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what it is
ONEOK moves, processes, and stores natural gas, natural gas liquids, crude, and refined fuels across the U.S.
how it gets paid
Last year Oneok made $33.6B in revenue.
why it's growing
Revenue grew 55.0% last year. Oneok benefited from a 17% increase in rocky mountain region natural gas liquids raw feed throughput volumes.
what just happened
Last earnings came in at $1.55 a share, below the $1.63 estimate, even as the business stayed much larger than a year ago.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
90/100 earnings predictability — you can trust these numbers
15.1x trailing p/e — the market's not buying it — or you found a deal
5.3% dividend yield — cash in your pocket every quarter
11.5% return on capital — nothing to write home about
xvary composite: 69/100 — average
What they do
ONEOK moves, processes, and stores natural gas, natural gas liquids, crude, and refined fuels across the U.S.
Midstream (energy transport and processing) → pipeline toll roads for fuel molecules → so what: you get paid when volumes move, not just when commodity prices spike. ONEOK runs four operating segments across key basins and market hubs, and third-quarter Rocky Mountain NGL raw feed throughput rose 17% while gas volumes processed rose 3%. That network helps support a 24.5% operating margin, which is high for a business that mostly moves other people's molecules.
How they make money
$33.6B
annual revenue · their business grew +55.0% last year
total revenue
$33.6B
+55.0%
The products that matter
moves and processes energy
Pipelines and Processing
$33.6B revenue · 100% of sales shown here
it's the whole story in this snapshot: a $33.6B system that turns gas and liquids volumes into fee and service revenue, then turns part of that into an 11.4% net margin.
the entire business
Key numbers
15.1x
trailing p/e
P/E → price compared with past 12-month earnings → so what: you are paying 15.1 times trailing profit for a business expected to grow earnings 12.5% a year.
5.3%
dividend yield
Dividend yield → yearly cash payout divided by stock price → so what: you are getting paid more than many bonds while you wait.
$32.0B
long-term debt
Long-term debt → money owed over many years → so what: the company is carrying a very real backpack while trying to grow.
24.5%
operating margin
Operating margin → profit left after running the business → so what: ONEOK keeps about 25 cents of every dollar before interest and taxes.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 65 / 100
- long-term debt $32.0B (38% of capital)
- net profit margin 14.0% — keeps 14 cents of every dollar in revenue
- return on equity 18% — $0.18 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in OKE 3 years ago → it's now worth $14,330.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Last earnings came in at $1.55 a share, below the $1.63 estimate, even as the business stayed much larger than a year ago.
Consensus data showed a 4.91% EPS miss on the latest report. SEC data also showed latest-quarter revenue of $24.6B, up 185% vs. prior year, which tells you the income statement is still digesting a much larger asset base.
$24.6B
revenue
$1.55
eps
24.5%
operating margin
the number that mattered
The number that mattered was the $1.55 EPS print versus a $1.63 estimate, because this stock is priced for steady execution, not small stumbles.
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shares of oneok have risen nicely in price since our november review.
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the company reported strong growth in the third quarter.
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oneok benefited from a 17% increase in rocky mountain region natural gas liquids (ngl) raw feed throughput volumes, and a 6% rise in mid-continent ngl raw feed throughput volumes.
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natural gas volumes processed also increased 3%.
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all told, earnings per share of $1.49 marked a strong improvement over the prior-year tally. The board of directors has increased the dividend by 4%.
source: SEC filing and consensus data, 2025
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What could go wrong
the #1 risk is natural gas and NGL volumes cooling after a 36.9% revenue jump.
med
volume growth normalizes fast
This page gives you one giant revenue bucket: $33.6B, up 36.9%. If that growth was acquisition-driven or cycle-driven rather than durable throughput growth, expectations can reset quickly.
The fy2026 revenue estimate is $36B. Miss that by enough, and the idea that this is a cheap 13.3x forward earnings stock starts to weaken.
med
debt stops being background noise
$32.0B of long-term debt is manageable when cash flow is steady. It becomes a real constraint if growth cools, financing costs rise, or capital needs increase.
Debt equals 38% of capital. That is not distress territory, but it does limit how much room you get for mistakes.
med
regulation and permitting slow the system
Midstream assets only look boring until regulators, environmental constraints, or permitting delays make expansion harder and more expensive.
The business already earns an 11.4% net margin. You do not need a collapse for returns to feel thinner — just slower growth and higher compliance drag.
The combined risk picture is simple: you have $32.0B of debt, one disclosed revenue bucket worth $33.6B, and a valuation case that leans on EPS rising from $5.50 to $6.25.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
fy2026 EPS estimate: $6.25
That estimate pulls the stock down to roughly 13.3x forward earnings. If the number slips, so does part of the value case.
trend
revenue growth after a 36.9% jump
The market does not need another huge leap. It does need proof that $33.6B was not a one-off step-up.
risk
$32.0B of long-term debt
This is fine while earnings are predictable. It matters a lot more if volumes wobble or financing gets tighter.
calendar
the next quarter after Q4's $1.63 EPS
A steady follow-through quarter would support the idea that 2025 was a new base, not just a good print.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak: they still like the setup.
risk profile
average
stability score 3 — neither bunker stock nor chaos trade.
chart momentum
below average
technical score 4 — the chart is less enthusiastic than the fundamental rankings.
earnings predictability
90 / 100
management's earnings pattern has been dependable. That matters more here than in a hype stock.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 687 buyers vs. 684 sellers in 3q2025. total institutional holdings: 0.5B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$72
$149
$83
current price
$111
target midpoint · +34% from current · 3-5yr high: $205 (+145% · 28% ann'l return)
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