ONEOK INC /NEW/
OKE· NYSE· Natural Gas Transmisison & Distribution
- Market cap
- –
- P/FCF
- –
- EV/Sales
- –
- FCF margin
- 7.3%
- ROIC, 5 yr avg
- 9.0%
- Revenue, 5 yr CAGR
- +31.5%
We record prices for the companies we cover; OKE is not one of them yet.
Company statistics
Profile · FY2025
- Market cap
- –
- Enterprise value
- –
- Diluted shares
- 625.9M
- Revenue
- $33.6B
- Free cash flow
- $2.4B
- Owner earnings
- $2.4B
Valuation · FY2025
- P/E
- –
- P/FCF
- –
- P/Owner earnings
- –
- EV/Sales
- –
- EV/FCF
- –
- P/B
- –
Margins · FY2025
- Gross
- –
- Operating
- 17.1%
- Net
- 10.1%
- Free cash flow
- 7.3%
- Owner earnings
- 7.0%
- Stock pay
- 0.3%
Returns
- ROIC, FY2025
- 7.9%
- ROIC, 5 yr avg
- 9.0%
- ROE, FY2025
- 15.1%
- ROE, 5 yr avg
- –
Growth (CAGR)
- Revenue, 3 yr
- 14.5%
- Revenue, 5 yr
- 31.5%
- Revenue, 9 yr
- 15.9%
- Diluted EPS, 3 yr
- 12.2%
- Diluted EPS, 5 yr
- 30.7%
- Diluted EPS, 9 yr
- 14.1%
- Free cash flow, 3 yr
- 12.8%
- Free cash flow, 5 yr
- –
- Free cash flow, 9 yr
- 14.4%
Financial health · FY2025
- Cash and investments
- $78.0M
- Total debt
- $33.6B
- Net debt
- $33.6B
- Debt/Equity
- 1.5x
- Debt/FCF
- 13.7x
Shareholder returns · FY2025
- Dividend yield
- –
- Payout ratio
- 76.1%
- Buyback yield
- –
- Shareholder yield
- –
- Share count, 5 yr
- 7.7%
Financials: ten years from the 10-Ks
Revenue
$33.6B
+15.9% a year over 9 years
FY2016FY2025
Margins
Operating17.1%Net10.1%
FY2025
FY2016FY2025
Free cash flow and owner earnings
Free cash flow$2.4BOwner earnings$2.4B
Free cash flow +14.4% a year
FY2016FY2025
Diluted shares
625.9M
+194.7% over 9 years, net dilution
FY2016FY2025
Return on invested capital
7.9%
FY2025
FY2016FY2025
Net debt (below zero)
-$33.6B
$33.6B more debt than cash
FY2016FY2025
Every figure, year by year
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| The business | ||||||||||
| Revenue | $8.9B | $12.2B | $12.6B | $10.2B | $8.5B | $16.5B | $22.4B | $17.7B | $21.7B | $33.6B |
| Revenue growth | 14.9% | 36.5% | 3.4% | -19.3% | -16.0% | 93.6% | 35.4% | -21.0% | 22.7% | 55.0% |
| Gross margin | – | – | – | – | – | – | – | – | – | – |
| Operating margin | 14.5% | 11.4% | 14.6% | 18.8% | 15.9% | 15.7% | 12.5% | 23.0% | 23.0% | 17.1% |
| Net income | $352.0M | $387.8M | $1.2B | $1.3B | $612.8M | – | $1.7B | $2.7B | $3.0B | $3.4B |
| Net margin | 3.9% | 3.2% | 9.1% | 12.6% | 7.2% | – | 7.7% | 15.0% | 14.0% | 10.1% |
| Diluted EPS | $1.66 | $1.29 | $2.78 | $3.07 | $1.42 | $3.35 | $3.84 | $5.48 | $5.17 | $5.42 |
| Return on invested capital? | 10.8% | 5.4% | 8.8% | 7.8% | 5.3% | 10.1% | 10.8% | 8.2% | 7.8% | 7.9% |
| Cash | ||||||||||
| Operating cash flow | $1.4B | $1.3B | $2.2B | $1.9B | $1.9B | $2.5B | $2.9B | $4.4B | $4.9B | $5.6B |
| Capital expenditure | $624.6M | $512.4M | $2.1B | $3.8B | $2.2B | $697.0M | $1.2B | $1.6B | $2.0B | $3.2B |
| Free cash flow | $728.6M | $803.0M | $45.2M | -$1.9B | -$296.3M | $1.8B | $1.7B | $2.8B | $2.9B | $2.4B |
| Stock-based compensation | $40.6M | $26.3M | $31.7M | $37.1M | $29.4M | $54.0M | $53.0M | $63.0M | $102.0M | $92.0M |
| Owner earnings? | $688.0M | $776.8M | $13.6M | -$1.9B | -$325.7M | $1.8B | $1.7B | $2.8B | $2.8B | $2.4B |
| Free cash flow per share | $3.43 | $2.68 | $0.11 | $-4.58 | $-0.69 | $4.13 | $3.80 | $5.82 | $4.89 | $3.91 |
| Capital allocation | ||||||||||
| Dividends paid | $517.6M | $829.4M | $1.3B | $1.5B | $1.6B | $1.7B | $1.7B | $1.8B | $2.3B | $2.6B |
| Share repurchases | – | – | – | – | – | – | $0 | $0 | $159.0M | $75.0M |
| Diluted shares | 212.4M | 299.8M | 414.2M | 415.4M | 431.8M | 447.4M | 448.4M | 485.4M | 586.5M | 625.9M |
| Share count change? | 0.9% | 41.2% | 38.2% | 0.3% | 3.9% | 3.6% | 0.2% | 8.3% | 20.8% | 6.7% |
| Balance sheet | ||||||||||
| Cash and equivalents | $248.9M | $37.2M | $12.0M | $21.0M | $524.5M | $146.4M | $220.0M | $338.0M | $733.0M | $78.0M |
| Short-term investments | – | – | – | – | – | – | – | – | – | – |
| Total debt | $9.4B | $9.1B | $9.4B | $12.7B | $14.2B | $13.6B | $13.6B | $21.7B | $32.1B | $33.6B |
| Net debt | $9.2B | $9.1B | $9.4B | $12.7B | $13.7B | $13.5B | $13.4B | $21.3B | $31.3B | $33.6B |
| Shareholders' equity | $188.7M | $5.5B | $6.6B | $6.2B | $6.0B | $6.0B | $6.5B | $16.5B | $17.0B | $22.5B |
Latest filings
| 2026-10-28 | 10-Q | Quarterly report |
| 2026-10-27 | 8-K | Earnings release |
| 2026-08-04 | 10-Q | Quarterly report |
| 2026-04-29 | 10-Q | Quarterly report |
| 2026-04-28 | 8-K | Earnings release |
| 2026-04-01 | DEF 14A | Proxy statement |
| 2026-02-24 | 10-K | Annual report |
| 2026-02-23 | 8-K | Earnings release |
| 2025-10-29 | 10-Q | Quarterly report |
| 2025-10-28 | 8-K | Earnings release |
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