ONEOK (OKE) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

ONEOK

NYSE•Energy•Oil & Gas Midstream

$93.22+0.52(0.01%)After hours

Market Cap

$58.81B

P/E

16.1x

P/S

1.5x

P/B

2.6x

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.

How this company scores

GoodMetricSide Score: 70/100

Strongest: Growth (22/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability17/25

Growth22/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality19/25

Strengths

Growing revenueStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 16.1x5y range 13.7x – 29.4x

Currently near its 20-quarter median.

P/S · 1.5x5y range 1.4x – 3.1x

Currently below its 20-quarter median.

P/B · 2.6x5y range 2.1x – 7.2x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Watch

Operating margins declined 19.4% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $58.81B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $39.37B
Q. Revenue: $12.05B
TTM EBITDA: $7.64B
TTM Op. Income: $6.11B
Q. Op. Income: $1.59B
TTM Net Income: $3.66B
Q. Net Income: $966.00M
EPS: $1.53
Shares Out.: $630.90M

$39.37B in TTM revenue grew 40.8% YoY, reaching $12.05B last quarter. TTM EBITDA of $7.64B and TTM operating income of $6.11B show growth is flowing through to the bottom line. TTM net income of $3.66B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 23.3%
EBITDA Margin: 16.4%
Op. Margin: 13.2%
Net Margin: 8.0%

Op. margin of 13.2% is down 4.9% YoY — costs are rising relative to revenue. Net margin at 8.0% and gross margin of 23.3% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 4 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 16.1x
P/S Ratio: 1.5x
P/B Ratio: 2.6x

At 16.1x P/E, the stock trades within typical market levels. P/S of 1.5x and P/B of 2.6x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 3% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $68.55B
Cash: $161.00M
Long-Term Debt: $30.77B
Book Value: $22.94B
D/E Ratio: 1.3
Debt/EBITDA: 15.5

With $68.55B in assets and $30.77B in long-term debt, D/E is 1.3and book value is $22.94B — moderate leverage. Over the past year, debt/equity is down 1% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $2.05B
TTM Free Cash Flow: $2.91B
FCF Margin: 7.4%
FCF / Net Income: 0.8

TTM FCF of $2.91B on $2.05B in operating cash flow. The FCF / Net Income ratio of 0.8x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 1% — an improving trend.