Latest Ratios: P/E Ratio 16.7x · EV/EBITDA 10.6x · 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 | $57.0B | $46.4B | $58.9B | $34.1B | $29.5B | $26.3B | $16.6B | $31.4B | $22.3B | $16.0B | $12.2B |
| Enterprise Value | $89.8B | $79.1B | $90.4B | $55.5B | $42.9B | $39.9B | $30.4B | $44.1B | $31.7B | $25.1B | $21.4B |
| P/E Ratio → | 16.70 | 13.56 | 19.42 | 12.81 | 17.11 | 17.54 | 27.03 | 24.57 | 19.41 | 41.43 | 34.58 |
| P/S Ratio | 1.70 | 1.38 | 2.72 | 1.93 | 1.29 | 1.52 | 1.96 | 3.11 | 1.77 | 1.31 | 1.37 |
| P/B Ratio | 2.53 | 2.06 | 2.66 | 2.07 | 4.54 | 4.37 | 2.74 | 5.05 | 3.40 | 2.82 | 3.56 |
| P/FCF | 23.31 | 18.96 | 20.54 | 12.06 | 17.29 | 14.21 | — | — | 493.90 | 19.95 | 16.77 |
| P/OCF | 10.19 | 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 | 10.59 | 9.33 | 14.69 | 11.47 | 11.73 | 11.48 | 12.25 | 18.84 | 13.83 | 13.14 | 13.03 |
| EV / EBIT | 12.89 | 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 | 4.5% | 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 | 6.0% | 7.4% | 5.1% | 7.8% | 5.8% | 5.7% | 3.7% | 4.1% | 5.2% | 2.4% | 2.9% |
| FCF Yield | 4.3% | 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 | 4.7% | 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 16.7x. The historical average is 19.4x. This places it at the 47th percentile of its historical range.
ONEOK, Inc.'s current EV/EBITDA is 10.6x. 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 16.7x. This is at the 47th 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 4.52% 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
Elevated leverage from M&A
Metrics are mathematically derived from official filings.
Discount Reflecting Integration Risk
OKE trades at 10.8x EV/EBITDA versus peers like WMB at 17.3x and TRGP at 16.6x, per recent market data, suggesting the market prices in execution risk from the Magellan deal.
The forward EV/EBITDA of 9.4x implies the market expects EBITDA growth to outpace enterprise value expansion, likely driven by synergy realization. However, the P/E of 17.2x is below the peer average, indicating a discount that may narrow if integration milestones are met. The PEG of 0.56 suggests the market prices in above-average earnings growth, but this growth is largely inorganic and may not be sustainable.
Margin Mix Shift Post-Magellan
Gross margin fell to 14.2% in 2026Q2 from 26.7% in 2026Q1, as per financial statements, reflecting lower-margin refined product sales, while operating margin held near 13%.
The gross margin compression appears structural due to the Magellan acquisition, which brings higher-volume, lower-margin refined products. Operating margin stability at around 13-15% suggests that the fee-based pipeline business remains resilient, but the net margin of 8% is below the 10-13% range seen in 2024, indicating integration costs and higher interest expense are weighing on bottom-line profitability. Investors should monitor whether operating leverage improves as volumes scale.
ROIC Stagnant Amid Asset Growth
ROIC has hovered between 1.8% and 3.7% over the past ten quarters, per reported figures, despite a 54% increase in total assets, suggesting capital deployment is not yet generating proportional returns.
The Magellan acquisition expanded the asset base significantly, but ROIC remains low, indicating that the acquired assets are not yet earning their cost of capital. ROE has also been range-bound at 3-5%, which is below the peer average of 20% for WMB and TRGP, reflecting the dilutive impact of the acquisition and the high fixed-cost nature of the business. If synergies materialize as guided, ROIC could improve, but the current trend suggests capital efficiency is lagging.
Working Capital Efficiency Improves
Cash conversion cycle improved to 6 days in 2026Q2 from 16 days in 2024Q1, as per quarterly data, driven by faster receivables collection and lower inventory days.
DSO fell to 27 days from 32 days, and DIO dropped to 10 days from 22 days, indicating better working capital management post-acquisition. However, DPO also declined to 31 days from 38 days, suggesting the company is paying suppliers faster, which may reflect improved terms or a shift in the payables mix. The overall CCC of 6 days is efficient for a midstream company, but the quarterly volatility in FCF margin (0.7% to 12%) highlights the impact of commodity marketing swings.
Debt Load Elevated but Manageable
Debt-to-EBITDA spiked to 16.7x in 2026Q2 from 14.7x in 2024Q2, per financial statements, while interest coverage remained above 3.5x, indicating adequate but tightening debt service capacity.
The D/E ratio of 1.43 is higher than KMI's 1.00 but lower than TRGP's 5.49, positioning OKE in the middle of the peer group. However, the D/EBITDA of 16.7x is unusually high, likely due to the inclusion of marketing revenue in EBITDA, which inflates the denominator. Interest coverage of 3.67x is comfortable but has declined from 4.43x in 2024Q2, suggesting that rising debt levels and interest rates are eroding the cushion. Investors should monitor whether the company can deleverage through retained cash flow.
Thin Liquidity Buffer Raises Concern
Current ratio of 0.74 and quick ratio of 0.59 in 2026Q2, as per balance sheet data, indicate limited short-term liquidity, though the company likely has access to credit facilities.
The current ratio has been below 1.0 for most of the past ten quarters, reflecting the capital-intensive nature of the business and the reliance on revolving credit. Cash and equivalents of $161M are minimal relative to current liabilities, but the company's investment-grade rating and access to capital markets likely mitigate near-term liquidity risk. However, in a severe downturn, the thin liquidity buffer could force asset sales or equity issuance, which would be dilutive to shareholders.
Misapplied Metric: Debt-to-EBITDA
Debt-to-EBITDA is commonly used to assess leverage, but for OKE, the inclusion of high-volume, low-margin marketing revenue inflates EBITDA, understating true leverage, as per reported figures.
The reported D/EBITDA of 16.7x appears alarming, but it is distorted by the marketing segment's revenue, which contributes little to EBITDA. A more accurate measure would be debt-to-operating cash flow or debt-to-fee-based EBITDA, which excludes marketing. Investors should adjust EBITDA for the marketing contribution to get a clearer picture of the company's ability to service debt. This misapplication could lead to an overestimation of financial risk, or conversely, an underestimation if the market focuses solely on the headline number.