OKE
ONEOK, Inc.
OKE's fundamentals are mixed: revenue grew 37%, but its operating margin fell 4 points to 14%. At 14x earnings, it's trading below its usual 18x. Analysts expect earnings to hold roughly steady, though they disagree widely on how much.
OKE Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Stable | |
| Under pressure |
OKE's revenue and profitability are currently healthy, and its cash flow is stable, but its balance sheet is under pressure.
OKE PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 13x | $86.57 | -2.6% |
| Current | 14x | $88.86 | — |
| Forward | 15x | $88.86 | — |
| Fair | 17x | $112 | +27% |
| Expensive | 21x | $137 | +54% |
Historical ranges are pointers, not guarantees.
OKE's PE is in its cheap range at 14x. On analysts' estimates for next year's earnings, today's price would be 15x.
OKE Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect OKE's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
OKE Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.95 | -7.7% |
| Q3 2026 | $6.44 | +18% |
| Q2 2026 | $5.80 | +13% |
| Q1 2026 | $5.61 | +9.6% |
| Q4 2025 | $5.42 | +4.8% |
| Q3 2025 | $5.44 | +15% |
| Q2 2025 | $5.13 | +13% |
| Q1 2025 | $5.12 | +21% |
| Q4 2024 | $5.17 | -5.7% |
OKE earned $6.44 per share over the past year, up 18% from the year before.
OKE Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $12.5B | +44% |
| Q2 2026 | $12B | +53% |
| Q1 2026 | $9.6B | +20% |
| Q4 2025 | $9.1B | +29% |
| Q3 2025 | $8.6B | +72% |
| Q2 2025 | $7.9B | +61% |
| Q1 2025 | $8B | +68% |
| Q4 2024 | $7B | +34% |
OKE's revenue has grown year over year for 12 quarters in a row: $12.5B last quarter, up 44% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | -5.4 points |
| Q2 2026 | 13% | -4.9 points |
| Q1 2026 | 15% | -0.3 points |
| Q4 2025 | 17% | -5.5 points |
| Q3 2025 | 18% | -4.4 points |
| Q2 2025 | 18% | -7 points |
| Q1 2025 | 15% | -7.1 points |
| Q4 2024 | 22% | +1.4 points |
OKE's operating margin was 13% last quarter, down 5.4 points from the same quarter a year ago.
OKE Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $442M | -46% |
| Q2 2026 | $1.4B | +86% |
| Q1 2026 | $70M | -75% |
| Q4 2025 | $576M | -45% |
| Q3 2025 | $820M | +4.7% |
| Q2 2025 | $776M | -18% |
| Q1 2025 | $275M | +227% |
| Q4 2024 | $1B | +16% |
OKE generated $2.5B in free cash flow over the past year, down 13% from the year before.
OKE Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +600K shares |
| 1 year | +0.2% | +1.1M shares |
| 3 years | +38% | +174M shares |
| 5 years | +41% | +185M shares |
| Available history | +52% | +217M shares |
OKE has 633M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2025 | $45M |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $30M |
OKE Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.7x | Elevated |
| Q2 2026 | 4.3x | High |
| Q1 2026 | 4.5x | High |
| Q4 2025 | 4.6x | High |
| Q3 2025 | 4.5x | High |
| Q2 2025 | 4.8x | High |
| Q1 2025 | 5.0x | High |
| Q4 2024 | 5.1x | High |
OKE's net debt is about 3.7 years of its operating earnings (EBITDA), down from 4.5 years a year ago.
OKE Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 48.4 | Neutral |
| Stochastic | 41.1 | Neutral |
OKE's weekly RSI is 48 (neutral) and its Stochastic is 41 (neutral).
OKE PE vs Energy Sector
| Metric | OKE | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 5.2% above |
| PE % | 18 | 61 | 43 pts below |
OKE is trading at 14x earnings, in line with the Energy sector's median of 13x.
OKE Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $90.8 | 2.2% below |
| 20 week MA | $91.8 | 3.2% below |
| 50 week MA | $87.0 | 2.2% above |
| 100 week MA | $85.4 | 4% above |
| 200 week MA | $80.3 | 11% above |
OKE has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 11% above its 200-week average.
OKE Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $75.7 | $38.8 | -49% |
| 2021 | $38.8 | $58.0 | +50% |
| 2022 | $58.0 | $65.6 | +13% |
| 2023 | $65.6 | $70.2 | +7.1% |
| 2024 | $70.2 | $100.8 | +44% |
| 2025 | $100.8 | $72.9 | -28% |
| 2026 YTD | $72.9 | $88.9 | +22% |
OKE has finished higher in four of the last six years. It's up 22% so far in 2026.