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ONEOK, Inc.

OKE Energy Oil & Gas Midstream

ONEOK, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $33.6 billion, up 55.0% from fiscal 2024. In the quarter to June 2026, revenue grew 52.8%, EPS grew 14.2%, free cash flow grew 85.6% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years, operating cash flow growth for five; insiders bought in the last twelve months.

93.39 2.74 +3.02%
Market cap
$57.2B
P/E
16.1×
Fwd P/E
15.5×
Dividend yield
4.54%
F-score
5/9
Altman Z
1.43
Beneish M
−2.14
Dividend safety
34/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total buys 0.17
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy 1 — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.24%

Capital & Financial Ratios $m

Market Cap 57,150.00
Revenue 39,366.00
Net Income 3,661.00
Free Cash Flow 2,906.00
Net Debt 31,362.00
Current Ratio 0.74 (below 1: weak)
Debt/Equity 1.37
P/E ratio 16.10
Fwd P/E 15.50
P/S ratio 1.50
P/B ratio 2.56
Past 5Y EPS Growth 30.72% (at or above 15%: strong)
This Y EPS Growth 6.07%
Next Y EPS Growth 7.21%
Next Y revenue growth 23.89% (at or above 10%: strong)
Next 5Y EPS Growth 8.33%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.3×, against a ten-year median of 2.6×; over the ten years it ranged from 1.6× in 2022 to 4.7× in 2024.
P/E against its own 10 years 24.18%
10-year low 10-year high
P/S against its own 10 years 38.41%
10-year low 10-year high
P/B against its own 10 years 30.19%
10-year low 10-year high
EV/Sales against its own 10 years 28.71%
10-year low 10-year high
EV/FCF against its own 10 years 58.07%
10-year low 10-year high

Dividends

Payout Ratio 0.73
Annual Dividend Rate 4.24
Annual Dividend Yield 4.54%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 4.31
1.07
1.07
1.07
2025 4.12
1.03
1.03
1.03
1.03
2024 3.96
0.99
0.99
0.99
0.99
2023 3.82
0.96
0.96
0.96
0.96
2022 3.74
0.94
0.94
0.94
0.94
2021 3.74
0.94
0.94
0.94
0.94
2020 3.74
0.94
0.94
0.94
0.94
2019 3.53
0.86
0.87
0.89
0.92
2018 3.25
0.77
0.80
0.83
0.86
2017 2.72
0.62
0.62
0.75
0.75
2016 2.46
0.62
0.62
0.62
0.62
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 338 733 78 161
Receivables 1,705 2,326 3,010 3,550
Inventory 639 748 948 1,056
Other 426 431 452 543
3,108 4,238 4,488 5,310
2023 2024 2025 Q'26
Payables 1,564 2,187 2,838 3,533
ST’ Debt 484 1,059 1,241 750
Other 808 962 967 963
3,452 4,719 6,365 7,204

Compound Annual Growth %

10y 5y 3y
Sales 15.79% 31.53% 14.53%
Cash Flow 18.53% 24.14% 24.43%
Earnings 30.06% 40.87% 25.39%
Book Value 19.61% 30.15% 51.47%

Revenue $m

Mar Jun Sep Dec Year
’26 9,618 12,049 — — —
’25 8,043 7,887 8,634 9,065 33,629
’24 4,781 4,894 5,023 7,000 21,698
’23 4,521 3,732 4,189 5,235 17,677
’22 5,445 5,996 5,914 5,032 22,387
’21 3,195 3,389 4,536 5,420 16,540
’20 2,137 1,661 2,174 2,571 8,542
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 934 2,053 — — —
’25 904 1,525 1,624 1,546 5,599
’24 596 1,430 1,251 1,611 4,888
’23 1,221 772 920 1,508 4,421
’22 463 787 616 1,040 2,906
’21 533 545 413 1,055 2,546
’20 423 314 367 796 1,899
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 70 1,440 — — —
’25 275 776 820 576 2,447
’24 84 951 783 1,049 2,867
’23 932 467 522 905 2,826
’22 206 485 289 724 1,704
’21 357 397 247 848 1,849
’20 (527) (281) (13) 525 (296)
Fiscal quarters ending in the months shown.

EPS $

Mar Jun Sep Dec Year
’26 1.23 1.53 — — —
’25 1.04 1.34 1.49 1.55 5.42
’24 1.09 1.33 1.18 1.57 5.17
’23 2.34 1.04 0.99 1.18 5.48
’22 0.87 0.92 0.96 1.08 3.84
’21 0.86 0.77 0.88 0.85 3.35
’20 (0.34) 0.32 0.70 0.69 1.42
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 18.88 47.14 50.26 52.72 12.16 37.39 50.50 55.91 67.05 64.02

Analyst estimates 2026–2028

Powerpack
High 59.47 59.30 71.99 77.21 78.48 66.78 75.07 71.57 118.07 111.02
People
People Employees 2,384 2,470 2,684 2,882 2,886 2,847 2,966 4,775 5,177 6,326
Revenue/emp, $m 3.74 4.93 4.69 3.53 2.96 5.81 7.55 3.70 4.19 5.32
Income, $m
Income, $m Revenue 8,921 12,174 12,593 10,164 8,542 16,540 22,387 17,677 21,698 33,629
Gross margin, % 27.18 21.65 25.18 33.22 40.18 25.89 20.00 32.52 38.65 30.50
EBT 958 1,041 1,518 1,651 802 1,984 2,250 3,497 4,110 4,490
EBT margin, % 10.74 8.55 12.05 16.24 9.39 12.00 10.05 19.78 18.94 13.35
Net income 743 594 1,155 1,279 613 1,500 1,722 2,659 3,112 3,462
Depreciation 392 406 429 477 579 622 626 769 1,134 1,514
Per share, $
Per share, $ Revenue 42.25 40.92 30.60 24.58 19.81 37.05 50.03 36.50 37.12 53.82
Earnings 1.67 1.30 2.80 3.09 1.42 3.36 3.85 5.49 5.19 5.43
Cash flow 6.41 4.42 5.31 4.71 4.41 5.70 6.49 9.13 8.36 8.96
Capex (2.84) (1.72) (5.20) (9.31) (5.09) (1.56) (2.69) (3.29) (3.46) (5.04)
Free cash flow 3.57 2.70 0.11 (4.60) (0.69) 4.14 3.81 5.84 4.90 3.92
Book value 16.24 19.11 15.99 15.05 14.02 13.47 14.51 34.04 37.86 36.12
Shares, m 211 297 411 414 431 446 448 484 585 625
Valuation, ×
Valuation, × P/E 34.97 40.78 19.27 24.49 28.01 17.44 16.65 12.80 19.38 13.56
P/S 1.39 1.34 1.76 3.08 1.94 1.59 1.28 1.95 2.71 1.37
P/B 3.62 2.86 3.37 5.03 2.74 4.36 4.41 2.09 2.65 2.03
EV/Sales 2.30 2.03 2.51 4.31 3.54 2.40 1.88 3.15 4.15 2.31
EV/FCF 27.17 30.81 697.74 (23.01) (102.11) 21.49 24.66 19.72 31.40 31.81
Cash, $m
Cash, $m Operating cash flow 1,353 1,315 2,187 1,947 1,899 2,546 2,906 4,421 4,888 5,599
Capex (599) (512) (2,141) (3,848) (2,195) (697) (1,202) (1,595) (2,021) (3,152)
Free cash flow 754 803 45 (1,902) (296) 1,849 1,704 2,826 2,867 2,447
Balance, $m
Balance, $m Working capital (1,407) (903) (710) (550) 525 (810) (503) (344) (481) (1,877)
Total debt 8,331 8,524 9,381 12,487 14,236 13,643 13,621 21,667 32,077 31,996
Net debt 8,082 8,487 9,369 12,466 13,712 13,497 13,401 21,329 31,344 31,918
Shareholders’ equity 3,429 5,685 6,580 6,226 6,042 6,015 6,494 16,484 22,133 22,569
Returns, %
Returns, % ROA 2.23 2.35 6.56 6.38 2.73 6.42 7.17 7.74 5.60 5.19
ROIC 7.04 6.14 7.19 6.40 4.31 8.32 8.82 6.73 5.83 6.59
ROE 9.79 8.49 18.76 19.95 9.97 24.86 27.52 23.14 15.71 15.18
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

ONEOK, Inc. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMB Williams Companies, Inc. (The) $84.7B 28.3× 30.7× +9.78% (above 0%: growing) +51.11% (above 0%: growing) −195.82% (below 0%: shrinking) 83.33% 38.72% Compare
EPD Enterprise Products Partners L.P. $76.8B 12.8× 13.0× +60.78% (above 0%: growing) +27.27% (above 0%: growing) +162.10% (above 0%: growing) 12.06% 12.31% Compare
KMI Kinder Morgan, Inc. $73.1B 21.9× 21.4× +10.76% (above 0%: growing) +21.88% (above 0%: growing) −52.59% (below 0%: shrinking) 68.62% 30.06% Compare
ET Energy Transfer LP $68.5B 13.8× 13.1× +78.43% (above 0%: growing) +84.37% (above 0%: growing) +146.15% (above 0%: growing) 21.55% 10.41% Compare
TRP TC Energy Corporation $62.2B 25.6× 24.9× +5.59% (above 0%: growing) +18.28% (above 0%: growing) +24.24% (above 0%: growing) 70.23% 54.92% Compare
TRGP Targa Resources, Inc. $60.6B 28.0× 24.7× +4.23% (above 0%: growing) +22.92% (above 0%: growing) +1,002.09% (above 0%: growing) 48.15% 27.80% Compare
MPLX MPLX LP $57.9B 12.5× 13.1× +10.29% (above 0%: growing) +2.91% (above 0%: growing) −38.89% (below 0%: shrinking) 56.91% 41.61% Compare
LNG Cheniere Energy, Inc. $57.7B 21.4× — (loss-making) +23.51% (above 0%: growing) +100.55% (above 0%: growing) +452.21% (above 0%: growing) 83.04% 74.84% Compare
OKE ONEOK, Inc. $57.2B 16.1× 15.5× +52.77% (above 0%: growing) +14.18% (above 0%: growing) +85.57% (above 0%: growing) 23.30% 13.22%
Median of peers $65.3B 21.7× 21.4× +10.53% +25.10% +85.20% 62.77% 34.39%

All 58 Oil & Gas Midstream stocks →

OKE metrics, ten years each

ONEOK, Inc. (OKE) key facts

  • Strength: ONEOK, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $33.6 billion, up 55.0% from fiscal 2024.
  • ONEOK, Inc. (OKE) is an Oil & Gas Midstream company in the Energy sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, OKE traded at $93.39, a market capitalization of $57.2 billion.
  • ONEOK, Inc. pays an annual dividend of $4.24 per share, a yield of 4.54%, with a payout ratio of 73.1%.
  • Return on equity was 15.2% and debt-to-equity 1.37.
  • Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.43 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

ONEOK, Inc. (OKE) Latest News

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stockrow.com/OKE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com