Energy · Oil & Gas Midstream
Price
$87.55
Market Cap
$55.2B
Employees
6,326
Beta
0.71
Avg Volume
4,117,172
CEO
Pierce H. Norton
Business Description
ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States. Its primary focus is the comprehensive management of natural gas, encompassing gathering, processing, storage, and transportation. These operations are structured into three distinct segments: Natural Gas Gathering and Processing, Natural Gas Liquids (NGL), and Natural Gas Pipelines. The company owns an extensive system of natural gas gathering pipelines and processing plants, predominantly situated in the Mid-Continent and Rocky Mountain regions. Furthermore, ONEOK manages both federally (FERC) and state-regulated interstate and intrastate natural gas transmission pipelines, alongside crucial natural gas storage facilities. A significant component of ONEOK's business is dedicated to Natural Gas Liquids. The company handles the entire NGL value chain, from collecting, treating, and fractionating to transporting, storing, marketing, and distributing these products. Its NGL infrastructure includes a broad network of gathering and distribution pipelines across Oklahoma, Kansas, Texas, New Mexico, Montana, North Dakota, Wyoming, and Colorado. Additionally, NGL terminal and storage assets are maintained in Kansas, Missouri, Nebraska, Iowa, and Illinois. ONEOK also operates pipelines for NGL distribution and refined petroleum products throughout Kansas, Missouri, Nebraska, Iowa, Illinois, and Indiana, supported by integrated truck and rail loading and unloading facilities connected to its NGL fractionation, storage, and pipeline network. The company's substantial physical footprint comprises approximately 17,500 miles of natural gas gathering pipelines, 1,500 miles of FERC-regulated interstate natural gas pipelines, and 5,100 miles of state-regulated intrastate transmission pipelines. The NGL segment benefits from six storage facilities and eight product terminals. Separately, ONEOK also owns and leases a parking garage and excess office space in downtown Tulsa, Oklahoma. ONEOK serves a wide and varied customer base throughout the energy sector. This includes integrated and independent exploration and production (E&P) companies, natural gas and NGL gathering and processing enterprises, crude oil and natural gas producers, propane distributors, municipalities, and ethanol producers. The company also supports petrochemical, refining, and NGL marketing firms, as well as natural gas distribution utilities, electric power generation companies, and various other energy producers, processors, and marketers. Founded in 1906, ONEOK, Inc. is headquartered in Tulsa, Oklahoma.
Business History
Price Overview
Price at report time · Jul 2, 3:38pm (0m ago)
$87.75
Change · Jul 2
+2.02 (+2.35%)
Day Range
$86.03 – $87.83
52-Week Range
$64.02 – $96.07
50-Day MA
$88.53
200-Day MA
$79.89
Volume
1,722,342.00
Right now · live
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Real-time — the change above is the move since the report (over 0m).
Analyst Price Targets
Low
$80.00
Consensus
$92.50
High
$104.00
(48 analysts)
Share Structure
Outstanding
630,032,852.00
Float
628,281,361.00
Free Float
99.7%
High free float
— 99.7% of shares trade freely, ~0.3% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
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
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
15.66
Stock Price: $87.55
EPS (Diluted): 5.43
EPS (Diluted): 5.43
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
2.06
Stock Price: $87.55
Total Equity: $22.49B
Shares: 631,200,000
Total Equity: $22.49B
Shares: 631,200,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
11.31
Market Cap: $55.16B
Total Debt: $32.82B
Cash: $78.00M
EBITDA: $7.79B
Total Debt: $32.82B
Cash: $78.00M
EBITDA: $7.79B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$79.0B
Market Cap: $55.16B
Total Debt: $32.82B
Cash: $78.00M
Total Debt: $32.82B
Cash: $78.00M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
21.5%
Gross Profit: $7.22B
Revenue: $33.63B
Revenue: $33.63B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
20.7%
Operating Income: $6.97B
Revenue: $33.63B
Revenue: $33.63B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
10.1%
Net Income: $3.40B
Revenue: $33.63B
Revenue: $33.63B
ROE (Profit from shareholder equity)
APINet Income / Total Equity
15.9%
Net Income: $3.40B
Total Equity: $22.49B
Total Equity: $22.49B
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
8.6%
Operating Income: $6.97B
Tax Rate: 22.9%
Equity: $22.49B
Total Debt: $32.82B
Cash: $78.00M
Tax Rate: 22.9%
Equity: $22.49B
Total Debt: $32.82B
Cash: $78.00M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.71
Current Assets: $4.49B
Current Liabilities: $6.37B
Current Liabilities: $6.37B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
1.46
Short-Term Debt: $2.06B
Long-Term Debt: $30.76B
Total Debt: $32.82B
Total Equity: $22.49B
Long-Term Debt: $30.76B
Total Debt: $32.82B
Total Equity: $22.49B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$53.28
Revenue: $33.63B
Shares: 631,200,000
Shares: 631,200,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$35.62
Total Equity: $22.49B
Shares: 631,200,000
Shares: 631,200,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$3.88
Operating CF: $5.60B
CapEx: -$3.15B
Shares: 631,200,000
CapEx: -$3.15B
Shares: 631,200,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
5.6%
Last Dividend: N/A
Stock Price: $87.55
Stock Price: $87.55
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $3.40B
Net Income: $3.40B
Dividends paid not available in cash flow statement
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)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
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)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jul 2, 2026 3:38pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $17.3B | $22.9B | $17.7B | $21.6B | $33.6B |
| Cost of Revenue | $14.3B | $19.8B | $11.9B | $16.6B | $26.4B |
| Gross Profit | $3.0B | $3.1B | $5.7B | $5.1B | $7.2B |
| Operating Expenses | $166.7M | $85.2M | $1.7B | $29.0M | $251.0M |
| Operating Income | $2.9B | $3.0B | $4.1B | $5.0B | $7.0B |
| Net Income | $1.5B | $1.7B | $2.7B | $3.0B | $3.4B |
| EBITDA | $3.3B | $3.5B | $5.1B | $6.6B | $7.8B |
| EPS | $3.36 | $3.85 | $5.49 | $5.19 | $5.43 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jul 2, 2026 3:38pm (just now)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $146.4M | $220.0M | $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 | $17.0B | $22.5B |
| Retained Earnings | $0 | $50.4M | $868.0M | $1.6B | $2.4B |
Cash Flow (Annual)
Last updated: Jul 2, 2026 3:38pm (just now)| 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) | -$1.0M | -$3.0M | -$5.0B | -$5.8B | -$647.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | -$159.0M | -$75.0M |
| Net Change in Cash | -$378.1M | $73.8M | $118.0M | $395.0M | -$655.0M |
Analyst Estimates (Annual)
Last updated: Jul 2, 2026 3:38pm (just now)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$37.6B $30.4B – $43.8B
|
$38.1B $37.5B – $38.7B
|
$33.5B $28.1B – $40.2B
|
$37.3B $31.3B – $44.8B
|
| EBITDA |
$8.8B $7.1B – $10.3B
|
$8.9B $8.8B – $9.0B
|
$7.8B $6.6B – $9.4B
|
$8.7B $7.3B – $10.5B
|
| Net Income |
$3.9B $3.6B – $4.4B
|
$4.2B $3.8B – $4.8B
|
$4.5B $3.6B – $5.7B
|
$4.7B $3.8B – $6.0B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jul 2, 2026 3:38pm (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +32.4% | -22.7% | +22.4% | +55.4% |
| Gross Profit Growth | +3.3% | +84.3% | -12.1% | +42.9% |
| Operating Income Growth | +6.3% | +34.2% | +23.3% | +38.8% |
| Net Income Growth | +14.8% | +54.4% | +14.1% | +11.9% |
| EBITDA Growth | +6.6% | +45.3% | +29.0% | +18.1% |
Insider Trading (Recent)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-05-28 | SPEARS MARY M | G-Gift | 1,000.00 | $0.00 | $0 |
| 2026-05-20 | RODRIGUEZ EDUARDO A | A-Award | 1,476.00 | $92.15 | $136,013 |
| 2026-05-20 | RODRIGUEZ EDUARDO A | A-Award | 369.00 | $0.00 | $0 |
| 2026-05-20 | HELDERMAN MARK W | A-Award | 3,039.00 | $92.15 | $280,044 |
| 2026-05-20 | Owodunni Precious W | A-Award | 1,845.00 | $92.15 | $170,017 |
| 2026-05-20 | EDWARDS JULIE H | A-Award | 1,845.00 | $92.15 | $170,017 |
| 2026-05-20 | MCCOLLUM MARK A | A-Award | 1,845.00 | $92.15 | $170,017 |
| 2026-05-20 | Gobillot Lori | A-Award | 1,845.00 | $0.00 | $0 |
| 2026-05-20 | LARSON RANDALL J | A-Award | 1,845.00 | $0.00 | $0 |
| 2026-05-20 | Smith Wayne Thomas | A-Award | 1,845.00 | $0.00 | $0 |
| 2026-05-20 | DERKSEN BRIAN L | A-Award | 1,845.00 | $0.00 | $0 |
| 2026-02-22 | SWORDS SHERIDAN C | M-Exempt | 4,924.53 | $0.00 | $0 |
| 2026-02-22 | SWORDS SHERIDAN C | F-InKind | 2,225.53 | $87.33 | $194,356 |
| 2026-02-22 | SWORDS SHERIDAN C | M-Exempt | 4,924.53 | $0.00 | $0 |
| 2026-02-22 | HULSE WALTER S III | M-Exempt | 7,739.39 | $0.00 | $0 |
| 2026-02-22 | HULSE WALTER S III | F-InKind | 3,454.39 | $87.33 | $301,672 |
| 2026-02-22 | HULSE WALTER S III | M-Exempt | 7,739.39 | $0.00 | $0 |
| 2026-02-22 | Taylor Lyndon C | M-Exempt | 8,538.59 | $0.00 | $0 |
| 2026-02-22 | Taylor Lyndon C | F-InKind | 3,812.59 | $87.33 | $332,954 |
| 2026-02-22 | Taylor Lyndon C | M-Exempt | 8,538.59 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jul 2, 2026 3:38pm (just now)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-04 | $1.07 | 2026-04-23 | 2026-05-04 | 2026-05-15 |
| 2026-02-02 | $1.07 | 2026-01-21 | 2026-02-02 | 2026-02-13 |
| 2025-11-03 | $1.03 | 2025-10-15 | 2025-11-03 | 2025-11-14 |
| 2025-08-01 | $1.03 | 2025-07-16 | 2025-08-01 | 2025-08-14 |
| 2025-05-05 | $1.03 | 2025-04-24 | 2025-05-05 | 2025-05-15 |
| 2025-02-03 | $1.03 | 2025-01-22 | 2025-02-03 | 2025-02-14 |
| 2024-11-01 | $0.99 | 2024-10-16 | 2024-11-01 | 2024-11-14 |
| 2024-08-01 | $0.99 | 2024-07-17 | 2024-08-01 | 2024-08-14 |
| 2024-04-30 | $0.99 | 2024-04-18 | 2024-05-01 | 2024-05-15 |
| 2024-01-29 | $0.99 | 2024-01-17 | 2024-01-30 | 2024-02-14 |
| 2023-10-31 | $0.96 | 2023-10-18 | 2023-11-01 | 2023-11-14 |
| 2023-07-31 | $0.96 | 2023-07-19 | 2023-08-01 | 2023-08-14 |
| 2023-04-28 | $0.96 | 2023-04-20 | 2023-05-01 | 2023-05-15 |
| 2023-01-27 | $0.96 | 2023-01-18 | 2023-01-30 | 2023-02-14 |
| 2022-10-31 | $0.94 | 2022-10-19 | 2022-11-01 | 2022-11-14 |
| 2022-07-29 | $0.94 | 2022-07-20 | 2022-08-01 | 2022-08-15 |
| 2022-04-29 | $0.94 | 2022-04-21 | 2022-05-02 | 2022-05-16 |
| 2022-01-28 | $0.94 | 2022-01-19 | 2022-01-31 | 2022-02-14 |
| 2021-10-29 | $0.94 | 2021-10-20 | 2021-11-01 | 2021-11-15 |
| 2021-07-30 | $0.94 | 2021-07-21 | 2021-08-02 | 2021-08-16 |
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).
No community reviews yet for OKE.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.369 · ed375950 · 2026-07-02 14:37:41