— Know what they know.
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Not Investment Advice

OKE

NYSE · USD
ONEOK, Inc.
Energy · Oil & Gas Midstream
CEO Pierce H. Norton Employees 6,326 R&D / revenue 0.0%
Last price
$93.31+2.93%last session
Market cap
$58.8B
P/E (TTM)
16.1x
From 52w high
−6.5%
From 52w low
+45.8%
1-year return
+41.0%
RSI 14 · vs SMA200
56.4 · +6.7%
IS score
49.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

OKE   SPY   XLE (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26XLE 160OKE 141SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
37
Profitability
72
Growth
60
Value
96
Momentum
30
Risk (safety)
66
Quality
34
Balance sheet
83
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
▲ Altman distress zone▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 7 / 9Altman Z 1.6Beta 0.721 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-03-31
Net change in institutional holders
+133
244 new holders, 93 closed
1,691 filers hold 79.3% · 726 added, 464 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+236
987 funds adding shares
751 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
75.5%
20-day avg 67.1%, 50-day avg 67.4%
Latest 8.4 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$33.6B
Revenue growth YoY+55.4%
Gross margin21.5%
Operating income$7.0B
Operating margin20.7%
Net income$3.4B
Net margin10.1%
EPS (diluted)$5.42
Cash flow
Operating cash flow$5.6B
Capital expenditure$3.2B
Free cash flow$2.4B
FCF conversion (FCF / OCF)43.7%
Stock-based compensation$0
FCF less SBC$2.4B
Buybacks$75.0M
Dividends$2.6B
Balance sheet & returns
Cash & short-term investments$78.0M
Total debt$32.8B
Net debt$32.7B
Shareholders' equity$22.6B
Goodwill & intangibles$11.0B
Debt / equity1.44
ROE (TTM)16.3%
ROIC (TTM)8.8%
Operating margin by fiscal year
16.5%FY202113.3%FY202223.5%FY202323.0%FY202420.7%FY2025
Revenue $17.3B (FY2021) to $33.6B (FY2025), a 18.1% CAGR.

Valuation

P/E (TTM)16.1x
EV / EBITDA11.6x
Price / sales1.49x
Price / FCF20.2x
FCF yield4.94%
Buyback yield0.13%
SBC / revenue0.0%
Price / book2.57x
Forward P/E FY202616.2x
Forward P/E FY202715.1x
Forward P/E FY202813.5x
Forward multiples divide today's price by Street EPS estimates. Street mean target $101.50 across 14 analysts last quarter is theirs, not ours.

OKE vs industry median

102 companies in Oil & Gas Midstream
Gross margin 21.8% 47.9% Operating margin 18.5% 26.6% Net margin 9.3% 13.6% ROIC 8.8% 8.0%
OKE (TTM)Industry median Asset turnover 0.57 vs industry 0.33 · financial leverage 2.99

Earnings delivery

Next report 2026-10-27 · consensus EPS $1.49
50%
beat rate, 6 of 12 quarters
−0.5%
median EPS surprise
3
longest beat streak
-6-2-6+10-4+8-16+1+3+3-5+5
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-31 to 2026-08-03. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
OKE ONEOK, Inc. $58.8B16.1x16.3%9.3%+55.4% +41.0%
LNG Cheniere Energy, Inc. $59.8B21.4x45.2%53.5%+22.4% +32.8%
TRGP Targa Resources Corp. $63.2B28.0x72.5%17.2%−2.2% +102.8%
ET Energy Transfer LP $69.7B12.6x16.6%6.1%+29.7% +23.9%
KMI Kinder Morgan, Inc. $76.2B21.9x11.1%19.4%+12.7% +27.1%
EPD Enterprise Products Partners $79.5B12.8x21.2%10.1%+6.8% —
ENBA Enbridge Inc. 6.375 SNT18 B $41.8B9.8x17.1%8.4%+20.3% —
WMB The Williams Companies, Inc. $87.2B28.3x24.0%27.1%+8.8% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-09-15Material Agreement; Regulation FD; Exhibits
2026-09-10Material Agreement; Financial Obligation; Delisting Notice; Change in Control; Officer/Director Change; Bylaws Amendment; Regulation FD; Other Events; Exhibits
2026-08-31Material Agreement; Unregistered Equity Sales; Regulation FD; Other Events; Exhibits
2026-08-03Acquisition/Disposition; Regulation FD; Exhibits
2026-05-21Shareholder Vote
2026-04-28Earnings Release; Regulation FD; Exhibits

Context

Shares outstanding630,409,203
Free float99.7%
Institutional ownership79.3%
Beta0.72
Dividend yield4.54%
Last dividend$1.07 on 2026-11-02
50 / 200-day average$92.39 / $87.55
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where OKE sits among 30 scored companies in Oil & Gas Midstream (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureOKEIndustry medianIndustry percentileSector median
P/E (TTM) 16.1x 16.7x
44th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) 7.23 1.90
100th		 0.72
Price / sales 1.5x 2.7x
28th		 1.8x
Price / book 2.6x 3.3x
32nd		 1.9x
Price / tangible book 4.6x 6.0x
43rd		 1.9x
Price / free cash flow 20.2x 10.1x
71st		 11.9x
Price / operating cash flow 9.6x 8.9x
56th		 6.9x
Enterprise value $91.7B $12.6B
90th		 $5.3B
EV / sales 2.3x 4.5x
21st		 2.4x
EV / EBITDA 11.6x 10.7x
59th		 9.0x
EV / EBIT 14.4x 14.3x
52nd		 14.1x
EV / free cash flow 31.6x 18.2x
76th		 14.6x
Earnings yield 6.2% 5.4%
59th		 4.6%
FCF yield 4.9% 5.0%
48th		 5.8%
Operating cash flow yield 10.5% 10.8%
48th		 13.6%
Graham number (per share) $68.75 $26.47
83rd		 $32.92

Profitability (TTM)

MeasureOKEIndustry medianIndustry percentileSector median
Gross margin 21.8% 49.8%
17th		 31.9%
EBITDA margin 20.1% 46.7%
17th		 26.7%
Operating margin 18.5% 35.0%
28th		 15.2%
EBIT margin 16.2% 33.2%
21st		 13.3%
Net margin 9.3% 16.8%
28th		 8.0%
NOPAT margin 14.2% 31.0%
24th		 12.4%
FCF margin 7.4% 6.7%
52nd		 7.8%
Operating cash flow margin 15.6% 31.4%
24th		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 1.6% 3.7%
25th		 6.7%
Stock comp / revenue 0.0% 0.1%
0th		 0.7%
Effective tax rate 23.3% 8.0%
86th		 21.0%

Returns on capital

MeasureOKEIndustry medianIndustry percentileSector median
ROE (on average equity) 16.3% 24.1%
28th		 12.2%
ROA 5.5% 5.9%
48th		 4.8%
ROIC 10.0% 10.0%
50th		 9.9%
ROCE 10.4% 10.7%
48th		 9.8%
Return on tangible assets 9.6% 10.1%
45th		 8.3%
Cash ROIC (OCF / invested capital) 11.0% 15.6%
19th		 18.4%
Gross profitability (GP / assets) 12.5% 13.1%
41st		 14.8%
ROIC, 3-yr average 6.9% 8.4%
36th		 7.0%
ROIC, 5-yr average 8.6% 7.3%
63rd		 10.1%
ROE, 5-yr average 21.0% 18.2%
70th		 14.8%
Incremental ROIC 192.8% 33.6%
88th		 14.8%

Growth

MeasureOKEIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 40.8% 14.8%
83rd		 10.2%
Revenue growth (QoQ) 25.3% 16.4%
66th		 13.0%
Revenue CAGR, 3 yr 27.1% 4.1%
96th		 2.0%
Revenue CAGR, 5 yr 27.5% 9.8%
92nd		 13.7%
Gross profit CAGR, 3 yr 39.0% 9.4%
100th		 1.7%
Operating income CAGR, 3 yr 26.3% 8.4%
92nd		 -2.0%
Net income growth (TTM YoY) 18.3% 25.5%
44th		 23.5%
Net income CAGR, 3 yr 14.6% 5.8%
64th		 -7.8%
EPS growth (TTM YoY) 17.5% 23.3%
44th		 19.9%
EPS CAGR, 3 yr 2.2% 5.1%
36th		 -9.8%
EPS CAGR, 5 yr 13.9% 15.7%
40th		 20.5%
FCF growth (TTM YoY) 0.8% 18.8%
26th		 19.9%
FCF CAGR, 3 yr 6.4% 2.9%
76th		 -3.4%
Operating cash flow CAGR, 3 yr 19.0% 5.6%
88th		 3.2%
Book value CAGR, 3 yr 31.2% 3.9%
87th		 5.6%
Dividend CAGR, 3 yr -8.4% 1.0%
17th		 -0.1%
Sustainable growth rate 4.5% 5.1%
45th		 9.4%

Margin history & stability

MeasureOKEIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 22.7% 40.7%
27th		 31.0%
Operating margin, 3-yr average 20.2% 30.8%
35th		 15.4%
Net margin, 3-yr average 11.3% 18.5%
31st		 8.7%
FCF margin, 3-yr average 10.2% 10.2%
50th		 7.2%
Revenue stability (0-1) 0.87 0.66
73rd		 0.64
Earnings stability (0-1) 0.97 0.57
100th		 0.22
Margin stability (0-1) 0.87 0.83
62nd		 0.73

Liquidity (latest quarter)

MeasureOKEIndustry medianIndustry percentileSector median
Cash & short-term investments $161.0M $166.5M
48th		 $248.6M
Net cash (− = net debt) −$32.9B −$3.6B
7th		 −$1.1B
Working capital −$1.9B $5.2M
7th		 $205.0M
Current ratio 0.74 1.12
11th		 1.41
Quick ratio 0.59 0.94
11th		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.02 0.18
21st		 0.36
Defensive interval (days) 1,025 days 799 days
67th		 768 days

Leverage & solvency (latest quarter)

MeasureOKEIndustry medianIndustry percentileSector median
Total debt $33.0B $3.6B
93rd		 $1.3B
Debt / equity 1.44 1.85
44th		 0.61
Net debt / equity 1.43 1.65
44th		 0.45
Debt / assets 48.2% 50.2%
41st		 28.7%
Debt / capital 59.0% 65.0%
42nd		 37.9%
Debt / EBITDA 4.17 3.62
66th		 1.98
Net debt / EBITDA 4.15 3.43
69th		 1.43
Interest coverage (EBIT / interest) 3.6x 3.7x
41st		 4.1x
Cash interest coverage 3.5x 4.8x
22nd		 6.7x
Debt payback (years of OCF) 5.4 yrs 4.6 yrs
63rd		 2.3 yrs
Liabilities / assets 66.3% 66.6%
48th		 54.6%
IS credit model rating BB- — —
Implied credit spread (bps) 550 400
66th		 275

Efficiency

MeasureOKEIndustry medianIndustry percentileSector median
Asset turnover 0.59 0.36
66th		 0.49
Fixed asset turnover 0.81 0.52
78th		 0.94
Inventory turnover 32.2 35.5
45th		 11.7
Receivables turnover 13.0 11.4
63rd		 7.8
Days sales outstanding 28 days 31 days
41st		 46 days
Days inventory outstanding 11 days 10 days
55th		 31 days
Days payables outstanding 36 days 26 days
66th		 41 days
Cash conversion cycle (days) 4 days 0 days
59th		 18 days
Capex / revenue 8.3% 13.7%
32nd		 11.9%
Capex / depreciation 2.12 1.22
71st		 1.04
Operating expense ratio 0.9% 10.2%
4th		 16.5%

Cash flow & earnings quality

MeasureOKEIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.68 1.94
30th		 2.02
FCF / net income 0.79 0.90
41st		 0.96
FCF / operating cash flow 47.2% 43.6%
52nd		 48.4%
Capex / operating cash flow 52.8% 56.4%
48th		 51.6%
Accruals ratio -3.8% -5.8%
74th		 -7.7%
Sloan accruals ratio -1.0% -3.6%
69th		 -4.7%
Earnings quality score (0-1) 1.00 0.75
63rd		 0.75

Dividends & buybacks

MeasureOKEIndustry medianIndustry percentileSector median
Dividend yield 4.5% 5.1%
45th		 1.7%
Dividend per share (TTM) $4.24 $2.14
86th		 $0.66
Payout ratio (dividends / net income) 72.3% 73.7%
48th		 29.4%
Dividends / FCF 91.0% 61.9%
76th		 28.1%
Dividend growth (YoY) 7.5% 5.8%
56th		 0.5%
Buyback yield 0.1% 0.2%
45th		 0.2%
Shareholder yield (dividends + buybacks) 4.6% 6.2%
34th		 3.2%
Share count change (YoY) 0.6% 0.0%
76th		 0.2%
Buybacks, last 5 years $225.0M $45.9M
69th		 $38.8M

Scores & forensic checks

MeasureOKEIndustry medianIndustry percentileSector median
IS score 49 56
31st		 51
IS profitability 37 73
21st		 50
IS growth 72 65
72nd		 61
IS value 60 56
59th		 57
IS momentum 96 85
86th		 77
IS risk (safety) 30 50
24th		 50
IS quality 66 68
45th		 68
IS balance sheet 34 36
41st		 55
IS earnings quality 83 72
86th		 65
IS cash flow 49 51
41st		 50
Piotroski F-score (0-9) 7 7
41st		 6
Altman Z-score 1.6 1.9
45th		 2.0
Beneish M-score −2.03 −2.39
81st		 −2.62
Ohlson O-score −7.75 −7.11
43rd		 −7.87
IS credit score 39 49
31st		 58

Per share

MeasureOKEIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $5.79 $2.84
83rd		 $1.88
Book value per share $36.29 $13.29
90th		 $14.22
Tangible book per share $19.32 $9.53
62nd		 $12.86
Revenue per share $62.29 $15.78
83rd		 $19.06
FCF per share $4.60 $2.69
69th		 $2.05
Operating cash flow per share $9.74 $5.75
83rd		 $4.95
Cash per share $0.25 $0.68
28th		 $1.70

Size (TTM)

MeasureOKEIndustry medianIndustry percentileSector median
Market cap $58.8B $6.8B
79th		 $4.1B
Revenue $39.4B $1.9B
90th		 $2.0B
EBITDA $7.9B $1.1B
90th		 $606.3M
Net income $3.7B $387.3M
93rd		 $134.0M
Free cash flow $2.9B $380.0M
83rd		 $199.4M
Total assets $68.5B $8.7B
93rd		 $4.4B
Shareholders' equity $22.9B $2.0B
93rd		 $1.8B
Employees 6,326 1,710
92nd		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-23Spears Mary M
See Remarks
 Option exercise 2,316——29,668
2026-09-23Spears Mary M
See Remarks
 Tax withholding 1,016$90.09$91,53128,652
2026-09-23Spears Mary M
See Remarks
 Option exercise 2,316——8,815
2026-09-23Hulse Walter S Iii
See Remarks
 Option exercise 7,238——176,223
2026-09-23Hulse Walter S Iii
See Remarks
 Tax withholding 3,174$90.09$285,946173,049
2026-09-23Hulse Walter S Iii
See Remarks
 Option exercise 7,238——27,547
2026-09-23Swords Sheridan C
See Remarks
 Option exercise 4,343——240,716
2026-09-23Swords Sheridan C
See Remarks
 Tax withholding 1,905$90.09$171,621238,811
2026-09-23Swords Sheridan C
See Remarks
 Option exercise 4,343——16,528
2026-09-23Taylor Lyndon C
See Remarks
 Option exercise 6,369——12,182
2026-09-23Taylor Lyndon C
See Remarks
 Tax withholding 2,793$90.09$251,6219,389
2026-09-23Taylor Lyndon C
See Remarks
 Option exercise 6,369——24,242

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MaySep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1017,799$926,108
GiftDisposed11,000—
Option exerciseDisposed523,161—
Option exerciseAcquired523,161—
Tax withholdingDisposed510,158$915,134
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
2025-09-10James Akingbola1,104$79,946
2025-03-25King Debbie G2,500$256,725
2025-03-19Gregory D Lusardi3,750$372,938
2025-03-14King Tim T.2,500$240,094
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 14 trades (4 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-11Kevin HernHouseExchange$100,001 - $250,0002026-09-28
2026-09-11Kevin HernHouseExchange$500,001 - $1,000,0002026-09-28
2026-09-11Kevin HernHouseExchange$500,001 - $1,000,0002026-09-25
2026-09-11Kevin HernHouseExchange$100,001 - $250,0002026-09-25
2020-04-15David PerdueSenateSale (Full)$1,001 - $15,0002021-05-02
2020-04-15David PerdueSenateSale (Full)$1,001 - $15,0002021-05-01
2020-04-15David PerdueSenateSale (Full)$1,001 - $15,0002021-05-01
2020-04-15David PerdueSenateSale (Full)$1,001 - $15,0002020-05-08
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

ManagerSharesValue% of shares out
None on file.

Institutional ownership by quarter

2023-062026-0379.3%
% of shares held by 13F filers
2023-062026-031,691
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-03-311,69179.3%24472646493
2025-12-311,55876.0%219611502119
2025-09-301,48971.8%122596523175
2025-06-301,57073.2%132631524169
2025-03-311,62773.3%146716498123
2024-12-311,63167.2%25657251968
2024-09-301,46565.4%16353448884
2024-06-301,40563.9%12956143379
2024-03-311,37863.8%15948448375
2023-12-311,31263.8%172453483111
2023-09-301,26962.2%30263621157
2023-06-301,03949.0%8341134766

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-10-05SCHEDULE 13GBlackRock, Inc.9.6%60,766,830
2026-10-05SCHEDULE 13G/ABlackRock, Inc.0.0%0
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%47,489,926
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.07%$1.7B
VTSAX0.07%$1.7B
VTI0.07%$1.7B
VSMPX0.07%$1.7B
SCHD1.45%$1.6B
VFIAX0.08%$1.4B

Share structure

Shares outstanding630,409,203
Float628,541,595
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$17.3B$22.9B$17.7B$21.6B$33.6B
Cost of revenue$14.3B$19.8B$11.9B$16.6B$26.4B
Gross profit$3.0B$3.1B$5.7B$5.0B$7.2B
R&D$0$0$0$0$0
SG&A$0$0$0$0$0
Operating income$2.9B$3.0B$4.1B$5.0B$7.0B
EBITDA$3.3B$3.5B$5.1B$6.6B$7.8B
Pretax income$2.0B$2.2B$3.5B$4.1B$4.5B
Income tax$484.5M$527.4M$838.0M$998.0M$1.0B
Net income$1.5B$1.7B$2.7B$3.0B$3.4B
EPS, diluted$3.35$3.84$5.48$5.17$5.42
Diluted shares447.4M448.4M485.4M586.5M631.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$146.4M$220.0M$338.0M$733.0M$78.0M
Receivables$1.4B$1.5B$1.7B$2.3B$3.0B
Inventory$580.9M$580.7M$787.0M$748.0M$948.0M
Total current assets$2.4B$2.5B$3.1B$4.2B$4.5B
PP&E, net$19.3B$20.0B$32.7B$46.2B$47.9B
Goodwill & intangibles$763.3M$752.9M$6.3B$11.1B$11.0B
Total assets$23.6B$24.4B$44.3B$64.1B$66.6B
Accounts payable$1.3B$1.4B$1.6B$2.2B$2.8B
Total current liabilities$3.2B$3.1B$3.5B$4.7B$6.4B
Long-term debt$12.7B$12.7B$21.2B$31.0B$30.8B
Total liabilities$17.6B$17.9B$27.8B$41.9B$44.1B
Shareholders' equity$6.0B$6.5B$16.5B$22.1B$22.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.5B$1.7B$2.7B$3.1B$3.5B
Depreciation & amortization$621.7M$626.1M$769.0M$1.1B$1.5B
Stock-based compensation$54.0M$53.0M$0$0$0
Change in working capital−$141.8M$3.4M$358.0M−$43.0M−$380.0M
Operating cash flow$2.5B$2.9B$4.4B$4.9B$5.6B
Capital expenditure−$696.9M−$1.2B−$1.6B−$2.0B−$3.2B
Free cash flow$1.8B$1.7B$2.8B$2.9B$2.4B
Investing cash flow−$665.3M−$1.1B−$6.4B−$6.6B−$3.8B
Net debt issued / repaid−$604.9M−$26.4M$4.0B$5.1B$830.0M
Buybacks$0$0$0−$159.0M−$75.0M
Dividends paid−$1.7B−$1.7B−$1.8B−$2.3B−$2.6B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin17.5%14.9%20.3%26.6%21.5%
Operating margin16.5%13.3%23.5%23.0%20.7%
Net margin8.7%7.5%15.2%14.0%10.1%
FCF margin10.7%7.4%16.2%13.2%7.3%
ROE24.9%27.5%23.1%18.1%17.2%
ROIC11.0%11.7%8.2%7.8%9.7%
ROA6.4%7.2%7.7%5.6%5.2%
Debt / equity2.282.111.321.901.46
Interest coverage3.9x4.5x5.1x4.0x3.5x
Current ratio0.750.840.900.900.71
Revenue growth+101.7%+32.8%−23.8%+24.2%+55.0%
EPS growth+143.5%+14.5%+18.5%+13.9%+3.9%
P/E at year end14.1x14.6x14.0x18.4x13.7x
EV / EBITDA at year end10.5x11.0x11.5x13.2x10.2x
FCF yield at year end8.75%6.76%7.60%5.13%5.27%
Dividend payout111.3%97.1%69.2%76.2%76.1%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Liquids Commodity————$25.6B
Natural Gas Liquids$14.4B$19.1B$14.4B$15.2B$16.0B
Refined Products and Crude Oil——$1.1B$4.5B$13.0B
Natural Gas Gathering And Processing$4.5B$6.5B$4.1B$4.6B$7.7B
Residue Natural Gas Sales————$3.3B
Transportation and Storage————$3.1B
Exchange Services and Natural Gas Gathering and Processing————$1.5B
Natural Gas Pipelines$606.9M$578.5M$623.0M$822.0M—
Other————$144.0M

Street estimates by fiscal year

Next report 2026-10-27 · consensus EPS $1.49 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$42.8B$37.8B – $48.5B$5.75$5.48 – $5.941116.2x
2027$41.9B$36.1B – $48.9B$6.16$5.76 – $6.911215.1x
2028$42.9B$32.5B – $54.2B$6.89$6.22 – $8.191013.5x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-03$1.46$1.53+4.8%$8.9B$12.0B+34.6%
2026-04-28$1.30$1.23−5.4%$8.2B$9.6B+16.8%
2026-02-23$1.50$1.55+3.3%$8.7B$9.1B+3.6%
2025-10-28$1.44$1.49+3.5%$8.8B$8.6B−1.7%
2025-08-04$1.33$1.34+0.8%$7.7B$7.9B+2.6%
2025-04-29$1.24$1.04−16.1%$6.6B$8.0B+22.4%
2025-02-24$1.46$1.57+7.5%$6.2B$7.0B+13.2%
2024-10-29$1.23$1.18−4.1%$5.6B$5.0B−10.0%
2024-08-05$1.21$1.33+9.9%$5.6B$4.9B−12.7%
2024-04-30$1.16$1.09−6.0%$5.6B$4.8B−15.4%
2024-02-26$1.20$1.18−1.7%$6.0B$5.2B−14.2%
2023-10-31$1.05$0.99−5.7%$5.8B$4.2B−27.2%
2023-08-07$1.02$1.04+2.0%$4.3B$3.7B−13.1%
2023-05-02$2.07$2.34+13.0%$5.5B$4.5B−18.4%
2023-02-27$1.02$1.08+5.9%$5.9B$5.0B−14.7%
2022-11-01$0.96$1.03+7.3%$6.2B$5.9B−4.7%
2022-08-08$0.87$0.92+5.7%$5.1B$6.0B+18.5%
2022-05-03$0.89$0.87−2.2%$5.0B$5.4B+9.0%
2022-02-28$0.89$0.85−4.5%$4.3B$5.4B+25.0%
2021-11-02$0.82$0.88+7.3%$3.5B$4.5B+28.9%
2021-08-03$0.75$0.77+2.7%$3.4B$3.4B+0.0%
2021-04-27$0.77$0.86+11.7%$2.7B$3.2B+18.9%
2021-02-22$0.73$0.69−5.5%$2.7B$2.6B−5.2%
2020-10-27$0.61$0.70+14.8%$1.9B$2.2B+14.8%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.406-220.306-290.407-060.507-130.407-200.407-270.608-030.408-100.408-170.408-240.408-31
Week ofNotionalSharesTrades
2026-08-31$427.1M4,460,85589,063
2026-08-24$375.2M3,999,18373,943
2026-08-17$448.6M4,683,19797,463
2026-08-10$382.5M4,163,76991,565
2026-08-03$583.7M6,712,182126,703
2026-07-27$370.3M4,130,89792,071

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1575.5%
DateShort shareShort volumeTotal volume
2026-10-1575.5%1,021,3901,353,631
2026-10-1457.9%743,1411,283,509
2026-10-1368.7%684,412996,142
2026-10-1262.0%523,990845,183
2026-10-0949.3%333,623676,583
2026-10-0868.1%973,3461,430,272
2026-10-0766.0%711,9041,079,428
2026-10-0664.0%606,736947,337
2026-10-0558.4%648,9851,112,213
2026-10-0261.0%885,0411,451,543
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.5Jan-0.1Feb+1.1Mar+6.6Apr+2.3May-0.1Jun+2.7Jul+0.0Aug-0.8Sep+3.4Oct+3.4Nov+0.5Dec
MonthAvg returnUp yearsYears
Jan+2.5%65%20
Feb−0.1%55%20
Mar+1.1%76%21
Apr+6.6%80%20
May+2.3%65%20
Jun−0.1%60%20
Jul+2.7%60%20
Aug+0.0%45%20
Sep−0.8%50%20
Oct+3.4%60%20
Nov+3.4%60%20
Dec+0.5%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1456.4
MFI60.5
ADX14.6
Stochastic %K / %D78.8 / 83.5
Williams %R-7.7
CCI113
TSI / signal-1.5 / -9.4
Chaikin money flow-0.10
ATR$2.41
Bollinger width9.4%
Volume vs 20-day avg0.65x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$89.77 (+3.9%)
SMA 50$92.50 (+0.9%)
SMA 200$87.44 (+6.7%)
EMA 21$90.96 (+2.6%)
EMA 50$91.31 (+2.2%)
EMA 200$87.70 (+6.4%)
Bollinger upper$94.00 (−0.7%)
Bollinger lower$85.53 (+9.1%)
Parabolic SAR$88.93 (+4.9%)
Open the live chart, 110+ indicators

About ONEOK, Inc.

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.

https://www.oneok.com

Key executives

NameTitlePayBorn
Pierce H. NortonPresident, Chief Executive Officer & Director$3.2M1960
Walter S. HulseChief Financial Officer, Treasurer and Executive Vice President of Investor Relations & Corporate Development$2.3M1964
Lyndon C. TaylorExecutive Vice President, Chief Legal Officer & Assistant Secretary$2.2M1959
Kevin L. BurdickExecutive Vice President & Chief Enterprise Services Officer$1.9M1965
Randy N. LentzExecutive Vice President & Chief Operating Officer$1.6M1965
Sheridan C. SwordsExecutive Vice President & Chief Commercial Officer$1.5M1969
Christy D. WilliamsonSenior Vice President of Commercial, Natural Gas Gathering & Processing——
Mary SpearsExecutive VP, Chief Enterprise Services Officer and Principal Accounting Officer—1980

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Pierce H. Norton II President and Chief Executive Officer2025$1.0M$8.8M$1.6M$12.0M
Walter S. Hulse, III Chief Financial Officer, Treasurer and Executive Vice President, Corporate Development and Investor Relations2025$750,000$6.0M$1.2M$8.3M
Lyndon C. Taylor Executive Vice President, Chief Legal Officer and Assistant Secretary2025$700,000$4.7M$972,000$6.9M
Randy N Lentz Executive Vice President and Chief Operating Officer2025$625,000$4.5M$759,400$6.1M
Sheridan C. Swords Executive Vice President and Chief Commercial Officer2025$625,000$3.4M$723,300$5.9M

Employees

3k20183k20193k20203k20213k20225k20235k20246k2025

Dividends

Ex-dateAmountPaid
2026-11-02$1.072026-11-16
2026-08-03$1.072026-08-14
2026-05-04$1.072026-05-15
2026-02-02$1.072026-02-13
2025-11-03$1.032025-11-14
2025-08-01$1.032025-08-14
2025-05-05$1.032025-05-15
2025-02-03$1.032025-02-14

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage55
Intangibles19
Switching costs59
Network effect42
Efficient scale61
Our component scores (0-100) and overall 46.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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