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ONEOK (OKE) USD

ONEOK, Inc. is a midstream energy company that gathers, processes, transports, stores, and exports natural gas, natural gas liquids, and refined petroleum products across the United States.

At a glance: strengths & risks
✓Revenue growing (+53% y/y, Q2 2026)✓Profit growing (+15% y/y, Q2 2026)✗Margins compressing (23%→17%, Q2 2026)✗High leverage (4.5x EBITDA)

Sector: NGL & midstream

Geography: United States (Mid-Continent, Permian, Bakken)

COMM_OKE

Price chart

92.7 USDDay -2.13%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
92.7 USD · -2.13%
Market cap
58.4 bn USD

Growth

Δ revenue y/y
52.8%
Δ EBITDA y/y
10.3%

Multiples

P/E (LTM)
16.0x
3y avg: 17.0x
P/B (FY)
2.6x
P/E (ann.)
15.1x
EV/EBITDA (LTM)
11.9x
3y avg: 13.3x
EV/EBITDA (ann.)
11.5x

Cash return

Dividend yield
4.6%
FCF yield (LTM)
3.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-4.4%
↓ details

Liquidity

Daily turnover (listing)
193.7 mln USD

Shares: yahoo_fundamentals_timeseries/OKE

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK12.0
y/y 52.8%
1.6
y/y 11.6%
0.4
y/y 5.2%
2.0
y/y 10.3%
1.0
y/y 14.9%
2.1-0.668.5
y/y 6.2%
22.9
y/y 5.1%
17.1%32.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK9.6
y/y 19.6%
1.4
y/y 17.0%
0.4
y/y -0.5%
1.8
y/y 12.9%
0.8
y/y 21.7%
0.9-0.968.2
y/y 6.1%
22.4
y/y 4.6%
13.8%33.5Link
2025-12-31Q4 2025 (3M)OK9.1
y/y 29.5%
1.5
y/y -2.3%
0.4
y/y 12.8%
1.9
y/y 0.4%
1.0
y/y 5.9%
1.5-1.066.6
y/y 4.0%
22.5
y/y 32.0%
15.2%33.0Link
2025-09-30Q3 2025 (3M)OK8.6
y/y 71.9%
1.6
y/y 38.1%
0.4
y/y 38.0%
1.9
y/y 38.1%
0.9
y/y 35.5%
1.6-0.866.6
y/y 30.5%
22.1
y/y 30.8%
5.7%32.5Link
2025-06-30Q2 2025 (3M)OK7.9
y/y 61.2%
1.4
y/y 16.4%
0.4
y/y 40.5%
1.8
y/y 20.7%
0.8
y/y 7.8%
1.5-0.764.5
y/y 44.9%
21.8
y/y 30.6%
15.6%32.4Link
2025-03-31Q1 2025 (3M)OK8.0
y/y 68.2%
1.2
y/y 14.7%
0.4
y/y 49.6%
1.6
y/y 21.4%
0.6
y/y -0.5%
0.9-0.664.3
y/y 44.8%
21.4
y/y 29.9%
13.2%31.9Link
2024-12-31Q4 2024 (3M)OK7.0
y/y 33.7%
1.6
y/y 42.7%
0.3
y/y 32.3%
1.9
y/y 40.7%
0.9
y/y 34.2%
1.6-0.664.1
y/y 44.7%
17.0
y/y 3.3%
17.9%31.4Link
2024-09-30Q3 2024 (3M)OK5.0
y/y 19.9%
1.1
y/y 52.6%
0.3
y/y 54.8%
1.4
y/y 53.1%
0.7
y/y 52.6%
1.3-0.551.0
y/y 16.2%
16.9
y/y 3.6%
5.5%27.6Link
2024-06-30Q2 2024 (3M)OK4.9
y/y 31.1%
1.2
y/y 66.8%
0.3
y/y 54.1%
1.5
y/y 64.4%
0.8
y/y 66.7%
1.4-0.544.5
y/y 85.3%
16.7
y/y 131.5%
18.8%21.8Link
2024-03-31Q1 2024 (3M)OK4.8
y/y 5.8%
1.1
y/y -28.9%
0.3
y/y 56.8%
1.3
y/y -20.6%
0.6
y/y -39.1%
0.6-0.544.4
y/y 81.5%
16.4
y/y 130.6%
15.5%21.9Link
2023-12-31Q4 2023 (3M)OK5.2
y/y —
1.1
y/y —
0.3
y/y —
1.4
y/y —
0.7
y/y —
1.5-0.644.3
y/y —
16.5
y/y —
16.2%21.4Link
2023-09-30Q3 2023 (3M)OK4.2
y/y —
0.7
y/y —
0.2
y/y —
0.9
y/y —
0.5
y/y —
0.9-0.443.9
y/y —
16.3
y/y —
5.1%21.7Link
2023-06-30Q2 2023 (3M)OK3.7
y/y —
0.7
y/y —
0.2
y/y —
0.9
y/y —
0.5
y/y —
0.8-0.324.0
y/y —
7.2
y/y —
26.1%12.6Link
2023-03-31Q1 2023 (3M)OK4.5
y/y —
1.5
y/y —
0.2
y/y —
1.7
y/y —
1.0
y/y —
1.2-0.324.5
y/y —
7.1
y/y —
—12.6Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)2 249
Long-term debt (incl. LT leases)30 773
− Cash & equivalents161
Net debt32 861

Net debt / LTM EBITDA: 4.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 5005 0007 50010 00012 5002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-25%0%25%50%75%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-4 000-3 000-2 000-1 00001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

010 00020 00030 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 1.66x of reported net profit; after capex, 0.99x.
year20212022202320242025
cash flow / profit1.70x1.69x1.66x1.61x1.65x
accruals, % of assets-4.4%-4.9%-4.0%-2.9%-3.3%
Last twelve months (to 2026-06-30): 1.68x of profit came back as operating cash flow.
net debt / EBITDA 4.5x · EBIT covers interest 3.2x · capex 1.9x of depreciation · dividends 86% of free cash flow · share count +8.8% a year
● Diluted share count grew 8.8% a year.
Midstream partnerships distribute nearly all cash and carry contracted leverage; the leverage bar is set higher for them here.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Propane (NGL)

Current 1spot vs LTM +3%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -4.4% ▼ -0.1 pp 1d

Main driver: Propane (NGL) +20% vs LTM; revenue ×1.03 vs costs ×1.04; EBITDA 7 749→7 486; at 12.0× EV/EBITDA → -4%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Propane (NGL) (rev)+22%0.830.690.77+20%+11%
Henry Hub Gas (rev)+8%2.933.383.12-13%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue39 366
LTM EBITDA7 749
LTM cash costs (revenue − EBITDA)31 617
2 · Revenue projection
Revenue multiplier — spot×1.033 (+3%)
= Spot revenue40 680
Revenue multiplier — 3y price×1.017 (+2%)
= 3-year-price revenue40 055
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs32 882
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs32 882
4 · EBITDA projection (revenue − costs)
= Spot EBITDA7 799
= 3-year-price EBITDA7 173
Conservative EBITDA = min(spot, avg)7 486
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)12.0x
Target EV = EV/EBITDA × conservative EBITDA89 829
Net debt32 799
Target market cap = EV − net debt57 030
Current market cap59 646

Upside = target market cap ÷ current − 1 = -4.4%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q34 1894 388-4.5%916579+58.3%
2023 Q45 2354 213+24.3%1 359861+57.9%
2024 Q14 7814 498+6.3%1 3181 208+9.1%
2024 Q24 8944 473+9.4%1 4911 029+44.9%
2024 Q35 0234 726+6.3%1 4021 134+23.6%
2024 Q47 0005 137+36.3%1 9121 457+31.3%
2025 Q18 0435 873+36.9%1 6001 882-15.0%
2025 Q27 8876 388+23.5%1 7991 633+10.2%
2025 Q38 6346 767+27.6%1 9361 324+46.2%
2025 Q49 0657 688+17.9%1 9201 456+31.8%
2026 Q19 6188 102+18.7%1 8061 343+34.4%
2026 Q212 0498 968+34.4%2 0871 859+12.2%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +55% vs +23% the year before — a +32.2 pp move. 3-year CAGR +15%.
revenue growth by year: 2023 -21% · 2024 +23% · 2025 +55%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 10.2x · target 75th pct (3y) 27.7x · LTM avg 15.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: midstream (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
International Seawaysglobal5.55.9x
Teekay Tankersglobal3.66.1x
Scorpio Tankersglobal4.56.3x
DHT Holdingsglobal3.77.7x
CMB.TECHglobal5.88.0x
TORMglobal3.78.0x
Energy Transfer LPglobal73.28.5x
Frontlineglobal12.010.2x
Cheniere Energyglobal59.310.8x
Nordic American Tankersglobal1.711.0x
NGL Energy Partnersglobal2.113.4x
Targa Resourcesglobal61.414.9x
Group median8.2x
Group average9.2x
This companyglobal59.111.9x

Group median 8.2x; this company 11.9x — a 45% premium.

Group average 9.2x; against the average this company is at a 29% premium.

At the adjusted group median the market cap would be -48% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.2x, Russia 3.9x, South Africa 5.3x, Kazakhstan 5.0x, India 18.0x, Indonesia 4.0x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-16; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-031.07 USDEx-dividend: 1.07 USD per sharePaidYahoo Finance (ex-div)
2026-05-041.07 USDEx-dividend: 1.07 USD per sharePaidYahoo Finance (ex-div)
2026-02-021.07 USDEx-dividend: 1.07 USD per sharePaidYahoo Finance (ex-div)
2025-11-031.03 USDEx-dividend: 1.03 USD per sharePaidYahoo Finance (ex-div)
2025-08-011.03 USDEx-dividend: 1.03 USD per sharePaidYahoo Finance (ex-div)
2025-05-051.03 USDEx-dividend: 1.03 USD per sharePaidYahoo Finance (ex-div)
2025-02-031.03 USDEx-dividend: 1.03 USD per sharePaidYahoo Finance (ex-div)
2024-11-010.99 USDEx-dividend: 0.99 USD per sharePaidYahoo Finance (ex-div)
2024-08-010.99 USDEx-dividend: 0.99 USD per sharePaidYahoo Finance (ex-div)
2024-04-300.99 USDEx-dividend: 0.99 USD per sharePaidYahoo Finance (ex-div)
2024-01-290.99 USDEx-dividend: 0.99 USD per sharePaidYahoo Finance (ex-div)
2023-10-310.955 USDEx-dividend: 0.955 USD per sharePaidYahoo Finance (ex-div)
2023-07-310.955 USDEx-dividend: 0.955 USD per sharePaidYahoo Finance (ex-div)
2023-04-280.955 USDEx-dividend: 0.955 USD per sharePaidYahoo Finance (ex-div)
2023-01-270.955 USDEx-dividend: 0.955 USD per sharePaidYahoo Finance (ex-div)
2022-10-310.935 USDEx-dividend: 0.935 USD per sharePaidYahoo Finance (ex-div)
2022-07-290.935 USDEx-dividend: 0.935 USD per sharePaidYahoo Finance (ex-div)
2022-04-290.935 USDEx-dividend: 0.935 USD per sharePaidYahoo Finance (ex-div)
2022-01-280.935 USDEx-dividend: 0.935 USD per sharePaidYahoo Finance (ex-div)
2021-10-290.935 USDEx-dividend: 0.935 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of ONEOK (OKE) — from primary filings.

Frequently asked questions

What is ONEOK (OKE)'s P/E ratio?
ONEOK (OKE) trades at a P/E of 16.0x (price to trailing 12-month earnings).
What is ONEOK (OKE)'s EV/EBITDA?
ONEOK (OKE) trades at 11.9x EV/EBITDA.
What is ONEOK (OKE)'s P/B ratio?
ONEOK (OKE) trades at a P/B of 2.6x.
What is ONEOK (OKE)'s dividend yield?
ONEOK (OKE)'s trailing 12-month dividend yield is 4.6%.
What is ONEOK (OKE)'s return on equity (ROE)?
ONEOK (OKE)'s ROE is 17.1%.
What is ONEOK (OKE)'s market capitalization?
ONEOK (OKE)'s market cap is 58.4 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map