ONEOK, Inc. (OKE) 10-Year Financial Performance & Capital Metrics

OKE • • Industrial / General

EnergyMidstream Oil & GasProcessing & FractionationNGL Fractionation Operators

AboutONEOK, 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.Show more

Revenue $21.64B +22.4%
EBITDA $6.16B +27.1%
Net Income $3.04B +14.1%
EPS (Diluted) 5.17 -5.7%
Gross Margin 23.34% -28.2%
EBITDA Margin 28.45% +3.9%
Operating Margin 23.2% +0.7%
Net Margin 14.03% -6.8%
ROE 15.72% -32.1%
ROIC 8.22% -22.1%
Debt/Equity 1.46 +10.5%
Interest Coverage 3.72 -22.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 22.1%
✓Strong 5Y profit CAGR of 18.9%
✓21 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 16.4%
✓Healthy dividend yield of 5.4%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Shares diluted 20.8% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.88%

5Y16.43%

3Y7.8%

TTM58.76%

Profit (Net Income) CAGR

10Y25.46%

5Y18.87%

3Y26.48%

TTM19.25%

EPS CAGR

10Y13.25%

5Y10.91%

3Y15.56%

TTM13.81%

ROCE

10Y Avg11.07%

5Y Avg12.07%

3Y Avg12.55%

Latest10.03%

Peer Comparison

NGL Fractionation Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
OKEONEOK, Inc.	46.15B	73.35	14.19	22.41%	10.58%	15.07%	6.21%	1.46

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	7.68B	8.89B	12.24B	12.62B	10.11B	8.46B	17.27B	22.87B	17.68B	21.64B
Revenue Growth %	-0.37%	0.16%	0.38%	0.03%	-0.2%	-0.16%	1.04%	0.32%	-0.23%	0.22%
Cost of Goods Sold+	6.6B	7.56B	10.64B	10.65B	8.13B	6.43B	14.25B	19.75B	11.93B	16.59B
COGS % of Revenue	0.86%	0.85%	0.87%	0.84%	0.8%	0.76%	0.83%	0.86%	0.67%	0.77%
Gross Profit+	1.08B	1.34B	1.6B	1.97B	1.99B	2.03B	3.02B	3.12B	5.75B	5.05B
Gross Margin %	0.14%	0.15%	0.13%	0.16%	0.2%	0.24%	0.17%	0.14%	0.33%	0.23%
Gross Profit Growth %	-0.12%	0.24%	0.2%	0.23%	0.01%	0.02%	0.49%	0.03%	0.84%	-0.12%
Operating Expenses+	87.58M	88.85M	98.4M	103.92M	119.16M	125.03M	166.67M	85.23M	1.68B	29M
OpEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0.09%	0%
Selling, General & Admin	0	0	0	0	0	0	0	0	0	0
SG&A % of Revenue	-	-	-	-	-	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	87.58M	88.85M	98.4M	103.92M	119.16M	125.03M	166.67M	85.23M	1.68B	29M
Operating Income+	993.11M	1.25B	1.51B	1.86B	1.87B	1.9B	2.85B	3.03B	4.07B	5.02B
Operating Margin %	0.13%	0.14%	0.12%	0.15%	0.18%	0.22%	0.17%	0.13%	0.23%	0.23%
Operating Income Growth %	-0.14%	0.26%	0.2%	0.24%	0%	0.02%	0.5%	0.06%	0.34%	0.23%
EBITDA+	1.35B	1.64B	1.91B	2.29B	2.34B	2.48B	3.47B	3.66B	4.84B	6.16B
EBITDA Margin %	0.18%	0.18%	0.16%	0.18%	0.23%	0.29%	0.2%	0.16%	0.27%	0.28%
EBITDA Growth %	-0.08%	0.22%	0.17%	0.2%	0.02%	0.06%	0.4%	0.05%	0.32%	0.27%
D&A (Non-Cash Add-back)	354.62M	391.58M	406.33M	428.56M	476.54M	578.66M	621.7M	626.13M	769M	1.13B
EBIT	921.1M	1.41B	1.51B	1.97B	2.12B	1.42B	2.68B	2.89B	4.34B	5.46B
Net Interest Income+	-399.22M	-450.44M	-464.63M	-451.33M	-468.54M	-619.21M	-692.97M	-641.73M	-845M	-1.35B
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	399.22M	450.44M	464.63M	451.33M	468.54M	619.21M	692.97M	641.73M	845M	1.35B
Other Income/Expense	-471.24M	-291.98M	-465.37M	-346.66M	-215.59M	-1.1B	-868.84M	-784.51M	-575M	-911M
Pretax Income+	521.88M	957.96M	1.04B	1.52B	1.65B	802.32M	1.98B	2.25B	3.5B	4.11B
Pretax Margin %	0.07%	0.11%	0.09%	0.12%	0.16%	0.09%	0.11%	0.1%	0.2%	0.19%
Income Tax+	136.6M	212.41M	447.28M	362.9M	372.41M	189.51M	484.5M	527.42M	838M	998M
Effective Tax Rate %	0.47%	0.37%	0.37%	0.76%	0.77%	0.76%	0.76%	0.77%	0.76%	0.74%
Net Income+	244.98M	352.04M	387.84M	1.15B	1.28B	612.81M	1.5B	1.72B	2.66B	3.04B
Net Margin %	0.03%	0.04%	0.03%	0.09%	0.13%	0.07%	0.09%	0.08%	0.15%	0.14%
Net Income Growth %	-0.22%	0.44%	0.1%	1.97%	0.11%	-0.52%	1.45%	0.15%	0.54%	0.14%
Net Income (Continuing)	385.28M	745.55M	593.52M	1.16B	1.28B	612.81M	1.5B	1.72B	2.66B	3.11B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	3.43B	3.24B	157.49M	0	0	0	0	0	0	5.1B
EPS (Diluted)+	1.16	1.66	1.29	2.78	3.08	1.42	3.35	3.84	5.48	5.17
EPS Growth %	-0.22%	0.43%	-0.22%	1.16%	0.11%	-0.54%	1.36%	0.15%	0.43%	-0.06%
EPS (Basic)	1.17	1.67	1.30	2.80	3.09	1.42	3.36	3.85	5.49	5.19
Diluted Shares Outstanding	210.54M	212.38M	299.78M	414.19M	415.44M	431.78M	447.4M	448.45M	485.4M	586.5M
Basic Shares Outstanding	210.21M	211.13M	297.48M	411.49M	413.56M	431.11M	446.4M	447.51M	484.3M	586.5M
Dividend Payout Ratio	2.08%	1.47%	2.14%	1.16%	1.14%	2.62%	1.11%	0.97%	0.69%	0.76%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	975.21M	1.43B	1.76B	1.4B	1.47B	1.87B	2.37B	2.55B	3.11B	4.24B
Cash & Short-Term Investments	97.62M	248.88M	37.19M	11.97M	20.96M	524.5M	146.39M	220M	338M	733M
Cash Only	97.62M	248.88M	37.19M	11.97M	20.96M	524.5M	146.39M	220M	338M	733M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	593.98M	872.43M	1.2B	820.66M	835.12M	829.8M	1.44B	1.53B	1.71B	2.33B
Days Sales Outstanding	28.22	35.8	35.86	23.73	30.14	35.81	30.47	24.45	35.21	39.24
Inventory	204.78M	200.95M	432.59M	437.84M	506.68M	370.99M	580.9M	580.73M	787M	748M
Days Inventory Outstanding	11.32	9.71	14.84	15	22.75	21.06	14.88	10.73	24.08	16.46
Other Current Assets	78.83M	107.43M	91.72M	128.16M	107.58M	144.5M	205.3M	214.53M	278M	431M
Total Non-Current Assets+	14.47B	14.71B	15.08B	16.83B	20.34B	21.21B	21.25B	21.83B	41.16B	59.83B
Property, Plant & Equipment	12.37B	12.57B	12.7B	14.77B	18.35B	19.15B	19.32B	19.95B	32.7B	46.16B
Fixed Asset Turnover	0.62x	0.71x	0.96x	0.85x	0.55x	0.44x	0.89x	1.15x	0.54x	0.47x
Goodwill	525.53M	525.53M	681.1M	681.1M	681M	527.59M	527.59M	527.59M	4.95B	8.09B
Intangible Assets	491.72M	479.82M	312.36M	286.04M	276.84M	246.13M	235.7M	225.28M	1.32B	3.04B
Long-Term Investments	948.22M	958.81M	1B	969.15M	861.84M	805.03M	797.61M	801.79M	1.87B	2.32B
Other Non-Current Assets	131.43M	173.5M	180.83M	130.1M	173.43M	475.3M	366.46M	324M	319M	230M
Total Assets+	15.45B	16.14B	16.85B	18.23B	21.81B	23.08B	23.62B	24.38B	44.27B	64.07B
Asset Turnover	0.50x	0.55x	0.73x	0.69x	0.46x	0.37x	0.73x	0.94x	0.40x	0.34x
Asset Growth %	0.01%	0.04%	0.04%	0.08%	0.2%	0.06%	0.02%	0.03%	0.82%	0.45%
Total Current Liabilities+	1.64B	2.84B	2.67B	2.11B	2.02B	1.34B	3.18B	3.05B	3.45B	4.72B
Accounts Payable	615.98M	874.73M	1.14B	1.12B	1.21B	719.3M	1.33B	1.36B	1.56B	2.19B
Days Payables Outstanding	34.06	42.25	39.13	38.24	54.33	40.83	34.12	25.11	47.85	48.12
Short-Term Debt	656.99M	1.52B	1.05B	507.65M	227.65M	7.65M	895.81M	925M	484M	1.06B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	236.25M	328.53M	344.13M	321.31M	314.69M	269.4M	707.03M	386M	785M	679M
Current Ratio	0.60x	0.50x	0.66x	0.66x	0.73x	1.39x	0.75x	0.84x	0.90x	0.90x
Quick Ratio	0.47x	0.43x	0.50x	0.46x	0.48x	1.11x	0.56x	0.64x	0.67x	0.74x
Cash Conversion Cycle	5.49	3.25	11.57	0.49	-1.44	16.04	11.22	10.07	11.43	7.57
Total Non-Current Liabilities+	10.04B	9.87B	8.49B	9.54B	13.57B	15.69B	14.42B	14.83B	24.33B	37.22B
Long-Term Debt	8.32B	7.92B	8.09B	8.87B	12.5B	14.23B	12.75B	12.7B	21.18B	31.02B
Capital Lease Obligations	0	0	0	26.24M	13.51M	87.61M	75.64M	68M	74M	154M
Deferred Tax Liabilities	1.44B	1.62B	52.7M	219.73M	536.06M	669.7M	1.17B	1.74B	2.59B	5.45B
Other Non-Current Liabilities	281.21M	329.32M	348.92M	424.38M	536.54M	706.08M	431.87M	331M	479M	594M
Total Liabilities	11.68B	12.71B	11.16B	11.65B	15.59B	17.04B	17.61B	17.89B	27.78B	41.94B
Total Debt+	8.98B	9.44B	9.14B	9.38B	12.72B	14.34B	13.73B	13.7B	21.76B	32.29B
Net Debt	8.88B	9.19B	9.1B	9.37B	12.7B	13.81B	13.59B	13.48B	21.43B	31.56B
Debt / Equity	2.38x	2.75x	1.61x	1.43x	2.04x	2.37x	2.28x	2.11x	1.32x	1.46x
Debt / EBITDA	6.66x	5.75x	4.78x	4.09x	5.43x	5.78x	3.95x	3.74x	4.50x	5.25x
Net Debt / EBITDA	6.59x	5.60x	4.76x	4.09x	5.42x	5.57x	3.91x	3.68x	4.43x	5.13x
Interest Coverage	2.49x	2.77x	3.24x	4.13x	3.98x	3.07x	4.12x	4.73x	4.82x	3.72x
Total Equity+	3.77B	3.43B	5.69B	6.58B	6.23B	6.04B	6.02B	6.49B	16.48B	22.13B
Equity Growth %	-0.06%	-0.09%	0.66%	0.16%	-0.05%	-0.03%	-0%	0.08%	1.54%	0.34%
Book Value per Share	17.89	16.14	18.97	15.89	14.99	13.99	13.44	14.48	33.96	37.74
Total Shareholders' Equity	335.8M	188.75M	5.53B	6.58B	6.23B	6.04B	6.02B	6.49B	16.48B	17.04B
Common Stock	2.46M	2.46M	4.23M	4.45M	4.45M	4.75M	4.75M	4.75M	6M	6M
Retained Earnings	0	0	0	0	0	0	0	50.4M	868M	1.58B
Treasury Stock	-917.86M	-893.68M	-876.71M	-851.81M	-808.39M	-764.3M	-732.1M	-706.16M	-677M	-807M
Accumulated OCI	-127.24M	-154.35M	-188.53M	-188.24M	-374M	-551.45M	-471.35M	-108.26M	-33M	-96M
Minority Interest	3.43B	3.24B	157.49M	0	0	0	0	0	0	5.1B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.01B	1.35B	1.32B	2.19B	1.95B	1.9B	2.55B	2.91B	4.42B	4.89B
Operating CF Margin %	0.13%	0.15%	0.11%	0.17%	0.19%	0.22%	0.15%	0.13%	0.25%	0.23%
Operating CF Growth %	-0.22%	0.34%	-0.03%	0.66%	-0.11%	-0.02%	0.34%	0.14%	0.52%	0.11%
Net Income	379.19M	743.5M	593.52M	1.16B	1.28B	612.81M	1.5B	1.72B	2.66B	3.11B
Depreciation & Amortization	354.62M	391.58M	406.33M	428.56M	476.54M	578.66M	621.7M	626.13M	769M	1.13B
Stock-Based Compensation	16.43M	40.56M	26.26M	31.66M	37.15M	29.4M	54M	53M	0	0
Deferred Taxes	137.74M	211.64M	437.92M	361.01M	372.73M	186.73M	472.06M	463.42M	829M	889M
Other Non-Cash Items	267.96M	6.78M	43.98M	4.05M	-54.31M	651.97M	40.58M	37.79M	-194M	-204M
Working Capital Changes	-148.97M	-42.45M	-192.6M	206.41M	-163.9M	-160.5M	-141.77M	3.4M	358M	-43M
Change in Receivables	157.05M	-285.81M	-330.52M	383.99M	-19.69M	-1.3M	-610.53M	-87.27M	107M	49M
Change in Inventory	6.05M	-11.95M	-202.26M	38.46M	-8.26M	77.12M	-105.04M	-62.15M	118M	17M
Change in Payables	-205.14M	287.63M	261.31M	-320.13M	-62.95M	-80.26M	622.42M	-26.11M	-62M	114M
Cash from Investing+	-1.19B	-615.45M	-567.63M	-2.11B	-3.77B	-2.27B	-665.29M	-1.14B	-6.4B	-6.61B
Capital Expenditures	-1.19B	-624.63M	-512.39M	-2.14B	-3.85B	-2.2B	-696.85M	-1.2B	-1.59B	-2.02B
CapEx % of Revenue	0.15%	0.07%	0.04%	0.17%	0.38%	0.26%	0.04%	0.05%	0.09%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.41M	9.19M	28.74M	30.08M	83.62M	-75.15M	32.56M	65.82M	206M	1.24B
Cash from Financing+	108.59M	-584.79M	-959.46M	-97.05M	1.83B	875M	-2.26B	-1.69B	2.1B	2.12B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-509.2M	-517.6M	-829.41M	-1.34B	-1.46B	-1.61B	-1.67B	-1.67B	-1.84B	-2.31B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-553.34M	-546.79M	-290.1M	-214.42M	-88.54M	-56.95M	-19.55M	-27.02M	-58M	-135M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-181.33M	726.98M	803.02M	45.24M	-1.9B	-296.31M	1.85B	1.7B	2.83B	2.87B
FCF Margin %	-0.02%	0.08%	0.07%	0%	-0.19%	-0.04%	0.11%	0.07%	0.16%	0.13%
FCF Growth %	0.63%	5.01%	0.1%	-0.94%	-43.03%	0.84%	7.24%	-0.08%	0.66%	0.01%
FCF per Share	-0.86	3.42	2.68	0.11	-4.58	-0.69	4.13	3.80	5.82	4.89
FCF Conversion (FCF/Net Income)	4.11x	3.84x	3.39x	1.90x	1.52x	3.10x	1.70x	1.69x	1.66x	1.61x
Interest Paid	367.83M	461.21M	432.21M	418.24M	435.17M	760.98M	692M	582M	653M	1.3B
Taxes Paid	3.32M	361K	6.63M	2.23M	2.69M	342K	9M	59M	37M	102M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	6.3%	9.79%	8.51%	18.78%	19.97%	9.99%	24.88%	27.53%	23.14%	15.72%
Return on Invested Capital (ROIC)	6.02%	7.42%	8.24%	9.1%	8.03%	7.35%	10.85%	11.5%	10.55%	8.22%
Gross Margin	14.07%	15.05%	13.11%	15.59%	19.63%	23.96%	17.48%	13.64%	32.52%	23.34%
Net Margin	3.19%	3.96%	3.17%	9.12%	12.64%	7.25%	8.68%	7.53%	15.04%	14.03%
Debt / Equity	2.38x	2.75x	1.61x	1.43x	2.04x	2.37x	2.28x	2.11x	1.32x	1.46x
Interest Coverage	2.49x	2.77x	3.24x	4.13x	3.98x	3.07x	4.12x	4.73x	4.82x	3.72x
FCF Conversion	4.11x	3.84x	3.39x	1.90x	1.52x	3.10x	1.70x	1.69x	1.66x	1.61x
Revenue Growth	-37.11%	15.79%	37.64%	3.1%	-19.88%	-16.39%	104.24%	32.41%	-22.71%	22.41%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Natural Gas Liquids	6.58B	7.68B	10.63B	10.93B	8.53B	7.09B	14.39B	19.07B	14.43B	15.17B
Natural Gas Liquids Growth	-	16.66%	38.44%	2.90%	-21.97%	-16.91%	102.99%	32.48%	-24.32%	5.11%
Natural Gas Gathering And Processing	1.84B	2.05B	3.03B	3.03B	2.37B	1.82B	4.46B	6.53B	4.06B	4.59B
Natural Gas Gathering And Processing Growth	-	11.67%	47.52%	0.26%	-21.95%	-23.16%	145.12%	46.44%	-37.92%	13.14%
Refined Products and Crude Oil	-	-	-	-	-	-	-	-	1.07B	4.46B
Refined Products and Crude Oil Growth	-	-	-	-	-	-	-	-	-	316.43%
Natural Gas Pipelines	332.45M	379.36M	419.93M	431.74M	471.99M	479.98M	606.9M	578.54M	623M	822M
Natural Gas Pipelines Growth	-	14.11%	10.69%	2.81%	9.32%	1.69%	26.44%	-4.67%	7.68%	31.94%

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Totals	-	10.11B	14.07B	14.4B	11.37B	9.39B	19.46B	26.18B	-	-
Totals Growth	-	-	39.24%	2.33%	-21.02%	-17.44%	107.24%	34.52%	-	-

Frequently Asked Questions

Valuation & Price

ONEOK, Inc. (OKE) has a price-to-earnings (P/E) ratio of 14.2x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

ONEOK, Inc. (OKE) reported $31.56B in revenue for fiscal year 2024. This represents a 114% increase from $14.76B in 2011.

ONEOK, Inc. (OKE) grew revenue by 22.4% over the past year. This is strong growth.

Yes, ONEOK, Inc. (OKE) is profitable, generating $3.34B in net income for fiscal year 2024 (14.0% net margin).

Dividend & Returns

Yes, ONEOK, Inc. (OKE) pays a dividend with a yield of 5.38%. This makes it attractive for income-focused investors.

ONEOK, Inc. (OKE) has a return on equity (ROE) of 15.7%. This is reasonable for most industries.

ONEOK, Inc. (OKE) generated $2.92B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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