Skip to main content
GoodMoatv1.3
Sign in
OKE logo

OKE

CompareEarnings: Aug 31, 2026

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% undervalued
Profile
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) Company Profile

GoodMoat Analysis

Based on data as of March 26, 2026

Oneok is a midstream energy company that operates a network of pipelines and processing plants, earning stable, fee-based revenue from transporting natural gas and liquids. Its moat is built on scale, regulatory barriers, and strategic assets, but investors should weigh its high debt and exposure to commodity cycles. The current valuation metrics and dividend yield may be of interest to value investors seeking income.

Read full analysis
Oneok Inc (OKE) operates in the 'midstream' segment of the energy sector. Think of it as the toll road and storage system for oil and natural gas. The company owns an extensive network of pipelines that transport natural gas and natural gas liquids (NGLs) like ethane and propane. It also operates processing and fractionation plants that separate these raw materials into usable products. Its customers are primarily energy producers (upstream companies) who need to move their products to market, and end-users (downstream companies) in petrochemicals and heating. The business model is designed for stability, as a significant portion of its revenue comes from long-term, fee-based contracts, not direct commodity price swings. Analyzing its competitive moat using the framework, Oneok likely scores on several criteria. Its vast, interconnected pipeline network represents a **Scale Privilege** (Criterion 8) that is prohibitively expensive and complex for a new entrant to replicate. Its operations are subject to **Regulatory Barriers** (Criterion 5), as building new pipelines requires extensive permits and approvals. The mission-critical nature of its infrastructure for producers creates high **Switching Costs** (Criterion 2). However, it faces **Red Flags** that require attention. Its Debt/Equity ratio of 1.46, while common in capital-intensive industries, indicates a leveraged balance sheet (a Medium Confidence Flag for dependency on financing). The business also carries **Macro Sensitivity** (a Medium Confidence Flag), as prolonged downturns in energy production can reduce volumes on its network, despite the fee-based model. A value investor might find the combination of a 4.46% dividend yield, an ROE of 15.1% (near the framework's high-return threshold), and a P/E of 17.1 to be a point of analysis, especially if the company's moat is seen as durable. The key is to balance these factors against the inherent risks of the sector and the company's financial leverage. Analysis based on data as of 2024-05-15.

OKE Company Information

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.

Sector

Energy

Industry

Oil & Gas Midstream

Exchange

NYSE

Country

Oklahoma, USA

OKE Key Officers

Key officers data coming soon

OKE Company Profile

Oneok Inc (OKE) is a Energy company in the Oil & Gas Midstream industry. It trades on NYSE. The company is based in Oklahoma, USA.

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.

Market cap is $57.08B. There are 629.8M shares outstanding. Dividend yield is 4.53%.

See the full Oneok Inc profile on GoodMoat. It covers key officers, financial metrics, and sector details. You can also use GoodMoat's DCF calculator, fair value models, and quality score to help decide if OKE is a good investment.