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

$91.94-0.58(-0.01%)After hours

Market Cap

$61.26B

P/E

15.1x

P/S

1.4x

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: 69/100

Strongest: Growth (22/25); weakest: Balance Sheet & Red Flags (14/25).

Profitability17/25

Growth22/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality16/25

Strengths

Growing revenueHigh ROERising earningsConsistent free cash flow

Valuation vs. 5-year range

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

P/E · 15.1x5y range 11.3x – 21.3x

Currently near its 20-quarter median.

P/S · 1.4x5y range 1.0x – 2.7x

Currently near its 20-quarter median.

P/B · 2.6x5y range 1.8x – 5.3x

Currently near its 20-quarter median.

Watch items

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

High Risk

Margin Pressure

Red Flag

Operating margins dropped 22.0% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Share Dilution

Red Flag

Shares outstanding increased 7.9% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $61.26B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $43.19B
Q. Revenue: $12.46B
TTM EBITDA: $7.67B
TTM Op. Income: $6.12B
Q. Op. Income: $1.57B
TTM Net Income: $4.07B
Q. Net Income: $1.35B
EPS: $2.14
Shares Out.: $631.10M

$43.19B in TTM revenue grew 36.8% YoY, reaching $12.46B last quarter. TTM EBITDA of $7.67B and TTM operating income of $6.12B show growth is flowing through to the bottom line. TTM net income of $4.07B 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: 22.8%
EBITDA Margin: 15.8%
Op. Margin: 12.6%
Net Margin: 10.8%

Op. margin of 12.6% is down 5.5% YoY — costs are rising relative to revenue. Net margin at 10.8% and gross margin of 22.8% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 5 consecutive quarters — a weakening trend.

Price Ratios

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

P/E Ratio: 15.1x
P/S Ratio: 1.4x
P/B Ratio: 2.6x

At 15.1x P/E, the stock trades within typical market levels. P/S of 1.4x and P/B of 2.6x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 2 consecutive quarters — an improving trend.

Assets & Liabilities

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

Total Assets: $74.29B
Cash: $186.00M
Long-Term Debt: $26.93B
Book Value: $23.32B
D/E Ratio: 1.2
Debt/EBITDA: 13.7

With $74.29B in assets and $26.93B in long-term debt, D/E is 1.2and book value is $23.32B — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $1.38B
TTM Free Cash Flow: $2.53B
FCF Margin: 5.9%
FCF / Net Income: 0.6

TTM FCF of $2.53B on $1.38B in operating cash flow. The FCF / Net Income ratio of 0.6x means cash covers only part of net income — earnings quality needs attention. Over the past year, free cash flow is down 13% — a weakening trend.