Is Oneok (OKE) overvalued or fairly valued?

MarketChacha shows Oneok's valuation in context — a trailing P/E of about 17.1, a forward P/E of about 15.2, a price-to-book of about 2.6 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Oneok's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.64×) from reported figures — education, not a rating.

What is Oneok's revenue?

Oneok reported revenue of $33.6B for FY2025, with net profit of $3.4B, per official filings.

What is the share price of Oneok (OKE)?

Oneok last traded at $95.43 (-0.3% on the day), as of 9/4/2026 — a delayed quote shown for education, not investment advice.

Oneok

OKE · NYSE · Energy · United States

Snapshot

TickerOKE

ExchangeNYSE

SectorEnergy

IndustryOil & Gas Midstream

CountryUnited States

Employees6,326

HeadquartersTulsa, United States

Websitewww.oneok.com

Filings tracked15

About Oneok

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.

Who owns it

Insiders0.2%
Institutions84.8%
Public & other15.1%

2,068 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.10.24%
State Street Corporation6.92%
Vanguard Capital Management LLC6.52%
Vanguard Portfolio Management LLC4.90%
Charles Schwab Investment Management, Inc.3.23%
Geode Capital Management, LLC2.77%
Capital International Investors2.73%
Morgan Stanley1.89%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Margin has compressed by about 5.0 points over the period — profitability is trending down.

Cash conversion1.64×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend15.0% → 10.1%

Margin has compressed by about 5.0 points over the period — profitability is trending down.

Return on equity15.1%

Latest ROE of 15.1% — capital is generating a healthy return.

Growth qualityrev 38% · PAT 13%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $10.3B · EPS 1.56

Est. earnings growth +7.3%

Next fiscal year

Rev $40.7B · EPS 6.19

Est. earnings growth +6.4%

Analyst consensus estimates — not the company's own guidance.

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P/E ROE ROCE Margins Market cap

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$33.6B

Net margin

10.1%

ROE

15.1%

Revenue CAGR (2y)

+37.9%

Profit CAGR (2y)

+13.0%

EPS (FY2025)

5.42

Net profit (FY2025)

$3.4B

Ask MarketChacha about OKE

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$33.6B	$3.4B	5.42	10.1%	15.1%
FY2024	$21.7B	$3.0B	5.17	14.0%	17.8%
FY2023	$17.7B	$2.7B	5.48	15.0%	16.1%

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$12.0B	$966.0M	1.53	8.0%
2026Q1	$9.6B	$774.0M	1.23	8.0%
2025Q3	$8.6B	$939.0M	1.49	10.9%
2025Q2	$7.9B	$841.0M	1.34	10.7%
2025Q1	$8.0B	$636.0M	1.04	7.9%
2024Q3	$5.0B	$693.0M	1.18	13.8%
2024Q2	$4.9B	$780.0M	1.33	15.9%
2024Q1	$4.8B	$639.0M	1.09	13.4%
2023Q3	$4.2B	$454.0M	0.99	10.8%
2023Q2	$3.7B	$468.0M	1.04	12.5%
2023Q1	$4.5B	$1.0B	2.34	23.2%

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC8/4/2026
8-K — Completion of acquisition/disposition, Reg FD disclosure, Exhibits
SEC8/3/2026material
8-K — Shareholder vote results
SEC5/21/2026material
10-Q filing
SEC4/29/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC4/28/2026material
8-K — Executive/director change, Exhibits
SEC3/25/2026material
10-K filing
SEC2/24/2026
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC2/23/2026material
8-K — Executive/director change, Exhibits
SEC1/26/2026material

2025

10-Q filing
SEC10/29/2025
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC10/28/2025material
8-K — Material agreement, Material financial obligation, Exhibits
SEC8/13/2025material
8-K — Material agreement, Reg FD disclosure, Exhibits
SEC8/8/2025material
10-Q filing
SEC8/5/2025
8-K — Results of operations, Reg FD disclosure, Exhibits
SEC8/4/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.