# Oneok (OKE.US)

Canonical: https://gigainvestors.com/s/OKE

Analysis as of: 2026-10-16T07:30:52.425Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $90.65 per share; close as of 2026-10-15.

Estimated value: low $75.09 per share, central $93.52 per share, high $109.13 per share. Buy at or below the central value $93.52 per share. Valuation as of 2026-10-16T07:30:52.425Z; scenarios are not confidence intervals.

Expected annual return: 10.2% at the stated quote. About 10.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.15×

- FY2019: 0.18×

- FY2020: 0.22×

- FY2021: 0.17×

- FY2022: 0.13×

- FY2023: 0.23×

- FY2024: 0.23×

- FY2025: 0.21×

- LTM to Jun 2026: 0.18×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.4%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 18.6%

- Recent gross margin (lower of latest and 3-year median): 21.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.2%

- ROIC including acquisitions, ten-year median: 4.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.0%

- FY2017: 7.0%

- FY2018: 9.3%

- FY2019: 7.9%

- FY2020: 7.5%

- FY2021: 11.3%

- FY2022: 11.9%

- FY2023: 9.4%

- FY2024: 9.4%

- FY2025: 11.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $11B

- Net income, five-year total: $12B

- Return on incremental invested capital: 38.7%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.8 pp

- Working capital / revenue, final three-year average: 4.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.69×

- FY2024: 1.00×

- FY2025: 1.00×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 9.3% vs 9.4%

- Per-share earnings: 1.29 to 5.42 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.5%

- Ordinary dilution, 5-year annual growth: 7.7%

- Market cap gain: $34B

- Cumulative retained earnings: $2.4B

- Diluted shares, 10-year annual growth: 11.5%

- Diluted shares, 5-year annual growth: 7.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 19.6%

- Per-share value change: $4.13

- Per-share value, starting three-year median: $1.29

- Per-share value, ending three-year median: $5.42

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: $10B

- Cumulative net income, 10 years: $16B

- ROIC, first three-year median: 9.3%

- ROIC, last three-year median: 9.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.66

- FY2017: $1.29

- FY2018: $2.78

- FY2019: $3.08

- FY2020: $1.42

- FY2021: $3.35

- FY2022: $3.84

- FY2023: $5.48

- FY2024: $5.17

- FY2025: $5.42

### accounting: pass

- Sloan accruals: -3.3%

- Receivables to sales index (DSRI): 0.83×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.49×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.2%

- FY2017: -5.5%

- FY2018: -5.7%

- FY2019: -3.1%

- FY2020: -5.6%

- FY2021: -4.4%

- FY2022: -4.9%

- FY2023: -4.0%

- FY2024: -2.9%

- FY2025: -3.3%

## Holders

- [Matthew McLennan](https://gigainvestors.com/FE): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 20% since Nov 2024 · "ONEOK (OKE): Profit Margin Decline Reinforces Market’s Focus on Slower Earnings Growth" (finance.yahoo.com, Oct 2025) · sales +17.1%

Story as of 2026-10-16T09:59:19.219Z; price observation 2026-10-15.

Price needs cash profits to grow 2.7% a year for ten years

- 2025-06-13: ONEOK Gains From Fee-Based Earnings and Strategic Investments ([finance.yahoo.com](https://finance.yahoo.com/news/oneok-gains-fee-based-earnings-141600622.html))

- 2025-10-30: ONEOK (OKE): Profit Margin Decline Reinforces Market’s Focus on Slower Earnings Growth ([finance.yahoo.com](https://finance.yahoo.com/news/oneok-oke-profit-margin-decline-051608315.html))

- 2026-02-25: ONEOK outlines $8.1B 2026 EBITDA target while advancing integration and project delivery ([seekingalpha.com](https://seekingalpha.com/news/4556353-oneok-outlines-8_1b-2026-ebitda-target-while-advancing-integration-and-project-delivery?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-04-29: OKEOK Q1 Earnings Beat Estimates on Volume Growth, Guidance Up ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/okeok-q1-earnings-beat-estimates-153300758.html))

- 2026-07-09: ONEOK to Meet 2026 Outlook as Seasonal Strength, AI Demand Support Growth, UBS Says ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/oneok-meet-2026-outlook-seasonal-151319746.html))

- 2026-08-05: OKE Q2 Earnings Call Highlights Higher Guidance and Project Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/oke-q2-earnings-call-highlights-140000668.html))

### Sales · FY2025–2026

sales +17.1%; source https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm; observed 2026-02-24.

- FY2017: $12B 

- FY2018: $13B 

- FY2019: $10B 

- FY2020: $8.5B 

- FY2021: $17B 

- FY2022: $23B 

- FY2023: $18B 

- FY2024: $22B 

- FY2025: $34B 

- FY2026: $39B 

### Gross margin · FY2025

gross margin 21.5%; source https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm; observed 2026-02-24.

- FY2016: 15.1% 

- FY2017: 13.1% 

- FY2018: 15.6% 

- FY2019: 19.6% 

- FY2020: 24.0% 

- FY2021: 17.5% 

- FY2022: 13.6% 

- FY2023: 32.5% 

- FY2024: 23.3% 

- FY2025: 21.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas midstream; annual sales are USD 33.6 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm (filed 2026-02-24); FY2025: revenue 33629000000; grossProfit 7218000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OKE.US: 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.

### Why customers stay

Margins ranged from 21.5% to 32.5% during 2023–25; it earns 9.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: grossProfit / revenue = 32.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: grossProfit / revenue = 23.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm (filed 2026-02-24); FY2025: grossProfit / revenue = 21.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); 10-year return on capital observations [[2016,0.10985474304343654],[2017,0.07018719397304059],[2018,0.09293081058253094],[2019,0.0792214653885734],[2020,0.07512112719834085],[2021,0.11304897551557228],[2022,0.11944142562215622],[2023,0.09394412482898876],[2024,0.09385974096496452],[2025,0.11389553378097128]]; median 0.09390193289697664. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 48.2% of cash earnings on expansion; earns 38.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2016: growth capex 233049000; upkeep 391585000; owner earnings 352039000. Growth capex / owner earnings = 0.6619976763938087.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2017: growth capex 106058000; upkeep 406335000; owner earnings 387841000. Growth capex / owner earnings = 0.2734574219847824.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2021: growth capex 75153000; upkeep 621701000; owner earnings 1500000000. Growth capex / owner earnings = 0.050102.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2022: growth capex 575925000; upkeep 626132000; owner earnings 1722000000. Growth capex / owner earnings = 0.33445121951219514.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2023: growth capex 0; upkeep 1595000000; owner earnings 1833000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); FY2024: growth capex 887000000; upkeep 1134000000; owner earnings 3035000000. Growth capex / owner earnings = 0.29225700164744645.

- Source: https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm (filed 2026-02-24); FY2025: growth capex 1638000000; upkeep 1514000000; owner earnings 3395000000. Growth capex / owner earnings = 0.4824742268041237.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Incremental return on capital 0.3872094367289752, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Dividend observations: [[2016,517601000],[2017,829414000],[2018,1335058000],[2019,1457628000],[2020,1605366000],[2021,1667431000],[2022,1671582000],[2023,1839000000],[2024,2313000000],[2025,2583000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm (filed 2026-02-24); FY2025: cash repurchases 75000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OKE.US SharesStats.PercentInsiders = 0.152 percentage points; cache date 2026-10-16.

### What could break it

"Our indebtedness and guarantee obligations could impair our financial condition" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm (filed 2026-02-24); Our indebtedness and guarantee obligations could impair our financial condition

### What the price says

The price assumes cash profits grow 2.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-24); Ten-year compound average after fade. Initial solved rate 0.025881665879643134. Price 90.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.796201214965256 → FY2025 5.424189167598658. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $48.43 per share

- 2016-11: $54.93 per share

- 2016-12: $57.41 per share

- 2017-01: $55.11 per share

- 2017-02: $54.05 per share

- 2017-03: $55.44 per share

- 2017-04: $52.61 per share

- 2017-05: $49.68 per share

- 2017-06: $52.16 per share

- 2017-07: $56.57 per share

- 2017-08: $54.16 per share

- 2017-09: $55.41 per share

- 2017-10: $54.27 per share

- 2017-11: $51.90 per share

- 2017-12: $53.45 per share

- 2018-01: $58.86 per share

- 2018-02: $56.33 per share

- 2018-03: $56.92 per share

- 2018-04: $60.22 per share

- 2018-05: $68.16 per share

- 2018-06: $69.83 per share

- 2018-07: $70.44 per share

- 2018-08: $65.91 per share

- 2018-09: $67.79 per share

- 2018-10: $65.60 per share

- 2018-11: $61.43 per share

- 2018-12: $53.95 per share

- 2019-01: $64.21 per share

- 2019-02: $64.26 per share

- 2019-03: $69.84 per share

- 2019-04: $67.93 per share

- 2019-05: $63.62 per share

- 2019-06: $68.81 per share

- 2019-07: $70.08 per share

- 2019-08: $71.28 per share

- 2019-09: $73.69 per share

- 2019-10: $69.83 per share

- 2019-11: $71.05 per share

- 2019-12: $75.67 per share

- 2020-01: $74.87 per share

- 2020-02: $66.72 per share

- 2020-03: $21.81 per share

- 2020-04: $29.93 per share

- 2020-05: $36.69 per share

- 2020-06: $33.22 per share

- 2020-07: $27.91 per share

- 2020-08: $27.48 per share

- 2020-09: $25.98 per share

- 2020-10: $29.00 per share

- 2020-11: $35.87 per share

- 2020-12: $38.38 per share

- 2021-01: $39.83 per share

- 2021-02: $44.29 per share

- 2021-03: $50.66 per share

- 2021-04: $52.34 per share

- 2021-05: $52.74 per share

- 2021-06: $55.64 per share

- 2021-07: $51.97 per share

- 2021-08: $52.52 per share

- 2021-09: $57.99 per share

- 2021-10: $63.62 per share

- 2021-11: $59.84 per share

- 2021-12: $58.76 per share

- 2022-01: $60.68 per share

- 2022-02: $65.30 per share

- 2022-03: $70.63 per share

- 2022-04: $63.33 per share

- 2022-05: $65.85 per share

- 2022-06: $55.50 per share

- 2022-07: $59.74 per share

- 2022-08: $61.23 per share

- 2022-09: $51.24 per share

- 2022-10: $59.32 per share

- 2022-11: $66.92 per share

- 2022-12: $65.70 per share

- 2023-01: $68.48 per share

- 2023-02: $65.45 per share

- 2023-03: $63.54 per share

- 2023-04: $65.41 per share

- 2023-05: $56.66 per share

- 2023-06: $61.72 per share

- 2023-07: $67.04 per share

- 2023-08: $65.20 per share

- 2023-09: $63.43 per share

- 2023-10: $65.20 per share

- 2023-11: $68.85 per share

- 2023-12: $70.22 per share

- 2024-01: $68.25 per share

- 2024-02: $75.12 per share

- 2024-03: $80.17 per share

- 2024-04: $79.12 per share

- 2024-05: $81.00 per share

- 2024-06: $81.55 per share

- 2024-07: $83.33 per share

- 2024-08: $92.36 per share

- 2024-09: $91.13 per share

- 2024-10: $96.88 per share

- 2024-11: $113.60 per share

- 2024-12: $100.40 per share

- 2025-01: $97.17 per share

- 2025-02: $100.39 per share

- 2025-03: $99.22 per share

- 2025-04: $82.16 per share

- 2025-05: $80.84 per share

- 2025-06: $81.63 per share

- 2025-07: $82.11 per share

- 2025-08: $76.38 per share

- 2025-09: $72.97 per share

- 2025-10: $67.00 per share

- 2025-11: $72.82 per share

- 2025-12: $73.50 per share

- 2026-01: $79.19 per share

- 2026-02: $82.77 per share

- 2026-03: $90.39 per share

- 2026-04: $92.46 per share

- 2026-05: $83.94 per share

- 2026-06: $86.94 per share

- 2026-07: $90.81 per share

- 2026-08: $96.01 per share

- 2026-09: $85.27 per share

- 2026-10: $93.38 per share

## Annual estimated value (USD per share)

- FY2017: low $2.37 per share, central $2.70 per share, high $3.13 per share

- FY2023: low $29.97 per share, central $34.10 per share, high $39.60 per share

- FY2024: low $35.52 per share, central $40.35 per share, high $46.78 per share

- FY2025: low $64.61 per share, central $80.47 per share, high $93.90 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:36:36.544Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1039684/000103968426000006/oke-20251231.htm); period 2025-12-31, filed 2026-02-24.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Matthew McLennan](https://gigainvestors.com/FE): 11,834,827 OKE shares; USD 1,028,920,000 reported position value; 1.7% of portfolio; add; quarter 2026 Q2.
- [Robert Torray](https://gigainvestors.com/T): 238,831 OKE shares; USD 20,764,000 reported position value; 3.08% of portfolio; add; quarter 2026 Q2.

# OKE — ONEOK Inc.

Held by 2 investors · USD 1,049,684,000 total · 2026 Q2 · reported price USD 86.94 (split-adjusted).
Page: https://gigainvestors.com/s/OKE

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Matthew McLennan (https://gigainvestors.com/FE) | USD 1,028,920,000 | 1.7% | add +1.33% |
| Robert Torray (https://gigainvestors.com/T) | USD 20,764,000 | 3.1% | add +0.06% |

## Total held by quarter

- 2023 Q3: USD 110,046,800 · 1 holder · USD 63.43
- 2023 Q4: USD 216,738,173 · 1 holder · USD 70.22
- 2024 Q1: USD 277,794,502 · 1 holder · USD 80.17
- 2024 Q2: USD 281,495,676 · 1 holder · USD 81.55
- 2024 Q3: USD 314,040,177 · 1 holder · USD 91.13
- 2024 Q4: USD 278,741,021 · 2 holders · USD 100.50
- 2025 Q1: USD 268,977,185 · 1 holder · USD 99.22
- 2025 Q2: USD 510,691,402 · 1 holder · USD 81.63
- 2025 Q3: USD 566,919,619 · 1 holder · USD 72.97
- 2025 Q4: USD 854,458,521 · 2 holders · USD 73.50
- 2026 Q1: USD 1,077,255,094 · 2 holders · USD 90.39
- 2026 Q2: USD 1,049,684,000 · 2 holders · USD 86.94