ONEOK, Inc. (OKE) Financial Ratios
30 years of historical data (1996–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↓
10.22
↓-13% vs avg
5yr avg: 11.74
30Y Low4.4·High18.8
P/FCF
↑
22.04
↑+33% vs avg
5yr avg: 16.61
30Y Low2.8·High42.0
P/B Ratio
↓
2.39
↓-24% vs avg
5yr avg: 3.14
30Y Low0.7·High5.0
ROE
↓
15.2%
↑-29% vs avg
5yr avg: 21.3%
30Y Low3%·High32%
Debt/EBITDA
↓
3.87
↓-9% vs avg
5yr avg: 4.26
30Y Low1.8·High9.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
OKE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
ONEOK, Inc. trades at 15.8x earnings, roughly in line with its 5-year average of 16.1x, sitting at the 43rd percentile of its historical range. Compared to the Energy sector median P/E of 16.9x, the stock trades at a discount of 6%. On a free-cash-flow basis, the stock trades at 22.0x P/FCF, 33% above the 5-year average of 16.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $53.9B | $46.4B | $58.9B | $34.1B | $29.5B | $26.3B | $16.6B | $31.4B | $22.3B | $16.0B | $12.2B |
| Enterprise Value | $86.7B | $79.1B | $90.4B | $55.5B | $42.9B | $39.9B | $30.4B | $44.1B | $31.7B | $25.1B | $21.4B |
| P/E Ratio → | 15.79 | 13.56 | 19.42 | 12.81 | 17.11 | 17.54 | 27.03 | 24.57 | 19.41 | 41.43 | 34.58 |
| P/S Ratio | 1.60 | 1.38 | 2.72 | 1.93 | 1.29 | 1.52 | 1.96 | 3.11 | 1.77 | 1.31 | 1.37 |
| P/B Ratio | 2.39 | 2.06 | 2.66 | 2.07 | 4.54 | 4.37 | 2.74 | 5.05 | 3.40 | 2.82 | 3.56 |
| P/FCF | 22.04 | 18.96 | 20.54 | 12.06 | 17.29 | 14.21 | — | — | 493.90 | 19.95 | 16.77 |
| P/OCF | 9.63 | 8.29 | 12.05 | 7.71 | 10.14 | 10.32 | 8.73 | 16.15 | 10.22 | 12.18 | 9.02 |
P/E links to full P/E history page with 30-year chart
OKE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
ONEOK, Inc.'s enterprise value stands at 10.2x EBITDA, 13% below its 5-year average of 11.7x. The Energy sector median is 8.1x, placing the stock at a 25% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.35 | 4.18 | 3.14 | 1.88 | 2.31 | 3.59 | 4.36 | 2.51 | 2.05 | 2.40 |
| EV / EBITDA | 10.22 | 9.33 | 14.69 | 11.47 | 11.73 | 11.48 | 12.25 | 18.84 | 13.83 | 13.14 | 13.03 |
| EV / EBIT | 12.44 | 12.61 | 16.56 | 12.78 | 14.85 | 14.89 | 21.37 | 20.82 | 16.10 | 16.69 | 15.18 |
| EV / FCF | — | 32.34 | 31.55 | 19.64 | 25.20 | 21.56 | — | — | 700.97 | 31.29 | 29.42 |
OKE Profitability
Margins and return-on-capital ratios measuring operating efficiency
ONEOK, Inc. earns an operating margin of 20.7%, above the Energy sector average of 14.5%. Operating margins have compressed from 23.0% to 20.7% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 15.2% indicates solid capital efficiency, compared to the sector median of 7.9%. ROIC of 9.6% represents adequate returns on invested capital versus a sector median of 6.4%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.5% | 21.5% | 23.3% | 32.5% | 13.6% | 17.5% | 24.0% | 19.6% | 15.6% | 13.1% | 15.1% |
| Operating Margin | 20.7% | 20.7% | 23.2% | 23.0% | 13.3% | 16.5% | 22.5% | 18.5% | 14.8% | 12.3% | 14.1% |
| Net Profit Margin | 10.1% | 10.1% | 14.0% | 15.0% | 7.5% | 8.7% | 7.2% | 12.6% | 9.1% | 3.2% | 4.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.2% | 15.2% | 15.7% | 23.1% | 27.5% | 24.9% | 10.0% | 20.0% | 18.8% | 8.5% | 9.8% |
| ROA | 5.2% | 5.2% | 5.6% | 7.7% | 7.2% | 6.4% | 2.7% | 6.4% | 6.6% | 2.4% | 2.2% |
| ROIC | 9.6% | 9.6% | 8.2% | 10.6% | 11.5% | 10.8% | 7.4% | 8.0% | 9.1% | 8.2% | 7.4% |
| ROCE | 11.6% | 11.6% | 10.0% | 13.1% | 14.5% | 13.5% | 9.2% | 10.4% | 12.3% | 11.0% | 9.2% |
OKE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
ONEOK, Inc. carries a Debt/EBITDA ratio of 3.9x, which is moderately leveraged (61% above the sector average of 2.4x). Net debt stands at $32.7B ($32.8B total debt minus $78M cash). Interest coverage of 3.5x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.45 | 1.45 | 1.46 | 1.32 | 2.11 | 2.28 | 2.37 | 2.04 | 1.43 | 1.61 | 2.75 |
| Debt / EBITDA | 3.87 | 3.87 | 5.25 | 4.50 | 3.74 | 3.95 | 5.78 | 5.43 | 4.09 | 4.78 | 5.75 |
| Net Debt / Equity | — | 1.45 | 1.43 | 1.30 | 2.08 | 2.26 | 2.29 | 2.04 | 1.42 | 1.60 | 2.68 |
| Net Debt / EBITDA | 3.86 | 3.86 | 5.13 | 4.43 | 3.68 | 3.91 | 5.57 | 5.42 | 4.09 | 4.76 | 5.60 |
| Debt / FCF | — | 13.38 | 11.01 | 7.58 | 7.91 | 7.35 | — | — | 207.08 | 11.33 | 12.64 |
| Interest Coverage | 3.52 | 3.52 | 4.04 | 5.14 | 4.51 | 3.86 | 2.30 | 4.52 | 4.36 | 3.24 | 3.13 |
OKE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.71x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.90x to 0.71x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 0.90 | 0.90 | 0.84 | 0.75 | 1.39 | 0.73 | 0.66 | 0.66 | 0.50 |
| Quick Ratio | 0.56 | 0.56 | 0.74 | 0.67 | 0.64 | 0.56 | 1.11 | 0.48 | 0.46 | 0.50 | 0.43 |
| Cash Ratio | 0.01 | 0.01 | 0.16 | 0.10 | 0.07 | 0.05 | 0.39 | 0.01 | 0.01 | 0.01 | 0.09 |
| Asset Turnover | — | 0.50 | 0.34 | 0.40 | 0.94 | 0.73 | 0.37 | 0.46 | 0.69 | 0.73 | 0.55 |
| Inventory Turnover | 27.86 | 27.86 | 22.18 | 15.16 | 34.01 | 24.54 | 17.33 | 16.04 | 24.33 | 24.59 | 37.60 |
| Days Sales Outstanding | — | 32.67 | 39.24 | 35.21 | 24.45 | 30.47 | 35.81 | 30.14 | 23.73 | 35.86 | 35.80 |
OKE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
ONEOK, Inc. returns 4.9% to shareholders annually — split between a 4.8% dividend yield and 0.1% buyback yield. The payout ratio of 76.1% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 6.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.8% | 5.6% | 3.9% | 5.4% | 5.7% | 6.3% | 9.7% | 4.6% | 6.0% | 5.2% | 4.2% |
| Payout Ratio | 76.1% | 76.1% | 76.2% | 69.2% | 97.1% | 111.2% | 262.0% | 114.0% | 115.9% | 213.9% | 147.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 7.4% | 5.1% | 7.8% | 5.8% | 5.7% | 3.7% | 4.1% | 5.2% | 2.4% | 2.9% |
| FCF Yield | 4.5% | 5.3% | 4.9% | 8.3% | 5.8% | 7.0% | — | — | 0.2% | 5.0% | 6.0% |
| Buyback Yield | 0.1% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.9% | 5.7% | 4.2% | 5.4% | 5.7% | 6.3% | 9.7% | 4.6% | 6.0% | 5.2% | 4.2% |
| Shares Outstanding | — | $631M | $587M | $485M | $448M | $447M | $432M | $415M | $414M | $300M | $212M |
Peer Comparison
Compare OKE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 OKEYou | $54B | 15.8 | 10.2 | 22.0 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 WMB | $90B | 34.5 | 17.7 | 89.8 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 TRGP | $54B | 29.3 | 14.3 | 13.7 | 26.5% | 20.1% | 48.4% | 13.3% | 3.5 |
 DTM | $15B | 32.6 | 20.4 | 30.1 | 73.5% | 49.4% | 9.1% | 5.6% | 3.8 |
 MPLX | $57B | 11.5 | 13.2 | 13.8 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
 EPD | $81B | 14.1 | 12.1 | 27.4 | 13.6% | 13.1% | 19.3% | 8.3% | 3.7 |
 AM | $10B | 24.6 | 15.4 | 13.0 | 65.3% | 51.2% | 20.2% | 9.4% | 3.8 |
 CTRA | $25B | 14.5 | 5.9 | 15.1 | 60.4% | 89.1% | 12.3% | 10.9% | 0.8 |
 DKL | $3B | 15.5 | 8.8 | — | 20.9% | 18.0% | 847.5% | 14.1% | 0.1 |
 HESM | $8B | 13.4 | 9.6 | 10.9 | 63.9% | 62.2% | 78.1% | 18.6% | 3.1 |
| Energy Median | — | 16.9 | 8.1 | 14.1 | 32.7% | 14.5% | 7.9% | 6.4% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonOKE — Frequently Asked Questions
Quick answers to the most common questions about buying OKE stock.
What is ONEOK, Inc.'s P/E ratio?
ONEOK, Inc.'s current P/E ratio is 15.8x. The historical average is 19.4x. This places it at the 43th percentile of its historical range.
What is ONEOK, Inc.'s EV/EBITDA?
ONEOK, Inc.'s current EV/EBITDA is 10.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
What is ONEOK, Inc.'s ROE?
ONEOK, Inc.'s return on equity (ROE) is 15.2%. The historical average is 13.2%.
Is OKE stock overvalued?
Based on historical data, ONEOK, Inc. is trading at a P/E of 15.8x. This is at the 43th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is ONEOK, Inc.'s dividend yield?
ONEOK, Inc.'s current dividend yield is 4.78% with a payout ratio of 76.1%.
What are ONEOK, Inc.'s profit margins?
ONEOK, Inc. has 21.5% gross margin and 20.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does ONEOK, Inc. have?
ONEOK, Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.