NYSE: OKE · Oil & Gas Storage & Transportation
Oneok
ONEOK, based in Tulsa, Oklahoma, is a midstream energy company that gathers, processes, fractionates, transports, stores and exports natural gas, natural gas liquids (NGLs), refined products and crude oil through an approximately 60,000-mile pipeline network; it calls itself one of the largest integrated energy infrastructure companies in North America. Its four segments are Natural Gas Liquids, Refined Products and Crude (from the 2023 Magellan acquisition), Natural Gas Gathering and Processing, and Natural Gas Pipelines. Earnings were about 90% fee-based in 2025. Revenue was $33,629 million, net income attributable to ONEOK $3,393 million and adjusted EBITDA $8,020 million, after the January 2025 completion of the EnLink acquisition. In September 2026 an Apollo affiliate invested $9 billion in a new ONEOK Holdings entity for Class B units with a capped return of 7.01% for the first nine years, and on October 6, 2026 ONEOK bought Brazos Midland for about $4.6 billion. The quarterly dividend is $1.07 per share.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 30, 2026 17:15 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-2410-Q (quarter ended 2026-09-30) · filed 2026-10-28Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 31.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 17.1%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +1.5 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 4.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.65x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 3 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 13.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.59
Higher than 95% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 45% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 44% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 86% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 56% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$89.53close on 2026-11-04
Market cap$56.38B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 13.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.5x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 12.4x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.3%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 4.6%
At FY2025 year-end: 13.6x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 2.1x
Book value at FY2025 year-end
At FY2025 year-end: 11.0x
EBITDA for FY2025
At FY2025 year-end: 5.3%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$8.63B → $12.46B (vs. a year earlier)↑ +44.3%$8.63B → $12.46B (vs. a year earlier)
- Operating margin18.0% → 12.6% (vs. a year earlier)↓ −5.5 pts18.0% → 12.6% (vs. a year earlier)
- Net income$939M → $1.35B (vs. a year earlier)↑ +43.8%$939M → $1.35B (vs. a year earlier)
- Diluted EPS$1.49 → $2.13 (vs. a year earlier)↑ +43.0%$1.49 → $2.13 (vs. a year earlier)
- Cash$161M → $186M (vs. previous quarter-end)↑ +15.5%$161M → $186M (vs. previous quarter-end)
- Long-term debt$31.5B → $28.4B (vs. previous quarter-end)↓ −9.8%$31.5B → $28.4B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 27, 2026.
Management outlook ↑ Raised
Raised 2026 net income guidance to $4.09B–$4.27B. Source sentence
ONEOK increased 2026 net income guidance to a range of $4.09 billion to $4.27 billion.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- ONEOK INC /NEW/
- Headquarters
- TULSA, OK
- Incorporated in
- Oklahoma
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: OKE
- Industry
- Oil & Gas Storage & Transportation
- CIK
- 1039684
- Website
- https://www.oneok.com/ ↗
- IR page
- https://ir.oneok.com/ ↗
Workforce (as of FY2025 year-end)
Employees
6,326
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 54–57 days after quarter end (Feb 23, 2026; Feb 24, 2025; Feb 26, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 27–57 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 27, 2026 (+27 days) | Oct 28, 2026 10-Q (+28 days) |
| Q2 FY2026 | Jun 30, 2026 | — | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 29, 2026 10-Q (+29 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 23, 2026 (+54 days) | Feb 24, 2026 10-K (+55 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 28, 2025 (+28 days) | Oct 29, 2025 10-Q (+29 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 4, 2025 (+35 days) | Aug 5, 2025 10-Q (+36 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 29, 2025 (+29 days) | Apr 30, 2025 10-Q (+30 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 24, 2025 (+55 days) | Feb 25, 2025 10-K (+56 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 29, 2024 (+29 days) | Oct 30, 2024 10-Q (+30 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 5, 2024 (+36 days) | Aug 6, 2024 10-Q (+37 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 30, 2024 (+30 days) | May 1, 2024 10-Q (+31 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 26, 2024 (+57 days) | Feb 27, 2024 10-K (+58 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Natural Gas Liquids
NGL system
NGL gathering, fractionation (1.2 MMBbl/d), storage (including Mont Belvieu, Texas) and pipelines; reconstructing the 210 MBbl/d Medford, Oklahoma fractionator.
Refined Products and Crude
Refined products and crude pipelines
Former Magellan pipelines, terminals and marine export assets.
Natural Gas Gathering and Processing
Gathering and processing
22,600 miles of gathering pipelines and processing plants in the Rocky Mountain, Mid-Continent and Permian regions.
Natural Gas Pipelines
Natural gas pipelines and storage
Interstate and intrastate transmission and storage, including a 50% interest in Northern Border.
From the Form 10-K, FY2025.
U.S. and worldwide share of flagship products/services
ONEOK calls itself “a leading midstream service provider” and “one of the largest integrated energy infrastructure companies in North America” but gives no market-share figures.
Reviewed: Form 10-K (FY2025) · Form 10-Q (quarter ended 2026-09-30)
07
Recent strategic focusSite analysis
Recent developments.
Third quarter 2026
Net income attributable to ONEOK $1,350M versus $939M; diluted EPS $2.13; nine-month revenue $34,122M versus $24,564M.
Source: Form 10-Q (quarter ended 2026-09-30)
Apollo investment
$9 billion of Class B Units in ONEOK Holdings with a 7.01% capped return for nine years, then stepping up to 7.85%.
Source: Form 10-Q (quarter ended 2026-09-30)
Dividend
Quarterly dividend raised to $1.07 per share in January 2026 (+4%).
Source: Form 10-K (FY2025)
Capex ÷ D&A (FY2025)
2.08x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$3,152M ÷ $1,514M = 2.08x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$10.87B
Latest year: $25M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $2.2B in FY2020 to $3.15B in FY2025
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$33.63B
As reported in the 10-K
Revenue CAGR (5 years)
+31.5%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($33,629M ÷ $8,542M) ^ (1÷5) − 1 = 31.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
17.1%▲favorable
+1.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$5,741M ÷ $33,629M × 100 = 17.1%
ROE (FY2025)
17.2%▲favorable
6-year average: 20.2%
As reported in the 10-K
P/B (FY2025 end)
2.06x
formulafiscal year-end closing price ÷ book value per share
e.g.$73.50 ÷ $35.71 = 2.06x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
11.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($46,284M + $33,636M − $78M) ÷ ($5,741M + $1,514M) = 11.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +31.5% a year over 5 years (strong growth)
From $8.54B in FY2020 to $33.63B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 15.9% → 17.1%
How much operating profit is left per $100 of revenue. It moved +1.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 33.7% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ―
Free cash flow was positive in 5 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 20.2% over 6 years (latest: 17.2%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Apollo Global Management (AP Falcon Holdings)
- Brazos Midland
- EnLink Midstream
07 · what it does
Key activities
- Natural gas gathering and processing (Rockies, Mid-Continent, Permian, North Texas)
- NGL gathering, fractionation, storage and transport
- Refined products and crude pipelines and terminals
- Interstate and intrastate natural gas pipelines
06 · what it draws on
Key resources
- 6,326 employees (Dec 31, 2025)
- About 60,000 miles of pipelines
- Processing plants (7.2 Bcf/d) and NGL fractionators
02 · why customers buy
Value propositions
- Gathering, processing, fractionation and pipeline transport on about 60,000 miles of pipelines.
04 · how it keeps them
Customer relationships
- Mostly fee-based, long-term contracts.
03 · how it reaches them
Channels
- Direct contracts with producers, refiners, marketers and utilities.
01 · who it serves
Customer segments
- Producers
- Refiners, petrochemical makers and marketers
- Utilities and power generators
09 · where money goes
Cost structure
FY2025, share of revenue ($33.63B)
- Cost of revenue69.5%
- Other operating costs13.4%
Operating profit left: 17.1% of revenue. Depreciation & amortization (inside the costs above): $1.51B. Capital spending: $3.15B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Commodity sales (NGLs, residue gas, refined products)
- Exchange services and processing fees
- Transportation and storage fees
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Earns mostly fee-based revenue for gathering, processing, fractionating, transporting and storing hydrocarbons, plus commodity sales; volumes depend on producer drilling activity.
01 what it draws on
Inputs & resources
- 6,326 employees (Dec 31, 2025)
- About 60,000 miles of pipelines
- Processing plants (7.2 Bcf/d) and NGL fractionators
02 what it does
Activities
- Natural gas gathering and processing (Rockies, Mid-Continent, Permian, North Texas)
- NGL gathering, fractionation, storage and transport
- Refined products and crude pipelines and terminals
- Interstate and intrastate natural gas pipelines
03 who it serves
Customers
- Producers
- Refiners, petrochemical makers and marketers
- Utilities and power generators
04 how money comes in
How it earns
- Commodity sales (NGLs, residue gas, refined products)
- Exchange services and processing fees
- Transportation and storage fees
How the business makes money
- Earnings about 90% fee-based (2025).
- Apollo affiliate holds $9B of Class B units in ONEOK Holdings (2026).
- Acquired Magellan (2023), Medallion (October 2024), EnLink (2024–25) and Brazos Midland (Oct 2026).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
ONEOK’s pipelines are rate-regulated by state regulators and FERC.
Regulated prices & reimbursement
Rate-regulated pipelines
Intrastate pipelines in Oklahoma, Kansas, Louisiana and Texas are rate-regulated by state regulators and FERC.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
Air and water laws
Subject to the Clean Air Act, Clean Water Act and Oil Pollution Act.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Natural Gas Liquids
16,010 (41%)Refined Products and Crude
13,039 (34%)Natural Gas Gathering and Processing
7,684 (20%)Natural Gas Pipelines
1,846 (5%)
Source: Form 10-K (FY2025) Segment total revenues including intersegment sales (total $38,579M vs consolidated $33,629M). Segment adjusted EBITDA: NGLs $2,779M, Refined Products and Crude $2,177M, G&P $2,138M, Pipelines $861M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Capital tie / equity stake
Apollo Global Management (AP Falcon Holdings)
Contribution agreement of August 28, 2026: Apollo’s affiliate contributed $9 billion cash to ONEOK Holdings for Class B Units with a capped return of 7.01% for the first nine years; the investment is structurally subordinated to debt and ONEOK keeps the Class A Units.
Source: Form 8-K (2026-08-31) — Item 1.01 Contribution Agreement with Apollo affiliate
Pending or recent acquisition
Brazos Midland
Acquired 100% on October 6, 2026 for about $4.6 billion cash, funded with Apollo proceeds and short-term borrowings.
Pending or recent acquisition
EnLink Midstream
Acquired all public EnLink units in a tax-free transaction completed January 31, 2025, after buying the controlling interest in 2024.
Source: Form 10-K (FY2025)
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Producers, refiners, marketers and utilities.
Named by the company
No single customer accounted for 10% or more of consolidated revenues.
Suppliers
Natural gas, NGLs and crude from producers; pipe and construction services.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says its pipelines, processing, fractionation, terminal and storage assets compete with similar assets for supply, without naming competitors.
Competitors named in the 10-K
Peer group the company chose
Performance unit peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Midstream peer group for 2025 performance units (2026 proxy).
- Antero Midstreamsite ↗
- DT Midstreamsite ↗
- Energy Transfersite ↗
- Enterprise Products Partnerssite ↗
- Kinder Morgansite ↗
- Kinetik Holdingssite ↗
- MPLXsite ↗
- Plains All Americansite ↗
- Targa Resourcessite ↗
- Western Midstream Partnerssite ↗
- Williams Companiessite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 8,542 | 16,540 | 22,387 | 17,677 | 21,698 | 33,629 |
| Operating income | 1,361 | 2,596 | 2,807 | 4,072 | 4,989 | 5,741 |
| Pretax income | 802 | 1,984 | 2,250 | 3,497 | 4,110 | 4,490 |
| Net income (attributable) | 613 | 1,500 | 1,722 | 2,659 | 3,035 | 3,393 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 93.6% | 35.3% | -21.0% | 22.7% | 55.0% |
| Operating margincalcoperating income ÷ revenue × 100 | 15.9% | 15.7% | 12.5% | 23.0% | 23.0% | 17.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 7.2% | 9.1% | 7.7% | 15.0% | 14.0% | 10.1% |
| Balance sheet ($M) | ||||||
| Total assets | 23,079 | 23,622 | 24,379 | 44,266 | 64,069 | 66,641 |
| Total equity | 6,043 | 6,016 | 6,494 | 16,484 | 22,133 | 22,569 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 14,236 | 13,600 | 13,600 | 21,700 | 32,100 | 33,636 |
| Equity ratio | 26.2% | 25.5% | 26.6% | 37.2% | 26.6% | 33.7% |
| ROE | 10.1% | 24.9% | 27.5% | 23.1% | 18.1% | 17.2% |
| Cash flow ($M) | ||||||
| Operating CF | 1,899 | 2,546 | 2,906 | 4,421 | 4,888 | 5,599 |
| Investing CF | -2,271 | -665 | -1,139 | -6,404 | -6,612 | -3,751 |
| Financing CF | 875 | -2,259 | -1,693 | 2,101 | 2,119 | -2,503 |
| Free cash flowcalccash flow from operations − capital expenditures | -296 | 1,849 | 1,704 | 2,826 | 2,867 | 2,447 |
| Cash and equivalents | 524 | 146 | 220 | 338 | 733 | 78 |
| Per share & other | ||||||
| EPS ($) | 1.42 | 3.35 | 3.84 | 5.48 | 5.17 | 5.42 |
| BVPS ($) | 13.58 | 13.48 | 14.52 | 28.27 | 29.22 | 35.71 |
| Dividend per share ($) | 3.74 | 3.74 | 3.74 | 3.82 | 3.96 | 4.12 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 263.4% | 111.6% | 97.4% | 69.7% | 76.6% | 76.0% |
| P/E (x) | 27.0 | 17.5 | 17.1 | 12.8 | 19.4 | 13.6 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 15.9 | 12.3 | 12.5 | 12.9 | 14.7 | 11.0 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.83 | 4.36 | 4.52 | 2.48 | 3.44 | 2.06 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $12.46B+44.3% | $1.57B+0.6% | $1.35B+43.8% | $2.13 |
| 2026-06-30 | $12.05B+52.8% | $1.59B+11.3% | $966M+14.9% | $1.53 |
| 2026-03-31 | $9.62B+19.6% | $1.43B+17.0% | $774M+21.7% | $1.23 |
| 2025-12-31 † | $9.07B+29.5% | $1.53B-2.3% | $977M+5.9% | — |
| 2025-09-30 | $8.63B | $1.56B | $939M | $1.49 |
| 2025-06-30 | $7.89B | $1.43B | $841M | $1.34 |
| 2025-03-31 | $8.04B | $1.22B | $636M | $1.04 |
| 2024-12-31 † | $7B | $1.57B | $923M | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
8.0%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$5,741M × (1 − 23.5%) ÷ $55,219M × 100 = 8.0%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.45%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $46.28B ÷ ($46.28B + $33.64B) = 57.9%
e.g.Debt weight: $33.64B ÷ ($46.28B + $33.64B) = 42.1%
e.g.WACC: 8.2% × 57.9% + 5.3% × (1 − 23.5%) × 42.1% = 6.45%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.6%–7.5% and ROIC − WACC runs +0.4 to +2.4 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 6.45% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.59 (price-derived adjusted beta, but correlation with the market is low (R² 0.04), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.20%
- Cost of debt
- 5.30%
- Tax rate
- 23.5% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 58% : 42%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.45%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.59 (price-derived adjusted beta. Raw β 0.39, R² 0.04, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.388 + 0.33 = 0.590
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.59 × 5.5% = 8.2%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
3.7%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.5% − 2.7%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+31.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $2.45B (operating CF − capex); enterprise value $89.94B = market cap $56.38B (latest close, 2026-11-04) + debt $33.64B − cash and short-term investments $78M; r = WACC of 6.5% using this page’s default assumptions (β 0.59, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$87.39B
FCF $2.45B ÷ (6.5% − 3.7%)
Theoretical ÷ actual enterprise value
0.97x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.5% | 5.5% | 6.5% | 7.5% | 8.5% |
|---|---|---|---|---|---|
| 0% | 0.60x | 0.49x | 0.42x | 0.36x | 0.32x |
| 2% | 1.09x | 0.78x | 0.60x | 0.49x | 0.42x |
| 4% | 5.44x | 1.81x | 1.09x | 0.78x | 0.60x |
| 6% | — | — | 5.44x | 1.81x | 1.09x |
| 8% | — | — | — | — | 5.44x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.90x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.4%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 128%
Most profit comes from core operations.
- ✓
Days sales outstanding: 35 → 29 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-24
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$5,599M ÷ $3,393M = 1.65x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$5,741M ÷ $4,490M × 100 = 128%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,326M + $3,010M) ÷ 2 ÷ $33,629M × 365 = 29 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($748M + $948M) ÷ 2 ÷ $23,373M × 365 = 13 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 83.7%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 16.3%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 275 of 416
- Beta (adjusted)
- 0.59
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 66% of covered companies have more
above 1 = swings more than the market
- 527.4M shares reported by 1,656 13F filers ÷ 630.4M shares outstanding on 2026-07-27. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-01 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-27)
19
Strengths & weaknessesSite analysis
Strengths
1. Fee-based earnings
About 90% of 2025 earnings were fee-based.
Evidence: Form 10-K (FY2025)
2. Scale
About 60,000 miles of pipelines across NGLs, natural gas, refined products and crude.
Evidence: Form 10-K (FY2025)
3. Growing earnings
Adjusted EBITDA rose from $5,243M (2023) to $8,020M (2025).
Evidence: Form 10-K (FY2025)
Weaknesses
1. High debt
Long-term debt including current maturities and short-term borrowings of about $32.8B at the end of 2025.
Evidence: Form 10-K (FY2025)
2. Volume and commodity exposure
G&P and NGL segments face volumetric risk from drilling activity, weather and outages.
Evidence: Form 10-K (FY2025)
3. Interest burden
Interest expense rose to $1,783M in 2025 from $866M in 2023.
Evidence: Form 10-K (FY2025)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
13.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
5.61%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
76%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
5.3%
(Operating CF − capex) ÷ market cap
1. Dividend income
2025 dividends of $4.12 per share; quarterly $1.07 from January 2026.
- What has to hold
- Fee-based cash flow supports the dividend.
- The other side
- High leverage.
Evidence: Form 10-K (FY2025)
2. Acquisition-led growth
Magellan, EnLink, Medallion and Brazos Midland expanded the asset base.
- What has to hold
- Integrated wellhead-to-market system.
- The other side
- Execution and integration risk.
Evidence: Form 10-K (FY2025)
Revenue swings with commodity prices (e.g. 2021–22). Share count jumped in 2023 with the Magellan acquisition and in 2025 with EnLink.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.0x
$78M vs. $2.88B
Interest coverage (operating income ÷ interest expense)
3.2x
$5.74B vs. $1.78B
Free cash flow ÷ dividends paid
0.9x
$2.45B vs. $2.58B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -21.0% in FY2023 ($22.39B → $17.68B) | Yes, by FY2025 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income attributable to ONEOK positive every year 2020–2025, with a low of $613M (2020).
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
ONEOK says its legal proceedings arise in the normal course of operations and reasonably possible losses are not material. Insurance claims for the 2022 Medford fractionator incident were settled in 2023 for $930 million.
0 open matters · 1 settled or closed
Medford incident insurance settlement
SettledContract disputeONEOK v. insurers
In the first quarter of 2023 ONEOK settled all physical damage and business interruption claims for the Medford, Oklahoma incident with its insurers for total payments of $930 million ($100 million received in 2022).
- Amounts
- $930M insurance proceeds
Source: Form 10-K (FY2025) — Note O, Commitments and Contingencies
Company statement:
Based on Form 10-K (FY2025) — Note O, Commitments and Contingencies, reviewed 2026-10-31. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Demand & macro
Producer activity
- Company disclosure (summarized from the 10-K)
- Volumes depend on drilling and completion activity and well declines.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Funding & liquidity
Leverage
- Company disclosure (summarized from the 10-K)
- Acquisitions were financed with debt; the Brazos deal raised the covenant leverage limit to 5.5x temporarily.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3M&A & integration
Integration
- Company disclosure (summarized from the 10-K)
- Integrating Magellan, EnLink, Medallion and Brazos Midland.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Law & regulation
Environmental and safety rules
- Company disclosure (summarized from the 10-K)
- Pipelines and plants are subject to complex health, safety and environmental laws.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Disaster
Operational hazards
- Company disclosure (summarized from the 10-K)
- Explosions, fires, extreme weather and third-party damage can disrupt assets.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (3)
In addition, scrutiny regarding climate change and other ESG matters has resulted in an increased likelihood of governmental investigations, regulation, shareholder activism and private litigation by both advocates and opponents of such matters, which could increase our costs or otherwise adversely affect our business. For example, while some policymakers (including certain states and the SEC under the previous administration) have adopted, or are considering adopting, requirements for the disclosure of climate risks or other information, other policymakers have sought to constrain companies’ considerations of ESG matters. Any failure to successfully navigate stakeholder expectations, including regulatory developments, may result in reputational harm, increased costs or other adverse impacts.
We engage in various efforts to respond to stakeholder expectations; Read more
however, such efforts may not have the desired effect. Many of these efforts rely on methodologies, assumptions and data (including third-party information) that are subject to varying interpretations or that continue to evolve, including in ways we cannot control. Our approach may also continue to evolve, and we cannot guarantee that our approach will align with the expectations or preferences of any particular stakeholder. For example, our emissions reduction targets depend on a range of factors, and to the extent these do not manifest or we otherwise are unable to make progress on such targets or other initiatives, we may face additional costs or be unable to meet our targets, which could negatively impact our business and reputation. Various of our business partners and other stakeholders are subject to similar…
Upon entering office, the new administration issued a series of executive orders that signal a shift in the United States’ energy, environmental and climate change policy. Read more
Among other directives, such executive orders: (i) direct federal agencies to identify and exercise emergency authorities to facilitate conventional energy production, transportation and refining and call for the use of emergency regulations to expedite energy infrastructure projects; (ii) promote energy explorations and production on federal lands and waters; (iii) mandate a review of existing regulations that may burden domestic energy development; and (iv) rescission of funds and programs related to the IRA and Infrastructure Investment and Jobs Act. We continue to assess the long-term impacts of such actions on our operations, if any. However, such actions may prompt various states and other policymakers to take…
No longer in the text (4)
In addition, increasing attention to climate change has resulted in an increased likelihood of governmental investigations, regulation, shareholder activism and private litigation, which could increase our costs or otherwise affect adversely our business. For example, the SEC finalized new climate change disclosure requirements in March 2024 but stayed the rules in April 2024 pending judicial review of several lawsuits filed by states, industry and environmental groups challenging the rule. It is unclear when the rules will become effective, if at all. If these or any other climate disclosure requirements become effective, we may face increased costs associated with complying with such new climate disclosure rules.
Certain investors are increasingly focused on ESG issues, including climate change. Read more
Further, organizations that provide information to investors on corporate governance and related matters have also increased their focus on ESG issues and have developed ratings processes for evaluating companies on various ESG initiatives. Unfavorable ESG ratings may lead to increased negative investor sentiment toward us or midstream companies in general. Due to climate change concerns, some investors may choose not to invest, or to reduce investment, in companies that explore for, produce, process, transport or sell products derived from hydrocarbons. If this negative investor sentiment increases, we may see reduced demand for our securities, which could impact our liquidity or the value of our securities. Additionally, certain large institutional lenders have announced their own policies to meet…
In 2021, we announced a companywide absolute GHG emissions reduction target of 2.2 million metric tons of carbon dioxide equivalents from our combined Scope 1 and Scope 2 emissions by 2030 for our legacy ONEOK assets. Read more
The target represents a 30% reduction in combined operational Scope 1 and location-based Scope 2 GHG emissions attributable to ONEOK assets as of Dec. 31, 2019. To the extent that the potential pathways we have identified to achieve this emissions reduction target are not available to us, or to the extent we otherwise are unable to make progress toward other ESG-related targets we may establish, we may face additional costs to meet these targets, or we may fail to meet them, which could negatively impact our business and reputation.
We may be unable to integrate the businesses of EnLink and Medallion successfully or realize the anticipated benefits of the EnLink Acquisitions and the Medallion Acquisition (collectively, the “Recent Acquisitions”).
2 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 24, 2026 ↗ with the 10-K filed Feb 25, 2025 ↗.
25
What to watch going forwardSite analysis
- Integration of Brazos Midland (closed October 6, 2026).
- Use of the Apollo $9B investment and Class B distributions.
- Leverage trend.
- Medford fractionator reconstruction.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 30, 2026 17:15 (SEC EDGAR) · Source 10-K filed: February 24, 2026
Built on10-K FY2025 · filed 2026-02-24Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Oneok’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.