Recent News
On August 6, 2025 ONEOK priced a $3.0 billion senior notes offering consisting of $750 million (7-year, 4.95%), $1.0 billion (10-year, 5.40%) and $1.25 billion (30-year, 6.25%), with net proceeds earmarked to repay commercial paper and notes due Sept. 15, 2025. In early August 2025 the company made a final investment decision to build the Bighorn natural gas processing plant in the Delaware Basin, a $365 million project with 300 MMcf/d capacity expected in service by mid-2027.
Technical Analysis
ADX at 21.8 indicates an emerging trend strength that permits near-term directional moves rather than a fully established trend; that emerging strength aligns with recent directional changes in the +DI and -DI lines.
DI+ shows a dip & reversal while DI- shows a peak & reversal—both developments constitute bullish directional flips that support the introduction’s near-term rebound view.
MACD sits negative at -1.16 with a dip & reversal, signaling bullish momentum building; MACD remains marginally below its signal line (-1.12), so a confirmed bullish MACD cross has not yet occurred.
MRO at -26.71 signals the price sits below the model target and therefore carries potential to increase; the negative MRO complements the MACD dip & reversal for a short-term recovery bias.
RSI at 39.55 with a peak & reversal indicates recent downward momentum that has begun to ease; price must reclaim short-term averages to convert this relief into sustained upside.
Price closed at $68.61, below the 20-day average ($69.57), 50-day average ($72.34) and 200-day average ($83.08). The 12-day EMA trend sits decreasing, and the super-trend upper band ($71.02) and Ichimoku components (Tenkan $69.91, Kijun $70.91, Senkou A $73.67, Senkou B $76.75) sit above the market price, creating defined resistance levels for any rally.
Bollinger bands place the one-standard-deviation lower band at $67.88 and the one-standard-deviation upper at $71.27; current price near the lower band makes a technical mean-reversion bounce plausible, but volume runs below recent averages, so move conviction requires higher participation.
Fundamental Analysis
Revenue totaled $7,887,000,000 with revenue growth at -1.94% and year-over-year revenue growth reported as -182.06% (YoY); operating income $1,453,000,000 and EBIT $1,551,000,000. EBITDA registered $1,919,000,000, and operating margin measured 18.423% (operating margin QoQ +11.411%, YoY -31.746%).
EBIT margin stands at 19.665%, improving QoQ by +18.922% but down YoY by -27.145%; that EBIT margin sits below the industry peer mean of 29.76% and below the industry peer median of 29.048%, yet remains well above the industry peer low of 1.289%.
Net income reached $841,000,000 while EPS came in at $1.34 versus an estimate of $1.33, producing an EPS surprise of approximately +0.75%.
Free cash flow totaled $776,000,000 with a free cash flow yield of 1.572%, marginally below the industry peer mean of 1.67%; operating cash flow reached $1,525,000,000 and cash flow to earnings sits at 171.106%, indicating cash conversion above reported earnings on a historical basis.
Balance sheet and leverage: total debt $32,467,000,000, net debt $32,370,000,000, debt-to-EBITDA ~16.92x, and interest coverage 3.54x (slightly below the industry peer mean of 3.82x). Debt-to-assets at 50.318% tracks near the industry peer mean of 50.666%.
Return metrics remained modest: return on equity 3.852%, return on assets 1.306%, and return on invested capital 2.189%. Dividend metrics show a dividend yield of 1.304% with a dividend payout ratio ~76.58% and dividend coverage ratio ~1.306x.
Valuation context: price-to-earnings stands at 61.80 while the industry peer mean P/E reads 76.57 and the industry peer median P/E 57.46; the enterprise multiple registers ~42.60 versus an industry peer mean of 45.49. WMDST values the stock as fair-valued given current multiples, cash flow generation and the company’s capital plan including the recent notes issuance designated to cover near-term maturities.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-04 |
| NEXT REPORT DATE: | 2025-10-28 |
| CASH FLOW | Begin Period Cash Flow | $ 141.0 M |
| Operating Cash Flow | $ 1.5 B | |
| Capital Expenditures | $ -749.00 M | |
| Change In Working Capital | $ 55.0 M | |
| Dividends Paid | $ -644.00 M | |
| Cash Flow Delta | $ -44.00 M | |
| End Period Cash Flow | $ 97.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 7.9 B | |
| Forward Revenue | $ 2.2 B | |
| COSTS | ||
| Cost Of Revenue | $ 5.7 B | |
| Depreciation | $ 368.0 M | |
| Depreciation and Amortization | $ 368.0 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 6.4 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.2 B | |
| EBITDA | $ 1.9 B | |
| EBIT | $ 1.6 B | |
| Operating Income | $ 1.5 B | |
| Interest Income | — | |
| Interest Expense | $ 438.0 M | |
| Net Interest Income | $ -438.00 M | |
| Income Before Tax | $ 1.1 B | |
| Tax Provision | $ 260.0 M | |
| Tax Rate | 23.36 % | |
| Net Income | $ 841.0 M | |
| Net Income From Continuing Operations | $ 853.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 1.33 | |
| EPS Actual | $ 1.34 | |
| EPS Difference | $ 0.01 | |
| EPS Surprise | 0.752 % | |
| Forward EPS | $ 1.49 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 64.5 B | |
| Intangible Assets | $ 11.1 B | |
| Net Tangible Assets | $ 10.8 B | |
| Total Current Assets | $ 3.9 B | |
| Cash and Short-Term Investments | $ 97.0 M | |
| Cash | $ 97.0 M | |
| Net Receivables | $ 2.5 B | |
| Inventory | $ 858.0 M | |
| Long-Term Investments | $ 401.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 2.5 B | |
| Short-Term Debt | $ 2.8 B | |
| Total Current Liabilities | $ 6.6 B | |
| Net Debt | $ 32.4 B | |
| Total Debt | $ 32.5 B | |
| Total Liabilities | $ 42.6 B | |
| EQUITY | ||
| Total Equity | $ 21.8 B | |
| Retained Earnings | $ 1.8 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 34.66 | |
| Shares Outstanding | 629.749 M | |
| Revenue Per-Share | $ 12.52 | |
| VALUATION | Market Capitalization | $ 49.4 B |
| Enterprise Value | $ 81.7 B | |
| Enterprise Multiple | 42.598 | |
| Enterprise Multiple QoQ | -18.835 % | |
| Enterprise Multiple YoY | 42.518 % | |
| Enterprise Multiple IPRWA | high: 57.658 mean: 45.491 median: 44.572 OKE: 42.598 low: 7.055 |
|
| EV/R | 10.365 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.956 | |
| Asset To Liability | 1.514 | |
| Debt To Capital | 0.598 | |
| Debt To Assets | 0.503 | |
| Debt To Assets QoQ | 0.923 % | |
| Debt To Assets YoY | 1361.034 % | |
| Debt To Assets IPRWA | high: 0.875 mean: 0.507 OKE: 0.503 median: 0.493 low: 0.045 |
|
| Debt To Equity | 1.487 | |
| Debt To Equity QoQ | -0.83 % | |
| Debt To Equity YoY | 1519.943 % | |
| Debt To Equity IPRWA | high: 4.919 median: 1.571 mean: 1.492 OKE: 1.487 low: -2.559 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.262 | |
| Price To Book QoQ | -16.467 % | |
| Price To Book YoY | -17.515 % | |
| Price To Book IPRWA | high: 5.728 mean: 2.947 median: 2.326 OKE: 2.262 low: -1.71 |
|
| Price To Earnings (P/E) | 61.799 | |
| Price To Earnings QoQ | -30.6 % | |
| Price To Earnings YoY | 4.777 % | |
| Price To Earnings IPRWA | high: 130.319 mean: 76.57 OKE: 61.799 median: 57.459 low: 11.891 |
|
| PE/G Ratio | 2.142 | |
| Price To Sales (P/S) | 6.26 | |
| Price To Sales QoQ | -12.957 % | |
| Price To Sales YoY | -33.13 % | |
| Price To Sales IPRWA | high: 33.78 median: 14.913 mean: 13.733 OKE: 6.26 low: 0.375 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 56.592 | |
| Forward PE/G | 1.962 | |
| Forward P/S | 22.406 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -8.567 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.122 | |
| Asset Turnover Ratio QoQ | -2.29 % | |
| Asset Turnover Ratio YoY | 11.275 % | |
| Asset Turnover Ratio IPRWA | high: 0.153 OKE: 0.122 mean: 0.095 median: 0.073 low: 0.031 |
|
| Receivables Turnover | 3.072 | |
| Receivables Turnover Ratio QoQ | -4.957 % | |
| Receivables Turnover Ratio YoY | -4.938 % | |
| Receivables Turnover Ratio IPRWA | high: 8.107 OKE: 3.072 mean: 2.445 median: 2.07 low: 0.998 |
|
| Inventory Turnover | 6.498 | |
| Inventory Turnover Ratio QoQ | -11.009 % | |
| Inventory Turnover Ratio YoY | 82.904 % | |
| Inventory Turnover Ratio IPRWA | high: 14.263 OKE: 6.498 mean: 4.838 median: 3.709 low: 1.678 |
|
| Days Sales Outstanding (DSO) | 29.705 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 6.065 | |
| Cash Conversion Cycle Days QoQ | 2582.12 % | |
| Cash Conversion Cycle Days YoY | -57.006 % | |
| Cash Conversion Cycle Days IPRWA | high: 104.564 median: 20.755 mean: 15.233 OKE: 6.065 low: -44.381 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -2.868 | |
| CapEx To Revenue | -0.095 | |
| CapEx To Depreciation | -2.035 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 51.5 B | |
| Net Invested Capital | $ 54.3 B | |
| Invested Capital | $ 54.3 B | |
| Net Tangible Assets | $ 10.8 B | |
| Net Working Capital | $ -2.75 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.015 | |
| Current Ratio | 0.586 | |
| Current Ratio QoQ | -11.939 % | |
| Current Ratio YoY | -5.755 % | |
| Current Ratio IPRWA | high: 3.867 median: 0.879 mean: 0.865 OKE: 0.586 low: 0.536 |
|
| Quick Ratio | 0.457 | |
| Quick Ratio QoQ | -11.979 % | |
| Quick Ratio YoY | 10.168 % | |
| Quick Ratio IPRWA | high: 3.73 mean: 0.709 median: 0.691 low: 0.458 OKE: 0.457 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 16.919 | |
| Cost Of Debt | 1.041 % | |
| Interest Coverage Ratio | 3.541 | |
| Interest Coverage Ratio QoQ | 17.682 % | |
| Interest Coverage Ratio YoY | -20.118 % | |
| Interest Coverage Ratio IPRWA | high: 5.431 mean: 3.819 OKE: 3.541 median: 3.163 low: 0.227 |
|
| Operating Cash Flow Ratio | 0.217 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 36.969 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.306 | |
| Dividend Payout Ratio | 0.766 | |
| Dividend Rate | $ 1.02 | |
| Dividend Yield | 0.013 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.406 % | |
| Revenue Growth | -1.94 % | |
| Revenue Growth QoQ | -113.02 % | |
| Revenue Growth YoY | -182.064 % | |
| Revenue Growth IPRWA | high: 12.393 % OKE: -1.94 % median: -8.459 % mean: -11.228 % low: -55.731 % |
|
| Earnings Growth | 28.846 % | |
| Earnings Growth QoQ | -185.449 % | |
| Earnings Growth YoY | 31.011 % | |
| Earnings Growth IPRWA | high: 116.923 % OKE: 28.846 % median: -11.111 % mean: -12.348 % low: -133.333 % |
|
| MARGINS | ||
| Gross Margin | 27.374 % | |
| Gross Margin QoQ | 9.645 % | |
| Gross Margin YoY | -23.051 % | |
| Gross Margin IPRWA | high: 79.612 % median: 43.651 % mean: 40.619 % OKE: 27.374 % low: 5.886 % |
|
| EBIT Margin | 19.665 % | |
| EBIT Margin QoQ | 18.922 % | |
| EBIT Margin YoY | -27.145 % | |
| EBIT Margin IPRWA | high: 59.871 % mean: 29.76 % median: 29.048 % OKE: 19.665 % low: 1.289 % |
|
| Return On Sales (ROS) | 18.423 % | |
| Return On Sales QoQ | 11.411 % | |
| Return On Sales YoY | -31.746 % | |
| Return On Sales IPRWA | high: 51.09 % median: 28.278 % mean: 27.026 % OKE: 18.423 % low: 1.309 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 776.0 M | |
| Free Cash Flow Yield | 1.572 % | |
| Free Cash Flow Yield QoQ | 230.947 % | |
| Free Cash Flow Yield YoY | -24.277 % | |
| Free Cash Flow Yield IPRWA | high: 11.608 % mean: 1.67 % median: 1.662 % OKE: 1.572 % low: -0.418 % |
|
| Free Cash Growth | 182.182 % | |
| Free Cash Growth QoQ | -346.909 % | |
| Free Cash Growth YoY | -82.349 % | |
| Free Cash Growth IPRWA | OKE: 182.182 % high: 153.03 % mean: 14.495 % median: -10.961 % low: -107.189 % |
|
| Free Cash To Net Income | 0.923 | |
| Cash Flow Margin | 18.245 % | |
| Cash Flow To Earnings | 1.711 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.306 % | |
| Return On Assets QoQ | 31.786 % | |
| Return On Assets YoY | -25.542 % | |
| Return On Assets IPRWA | high: 3.884 % mean: 1.552 % OKE: 1.306 % median: 0.988 % low: -0.629 % |
|
| Return On Capital Employed (ROCE) | 2.68 % | |
| Return On Equity (ROE) | 0.039 | |
| Return On Equity QoQ | 29.392 % | |
| Return On Equity YoY | -17.481 % | |
| Return On Equity IPRWA | high: 0.113 median: 0.044 mean: 0.042 OKE: 0.039 low: -0.048 |
|
| DuPont ROE | 3.894 % | |
| Return On Invested Capital (ROIC) | 2.189 % | |
| Return On Invested Capital QoQ | 12.951 % | |
| Return On Invested Capital YoY | -96.744 % | |
| Return On Invested Capital IPRWA | high: 5.254 % mean: 2.551 % median: 2.385 % OKE: 2.189 % low: 0.181 % |
|