OKENYSENatural Gas Transmisison & DistributionFiscal year ends December 31
ONEOK INC /NEW/
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$92.42−0.89 (-0.95%)
Close on Oct 19, 2026
- Market cap
- $58.41B
- P/E (TTM)
- 15.9
- Dividend yield
- 4.46%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
30.5%−9.7 pts over 5 years
Operating margin
17.1%+1.1 pts over 5 years
Net margin
10.1%+2.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +55.0% | +14.5% | +31.5% | +15.8% | |
| Gross profit | +22.3% | +31.8% | +24.5% | +17.1% | |
| Operating income | +15.1% | +26.9% | +33.4% | +19.1% | |
| Net income | +11.8% | +25.4% | +40.8% | +30.1% | |
| EPS, diluted | +4.8% | +12.2% | +30.7% | +16.7% | |
| Free cash flow | -14.6% | +12.8% | – | – | |
| Dividend per share | +4.0% | +3.3% | +2.0% | +5.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 134.2% | 10.0% | 17.2% | |
| Return on assets | 2.2% | 2.7% | 5.2% | |
| Current ratio | 0.50 | 1.39 | 0.71 | |
| Debt to equity | 50.02 | 2.36 | 1.46 | |
| Net debt to EBITDA | 5.45× | 7.07× | 4.51× | |
| Interest coverage | 2.8× | 1.9× | 3.2× | |
| Inventory turnover | 48.5× | 19.2× | 27.6× | |
| Capex to revenue | 7.0% | 25.7% | 9.4% | |
| Diluted shares | 212M | 432M | 626M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Oneok generated $20.36B from operations and spent $18.98B on capital expenditure, dividends and share buybacks. 46% of that went back into the business.
Generated
$20.36B
Used
$18.98B
Capital expenditure$8.67B46%Dividends$10.07B53%Share buybacks$234.00M1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin10.1%
×Asset turnover0.51×
×Equity multiplier3.31×
=Return on equity, FY202517.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 10.1% | 0.51× | 3.31× | 17.2% |
| FY2024 | 14.0% | 0.40× | 3.23× | 18.1% |
| FY2023 | 15.0% | 0.52× | 2.99× | 23.1% |
| FY2022 | 7.7% | 0.93× | 3.84× | 27.5% |
| FY2020 | 7.2% | 0.38× | 3.66× | 10.0% |
| FY2019 | 12.6% | 0.51× | 3.13× | 20.0% |
| FY2018 | 9.1% | 0.72× | 2.90× | 19.0% |
| FY2017 | 3.2% | 0.74× | 5.77× | 13.6% |
| FY2016 | 3.9% | 0.56× | 60.21× | 134.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$3.39B
- Cash generatingOperating cash flow above zero$5.60B
- Return on assets improvedROA up on the prior year6.9% → 5.3%
- Earnings backed by cashOperating cash flow above net income$5.60B vs $3.39B
- Less leverageLong-term debt to assets fell48.4% → 46.2%
- Better liquidityCurrent ratio rose0.90 → 0.71
- No dilutionShare count did not rise587M → 626M
- Gross margin improvedGross margin up on the prior year38.65% → 30.50%
- More efficientAsset turnover rose0.49 → 0.52