure. The negative sentiment underscores how future expectations can outweigh current successes, leading to a downturn in Oneok's stock price.
- 2/24/2026NEUTRALONEOK (OKE) Q4 2025 Earnings Call Transcript
ONEOK (OKE), a prominent player in the energy sector, has scheduled its fourth-quarter 2025 earnings call for February 24, 2026. As of now, specific details regarding the financial results have not been released. Investors and analysts are keenly awaiting this date to assess the company's performance and future outlook, particularly concerning its midstream operations and natural gas distribution. The upcoming conference call will be crucial for understanding ONEOK's growth strategies and capital management within an evolving energy market landscape.
via Markets Gazette