Latest Ratios: P/E Ratio 13.2x · EV/EBITDA 9.8x · ROE 15.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $53.7B | $46.4B | $58.9B | $34.1B | $29.5B | $26.3B | $16.6B | $31.4B | $22.3B | $16.0B | $12.2B |
| Enterprise Value | $86.4B | $79.1B | $90.4B | $55.5B | $42.9B | $39.9B | $30.4B | $44.1B | $31.7B | $25.1B | $21.4B |
| P/E Ratio → | 13.24 | 13.56 | 19.42 | 12.81 | 17.11 | 17.54 | 27.03 | 24.57 | 19.41 | 41.43 | 34.58 |
| P/S Ratio | 1.24 | 1.38 | 2.72 | 1.93 | 1.29 | 1.52 | 1.96 | 3.11 | 1.77 | 1.31 | 1.37 |
| P/B Ratio | 2.38 | 2.06 | 2.66 | 2.07 | 4.54 | 4.37 | 2.74 | 5.05 | 3.40 | 2.82 | 3.56 |
| P/FCF | 21.23 | 18.96 | 20.54 | 12.06 | 17.29 | 14.21 | — | — | 493.90 | 19.95 | 16.77 |
| P/OCF | 9.59 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 9.78 | 9.33 | 14.69 | 11.47 | 11.73 | 11.48 | 12.25 | 18.84 | 13.83 | 13.14 | 13.03 |
| EV / EBIT | 12.40 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.6% | 7.4% | 5.1% | 7.8% | 5.8% | 5.7% | 3.7% | 4.1% | 5.2% | 2.4% | 2.9% |
| FCF Yield | 4.7% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying OKE stock.
ONEOK, Inc.'s current P/E ratio is 13.2x. The historical average is 19.4x. This places it at the 23th percentile of its historical range.
ONEOK, Inc.'s current EV/EBITDA is 9.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
ONEOK, Inc.'s return on equity (ROE) is 15.2%. The historical average is 13.2%.
Based on historical data, ONEOK, Inc. is trading at a P/E of 13.2x. This is at the 23th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ONEOK, Inc.'s current dividend yield is 4.80% with a payout ratio of 76.1%.
ONEOK, Inc. has 21.5% gross margin and 20.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
ONEOK, Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Acquisition-driven leverage and integration risk
Metrics are mathematically derived from official filings.
Mid-Teens Multiples Imply Modest Growth Pricing
Based on reported figures, OKE trades at 15.91 trailing and 14.72 forward earnings with a 0.52 PEG, a discount to the sector's higher-growth midstream names such as WMB at 30.02 and TRGP at 31.90, suggesting the market prices in only moderate durable growth.
The gap between trailing and forward P/E is small, which implies consensus expects earnings to continue rising without a large step-up, consistent with the Magellan integration being partly reflected in the current base. The EV/EBITDA of 10.27 sits below the peer median of roughly 13 to 16, which may indicate investors are discounting integration execution risk and the elevated debt load. Investors should monitor whether forward EBITDA estimates hold up, since the multiple compresses only if synergy delivery is confirmed.
Margins Compress as Revenue Scales
As reported in the quarterly statements, OKE's gross margin fell from 29.4% in 4Q25 to 12.6% in 3Q26, while net margin held near 10.8%, a divergence that may reflect a mix shift toward lower-margin marketing and refined products revenue.
Operating margin declined from 29.7% to 12.6% over the same span, indicating that incremental revenue from the acquired business carries materially thinner economics than the legacy NGL franchise. The stable net margin relative to the sharp operating margin decline suggests below-the-line items such as interest or tax may be cushioning reported earnings. Net margin of 10.8% remains moderate against a peer median near 18 to 22 percent, and the gap is more likely structural than temporary given the revenue mix change.
Debt Service Comfortable but Leverage Elevated
Based on reported figures, OKE's Debt/Equity fell from 1.43 in 2Q26 to 0.88 in 3Q26 while interest coverage improved to 4.27 times, suggesting debt service has become more comfortable even as absolute leverage remains high relative to the equity base.
The Debt/EBITDA of 14.53 is elevated and, taken alone, may indicate limited headroom if EBITDA contracts, even though coverage remains above 4 times. The recent D/E decline is sharp enough that it warrants checking whether it reflects equity growth, debt paydown, or a change in consolidation, since the figures alone cannot distinguish these. Refinancing exposure and covenant terms are not disclosed in the supplied data, so conclusions on those risks should be treated as analytical inference rather than established fact.
Thin Current Liquidity Relies on Operating Flows
As reported in the balance sheet, OKE's current ratio of 0.84 and quick ratio of 0.66 indicate current liabilities exceed current assets, with cash of only $186.0M suggesting the company depends on continuous operating cash flow to meet near-term obligations.
A current ratio below 1.0 is common in midstream businesses with stable fee-based cash flows and revolving credit access, so the figure alone is not alarming, though it is weak compared with the broader industrial base. The position would likely come under strain in a severe stress scenario where cash flow fell sharply and revolver availability tightened, though the supplied data does not disclose facility size or availability. Investors should treat the liquidity position as adequate under normal conditions and monitor it closely during integration periods.
Debt/Equity Misreads Midstream Leverage Structure
Based on reported figures, the Debt/Equity ratio of 0.88 is the metric most commonly misapplied to OKE, since book equity is depressed by acquisition accounting and may understate the economic leverage carried by the asset base.
Acquisition-driven goodwill inflates total assets and, with goodwill of $8.1B against equity of $23.3B, the book equity denominator is sensitive to impairment and purchase accounting choices. Debt/EBITDA or net debt to EBITDA, which normalizes for acquisition accounting, would give a truer read of the cash-generating leverage. A more appropriate adjustment would be to pair leverage with coverage metrics and to examine whether recent D/E improvement reflects genuine deleveraging or equity-side accounting effects.