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What this page is: Delvantic's full research page for ONEOK, Inc. (OKE) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
Page map (sections in order; each card carries a stable
reference-name attribute you can cite):
profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
price-history,income-trend,key-metrics,financials(statement tables),insider-trading. The analysis above is public; the raw data tables require a free account.
More for machine readers: site briefing at
/llms.txt ·
any ticker resolves at delvantic.com/stock/TICKER ·
raw inputs are public-company filings and market data (via licensed data feeds);
every model, score, lens read, and prediction on this page is Delvantic's own analysis.
ONEOK, Inc.
OKE NYSE
Energy · Oil & Gas Midstream
Tulsa, OK 74103, United States
oneok.com
Price
$92.60
Market Cap
$58.3B
Employees
6,326
Beta
0.72
Avg Volume
3,589,508
Last Dividend
$4.24
CEO
Mr. Pierce H. Norton II
ONEOK, Inc. is a U.S. midstream energy infrastructure company that owns and operates a large network of pipelines and related assets across key oil and gas regions. The company’s primary role is to provide gathering, processing, fractionation, transportation, storage, and marine export services for natural gas, natural gas liquids, refined products, and crude oil. Through its extensive pipeline and terminal system, ONEOK connects upstream producers with downstream utilities, refiners, petrochemical plants, and industrial customers, facilitating reliable movement of hydrocarbons from the Mid-Continent, Permian Basin, North Texas, Gulf Coast, and Rocky Mountain regions to major demand centers. Its operations are organized into distinct segments covering natural gas gathering and processing, natural gas liquids, natural gas pipelines, and refined products and crude, giving it a diversified presence across the midstream value chain. Founded in 1906 and headquartered in Tulsa, Oklahoma, ONEOK today plays a significant role in supporting energy supply chains and meeting domestic and international demand for natural gas and related products.
Runs with full report
Earnings Schedule
Checked daily · calendar updated Aug 13 No upcoming print on the calendar yet — companies typically confirm a few weeks ahead. Last print was Aug 3, 2026.
EPS surprise history — vs analyst consensus · 5 prints of vendor history
-38.8%
Mar '26
+16.7%
Mar '26
-14.5%
Apr '26
+0.0%
Apr '26
+5.5%
Aug '26
| Print date | EPS est. | EPS actual | Revenue est. | Revenue actual |
|---|---|---|---|---|
| Aug 3, 2026 | $1.45 | $1.53 +5.5% | — | — |
| Apr 28, 2026 | $1.30 | $1.30 +0.0% | — | — |
| Apr 2, 2026 | $-0.62 | $-0.71 -14.5% | — | — |
| Mar 20, 2026 | $-0.18 | $-0.15 +16.7% | — | — |
| Mar 9, 2026 | $-1.03 | $-1.43 -38.8% | — | — |
Green = beat the estimate, red = missed. An earnings print is the fastest way a thesis changes — our designations should be re-read after each one.
Recent SEC Filings
| Filed | Form | Document |
|---|---|---|
| Aug 4, 2026 | 424B5 | View |
| Aug 4, 2026 | 10-Q | View |
| Aug 3, 2026 | 8-K | View |
| Jun 24, 2026 | 11-K | View |
| Jun 18, 2026 | S-3ASR | View |
| Jun 18, 2026 | S-3ASR | View |
| Jun 1, 2026 | 4 | View |
| May 22, 2026 | 4 | View |
| May 22, 2026 | 4 | View |
| May 22, 2026 | 4 | View |
| May 22, 2026 | 4 | View |
| May 22, 2026 | 4 | View |
Filings link to the SEC’s EDGAR system. Annual/quarterly reports (10-K, 10-Q, 20-F) carry the full story; 8-K/6-K current reports are the fastest signal that something material happened.
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E Ratio (Price per dollar of earnings)
HEXStock Price / EPS (Diluted)
17.08
Stock Price: $92.60
EPS (Diluted): 5.42
EPS (Diluted): 5.42
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
2.57
Stock Price: $92.60
Total Equity: $22.57B
Shares: 625,900,000
Total Equity: $22.57B
Shares: 625,900,000
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
12.37
Market Cap: $58.29B
Total Debt: $32.00B
Cash: $78.00M
EBITDA: $7.26B
Total Debt: $32.00B
Cash: $78.00M
EBITDA: $7.26B
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$89.8B
Market Cap: $58.29B
Total Debt: $32.00B
Cash: $78.00M
Total Debt: $32.00B
Cash: $78.00M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
30.5%
Gross Profit: $10.26B
Revenue: $33.63B
Revenue: $33.63B
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
17.1%
Operating Income: $5.74B
Revenue: $33.63B
Revenue: $33.63B
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
10.1%
Net Income: $3.39B
Revenue: $33.63B
Revenue: $33.63B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
15.0%
Net Income: $3.39B
Total Equity: $22.57B
Total Equity: $22.57B
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
8.1%
Operating Income: $5.74B
Tax Rate: 22.9%
Equity: $22.57B
Total Debt: $32.00B
Cash: $78.00M
Tax Rate: 22.9%
Equity: $22.57B
Total Debt: $32.00B
Cash: $78.00M
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
0.71
Current Assets: $4.49B
Current Liabilities: $6.37B
Current Liabilities: $6.37B
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
1.42
Short-Term Debt: $1.24B
Long-Term Debt: $30.76B
Total Debt: $32.00B
Total Equity: $22.57B
Long-Term Debt: $30.76B
Total Debt: $32.00B
Total Equity: $22.57B
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$53.73
Revenue: $33.63B
Shares: 625,900,000
Shares: 625,900,000
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
$36.06
Total Equity: $22.57B
Shares: 625,900,000
Shares: 625,900,000
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$3.91
Operating CF: $5.60B
CapEx: -$3.15B
Shares: 625,900,000
CapEx: -$3.15B
Shares: 625,900,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
4.6%
Last Dividend: $4.24
Stock Price: $92.60
Stock Price: $92.60
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
76.1%
Dividends Paid: -$2.58B
Net Income: $3.39B
Net Income: $3.39B
Income Statement (Annual)
Last updated: Aug 13, 2026 11:50am (21h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.5B | $22.4B | $17.7B | $21.7B | $33.6B |
| Cost of Revenue | $12.3B | $17.9B | $11.9B | $13.3B | $23.4B |
| Gross Profit | $4.3B | $4.5B | $5.7B | $8.4B | $10.3B |
| Operating Expenses | $1.7B | $1.7B | $1.7B | $3.4B | $4.5B |
| Operating Income | $2.6B | $2.8B | $4.1B | $5.0B | $5.7B |
| Net Income | — | $1.7B | $2.7B | $3.0B | $3.4B |
| EBITDA | $3.2B | $3.4B | $4.8B | $6.1B | $7.3B |
| EPS | $3.36 | $3.85 | $5.49 | $5.19 | $5.43 |
| EPS (Diluted) | $3.35 | $3.84 | $5.48 | $5.17 | $5.42 |
Balance Sheet (Annual)
Last updated: Aug 11, 2026 12:50pm (2d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $146.4M | $220.2M | $338.0M | $733.0M | $78.0M |
| Total Current Assets | $2.4B | $2.5B | $3.1B | $4.2B | $4.5B |
| Total Assets | $23.6B | $24.4B | $44.3B | $64.1B | $66.6B |
| Current Liabilities | $3.2B | $3.1B | $3.5B | $4.7B | $6.4B |
| Long-Term Debt | $12.7B | $12.7B | $21.2B | $31.0B | $30.8B |
| Total Liabilities | $17.6B | $17.9B | $27.8B | $41.9B | $44.1B |
| Total Equity | $6.0B | $6.5B | $16.5B | $22.1B | $22.6B |
| Retained Earnings | $0 | $50.4M | $868.0M | $1.6B | $2.4B |
Cash Flow (Annual)
Last updated: Aug 13, 2026 11:50am (21h ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $2.5B | $2.9B | $4.4B | $4.9B | $5.6B |
| Capital Expenditure | -$696.9M | -$1.2B | -$1.6B | -$2.0B | -$3.2B |
| Free Cash Flow | $1.8B | $1.7B | $2.8B | $2.9B | $2.4B |
| Acquisitions (net) | $0 | $0 | -$5.0B | -$5.8B | -$25.0M |
| Net Debt Issued / (Repaid) | -$604.9M | -$26.4M | $4.0B | $5.1B | $10.0M |
| Dividends Paid | -$1.7B | -$1.7B | -$1.8B | -$2.3B | -$2.6B |
| Stock Buybacks | — | $0 | $0 | -$159.0M | -$75.0M |
| Net Change in Cash | -$378.1M | $73.8M | $118.0M | $395.0M | -$655.0M |
Growth Trends (YoY %)
Last updated: Aug 13, 2026 11:50am (21h ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +35.4% | -21.0% | +22.7% | +55.0% |
| Gross Profit Growth | +4.5% | +28.4% | +45.9% | +22.3% |
| Operating Income Growth | +8.1% | +45.0% | +22.5% | +15.1% |
| Net Income Growth | — | +54.4% | +14.1% | +11.8% |
| EBITDA Growth | +6.7% | +41.0% | +26.5% | +18.5% |
Dividend History (Last 20)
Last updated: Aug 11, 2026 12:50pm (2d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-08-03 | $1.07 | — | — | — |
| 2026-05-04 | $1.07 | — | — | — |
| 2026-02-02 | $1.07 | — | — | — |
| 2025-11-03 | $1.03 | — | — | — |
| 2025-08-01 | $1.03 | — | — | — |
| 2025-05-05 | $1.03 | — | — | — |
| 2025-02-03 | $1.03 | — | — | — |
| 2024-11-01 | $0.99 | — | — | — |
| 2024-08-01 | $0.99 | — | — | — |
| 2024-04-30 | $0.99 | — | — | — |
| 2024-01-29 | $0.99 | — | — | — |
| 2023-10-31 | $0.96 | — | — | — |
| 2023-07-31 | $0.96 | — | — | — |
| 2023-04-28 | $0.96 | — | — | — |
| 2023-01-27 | $0.96 | — | — | — |
| 2022-10-31 | $0.94 | — | — | — |
| 2022-07-29 | $0.94 | — | — | — |
| 2022-04-29 | $0.94 | — | — | — |
| 2022-01-28 | $0.94 | — | — | — |
| 2021-10-29 | $0.94 | — | — | — |
Industry Benchmarks
Compares OKE against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
Not applicable for this companies
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
Not applicable for this companies
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
Not applicable for this companies
4h
Dividend Discount Model
— For dividend/income stocks only
Not applicable for this companies
4i
Book Value Analysis
— For deep value / turnaround stocks only
Not applicable for this companies
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
Not applicable for this companies
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for OKE — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for OKE — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
No GPT reading yet for OKE — it's generated by the
pipeline (
gpt-critique step) after the other Big-3 seats, when a
report is run on this ticker.
Grok Reading
No Grok reading yet for OKE — it's generated by the
pipeline (
grok-critique step) alongside the other Big-3 seats, when a
report is run on this ticker.
Advanced Analysis Forensic deep-dive · four lenses
No community reviews yet for OKE.
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My Notes
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Data via Financial Modeling Prep · Cached for performance · twelvedata
v1.1.532 · 1ec19de8 · 2026-08-13 17:53:37