ONEOK, Inc. (OKE) AI Stock Analysis

ONEOK, Inc. operates in the natural gas sector across the United States through three primary segments: Natural Gas Gathering and Processing, Natural Gas Liquids, and Natural Gas Pipelines. The company owns and operates gathering pipelines and processing plants in the Mid-Continent and Rocky Mountain regions. Its extensive infrastructure encompasses approximately 17,500 miles of natural gas gathering pipelines, 1,500 miles of FERC-regulated interstate natural gas pipelines, and 5,100 miles of intrastate transmission pipelines. ONEOK also manages natural gas liquids storage facilities, product terminals, and transportation assets across Oklahoma, Texas, and North Dakota to serve exploration and production firms, petrochemical companies, and utilities.

ONEOK generated a 5-year revenue CAGR of 31.8% from FY2020 to FY2025. Annual revenue grew 104.2% in FY2021 to $17.27B and 32.4% in FY2022 to $22.87B, before revenue fell 22.7% in FY2023 to $17.68B. Revenue rebounded 22.4% to $21.64B in FY2024 and jumped 55.4% to $33.63B in FY2025. Over that period, net income expanded from $1.50B in FY2021 to $3.40B in FY2025, with EPS increasing from $3.36 to $5.42. For the trailing twelve months, revenue reached $39.37B with an operating margin of 13.2% and EPS of $5.79. In the latest quarter ended June 30, 2026, quarterly revenue growth was 52.8% year-over-year and quarterly earnings growth was 14.2%.

As of June 30, 2026, ONEOK held $161.0M in cash and short-term investments alongside total debt of $33.02B, resulting in net debt of $32.86B. Total assets stood at $68.55B against shareholders' equity of $22.94B, producing a debt-to-equity ratio of 1.44 and a current ratio of 0.74. In FY2025, the company generated operating cash flow of $5.60B and free cash flow of $2.45B. Capital allocation in FY2025 included capital expenditures of $3.15B, dividends paid of $2.58B, and share buybacks of $75.0M.

At a last close of $93.31, ONEOK trades at a trailing P/E of 16.1x, below the 18.2x median of its S&P 500 Energy peers. Its forward P/E of 14.5x sits above the peer median of 13.4x, while its EV to EBITDA multiple of 11.1x is higher than the peer median of 7.9x. The stock trades at a price-to-sales multiple of 1.5x compared to the peer median of 2.4x. Over the past year, ONEOK generated a return of 46.3%, outperforming the S&P 500 (SPY) return of 16.8%. Over five years, its return of 87.8% also outpaced the SPY return of 83.0%.

ONEOK pays a quarterly dividend with an annual forward dividend of $4.28, representing a dividend yield of 4.59%. The company has paid consecutive dividends for 42 years. Its payout ratio stands at 72.9%, and its 5-year annualized dividend growth rate is 2.0%. The most recent ex-dividend date was November 2, 2026.

Wall Street analysts track ONEOK with 7 Strong Buy, 2 Buy, and 13 Hold ratings, with 0 Sell and 0 Strong Sell ratings. The mean price target is $100.65, representing 7.9% above the last close of $93.31. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $41.74B and EPS of $5.80. The company beat EPS estimates in 3 of the last 4 quarters, and its next earnings date is October 27, 2026.

This page is an AI-written research summary of ONEOK, Inc. (OKE). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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