Oneok Inc
Exchange: NYSESector: EnergyIndustry: Oil & Gas Midstream
At ONEOK, we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation and storage services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest diversified energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world. ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.
Did you know?
Carries 420.7x more debt than cash on its balance sheet.
Current Price
$90.63
+1.48%GoodMoat Value
$147.02
62.2% undervaluedProfile
Valuation (TTM)
Market Cap$57.08B
P/E16.16
EV$89.32B
P/B2.54
Shares Out629.78M
P/Sales1.62
Revenue$35.20B
EV/EBITDA11.46
Oneok Inc (OKE) Stock Analysis
GoodMoat Analysis
Oneok Inc is a large midstream energy company with a strong market position and stable cash flows. While it possesses some durable competitive advantages, its current valuation appears to be in a marginal range relative to its estimated fair value, suggesting a more cautious approach for value investors.
Read full analysis
Oneok Inc operates in the oil and gas midstream sector, providing critical services like gathering, processing, storage, and transportation of natural gas and natural gas liquids (NGLs). Its business model is characterized by fee-based, long-term contracts, which provide stable cash flows. Applying the GoodMoat framework, the company demonstrates several moat characteristics. It likely scores points for **Scale Privilege** (significant pipeline infrastructure), **Regulatory Barriers** (permits for interstate pipelines), and **Strategic Partnerships** (long-term contracts with producers). Its **Pricing Power** is evidenced by its ability to secure long-term contracts, and it may benefit from **Switching Costs** due to the capital-intensive nature of connecting to its pipeline network. A moat score of 5 or more is plausible, allowing us to proceed to the Decision Framework. The company's financials show solid quality indicators, including a 15.1% ROE and a 4.46% dividend yield, though its Debt/Equity ratio of 1.46 is a point for scrutiny. The key valuation metric is the GoodMoat Target of $147.02, which implies a significant margin of safety from the current price of $92.12. However, using the framework's DCF bands, this 37% discount falls into the 'Favourable' range (20–40%), not the 'Deeply Undervalued' band (>40%). This, combined with a P/E of 17.1 and a moderate debt load, places the stock in a 'with caution' position under Step 2 of the Decision Framework. It passes the Moat & Quality Gate but requires a clear view on execution and risk to justify investment at this level. For a value investor, it represents a potentially stable, income-generating business worthy of deeper due diligence, particularly on its growth drivers and debt management, but not an obvious bargain.
Market Cap$57.08B
Current Price$90.63
P/E Ratio16.16
Forward P/E—
PEG Ratio0.88
EPS$5.42
Book Value$35.70
P/B Ratio2.54
OKE Financial Charts
FCF vs CAPEX
FCFCAPEX
Cash vs Debt
Net Debt: 32.7B
Revenue
10.2B
FY19
8.5B
FY20
16.5B
FY21
22.4B
FY22
17.7B
FY23
21.7B
FY24
33.6B
FY25
Net Income
1.3B
FY19
613M
FY20
1.5B
FY21
1.7B
FY22
2.7B
FY23
3.0B
FY24
3.4B
FY25
OKE 52-Week Range
$62.67
$92.86
50-Day MA: $86.21200-Day MA: $75.40
Did you know?
Profit margin stands at 10.0%.
Oneok Inc (OKE) Financial Summary
Oneok Inc (OKE) is a Energy company in the Oil & Gas Midstream industry, listed on NYSE. The stock currently trades at $90.63 with a market capitalization of $57.08B.
Key valuation metrics include a P/E ratio of 16.16, price-to-book ratio of 2.54, and EPS of $5.42. The company reports a profit margin of 10.0% and return on equity of 15.7%.
OKE Key Financial Metrics
| Metric | Value |
|---|---|
| Market Cap | $57.08B |
| P/E Ratio | 16.16 |
| EPS | $5.42 |
| P/B Ratio | 2.54 |
| P/S Ratio | 1.62 |
| EV/EBITDA | 11.46 |
| Dividend Yield | 4.53% |
| Profit Margin | 10.0% |
| Return on Equity | 15.7% |
| Debt/Equity | 1.46 |
OKE Revenue & Earnings History
| Year | Revenue | Net Income |
|---|---|---|
| FY19 | $10.16B | $1.28B |
| FY20 | $8.54B | $612.81M |
| FY21 | $16.54B | $1.50B |
| FY22 | $22.39B | $1.72B |
| FY23 | $17.68B | $2.66B |
| FY24 | $21.70B | $3.04B |
| FY25 | $33.63B | $3.39B |
Oneok Inc (OKE) Valuation
Based on GoodMoat's DCF model, Oneok Inc has a fair value estimate of $147.02. At the current price of $90.63, the stock appears 38.4% undervalued relative to our intrinsic value estimate.
OKE Quality Indicators
Oneok Inc maintains a profit margin of 10.0% and an operating margin of 17.1%. Return on equity stands at 15.7%. The current ratio is 0.71. Debt-to-equity ratio is 1.46.
About Oneok Inc
At ONEOK, we deliver energy products and services vital to an advancing world. We are a leading midstream operator that provides gathering, processing, fractionation, transportation and storage services. Through our approximately 60,000-mile pipeline network, we transport the natural gas, natural gas liquids (NGLs), refined products and crude oil that help meet domestic and international energy demand, contribute to energy security and provide safe, reliable and responsible energy solutions needed today and into the future. As one of the largest diversified energy infrastructure companies in North America, ONEOK is delivering energy that makes a difference in the lives of people in the U.S. and around the world. ONEOK is an S&P 500 company headquartered in Tulsa, Oklahoma.
OKE Free Cash Flow
Oneok Inc generated $2.45B in trailing twelve-month free cash flow, representing an FCF yield of 4.29%. This moderate FCF yield indicates reasonable cash generation.
OKE Shares Outstanding
Oneok Inc has 0.63 billion shares outstanding at a share price of $90.63, giving it a market capitalization of $57.08B.