Oneok (OKE)
Energy · $58.4B market cap · SEC CIK 0001039684
fundamentals score out of 100
Next reports on Oct 26, 2026, after the close, with analysts expecting $1.56 in earnings per share.
The case for OKE
- Pays a 5.7% dividend while you wait.
- Reasonably priced at 16.0× earnings.
- Return on equity of 16%.
- Moves less than the market (beta 0.78).
The case against
- Revenue fell 14.7% year over year.
- Long-term debt of $30.8B would take 5 years of operating cash flow to repay.
- Net margin of 2.9% leaves very little room for error.
- Current liabilities exceed current assets (ratio 0.74).
- Price/sales of 4.6× is higher than 90% of Energy companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Energy companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 48 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 22 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 24 |
| Momentumhow the price has behaved lately | 72 |
| Stabilityhow violently it moves, what it owes and what it pays you | 37 |
- Each factor except momentum is half fixed thresholds, half rank among the 21 Energy companies.
Key numbers
| Price / earnings | 16.0× |
|---|---|
| Price / book | 2.39× |
| Price / sales | 4.6× |
| Revenue growth (YoY) | -14.7% |
| EPS growth (YoY) | +12.9% |
| Gross margin | — |
| Operating margin | 9% |
| Net margin | 3% |
| Return on equity | 16% |
| Debt / equity | 1.44× |
| Current ratio | 0.74 |
| Dividend yield | 5.67% |
| Beta | 0.78 |
| 52-week range | $64.02 – $99.85 |
| Position in that range | 73% of the way up |
| 3-month return | +8.0% |
| 1-year return | +28.3% |
Five years of financials, as filed
Pulled from Oneok's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $33.6B | $21.7B | $17.7B | $22.4B | $16.5B |
| Operating income | $5.7B | $5.0B | $4.1B | $2.8B | $2.6B |
| Net income | $3.4B | $3.0B | $2.7B | $1.7B | — |
| Operating cash flow | $5.6B | $4.9B | $4.4B | $2.9B | $2.5B |
| Capital expenditure | $3.2B | $2.0B | $1.6B | $1.2B | $697M |
| Total assets | $66.6B | $64.1B | $44.3B | $24.4B | $23.6B |
| Shareholder equity | $22.5B | $17.0B | $16.5B | $6.5B | $6.0B |
| Cash | $78.0M | $733M | $338M | $220M | $146M |
| Long-term debt | $30.8B | $31.0B | $21.2B | $12.7B | $12.7B |
| Free cash flow | $2.4B | $2.9B | $2.8B | $1.7B | $1.8B |
| Operating margin | 17.1% | 23.0% | 23.0% | 12.5% | 15.7% |
| Net margin | 10.1% | 14.0% | 15.0% | 7.7% | — |
| Diluted shares | 626M | 587M | 485M | 448M | 447M |
Share count is up 39.9% over 4 years. Your slice has been diluted.
What Oneok says it does
We are incorporated under the laws of the state of Oklahoma, and our common stock is listed on the NYSE under the trading symbol "OKE." We deliver energy products and services vital to an advancing world. We are a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services. As one of the largest integrated energy infrastructure companies in North America, we are delivering energy that makes a difference in the lives of people in the U.S. and around the world. Through our approximately 60,000-mile pipeline network, we transport the natural gas, NGLs, Refined Products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. Midstream Value Chain The midstream value chain is a vital part of the energy industry. After crude oil and…
Risk factors OKE lists in its 10-K
- If the level of drilling in the regions in which we operate declines substantially near our assets, our volumes and revenues could decline
- Our operating results may be adversely affected by unfavorable economic and market conditions
- The volatility of natural gas, NGL, Refined Products and crude oil prices could adversely affect our earnings and cash flows
- Reduced volatility in energy prices or new government regulations could discourage our storage customers from holding positions in Refined Products, crude oil and natural gas, which could adversely affect our business
- Our operations are subject to operational hazards and unforeseen interruptions, which could adversely affect our business and for which we may not be adequately insured
- Continued development of supply sources outside of our operating regions could impact demand for our services
- Terrorist attacks, including cyber sabotage, aimed at our facilities could adversely affect our business, results of operations, financial position and cash flows
- Scrutiny and conflicting stakeholder expectations regarding ESG issues, including climate change, may impact our business
- We may be subject to risks associated with the physical impacts of climate change
- Estimates of hydrocarbon reserves may be inaccurate, which could result in lower than anticipated volumes
- We do not own all of the land on which our pipelines and facilities are located, and we lease certain facilities and equipment, which could disrupt our operations
- Measurement adjustments on our pipeline systems may be impacted materially by changes in estimation, type of commodity and other factors
- We face competition for supply and, as a result, we may have significant levels of excess capacity on our pipeline, processing, fractionation, terminal and storage assets
- Many of our assets have been in service for several decades