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US midstream operator gathering, processing, storing and transporting natural gas liquids and natural gas.
US midstream operator gathering, processing, storing and transporting natural gas liquids and natural gas.
Collects fees for gathering, processing, separating and moving natural gas liquids from producers to petrochemical plants, refiners and export docks, with some earnings linked to commodity prices. Recent acquisitions, including Magellan in 2023, widened it into refined products and crude pipelines, and EnLink and Medallion expanded gas gathering and crude gathering.
Moat: narrow (scale, installed base). Large, interconnected NGL and gas network across major US basins built via acquisitions (Magellan, EnLink).
Headquarters: Tulsa, Oklahoma, US · Founded: 1906 · Employees: 6,326
Size Oneok (OKE) is a United States Energy company (Gas Distributors) with a market value of $53.7B, the 237th largest of 3,117 United States companies the cockpit tracks. Shares closed at $85.19 on 6 Nov 2026.
Performance Over six months the shares was unchanged, against -4.2% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 8 in its peer set.
Growth Revenue grew 38.1% over the last twelve months (peer median +13.6%); the operating margin is 15.2% (peer median 9.6%).
Valuation It trades at 14.3× forward earnings against a peer median of 15.3× (4th cheapest of 8).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -28 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points above its cost of capital (7.5% WACC).
Backlog Backlog (remaining performance obligations) was $6.64B at 30 Sep 2026, down 5% on a year earlier — 0.2 years of trailing revenue. Backlog detail →
Credit Oneok has 39 bonds outstanding ($26.3B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 93 bp.
Short interest Short interest is 3.7% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $43.6B | $33.6B | $21.6B | $17.5B | $22.9B |
| Revenue growth | — | +55% | +24% | -24% | — |
| Gross profit | $7.03B | $6.14B | $5.05B | $3.55B | $3.12B |
| EBITDA | $8.17B | $7.27B | $6.16B | $4.89B | $3.66B |
| Net income | $4.07B | $3.39B | $3.04B | $2.66B | $1.72B |
| Free cash flow | $2.53B | $2.45B | $2.92B | $2.88B | $1.72B |
| Capital expenditure | $3.38B | $3.15B | $2.02B | $1.59B | $1.20B |
| Total debt | $28.5B | $33.1B | $32.3B | $21.8B | $13.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Oneok OKE | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% |
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Mplx LP MPLX | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% |
| Plains All American Pipeline, L.P PAA | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% |
| Kinder Morgan KMI | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OKE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.7% | -1.1% | 2nd lowest of 8 |
| 6-month return | 0.0% | -4.2% | 4th highest of 8 |
| Distance from 52-week high | -14.7% | -16.4% | 4th highest of 8 |
| Revenue growth (TTM) | +38.1% | +13.6% | 2nd highest of 8 |
| Operating margin | 15.2% | 9.6% | 3rd highest of 8 |
| Forward P/E | 14.3× | 15.3× | 4th cheapest of 8 |
| Growth the price implies (Req g, 7 yrs) | 4.2% | 12.8% | 2nd least demanding of 7 |
| Growth delivered (Del g) | +31.8% | +19.4% | highest of 7 |
| Hurdle (Req g minus delivered) | -27.6 pp | -7.4 pp | least demanding of 7 |
| ROIC minus cost of capital | +1.1 pp | -6.9 pp | 3rd highest of 8 |
| EV / EBITDA | 11.2× | 8.3× | 4th most expensive of 8 |
| Net debt / EBITDA | 3.5× | 0.7× | most indebted of 8 |
| Bond spread | 93 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Oneok OKE | United States | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% | +31.8% |
| Targa Resources TRGP | United States | $56.7B | +7% | -1% | 25% | 21.7× | 7.2% | +15.8% |
| GAIL (India) GAIL.NS | India | $12.9B | +11% | +10% | 9% | 8.7× | 16.9% | +19.8% |
| Adani Total Gas ATGL.NS | India | $6.69B | -11% | +24% | 14% | 27.9× | n/a | n/a |
| Petronet Lng PETRONET.NS | India | $5.02B | +12% | -30% | 16% | 11.3× | 0.9% | +10.8% |
| Gujarat Energy GUJENERGY.NS | India | $2.15B | -46% | +43% | 10% | 7.6× | 8.7% | +19.1% |
| Indraprastha Gas IGL.NS | India | $2.10B | -16% | +15% | 3% | 19.3× | 27.0% | +26.8% |
| Mahanagar Gas MGL.NS | India | $1.18B | -4% | +14% | 9% | 15.3× | 24.5% | +30.8% |
Oneok has 39 bonds outstanding with $26.3B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.76%, a spread of 93 bp over government bonds.
Oneok reported $6.64B of remaining performance obligations at 30 Sep 2026, down 5% from a year earlier and down 2% from the previous quarter. That is 0.2 years of trailing revenue already under contract. Book-to-bill last quarter: 0.99.