Oneok is a diversified midstream service provider specializing in natural gas gathering, processing, storage, and transportation, as well as natural gas liquids transportation and fractionation. It also operates in the refined product and crude oil segment, connecting producers, refiners, and consumers.
It is a $56.6B utility company. Revenue grew 40.8% over the last year, it keeps 9¢ of every dollar of sales as profit, and its net debt equals ~10.8 years of free cash flow. It trades at 15.5× earnings — around the middle of its own history.
- Website
- oneok.com
- Location
- Tulsa, OK
- Employees
- 6 326
- Sector
- Utilities
- Founded
- 1906
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong valuation and growth; Health and Moat lag behind.
Valuation80
- P/E vs own history34th pct · 20/25
- FCF yield5.1% · 20/25
- P/S4.5x · 20/25
- EV/EBITDA11.8x · 20/25
Growth75
- Revenue CAGR19.4% · 20/25
- Net income CAGR22.7% · 25/25
- EPS CAGR ~5Y30.7% · 25/25
- Fwd implied growth4.1% · 5/25
Profitability50
- ROIC6.3% · 5/25
- ROE16.3% · 20/25
- Net margin9.3% · 13/25
- Operating margin8.7% · 12/25
Health21
- Altman Zn/a · 0/25
- Current ratio0.74 · 6/25
- Interest coverage4.2x · 10/25
- Net cash / debtD/A 47% · 5/25
Quality70
- Piotroski F6/9 · 15/25
- Beneish M-2.27 · 20/25
- FCF conversion79% · 15/25
- Margin stabilityσ 5.8% · 20/25
Moat36
- ROIC >12% years0/10 yrs · 0/25
- Median gross margin28.8% · 6/25
- FCF-positive years8/10 yrs · 18/25
- Worst-year net marginworst 3.2% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$3.39B net income
- 2025AcquisitionThe company completed acquisition of the remaining shares in EnLink Midstream
- 2024AcquisitionOneok agreed to acquire Gulf Coast NGL Pipelines from Easton Energy for $280 million
- 2023AcquisitionOneok acquired Magellan Midstream Partners for $18.8 billion
- FY2021FinancialPositive free cash flow every year since5-year streak
- FY2017FinancialRevenue crossed $10B$12.2B for the year
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$8.92B in first reported year
- 2004AcquisitionOneok acquired Northern Plains Natural Gas Co. for $175 million
- 2002AcquisitionOneok acquired the Texas division and assets of Southern Union Gas for $420 million
- 2000AcquisitionOneok terminated the pending merger of the two companies
- 1999AcquisitionOneok agreed to acquire Southwest Gas, a Las Vegas based natural gas company, for $1.8 billion
- 1996AcquisitionOneok acquired Western Resources' natural gas pipeline and plants for $660 million in stock
- Dec 28, 1907Milestone(shortly after Oklahoma officially became a state in November), the $1.7 million project was…
- 1906FoundedOneok was founded as Oklahoma Natural Gas Company in 1906, but it changed its corporate name to Oneok in 1980
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- Revenue growing 40.8% year over year
Watch-outs
- Net debt equals ~10.8 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+40.8% YoY
- Profitable — makes more than it spends$3.66B TTM
- Profit growing — earnings are higher than last year+12.2% YoY
- Generates cash — cash left after running and investing$2.91B TTM
- Debt under control — could handle its obligations~10.8y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$56.6B market cap
- Not printing shares — share count not ballooning — you keep your slice+45.0% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 16/100
- Pays a dividend — returns cash to shareholdersyield 4.67%
- Valuation not extreme — price not wildly above earningsP/E 15.5
Peer comparisonOneok, Inc. vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| OKE this company | $56.6B | 15.5 | +40.8% | 9.3% | Strained |
| NEE NextEra Energy, Inc. | $161.3B | 17.4 | +10.8% | 32.4% | Strained |
| CEG Constellation Energy Corporation | $105.8B | 30.5 | +26.0% | 11.1% | Strained |
| SO The Southern Company | $99.1B | 21.3 | +6.4% | 15.4% | Strained |
| DUK Duke Energy Corporation | $90.9B | 17.3 | +6.3% | 15.8% | Strained |
| WMB Williams Companies Inc. | $89.2B | 29.0 | +8.7% | 25.2% | Strained |
| KMI Kinder Morgan, Inc. | $72.4B | 20.9 | +12.5% | 19.3% | Strained |
Head-to-head: OKE vs NEE · OKE vs CEG · OKE vs SO
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/OKE
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of OKE on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $89.80 · market cap $56.6B.