NYSE · Energy

ONEOK, Inc.

OKE · Oil & Gas Midstream

$90.73

▲ 1.44 (1.61%)

Data cached · refreshes every 10 min

Mr. Market is currently offering ONEOK, Inc. at $90.73.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 26.0%

Operating Margin 17.3%

Net Income Margin 10.1%

Fin. Health F

Years to Pay Off Debt 9.7 yrs

Working Capital vs Long-Term Debt -$32.6B

Working Capital -$1.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 2.54x

Cash Flow C

Free Cash Flow $2.4B

CapEx % of Net Income 92.9%

Owner Earnings $8.1B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $57.2B

Enterprise Value $90.5B

P/E (TTM) 16.17

Dividend Yield 4.70%

Exchange NYSE

Key Margins

Gross Profit 26.0%

Operating Margin 17.3%

Net Margin 10.1%

Company Info

Sector Energy

Industry Oil & Gas Midstream

Employees 6326

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering ONEOK, Inc. at $90.73.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $90.73, the stock trades at a 38% premium to its Graham Number of $65.97. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About ONEOK, Inc.

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	26.0% ▼	33.4%	28.2%	17.2%	N/A
Operating Margin %	17.3% ▼	23.3%	23.9%	12.5%	N/A
Net Income %	10.1% ▼	14.0%	15.0%	7.7%	N/A
Diluted EPS	5.42 ▲	5.17	5.48	3.84	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$66.6B	$64.1B	$44.3B	$24.4B	N/A
Total Debt	$32.8B ↑	$32.1B	$21.7B	$13.7B	N/A
Working Capital	-$1.9B ▼	-$481M	-$344M	-$503M	N/A
Years to Pay Debt	9.67	10.57	8.15	7.96	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.4B ▼	$2.9B	$2.8B	$1.7B	N/A
Owner Earnings	$8.1B	$6.2B	$5.0B	$3.5B	N/A
CapEx % of Net Income	92.9%	66.6%	60.0%	69.8%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-18,549	-17,739	-37,862	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	7,868,000	6,688,000	5,290,000	3,552,000
Total Unusual Items	-81,000	-73,000	-158,000	0
Total Unusual Items Excluding Goodwill	-81,000	-73,000	-158,000	0
Net Income From Continuing Operation Net Minority Interest	3,393,000	3,035,000	2,659,000	1,722,000
Reconciled Depreciation	1,514,000	1,134,000	769,000	626,000
Reconciled Cost Of Revenue	24,887,000	14,445,000	12,698,000	18,536,000
EBITDA	7,787,000	6,615,000	5,132,000	3,552,000
EBIT	6,273,000	5,481,000	4,363,000	2,926,000
Net Interest Income	-1,783,000	-1,371,000	-866,000	-676,000
Interest Expense	1,783,000	1,371,000	866,000	676,000
Normalized Income	3,455,451	3,090,261	2,779,138	1,722,000
Net Income From Continuing And Discontinued Operation	3,393,000	3,035,000	2,659,000	1,722,000
Total Expenses	27,807,000	16,636,000	13,447,000	19,580,000
Total Operating Income As Reported	5,741,000	4,989,000	4,072,000	2,807,000
Diluted Average Shares	625,900	586,500	485,400	448,400
Basic Average Shares	624,800	584,600	484,300	447,500
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	3,393,000	3,034,000	2,658,000	1,721,000
Net Income Common Stockholders	3,393,000	3,034,000	2,658,000	1,721,000
Preferred Stock Dividends		1,000	1,000	1,000	1,000
Net Income	3,393,000	3,035,000	2,659,000	1,722,000
Minority Interests	-69,000	-77,000	0	0
Net Income Including Noncontrolling Interests	3,462,000	3,112,000	2,659,000	1,722,000
Net Income Continuous Operations	3,462,000	3,112,000	2,659,000	1,722,000
Tax Provision	1,028,000	998,000	838,000	528,000
Pretax Income	4,490,000	4,110,000	3,497,000	2,250,000
Other Income Expense	451,000	419,000	133,000	119,000
Other Non Operating Income Expenses	146,000	53,000	89,000	-29,000
Special Income Charges	-81,000	-73,000	-158,000	0
Gain On Sale Of Ppe					1,394
Other Special Charges				-2,551	-1,682
Restructuring And Mergern Acquisition	81,000	73,000	158,000	0
Earnings From Equity Interest	386,000	439,000	202,000	148,000
Net Non Operating Interest Income Expense	-1,783,000	-1,371,000	-866,000	-676,000
Interest Expense Non Operating	1,783,000	1,371,000	866,000	676,000
Operating Income	5,822,000	5,062,000	4,230,000	2,807,000
Operating Expense	2,920,000	2,191,000	749,000	1,044,000
Other Operating Expenses	-43,000	-305,000	-786,000	-105,000
Other Taxes	378,000	334,000	216,000	191,000
Gross Profit	8,742,000	7,253,000	4,979,000	3,851,000
Cost Of Revenue	24,887,000	14,445,000	12,698,000	18,536,000
Total Revenue	33,629,000	21,698,000	17,677,000	22,387,000
Operating Revenue	33,629,000	21,698,000	17,677,000	22,387,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	26,201	26,603	26,621	27,758
Ordinary Shares Number	629,708	583,111	583,093	447,158
Share Issued	655,909	609,714	609,714	474,916
Net Debt	32,738,000	31,344,000	21,329,000	13,401,000
Total Debt	32,816,000	32,077,000	21,667,000	13,701,000
Tangible Book Value	11,526,000	5,906,000	10,216,000	5,741,000
Invested Capital	55,301,000	49,113,000	38,151,000	20,115,000
Working Capital	-1,877,000	-481,000	-344,000	-503,000
Net Tangible Assets	11,526,000	5,906,000	10,216,000	5,741,000
Capital Lease Obligations			97,000	80,000	89,419
Common Stock Equity	22,485,000	17,036,000	16,484,000	6,494,000
Total Capitalization	53,240,000	48,054,000	37,667,000	19,190,000
Total Equity Gross Minority Interest	22,569,000	22,133,000	16,484,000	6,494,000
Minority Interest	84,000	5,097,000	0
Stockholders Equity	22,485,000	17,036,000	16,484,000	6,494,000
Gains Losses Not Affecting Retained Earnings	-27,000	-96,000	-33,000	-108,000
Other Equity Adjustments	-27,000	-96,000	-33,000	-108,000
Treasury Stock	829,000	807,000	677,000	706,000
Retained Earnings	2,373,000	1,579,000	868,000	50,000
Additional Paid In Capital	20,961,000	16,354,000	16,320,000	7,253,000
Capital Stock	7,000	6,000	6,000	5,000
Common Stock	7,000	6,000	6,000	5,000
Total Liabilities Net Minority Interest	44,072,000	41,936,000	27,782,000	17,885,000
Total Non Current Liabilities Net Minority Interest	37,707,000	37,217,000	24,330,000	14,834,000
Non Current Deferred Liabilities	6,952,000	6,199,000	3,147,000	2,070,000
Non Current Deferred Taxes Liabilities	6,349,000	5,451,000	2,594,000	1,739,000
Long Term Debt And Capital Lease Obligation	30,755,000	31,018,000	21,183,000	12,764,000
Long Term Capital Lease Obligation			74,000	68,000	75,636
Long Term Debt	30,755,000	31,018,000	21,183,000	12,696,000
Current Liabilities	6,365,000	4,719,000	3,452,000	3,051,000
Other Current Liabilities	967,000	962,000	808,000	386,000
Current Debt And Capital Lease Obligation	2,061,000	1,059,000	484,000	937,000
Current Capital Lease Obligation			23,000	12,000	13,783
Current Debt	2,061,000	1,059,000	484,000	925,000
Other Current Borrowings	2,061,000	1,059,000	484,000	925,000
Payables And Accrued Expenses	3,337,000	2,698,000	2,160,000	1,728,000
Current Accrued Expenses	499,000	511,000	381,000	233,000
Interest Payable	499,000	511,000	381,000	233,000
Payables	2,838,000	2,187,000	1,779,000	1,495,000
Total Tax Payable		221,000	215,000	136,000	97,537
Accounts Payable	2,838,000	2,187,000	1,564,000	1,359,000
Total Assets	66,641,000	64,069,000	44,266,000	24,379,000
Total Non Current Assets	62,153,000	59,831,000	41,158,000	21,831,000
Other Non Current Assets	444,000	450,000	319,000	324,000
Investments And Advances	2,889,000	2,316,000	1,874,000	802,000
Long Term Equity Investment	2,889,000	2,316,000	1,874,000	802,000
Investmentsin Associatesat Cost					797,613
Goodwill And Other Intangible Assets	10,959,000	11,130,000	6,268,000	753,000
Other Intangible Assets	2,901,000	3,039,000	1,316,000	225,000
Goodwill	8,058,000	8,091,000	4,952,000	528,000
Net PPE	47,861,000	45,935,000	32,697,000	19,952,000
Accumulated Depreciation	-7,628,000	-6,339,000	-5,757,000	-5,063,000
Gross PPE	55,489,000	52,274,000	38,454,000	25,015,000
Construction In Progress	2,563,000	1,318,000	1,528,000	1,839,000
Machinery Furniture Equipment	1,171,000	1,316,000	1,002,000	806,000
Land And Improvements	416,000	592,000	375,000	160,000
Current Assets	4,488,000	4,238,000	3,108,000	2,548,000
Other Current Assets	452,000	431,000	426,000	172,000
Hedging Assets Current			26,000	43,000	39,609
Inventory	948,000	748,000	639,000	581,000
Other Inventories		748,000	639,000	432,000
Finished Goods				431,740	427,880
Raw Materials			148,000	149,000	153,019
Receivables	3,010,000	2,326,000	1,705,000	1,532,000
Accounts Receivable	3,010,000	2,326,000	1,705,000	1,532,000
Cash Cash Equivalents And Short Term Investments	78,000	733,000	338,000	220,000
Cash And Cash Equivalents	78,000	733,000	338,000	220,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,447,000	2,867,000	2,826,000	1,704,000
Repurchase Of Capital Stock	-75,000	-524,000	0	0
Repayment Of Debt	-2,979,000	-2,003,000	-1,300,000	-896,000
Issuance Of Debt	3,809,000	7,094,000	5,298,000	869,000
Issuance Of Capital Stock				32,442	32,791
Capital Expenditure	-3,152,000	-2,021,000	-1,595,000	-1,202,000
Interest Paid Supplemental Data	1,732,000	1,297,000	653,000	582,000
Income Tax Paid Supplemental Data	74,000	102,000	37,000	59,000
End Cash Position	78,000	733,000	338,000	220,000
Beginning Cash Position	733,000	338,000	220,000	146,000
Changes In Cash	-655,000	395,000	118,000	74,000
Financing Cash Flow	-2,503,000	2,119,000	2,101,000	-1,693,000
Cash Flow From Continuing Financing Activities	-2,503,000	2,119,000	2,101,000	-1,693,000
Net Other Financing Charges	-675,000	-135,000	-58,000	6,000
Cash Dividends Paid	-2,583,000	-2,313,000	-1,839,000	-1,672,000
Common Stock Dividend Paid	-2,583,000	-2,313,000	-1,839,000	-1,672,000
Net Preferred Stock Issuance	0	-365,000	0	0
Preferred Stock Payments	0	-365,000	0	0
Net Common Stock Issuance	-75,000	-159,000	0	0
Common Stock Payments	-75,000	-159,000	0	0
Common Stock Issuance				32,442	32,791
Net Issuance Payments Of Debt	830,000	5,091,000	3,998,000	-27,000
Net Short Term Debt Issuance	820,000	0	0	0
Short Term Debt Issuance	820,000	0	0
Net Long Term Debt Issuance	10,000	5,091,000	3,998,000	-27,000
Long Term Debt Payments	-2,979,000	-2,003,000	-1,300,000	-896,000
Long Term Debt Issuance	2,989,000	7,094,000	5,298,000	869,000
Investing Cash Flow	-3,751,000	-6,612,000	-6,404,000	-1,139,000
Cash Flow From Continuing Investing Activities	-3,751,000	-6,612,000	-6,404,000	-1,139,000
Net Other Investing Changes	48,000	149,000	413,000	46,000
Dividends Received Cfi		52,000	50,000	20,000	19,000
Net Business Purchase And Sale	-647,000	-4,740,000	-5,222,000	-3,000
Sale Of Business	0	1,200,000	0	0
Purchase Of Business	-647,000	-5,940,000	-5,222,000	-3,000
Capital Expenditure Reported	-3,152,000	-2,021,000	-1,595,000	-1,202,000
Operating Cash Flow	5,599,000	4,888,000	4,421,000	2,906,000
Cash Flow From Continuing Operating Activities	5,599,000	4,888,000	4,421,000	2,906,000
Dividend Received Cfo	397,000	390,000	202,000	147,000
Change In Working Capital	-380,000	-43,000	358,000	-58,000
Change In Other Working Capital	-105,000	-223,000	195,000	178,000
Change In Payables And Accrued Expense	671,000	114,000	-62,000	-26,000
Change In Payable	671,000	114,000	-62,000	-26,000
Change In Account Payable	671,000	114,000	-62,000	-26,000
Change In Inventory	-263,000	17,000	118,000	-62,000
Change In Receivables	-683,000	49,000	107,000	-148,000
Changes In Account Receivables	-683,000	49,000	107,000	-148,000
Other Non Cash Items	35,000	72,000	-194,000	153,000
Deferred Tax	957,000	889,000	829,000	464,000
Deferred Income Tax	957,000	889,000	829,000	464,000
Depreciation Amortization Depletion	1,514,000	1,134,000	769,000	626,000
Depreciation And Amortization	1,514,000	1,134,000	769,000	626,000
Operating Gains Losses	-386,000	-666,000	-202,000	-148,000
Earnings Losses From Equity Investments	-386,000	-439,000	-202,000	-148,000
Gain Loss On Sale Of Business	0	-227,000	0	0
Net Income From Continuing Operations	3,462,000	3,112,000	2,659,000	1,722,000

These metrics estimate what ONEOK, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$65.97

Margin of Safety

Market Cap ÷ Company Value

2.36

P/B Ratio

2.54

Warren's Owner Earnings

$8.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$33.6B

vs > $1.5B revenue

❌ Strong Financial Condition

0.71x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

4.70%

vs Uninterrupted dividends

✅ Earnings Growth

+41.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

16.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

2.54x P/B (P/E×P/B: 41.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-62.83

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$102.68

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	92.9%	66.6%	60.0%	69.8%	N/A
Repurchase of Capital Stock	-$75M	-$524M	$0M	$0M	N/A
Free Cash Flow	$2.4B ▼	$2.9B ▲	$2.8B ▲	$1.7B •	N/A •
Warren's Owner Earnings	$8.1B	$6.2B	$5.0B	$3.5B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas Midstream. You can manually compare OKE against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.19%

Low — management has little skin in the game

Return on Equity (ROE)

15.1%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

5.1%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$75M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+2.3% YoY

Debt is roughly stable

Leadership Team

Pierce Norton II

President, CEO & Director

Age 65

Pay: $3,232,056

0.095% of net income

Walter Hulse III

CFO, Treasurer and Executive VP of Investor Relations & Corporate Development

Age 61

Pay: $2,283,229

0.067% of net income

Randy Lentz

Executive VP & COO

Age 60

Pay: $1,634,988

0.048% of net income

Darren Wallis

Senior Vice President of Communications & Community Relations

Scott Schingen

Senior Vice President of Engineering and Operations Natural Gas Liquids, Pipelines & Crude Oil

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	12.32%	77,603,334
Blackrock Inc.	9.07%	57,158,685
State Street Corporation	6.10%	38,450,591
Charles Schwab Investment Management, Inc.	3.59%	22,634,512
Geode Capital Management, LLC	2.63%	16,596,172
First Eagle Investment Management, LLC	1.80%	11,365,304
Morgan Stanley	1.70%	10,702,909
Invesco Ltd.	1.47%	9,284,911

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.76

Low volatility — more stable than the market

Short Interest

4.6% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.50x

Moderate leverage

Current Ratio