ONEOK, Inc.OKE
NYSE•Energy•Oil & Gas Midstream
ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines, fractionation, terminal and storage facilities; and transports refined products, including gasoline, diesel fuel, aviation fuel, kerosene, and heating oil. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities; it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases buildings, warehouses, office space, land, and equipment, including pipeline equipment, pipeline capacity, rail cars, and information technology equipment. Further, the company transports, stores, and distributes refined products, purity NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and diluent users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
ONEOK, Inc. (OKE) reported trailing twelve months revenue of $35.20B as of March 2026, a 41.0% increase year-over-year. Quarterly revenue reached $9.62B, reflecting continued top-line momentum.
ONEOK, Inc. generated $3.53B in TTM net income, with quarterly EBITDA of $1.81B. The operating margin contracted from 15.2% to 14.8%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (14.8%) and net margin (8.0%) indicates moderate non-operating costs. Net margin has improved from 7.9% a year ago, signaling stronger bottom-line efficiency.
OKE trades at a P/E of 16.2x (in line with broad market averages) and a P/S of 1.6x. The price-to-book ratio of 2.6x reflects a moderate premium to book value.
The company generated $70.00M in free cash flow over the trailing twelve months, a 74.5% decrease year-over-year, indicating cash generation ability. The balance sheet shows $68.20B in total assets with $30.76B in long-term debt against $22.36B in stockholders equity for a debt-to-equity ratio of 1.4. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~19.1% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE averages 15.5% but has fluctuated — the competitive advantage may be cyclical or emerging.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~84.3% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 20.2% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 1.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 7.9% — significant dilution, likely from stock compensation or capital raises.