ONEOK, Inc. (OKE) Key Metrics
OKE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $58.82B
- Enterprise value
- $89.94B
- P/E (TTM)
- 16.1 10-yr median 19.4
- Forward P/E
- 14.5
- PEG ratio
- 1.71
- Price / sales
- 1.5 10-yr median 1.6
- Price / book
- 2.5 10-yr median 3.4
- EV / EBITDA
- 11.1 10-yr median 12.7
- Dividend yield
- 4.59% $4.28 a year
- Beta
- 0.80
OKE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsOKE valuation Price multiples at each fiscal year-end price.
OKE returns How much profit the business earns on the capital it uses.
OKE per-share figures Results divided by the shares outstanding at year-end.
OKE financial health Debt, liquidity and how easily interest is covered.
OKE efficiency & capital use Working capital cycle and where the cash goes.
OKE valuation history
OKE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
OKE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
OKE cash returned to shareholders
OKE price vs earnings per share
OKE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $46.39B | $58.88B | $34.08B | $29.46B | $26.29B | $16.57B | $31.44B | $22.35B | $16.02B | $12.19B |
| Enterprise value | $79.13B | $90.44B | $55.51B | $42.94B | $39.88B | $30.38B | $44.14B | $31.71B | $25.12B | $21.38B |
| P/E ratio | 13.7 | 19.4 | 12.8 | 17.1 | 17.5 | 27.0 | 24.6 | 19.4 | 41.3 | 34.6 |
| Price / sales | 1.4 | 2.7 | 1.9 | 1.3 | 1.5 | 2.0 | 3.1 | 1.8 | 1.3 | 1.4 |
| Price / book | 2.1 | 3.5 | 2.1 | 4.5 | 4.4 | 2.7 | 5.0 | 3.4 | 2.9 | 64.6 |
| Price / free cash flow | 19.0 | 20.5 | 12.1 | 17.3 | 14.2 | — | — | 493.9 | 20.0 | 16.8 |
| Price / operating cash flow | 8.3 | 12.0 | 7.7 | 10.1 | 10.3 | 8.7 | 16.1 | 10.2 | 12.2 | 9.0 |
| EV / sales | 2.4 | 4.2 | 3.1 | 1.9 | 2.3 | 3.6 | 4.4 | 2.5 | 2.1 | 2.4 |
| EV / EBITDA | 10.2 | 13.7 | 10.9 | 12.2 | 12.1 | 15.2 | 17.0 | 13.2 | 13.1 | 11.9 |
| EV / free cash flow | 32.3 | 31.5 | 19.6 | 25.2 | 21.6 | — | — | 701.0 | 31.3 | 29.4 |
| Earnings yield | 7.3% | 5.2% | 7.8% | 5.8% | 5.7% | 3.7% | 4.1% | 5.2% | 2.4% | 2.9% |
| Free cash flow yield | 5.3% | 4.9% | 8.3% | 5.8% | 7.0% | −1.8% | −6.0% | 0.2% | 5.0% | 6.0% |
| Dividend yield | 5.6% | 3.9% | 5.4% | 5.7% | 6.3% | 9.7% | 4.6% | 6.0% | 5.2% | 4.2% |
| Shareholder yield (dividends + buybacks) | 5.7% | 4.2% | 5.4% | 5.7% | 6.3% | 9.7% | 4.6% | 6.0% | 5.2% | 4.2% |
| Share price at fiscal year-end | $73.50 | $100.40 | $70.22 | $65.70 | $58.76 | $38.38 | $75.67 | $53.95 | $53.45 | $57.41 |
| Per share | ||||||||||
| Revenue per share | $53.28 | $36.89 | $36.42 | $51.00 | $38.61 | $19.59 | $24.35 | $30.48 | $40.84 | $41.88 |
| Earnings per share | $5.38 | $5.17 | $5.48 | $3.84 | $3.35 | $1.42 | $3.08 | $2.78 | $1.29 | $1.66 |
| Operating cash flow per share | $8.87 | $8.33 | $9.11 | $6.48 | $5.69 | $4.40 | $4.69 | $5.28 | $4.39 | $6.36 |
| Free cash flow per share | $3.88 | $4.89 | $5.82 | $3.80 | $4.13 | −$0.69 | −$4.58 | $0.11 | $2.68 | $3.42 |
| Cash per share | $0.12 | $1.25 | $0.70 | $0.49 | $0.33 | $1.21 | $0.05 | $0.03 | $0.12 | $1.17 |
| Book value per share | $35.62 | $29.05 | $33.96 | $14.48 | $13.44 | $13.99 | $14.99 | $15.89 | $18.44 | $0.89 |
| Tangible book value per share | $18.26 | $10.07 | $21.05 | $12.80 | $11.74 | $12.20 | $12.68 | $13.55 | $15.13 | −$3.85 |
| Dividends per share | $4.09 | $3.94 | $3.79 | $3.73 | $3.73 | $3.72 | $3.51 | $3.22 | $2.77 | $2.44 |
| Capex per share | $4.99 | $3.45 | $3.29 | $2.68 | $1.56 | $5.08 | $9.26 | $5.17 | $1.71 | $2.94 |
| Debt per share | $51.99 | $55.06 | $44.84 | $30.55 | $30.69 | $33.20 | $30.62 | $22.65 | $30.49 | $44.45 |
| Shares outstanding | 631.2M | 586.5M | 485.4M | 448.4M | 447.4M | 431.8M | 415.4M | 414.2M | 299.8M | 212.4M |
| Change in shares outstanding | +7.6% | +20.8% | +8.2% | +0.2% | +3.6% | +3.9% | +0.3% | +38.2% | +41.2% | +0.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 17.2% | 18.1% | 23.1% | 27.5% | 24.9% | 10.0% | 20.0% | 19.0% | 13.6% | 134.2% |
| Return on invested capital (ROIC) | 10.3% | 8.8% | 10.7% | 11.7% | 10.9% | 7.5% | 8.3% | 9.3% | 7.2% | 10.5% |
| Return on assets (ROA) | 5.2% | 5.6% | 7.7% | 7.2% | 6.4% | 2.7% | 6.4% | 6.6% | 2.4% | 2.2% |
| Return on tangible assets | 6.1% | 5.7% | 7.0% | 7.3% | 6.6% | 2.7% | 6.1% | 6.7% | 2.4% | 2.3% |
| Free cash flow margin | 7.3% | 13.2% | 16.0% | 7.5% | 10.7% | −3.5% | −18.8% | 0.4% | 6.6% | 8.2% |
| Income quality (OCF / net income) | 1.65 | 1.61 | 1.66 | 1.69 | 1.70 | 3.10 | 1.52 | 1.90 | 3.39 | 3.84 |
| Financial health | ||||||||||
| Total debt | $32.82B | $32.29B | $21.76B | $13.70B | $13.73B | $14.34B | $12.72B | $9.38B | $9.14B | $9.44B |
| Cash & short-term investments | $78.0M | $733.0M | $338.0M | $220.0M | $146.4M | $524.5M | $21.0M | $12.0M | $37.2M | $248.9M |
| Net debt | $32.74B | $31.56B | $21.43B | $13.48B | $13.59B | $13.81B | $12.70B | $9.37B | $9.10B | $9.19B |
| Debt / equity | 1.46 | 1.90 | 1.32 | 2.11 | 2.28 | 2.37 | 2.04 | 1.43 | 1.65 | 50.02 |
| Debt / assets | 0.49 | 0.50 | 0.49 | 0.56 | 0.58 | 0.62 | 0.58 | 0.51 | 0.54 | 0.58 |
| Net debt / EBITDA | 4.20 | 4.79 | 4.19 | 3.83 | 4.12 | 6.91 | 4.89 | 3.91 | 4.76 | 5.11 |
| Current ratio | 0.71 | 0.90 | 0.90 | 0.84 | 0.75 | 1.39 | 0.73 | 0.66 | 0.66 | 0.50 |
| Quick ratio | 0.56 | 0.74 | 0.67 | 0.64 | 0.56 | 1.11 | 0.48 | 0.46 | 0.50 | 0.43 |
| Interest coverage | 3.9 | 3.7 | 4.8 | 4.7 | 4.1 | 3.1 | 4.0 | 4.1 | 3.2 | 2.8 |
| Working capital | −$1.88B | −$481.0M | −$344.0M | −$503.2M | −$810.2M | $525.2M | −$550.0M | −$709.8M | −$902.9M | −$1.41B |
| Invested capital | $55.22B | $48.60B | $37.91B | $19.98B | $19.60B | $19.86B | $18.93B | $15.95B | $14.63B | $9.38B |
| Tangible asset value | $11.61B | $11.00B | $10.22B | $5.74B | $5.25B | $5.27B | $5.27B | $5.61B | $4.69B | $2.42B |
| Net current asset value | −$39.58B | −$37.70B | −$24.67B | −$15.34B | −$15.23B | −$15.17B | −$14.12B | −$10.25B | −$9.40B | −$11.28B |
| Graham number | $65.66 | $58.15 | $64.70 | $35.37 | $31.85 | $21.14 | $32.21 | $31.52 | $23.17 | $5.76 |
| Graham net-net per share | −$65.37 | −$66.64 | −$53.09 | −$36.18 | −$35.96 | −$36.37 | −$35.35 | −$26.09 | −$33.37 | −$55.12 |
| Capital allocation | ||||||||||
| Dividends paid | $2.58B | $2.31B | $1.84B | $1.67B | $1.67B | $1.61B | $1.46B | $1.34B | $829.4M | $517.6M |
| Share buybacks (net) | $75.0M | $159.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Dividend payout ratio | 76.1% | 76.2% | 69.2% | 97.1% | 111.2% | 262.0% | 114.0% | 115.9% | 213.9% | 147.0% |
| Dividends + buybacks / free cash flow | 108.6% | 86.2% | 65.1% | 98.1% | 90.2% | — | — | — | 103.3% | 71.2% |
| Capex / revenue | 9.4% | 9.3% | 9.0% | 5.3% | 4.0% | 26.0% | 38.0% | 17.0% | 4.2% | 7.0% |
| Capex / operating cash flow | 56.3% | 41.3% | 36.1% | 41.4% | 27.4% | 115.6% | 197.7% | 97.9% | 39.0% | 46.2% |
| Capex / depreciation | 2.08 | 1.78 | 2.07 | 1.92 | 1.12 | 3.79 | 8.08 | 5.00 | 1.26 | 1.60 |
| Stock-based compensation / revenue | — | — | 0.4% | 0.2% | 0.0% | 7.6% | 0.4% | 0.3% | 0.2% | 0.5% |
| SG&A / revenue | — | — | — | — | 0.1% | 0.2% | 9.7% | 7.2% | 6.8% | 8.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 29.0 | 34.0 | 33.4 | 23.7 | 24.0 | 35.9 | 29.9 | 29.3 | 30.9 | 30.1 |
| Days of inventory on hand | 11.7 | 16.9 | 20.9 | 10.7 | 12.2 | 24.9 | 21.2 | 14.9 | 10.9 | 9.8 |
| Days payables outstanding | 34.7 | 41.3 | 44.7 | 24.9 | 26.3 | 54.7 | 52.2 | 38.7 | 34.6 | 36.0 |
| Cash conversion cycle (days) | 6.0 | 9.6 | 9.6 | 9.6 | 9.9 | 6.1 | -1.1 | 5.5 | 7.2 | 3.9 |
| Receivables turnover | 12.60 | 10.74 | 10.92 | 15.38 | 15.21 | 10.16 | 12.22 | 12.48 | 11.80 | 12.13 |
| Payables turnover | 10.51 | 8.84 | 8.16 | 14.68 | 13.89 | 6.67 | 6.99 | 9.44 | 10.56 | 10.14 |
| Inventory turnover | 31.15 | 21.61 | 17.44 | 34.01 | 29.95 | 14.65 | 17.21 | 24.48 | 33.58 | 37.25 |
| Asset turnover | 0.51 | 0.40 | 0.52 | 0.95 | 0.74 | 0.38 | 0.51 | 0.72 | 0.74 | 0.56 |
| Average receivables | $2.67B | $2.02B | $1.62B | $1.49B | $1.14B | $832.5M | $827.9M | $1.01B | $1.04B | $733.2M |
| Average payables | $2.51B | $1.88B | $1.46B | $1.35B | $1.03B | $964.6M | $1.16B | $1.13B | $1.01B | $745.4M |
| Average inventory | $848.0M | $767.5M | $683.9M | $580.8M | $475.9M | $438.8M | $472.3M | $435.2M | $316.8M | $202.9M |
| Intangibles / total assets | 16.4% | 17.4% | 14.2% | 3.1% | 3.2% | 3.4% | 4.4% | 5.3% | 5.9% | 6.2% |
Computed from OKE's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
OKE valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), ONEOK traded at 13.7 times earnings, against a 10-year median of 19.4. Based on the latest twelve months, the trailing P/E is 16.1 and the forward P/E is 14.5. ONEOK earned a return on equity of 17.2% and a return on invested capital of 10.3% in fiscal 2025. It ended the year with $32.8 billion of debt and $78.0 million in cash and short-term investments, net debt of $32.7 billion. It returned $2.7 billion to shareholders: $2.6 billion in dividends and $75.0 million in share buybacks, 109% of free cash flow. The share count rose 197.2% from 212.4M to 631.2M over 9 years.
See the OKE income statement, the OKE chart for price history, or the OKE stock overview for the latest quote and news.
OKE key metrics FAQ
What is ONEOK's P/E ratio?
ONEOK's trailing P/E ratio is 16.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 14.5. At the end of fiscal 2025 it was 13.7, compared with a 10-year median of 19.4.
What is ONEOK's EV/EBITDA?
ONEOK's enterprise value was 10.2 times EBITDA at the end of fiscal 2025 (enterprise value $79.1 billion, EBITDA $7.8 billion); the current EV/EBITDA is 11.1.
What is ONEOK's return on equity?
ONEOK's return on equity (ROE) was 17.2% in fiscal 2025: net income of $3.4 billion on average shareholders' equity of $19.8 billion.
What is ONEOK's ROIC?
ONEOK's return on invested capital was 10.3% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does ONEOK have?
ONEOK had total debt of $32.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 1.46 and $32.7 billion of net debt (4.20 times EBITDA).
What is ONEOK's dividend yield?
ONEOK's forward dividend yield is 4.59%. ONEOK paid $2.6 billion in dividends in fiscal 2025 ($4.09 per share), a payout ratio of 76.1%.
Does ONEOK buy back its shares?
Yes. ONEOK spent $75.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +7.6% over the year, to 631.2M..
What is ONEOK's free cash flow yield?
ONEOK generated $2.4 billion of free cash flow in fiscal 2025, a free cash flow yield of 5.3% on its market value at year-end ($46.4 billion).
What is ONEOK's current ratio?
ONEOK's current ratio was 0.71 at the end of fiscal 2025: current assets were 0.71 times current liabilities.