Oneok (OKE) AI Stock Analysis

• Market Cap: $48.92B
• Dividend Yield: 5.61%
• Average Volume (3M): 3.57M
• Price to Earnings (P/E): 14.3
• Beta (1Y): 0.83
• Revenue Growth: 58.76%
• EPS Growth: 13.74%
• Country: US
• Employees: 5,177
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Midstream
• EPS (TTM): 1.49
• Shares Outstanding: 629,231,570
• 10 Day Avg. Volume: 4,264,309
• 30 Day Avg. Volume: 3,571,158
• PEG Ratio: -3.55
• Price to Book (P/B): 3.46
• Price to Sales (P/S): 2.72
• P/FCF Ratio: 20.54
• Enterprise Value/Market Cap: 1.68
• Enterprise Value/Revenue: 2.60
• Enterprise Value/Gross Profit: 12.22
• Enterprise Value/Ebitda: 10.49
• 1Y Price Target: $87.38
• Price Target Upside: 12.40% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 82 Outperform
• Price Target: $90.00 ▲(15.77% Upside)

OKE scores well primarily on strong financial performance (revenue and free-cash-flow growth with solid margins) and a constructive earnings outlook with reaffirmed guidance, synergy realization, and improving balance-sheet actions. Valuation is supportive with a moderate P/E and high dividend yield. Technicals are positive but somewhat stretched short-term, slightly moderating the overall score.

Positive Factors

Free Cash Flow Strength

A 76.97% TTM increase in free cash flow reflects a durable improvement in cash generation capacity. Higher FCF underpins sustained dividends, debt paydown and buybacks, providing financial flexibility to fund midstream projects and absorb commodity-cycle stresses over the next several years.

Fee-based Business Model

ONEOK's revenue is largely fee-based and supported by long-term contracts and tariffs, reducing direct commodity exposure. That structural cash-flow stability supports multi-year capital planning, steady distributions and resilience to commodity volatility, enhancing long-term predictability of earnings.

M&A Synergy Execution

Realizing nearly $500M of synergies and targeting ~$250M in 2025 shows repeatable integration capability. Successful M&A execution expands pipeline scale, increases network density and drives recurring adjusted EBITDA uplift, strengthening competitive position and long-run operating leverage.

Negative Factors

Leverage Remains Material

A 1.49 debt-to-equity ratio indicates meaningful leverage remains despite improvements. Material debt levels can constrain capital allocation, raise refinancing and interest-rate risks, and limit flexibility for opportunistic investments if commodity or cash-flow conditions deteriorate before targeted leverage reduction is achieved.

Margin Pressure

Slight year-over-year declines in EBIT/EBITDA margins suggest emerging pressure on operating efficiency. Persistent margin erosion would reduce free-cash-flow conversion and curtail funds available for dividends, debt reduction and growth, making sustained cost discipline and synergy capture critical for durable profitability.

Operational Disruption Risk

The MB-4 fractionator outage and regional refinery maintenance impacts highlight operational vulnerability. Recurring plant incidents or supply disruptions can lower throughput, elevate maintenance capex and undermine long-term contract utilization and customer confidence, stressing resilience of midstream cash flows.

Oneok Business Overview & Revenue Model

Company Description

ONEOK, Inc., together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States. It operates through Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines segments. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions. It also gathers, treats, fractionates, and transports natural gas liquids (NGL), as well as stores, markets, and distributes NGL products. The company owns NGL gathering and distribution pipelines in Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado; terminal and storage facilities in Kansas, Missouri, Nebraska, Iowa, and Illinois; and NGL distribution and refined petroleum products pipelines in Kansas, Missouri, Nebraska, Iowa, Illinois, and Indiana, as well as owns and operates truck- and rail-loading, and -unloading facilities connected to NGL fractionation, storage, and pipeline assets. In addition, it operates regulated interstate and intrastate natural gas transmission pipelines and natural gas storage facilities. Further, the company owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases excess office space. It operates 17,500 miles of natural gas gathering pipelines; 1,500 miles of FERC-regulated interstate natural gas pipelines; 5,100 miles of state-regulated intrastate transmission pipeline; six NGL storage facilities; and eight NGL product terminals. It serves integrated and independent exploration and production companies; NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; propane distributors; municipalities; ethanol producers; and petrochemical, refining, and NGL marketing companies, as well as natural gas distribution and electric generation companies, producers, processors, and marketing companies. The company was founded in 1906 and is headquartered in Tulsa, Oklahoma.

How the Company Makes Money

Oneok generates revenue primarily through fee-based contracts and tariffs associated with its midstream services. The company earns money by transporting natural gas and NGLs through its extensive pipeline network and charging shippers based on the volume of gas transported or the capacity used. Key revenue streams include gathering and processing fees from producers, transportation fees for moving gas through pipelines, and fractionation fees for separating NGLs into their component products. Additionally, Oneok benefits from long-term contracts with customers, providing stable cash flow. Strategic partnerships with producers and utilities, along with investments in expanding its infrastructure, further enhance its revenue-generating capabilities.

Oneok Financial Statement Overview

Summary

Strong fundamentals supported by 12.92% TTM revenue growth, healthy profitability (22.41% gross margin; 11.07% net margin), and very strong TTM free cash flow growth (+76.97%). Offsetting factors include slightly weaker EBIT/EBITDA margins versus last year and still-meaningful leverage (1.49 debt-to-equity).

Income Statement

Oneok's income statement shows strong revenue growth with a 12.92% increase in TTM, indicating robust demand in the oil & gas midstream sector. The gross profit margin is healthy at 22.41%, and the net profit margin is solid at 11.07%, reflecting efficient cost management. However, the EBIT and EBITDA margins have slightly decreased compared to the previous year, suggesting some pressure on operational efficiency.

Balance Sheet

The balance sheet reveals a moderate debt-to-equity ratio of 1.49, which is an improvement from previous years, indicating better leverage management. The return on equity is strong at 16.04%, showcasing effective use of equity capital. The equity ratio is stable, reflecting a balanced asset structure. However, the company still carries significant debt, which could pose risks if market conditions change.

Cash Flow

Oneok's cash flow statement highlights a substantial free cash flow growth of 76.97% in TTM, indicating improved cash generation capabilities. The operating cash flow to net income ratio is 0.80, suggesting that operating cash flows are well-aligned with reported earnings. The free cash flow to net income ratio is 0.54, demonstrating a solid conversion of earnings into cash. Despite these strengths, maintaining such growth rates could be challenging.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	31.56B	21.64B	17.68B	22.87B	17.27B	8.46B
Gross Profit	6.71B	5.05B	5.75B	3.12B	3.02B	2.03B
EBITDA	7.81B	6.59B	5.11B	3.52B	3.30B	2.00B
Net Income	3.34B	3.04B	2.66B	1.72B	1.50B	612.81M
Balance Sheet
Total Assets	66.62B	64.07B	44.27B	24.38B	23.62B	23.08B
Cash, Cash Equivalents and Short-Term Investments	1.20B	733.00M	338.00M	220.00M	146.39M	524.50M
Total Debt	33.73B	32.29B	21.76B	13.70B	13.73B	14.34B
Total Liabilities	44.46B	41.94B	27.78B	17.89B	17.61B	17.04B
Stockholders Equity	22.08B	17.04B	16.48B	6.49B	6.02B	6.04B
Cash Flow
Free Cash Flow	2.92B	2.87B	2.83B	1.70B	1.85B	-296.31M
Operating Cash Flow	5.66B	4.89B	4.42B	2.91B	2.55B	1.90B
Investing Cash Flow	-7.42B	-6.61B	-6.40B	-1.14B	-665.29M	-2.27B
Financing Cash Flow	-3.51B	2.12B	2.10B	-1.69B	-2.26B	875.00M

Oneok Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 77.74
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OKE, the sentiment is Positive. The current price of 77.74 is above the 20-day moving average (MA) of 74.66, above the 50-day MA of 73.37, and above the 200-day MA of 74.95, indicating a bullish trend. The MACD of 1.49 indicates Negative momentum. The RSI at 66.39 is Neutral, neither overbought nor oversold. The STOCH value of 75.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OKE.

Oneok Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OKE	82 Outperform	$48.92B	14.30	17.14%	5.61%	58.76%	13.74%
MPLX	81 Outperform	$56.68B	11.81	34.35%	7.31%	5.19%	11.09%
KMI	78 Outperform	$65.83B	21.52	9.87%	4.27%	8.54%	7.22%
TRGP	74 Outperform	$41.87B	26.22	61.18%	2.03%	7.79%	33.93%
EPD	73 Outperform	$71.76B	12.55	19.98%	6.72%	-6.46%	-0.87%
WMB	71 Outperform	$79.97B	33.88	19.00%	3.35%	11.48%	-17.82%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%

Oneok Corporate Events

ONEOK Expands Board With Two New Independent Directors

On January 21, 2026, ONEOK’s board of directors elected Mark A. McCollum and Precious Williams Owodunni as independent directors, effective January 23, 2026, expanding the board from 10 to 12 members. McCollum, a former president and CEO of Weatherford International and ex-CFO of Halliburton with extensive energy-sector and financial leadership experience, and Owodunni, CEO of advisory firm Mountaintop Consulting and a former Goldman Sachs investment banker and private equity investor, were both deemed independent under New York Stock Exchange rules and bring complementary strengths in energy, finance, strategy, and governance. McCollum was appointed to the Audit and Corporate Governance Committees, while Owodunni joined the Executive Compensation and Corporate Governance Committees; their additions, supported by standard director compensation and indemnification arrangements, are intended to bolster ONEOK’s governance, strategic capabilities and oversight to the benefit of shareholders and other stakeholders as the company advances its midstream infrastructure strategy.

The most recent analyst rating on (OKE) stock is a Buy with a $103.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.

ONEOK Reports Strong Q3 2025 Earnings Growth

On October 28, 2025, ONEOK, Inc. reported higher earnings for the third quarter of 2025 compared to the same period in 2024, with net income reaching $940 million and adjusted EBITDA at $2.12 billion. The company highlighted a 17% increase in Rocky Mountain region NGL raw feed throughput volumes and a 6% rise in the Mid-Continent region. The results were driven by the successful integration of acquisitions and increased production across its operational basins, positioning ONEOK for long-term value creation for stakeholders.

The most recent analyst rating on (OKE) stock is a Buy with a $82.00 price target. To see the full list of analyst forecasts on Oneok stock, see the OKE Stock Forecast page.