Is Oneok Inc (OKE) undervalued or overvalued?

Our model estimates a fair value of about $266 against a price of $93.31 (Data under review, +0% to fair value). It blends a 10-year DCF, sector multiples and earnings-power value and is a model estimate, not advice.

What is the X-Ray Score for OKE?

Oneok Inc has an X-Ray Score of 51 out of 100, built from valuation, growth, profitability, financial health and dividend lenses ranked against Energy peers.

Where does the data for OKE come from?

Financial statements come from SEC EDGAR filings, prices from exchange price feeds, and industry betas and equity risk premium from Damodaran Online (NYU Stern).

Oneok Inc (OKE)

Energy · Oil & Gas Storage & Transportation · US stock · S&P 500 component

$93.31 ▲ +2.66 (2.93%)

At close 16 Oct 2026 · USD · Volume 2,929,300

Compare with KMI Historical data Research report SEC filings

Fair valueData under review

$266

$133fair band $186–$345$398

Day's range

$91.39 – $93.56

52-week range

$61.67 – $99.85

Red flags⚠ Heavy dilution

About Oneok Inc

ONEOK is a midstream energy company that gathers, processes, transports and stores natural gas and natural gas liquids. Its pipelines and processing plants link oil and gas producing regions with refineries, petrochemical plants, utilities and export facilities. Following acquisitions it has also taken on refined products and crude oil logistics. Its customers are mainly energy producers, processors and industrial and utility users that pay to move and process their output.

Most of the money comes from fees for gathering, processing, transport and storage, along with some earnings tied to commodity prices. Revenue was $39.4 billion over the last twelve months, and sales have grown at 14.5% a year across the last three years. The operating margin is 15.5%, and net debt is 4.3 times EBITDA. A dividend is paid, with a yield of 4.5%. On the site's X-Ray Score it receives 51 out of 100.

Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.

Price chart

Historical data & CSV

52-wk range $61.67 – $99.85Volume 2,929,300Daily, split-adjusted

Vitals

Market cap$59.0B

52-week range$61.67 – $99.85

Volume (last day)2,929,300

P/E (TTM)16.1

EBIT / EV yield6.6%

Free-cash-flow yield4.9%

Dividend yield4.5%

Revenue (TTM)$39.4B

Net income (TTM)$3.7B

Operating margin15.5%

Return on capital8.4%

Debt incl. leases$33.0B

Cash & securities$161M

Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.

Fair value estimate

$266model spread $160 – $234

Data under review +0.0% to fair value

Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.

Multiples use through-the-cycle earnings (1.16x of the last twelve months)

Price $93

Undervalued < $186Fair $186 – $345Overvalued > $345

10-year DCF (market-scaled)

$476

Peer multiples

$102

Earnings power floor (not blended)

$74

Fundamentals-adjusted multiple

$219

Growth the price implies

2.7%/yr

A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.

What this means

Read the lenses below

The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.

Before you invest · decision checklist

I understand how this company makes money Business quality is average or better 25 The price is not above fair value $266 fair value Debt looks manageable 4.3× EBITDA Revenue has been growing 14.5% a year Profits are backed by cash There are no red flags 1 raised I know what share of my savings this would be

Ticked boxes are filled in from our data; the rest are yours to answer.

The five-lens scan

Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.

Valuation Fair

59/100

Priced about in line with its sector.

See the numbers →

EBIT / EV yield6.6%

Free-cash-flow yield4.9%

Fair value vs price2.8×

Growth Strong

91/100

Growing faster than most of its sector.

See the numbers →

Revenue growth (3y)14.5%

EPS growth (3y)12.2%

Growth consistency100%

Profitability Weak

30/100

Earns lower returns on its capital than most peers.

See the numbers →

Return on invested capital8.4%

Operating margin15.5%

Gross profitability15.6%

Financial health Weak

20/100

Balance sheet is more stretched than most peers.

See the numbers →

Piotroski F-Score5 / 9

Net debt / EBITDA4.3×

Interest cover3.4×

Dividends Fair

68/100

Dividend is typical for its sector.

See the numbers →

Dividend yield4.5%

Dividends vs free cash flow92%

Dividend growth15.6%

Quarterly results: last 6 quarters

+68.2%

Mar '25

+61.2%

Jun '25

+71.9%

Sep '25

+29.5%

Dec '25

+19.6%

Mar '26

+52.8%

Jun '26

Revenue against the same quarter a year earlier. Latest quarter revenue $12.0B, diluted EPS $1.53.

Compare with peers

KMI Kinder Morgan, Inc.44 TRGP Targa Resources Corp.42 WMB Williams Companies, In...39

Other Oil & Gas Storage & Transportation companies by X-Ray Score.

Fundamentals checklist

● 5 Good · ● 4 Average · ● 7 Bad

Cash quality

Earnings backed by cashBad

Free-cash-flow yieldAverage

Risk models

Altman Z''Bad

Piotroski F-ScoreAverage

Growth

EPS growth (3y)Good

Free-cash-flow growth (3y)Good

Revenue growth (3y)Good

Growth consistencyGood

Balance sheet

Current ratioBad

Net debt / EBITDABad

Interest coverBad

Valuation

Fair value vs priceGood

EBIT / EV yieldAverage

Profitability

Return on invested capitalBad

Operating marginAverage

Gross profitabilityBad

Each check is graded against the company's sector, not a fixed number. Checklist score 44/100.

Financials

	FY21	FY22	FY23	FY24	FY25
Revenue	$16.5B	$22.4B	$17.7B	$21.7B	$33.6B
Operating income	$2.6B	$2.8B	$4.1B	$5.0B	$5.7B
Net income	$1.5B	$1.7B	$2.7B	$3.0B	$3.4B
Operating cash flow	$2.5B	$2.9B	$4.4B	$4.9B	$5.6B
Operating margin	15.7%	12.5%	23.0%	23.0%	17.1%
Free cash flow	$1.8B	$1.7B	$2.8B	$2.9B	$2.4B
Diluted EPS	$3.35	$3.84	$5.48	$5.17	$5.42

Fiscal years, from SEC filings.

Technical summary

Daily

Bullish

11 bullish · 1 neutral · 4 bearish

Weekly

Strongly bullish

11 bullish · 1 neutral · 0 bearish

Monthly

Strongly bullish

7 bullish · 1 neutral · 0 bearish

Moving averages (daily)

SMA 10	90.73	Bullish
EMA 10	91.13	Bullish
SMA 20	89.77	Bullish
EMA 20	90.94	Bullish
SMA 50	92.50	Bullish
EMA 50	91.22	Bullish
SMA 100	90.25	Bullish
EMA 100	90.01	Bullish
SMA 200	86.39	Bullish
EMA 200	86.78	Bullish

Oscillators (daily)

RSI (14)	56.36	Neutral
MACD (12, 26)	-0.08	Bearish
Momentum (12)	9.43	Bullish
Stochastic %K (14)	92.25	Bearish
Williams %R (14)	-7.75	Bearish
CCI (20)	107.9	Bearish

Pivot points (classic, last session)

89.78

90.58

91.95

Pivot

92.75

94.12

94.92

96.29

Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.

Dividends

Paid, last 12 months

4.24 USD

Yield on today's price

4.54%

Frequency

Quarterly

Next ex-dividend date

2 Nov 2026

Ex-dividend date	Amount per share
2 Nov 2026 (upcoming)	1.0700
3 Aug 2026	1.0700
4 May 2026	1.0700
2 Feb 2026	1.0700
3 Nov 2025	1.0300
1 Aug 2025	1.0300
5 May 2025	1.0300
3 Feb 2025	1.0300
1 Nov 2024	0.9900
1 Aug 2024	0.9900
30 Apr 2024	0.9900
29 Jan 2024	0.9900