Energy · Oil & Gas Storage & Transportation · US stock · price as of 16 Oct 2026
Key indicators
Price
$93.31
52-week range
$61.67 – $99.85
Market cap
$59.0B
P/E (trailing)
16.1×
EV / EBITDA
12.0×
Free-cash-flow yield
4.9%
Dividend yield
4.5%
Revenue (last 12 months)
$39.4B
Revenue growth (3y a year)
14.5%
Operating margin
15.5%
Return on invested capital
8.4%
Net debt / EBITDA
4.3×
Fair value
Blended fair value$265.57 range $160 – $234
Versus priceData under review+0% to fair value
Peer multiples
$101.95
Fundamentals-adjusted multiple
$218.71
10-year DCF (market-scaled)
$476.05
Earnings power value (floor, not blended)
$74.06
Model uncertainty
Medium
X-Ray Score
51/ 100 · High confidence · ahead of 60% of sector peers
Valuation59
Growth91
Profitability29
Financial health20
Dividends68
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Oneok Inc an X-Ray Score of 51 out of 100 (high confidence), ahead of 60% of the S&P 500 stocks in its sector. Its strongest lens is growth (91) and its weakest is financial health (20).
Our fair value blend is $265.57 (range $160.33 to $233.75). At $93.31 the stock trades 65% below that blend, so the label is "Data under review" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Oneok Inc (OKE)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$45.49
$54.07
$61.21
$91.88
$70.80
$93.31
Market cap
$20.4B
$24.2B
$29.7B
$53.9B
$44.3B
$59.0B
P/E
13.6×
14.1×
11.2×
17.8×
13.1×
16.1×
EV / revenue
2.0×
1.7×
2.9×
4.2×
2.3×
2.3×
EV / EBITDA
10.5×
11.0×
10.5×
14.8×
10.7×
12.0×
Price / free cash flow
11.0×
14.2×
10.5×
18.8×
18.1×
20.3×
Free-cash-flow yield
9.1%
7.0%
9.5%
5.3%
5.5%
4.9%
Price / book
3.4×
3.7×
1.8×
3.2×
2.0×
2.6×
Dividend yield
8.22%
6.92%
6.24%
4.31%
5.82%
4.54%
Fundamentals checklist ● 5 Good · ● 4 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.6%Bad
Free-cash-flow yield4.9%Average
Risk models
Altman Z score1.1×Bad
Piotroski F-Score5 of 9Average
Growth
EPS growth (3y)12.2%Good
Free-cash-flow growth (3y)12.8%Good
Revenue growth (3y)14.5%Good
Growth consistency100%Good
Balance sheet
Current ratio0.7×Bad
Net debt / EBITDA4.3×Bad
Interest cover3.4×Bad
Valuation
Fair value vs price2.8×Good
EBIT / EV yield6.6%Average
Profitability
Return on invested capital8.4%Bad
Operating margin15.5%Average
Gross profitability15.6%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Oneok Inc (OKE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
16,540
22,387
17,677
21,698
33,629
39,366
Gross profit
4,283
4,477
5,748
8,387
10,256
10,713
Operating income
2,596
2,807
4,072
4,989
5,741
6,111
Net income
1,500
1,722
2,659
3,035
3,393
3,656
Diluted EPS ($)
3.35
3.84
5.48
5.17
5.42
5.80
Free cash flow
1,849
1,704
2,826
2,867
2,447
2,906
Gross margin
25.9%
20.0%
32.5%
38.7%
30.5%
27.2%
Operating margin
15.7%
12.5%
23.0%
23.0%
17.1%
15.5%
Net margin
9.1%
7.7%
15.0%
14.0%
10.1%
9.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
23,622
24,379
44,266
64,069
66,641
68,549
Cash
146
220
338
733
78
161
Total debt
13,643
13,621
21,667
32,077
33,636
33,022
Equity
6,016
6,494
16,484
17,036
22,485
22,937
Dividend per share ($)
3.74
3.74
3.82
3.96
4.12
4.20
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.