Energy Transfer LP (ET) vs ONEOK, Inc. (OKE)

Energy Transfer LP and ONEOK, Inc. are both Oil & Gas Midstream companies. Energy Transfer LP is the larger, with a market value of $66.1B against $54.4B — 1.2× the size. Energy Transfer LP trades at the lower P/E: 12.6× against 13.3×. Energy Transfer LP grew revenue faster over the last twelve months: 56.1% against 36.8%. ONEOK, Inc. has the higher net margin (9.42% vs 4.20%) and the higher return on invested capital (6.30% vs 6.07%). Both pay a dividend; Energy Transfer LP yields more (8.78% vs 4.94%). Across the 23 metrics below, Energy Transfer LP leads on 12 and ONEOK, Inc. on 11.

Valuation

Metric ET OKE Oil & Gas Midstream median
P/E 12.64 13.32 11.68
P/S 0.53 1.27 2.39
P/B 1.40 1.68 1.68
Price to free cash flow 9.91 21.62 8.52
EV/EBITDA 7.95 10.81 9.03
EV/Sales 1.08 1.92 3.43
Earnings yield 7.91% 7.51% 7.78%
Free cash flow yield 10.09% 4.62% 7.11%

Profitability

Metric ET OKE Oil & Gas Midstream median
Gross margin 21.28% 25.20% 54.87%
Operating margin 9.17% 14.17% 34.73%
Net margin 4.20% 9.42% 20.12%
Free cash flow margin 10.90% 5.85% 14.43%
Return on equity 11.73% 14.89% 11.73%
Return on assets 3.75% 5.77% 4.43%
Return on invested capital 6.07% 6.30% 6.10%

Growth

Metric ET OKE Oil & Gas Midstream median
Revenue growth (TTM) 56.13% 36.82% 14.88%
EPS growth (last fiscal year) (5.47%) 4.84% (7.78%)
Revenue growth, 5-year CAGR 17.04% 31.53% 10.05%
Net income growth, 5-year CAGR 0.00% 40.87% 0.00%

Health

Metric ET OKE Oil & Gas Midstream median
Debt to equity 1.39 0.88 0.77
Current ratio 1.16 0.84 1.19
Net debt to EBITDA 4.56 4.40 3.46

Dividend

Metric ET OKE Oil & Gas Midstream median
Dividend yield 8.78% 4.94% 4.94%
Payout ratio 1.11 0.66 0.73

Size

Metric ET OKE Oil & Gas Midstream median
Market cap 66.08b 54.38b 3.56b

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