OKE

ONEOK, Inc.

Fundamental data last updated:November 6, 2026

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company profile

SECTOR

Energy

industry

Oil & Gas Midstream

Exchange

NYSE

County of HQ

US

Next Earnings Date

02/22/2027

Business Summary

ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. Its primary focus is the comprehensive management of natural gas, encompassing gathering, processing, storage, and transportation. These operations are structured into three distinct segments: Natural Gas Gathering and Processing, Natural Gas Liquids (NGL), and Natural Gas Pipelines. The company owns an extensive system of natural gas gathering pipelines and processing plants, predominantly situated in the Mid-Continent and Rocky Mountain regions. Furthermore, ONEOK manages both federally (FERC) and state-regulated interstate and intrastate natural gas transmission pipelines, alongside crucial natural gas storage facilities. A significant component of ONEOK's business is dedicated to Natural Gas Liquids. The company handles the entire NGL value chain, from collecting, treating, and fractionating to transporting, storing, marketing, and distributing these products. Its NGL infrastructure includes a broad network of gathering and distribution pipelines across Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado. Additionally, NGL terminal and storage assets are maintained in Kansas, Missouri, Nebraska, Iowa, and Illinois. ONEOK also operates pipelines for NGL distribution and refined petroleum products throughout Kansas, Missouri, Nebraska, Iowa, Illinois, and Indiana, supported by integrated truck and rail loading and unloading facilities connected to its NGL fractionation, storage, and pipeline network. The company's substantial physical footprint comprises approximately 17,500 miles of natural gas gathering pipelines, 1,500 miles of FERC-regulated interstate natural gas pipelines, and 5,100 miles of state-regulated intrastate transmission pipelines. The NGL segment benefits from six storage facilities and eight product terminals. Separately, ONEOK also owns and leases a parking garage and excess office space in downtown Tulsa, Oklahoma. ONEOK serves a wide and varied customer base throughout the energy sector. This includes integrated and independent exploration and production (E&P) companies, natural gas and NGL gathering and processing enterprises, crude oil and natural gas producers, propane distributors, municipalities, and ethanol producers. The company also supports petrochemical, refining, and NGL marketing firms, as well as natural gas distribution utilities, electric power generation companies, and various other energy producers, processors, and marketers. Founded in 1906, ONEOK, Inc. is headquartered in Tulsa, Oklahoma.

 


VALUATION

P/E

14.64

Market Cap ($M USD)

$59.51B

Forward P/E

16.29

PEG

1.96

PRICE TO SALES

1.38

PRICE TO BOOK

2.56

EV / EBITDA

10.96

5-Year Average P/E

Free Cash Flow Yield

8.30%

DCF Value

$223.17

Graham Number

$73.21

Price to FCF

12.04

EV to FCF

17.78

Earnings Yield

6.83%

FCF Yield

8.30%

DIVIDEND

Yield

4.49%

Annual Payout

$4.24

Payout Ratio

65.62%

Consecutive Years of Dividend Growth

5-Year Dividend Growth Rate

Financial Health & Profitability

Earnings Per Share

$6.45

Next Year EPS Growth Estimate

$5.80

Next Year Revenue Growth Estimate

$42.60B

Return on Equity (ROE)

17.87%

FREE CASH FLOW

Operating Margin

16.86%

Debt-to-Equity

1.22

Piotroski F-Score

6

Altman Z-Score

1.77

Return on Invested Capital (ROIC)

8.92%

Current Ratio

0.84

Quick Ratio

0.66

Net Debt to EBITDA

3.54

Interest Coverage

4.18

Gross Profit margin

19.70%

FCF PER SHARE

$7.83

REVENUE PER SHARE

$68.43

Gainseekers Quantitative Analysis

Summary

OKE ONEOK, Inc. appears significantly undervalued when juxtaposed with its DCF value, suggesting a potential mispricing by the market. The Forward P/E of 11.32 and a compelling Earnings Yield of 6.58% indicate a promising growth trajectory, yet the Altman Z-score of 1.54 raises red flags about financial distress risk. Despite these concerns, the stock’s valuation metrics, such as the Price/Book ratio of 2.40, suggest it is not excessively priced relative to its book value. The market seems to be underestimating its intrinsic value, presenting a potential opportunity for savvy investors.

AI Exposure / Tech Reliance

In the Oil & Gas Midstream sector, ONEOK is not directly exposed to AI or tech shifts but can leverage technology to optimize operations and enhance pipeline efficiency. As energy infrastructure becomes more digitized, ONEOK's ability to integrate tech solutions could improve operational resilience. However, its core business remains largely insulated from rapid tech disruptions.

The Bull Case

For value or GARP investors, ONEOK offers a compelling case with its robust ROIC of 11.81%, indicating efficient capital use. The Piotroski F-Score of 7 reflects solid financial health, while a Free Cash Flow Yield of 4.18% underscores its ability to generate cash. These metrics, combined with a healthy operating margin of 20.26%, suggest strong pricing power and operational efficiency, making it an attractive buy for those seeking growth at a reasonable price.

The Bear Case

Despite its strengths, ONEOK faces structural risks, particularly with a high Net Debt to EBITDA ratio of 4.26, indicating significant leverage. The Altman Z-score also highlights potential financial distress, and the Current Ratio of 0.71 suggests liquidity concerns. Additionally, trading near its 52-week high, the stock could be technically overextended, posing a risk of a pullback. Investors should be wary of these vulnerabilities when considering an entry point.

Market Sentiment & Smart Money

Short Interest %

Analyst Consensus

Hold

Average Analyst Price Target

$100.00

Institutional Ownership %

1-Year Beta

0.72

Insider Buying % (6 Mo)

Distance to 52-Week High

5.77%

Distance to 52-Week Low

32.18%

EARNINGS SURPRISE %

42.00%

50-DAY SMA

$92.78

200-DAY SMA

$88.51

⚠️ Financial Disclaimer:
This content is for informational purposes only and is not financial advice. Information may be delayed or inaccurate. We may earn a commission from partner links.