Oneok (OKE) stock
Energy · Oil & Gas Storage & Transportation
Oneok (OKE) is an Oil & Gas Storage & Transportation company in the Energy sector, headquartered in Tulsa, Oklahoma. As of October 23, 2026, OKE closed at $95.83, a market capitalization of $60.41 billion, the 200th largest company in the S&P 500. Over the last twelve months it generated $39.37 billion in revenue (+53% year over year) and $2.91 billion in free cash flow. The stock trades at 16.6x trailing earnings and 15.7x forward earnings.
- 1-year total return: +44.8% (dividends reinvested)
- 5-year return: +14.1% a year
- 52-week range: $64.02 – $99.85
- Gross margin 27.2%, operating margin 13.3%
- Dividend yield: 4.47%, 3 straight years of increases
- FI Handbook report card: C across 10 metrics
- 13th largest of 21 Energy stocks in the S&P 500
OKE price chart
1Y price change: +37.4% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| OKE | +5.8% | +35.3% | +44.8% | +18.7% | +14.1% | +13.2% | +12.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1980.
OKE key statistics
- Market cap
- $60.4B
- #200 in S&P 500
- P/E (TTM)
- 16.6x
- Forward P/E
- 15.7x
- EPS (TTM)
- $5.79
- Revenue (TTM)
- $39.4B
- +53%
- Free cash flow
- $2.9B
- Gross margin
- 27.2%
- Operating margin
- 13.3%
- Return on equity
- 16.3%
- Dividend yield
- 4.47%
- 52-week range
- $64.02 – $99.85
- Beta
- 0.80
- Price / sales
- 1.5x
- EV / EBITDA
- 12.2x
- Debt / equity
- 1.43x
- Employees
- 6,326
OKE report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth52.8%A
- Gross margin27.2%C
- Operating margin13.3%C
- FCF margin7.4%D
- Return on equity16.3%B
- Net debt / EBITDA4.3xF
- Forward P/E15.7xB
- PEG ratio1.8xC
- Shareholder yield4.6%B
- Share count change / yr7.7%F
ONEOK financials
Revenue went from $8.9B in fiscal 2016 to $33.6B in fiscal 2025, growing 15.9% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.9B | $12.2B | $12.6B | $10.2B | $8.5B | $16.5B | $22.4B | $17.7B | $21.7B | $33.6B |
| Gross profit | $2.4B | $2.6B | $3.2B | $3.4B | $3.4B | $4.3B | $4.5B | $5.7B | $8.4B | $10.3B |
| Operating income | $1.3B | $1.4B | $1.8B | $1.9B | $1.4B | $2.6B | $2.8B | $4.1B | $5.0B | $5.7B |
| Net income | $352.0M | $387.8M | $1.2B | $1.3B | $612.8M | $1.5B | $1.7B | $2.7B | $3.0B | $3.4B |
| EPS (diluted) | $1.66 | $1.29 | $2.78 | $3.07 | $1.42 | $3.35 | $3.84 | $5.48 | $5.17 | $5.42 |
| Free cash flow | $728.6M | $803.0M | $45.2M | -$1.9B | -$296.3M | $1.8B | $1.7B | $2.8B | $2.9B | $2.4B |
| Buybacks | — | — | — | — | — | — | $0 | $0 | $159.0M | $75.0M |
| Dividends paid | $517.6M | $829.4M | $1.3B | $1.5B | $1.6B | $1.7B | $1.7B | $1.8B | $2.3B | $2.6B |
| Diluted shares | 212.4M | 299.8M | 414.2M | 415.4M | 431.8M | 447.4M | 448.4M | 485.4M | 586.5M | 625.9M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into OKE?
A reverse DCF asks what growth the current price requires. With an enterprise value of $93.3B and $2.9B of trailing free cash flow, ONEOK needs to grow free cash flow about 22.7% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 17.7x vs. median 21.6x (10th–90th percentile 12.4x–45.5x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
OKE dividend
- Dividend yield
- 4.47%
- Annual dividend
- $4.28
- Years of increases
- 3
- 5-yr dividend growth
- 2.0%
- per year
- Payout ratio
- 73%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
OKE analyst price targets
20 analysts' average 12-month target is $101.10 (+5% vs. $95.83). Targets range from $91.00 to $112.00. 41% rate it a buy.
OKE earnings
Next report: October 27, 2026. ONEOK has beaten EPS estimates 5 quarters in a row. Last quarter's revenue was $12.0B (+53% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 3, 2026 | $1.46 | $1.53 | +4.8% |
| Apr 28, 2026 | $1.30 | $1.30 | +0.1% |
| Feb 23, 2026 | $1.49 | $1.55 | +3.8% |
| Oct 28, 2025 | $1.44 | $1.49 | +3.3% |
| Aug 4, 2025 | $1.33 | $1.34 | +1.1% |
| Apr 29, 2025 | $1.24 | $1.04 | -16.2% |
| Feb 24, 2025 | $1.54 | $1.57 | +1.9% |
| Oct 29, 2024 | $1.23 | $1.18 | -3.8% |
Stocks like OKE
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 WMB Williams Companies | +1.51% | +25% | $87.7B | 28.6x | Compare |
 KMI Kinder Morgan | +2.11% | +36% | $76.7B | 21.3x | Compare |
 TRGP Targa Resources | +4.43% | +97% | $64.8B | 28.9x | Compare |
 XOM ExxonMobil | +2.79% | +63% | $753.3B | 23.6x | Compare |
 CVX Chevron | +2.88% | +55% | $457.5B | 22.4x | Compare |
 COP ConocoPhillips | +3.55% | +73% | $181.2B | 20.0x | Compare |
 MPC Marathon Petroleum | -0.45% | +137% | $128.4B | 15.8x | Compare |
 VLO Valero Energy | -1.64% | +147% | $120.7B | 9.5x | Compare |
OKE news
- Brazos Midstream Completes Sale of Midland Basin Assets to ONEOK · Oct 6, 2026
- Why the Market Dipped But Oneok Inc. (OKE) Gained Today · Oct 23, 2026
- Pipeline Stocks Keep Paying Big Dividends. Here’s the Risk Beneath the Surface · Oct 23, 2026
- How Much Passive Income $50,000 in Ares Capital, Main Street, Energy Transfer and ONEOK Could Generate · Oct 23, 2026
- ONEOK And 2 Other Top Pipeline Stocks · Oct 23, 2026
OKE stock FAQ
What is OKE's market cap?
Oneok's market capitalization is $60.41 billion as of October 23, 2026, ranking 200th in the S&P 500.
What is OKE's P/E ratio?
OKE trades at a trailing price-to-earnings ratio of 16.6x and a forward P/E of 15.7x. Its median P/E over the period we track is 21.6x.
Does OKE pay a dividend?
Yes. Oneok pays $4.28 per share a year, a 4.47% yield. It has raised its dividend 3 years in a row. Dividends grew 2.0% a year over the last five years.
How much has OKE stock returned?
Including reinvested dividends, OKE returned +44.8% over one year, +14.1% a year over five years, +13.2% a year over ten years through October 23, 2026.
Is OKE stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Oneok must grow free cash flow about 23% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the OKE price target?
20 analysts cover OKE with an average 12-month price target of $101.10, +5% from the current price. 41% of them rate it a buy.
When does OKE report earnings?
Oneok is expected to report earnings on October 27, 2026. It has beaten EPS estimates 5 quarters in a row.
How many employees does Oneok have?
Oneok has about 6,326 full-time employees, or $6.2 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology