NYSE · OKE

ONEOK, Inc.

Energy · Oil & Gas Midstream

$95.72▼ 0.10% ($0.10)at close

After hours$96.25▲ 0.55%7:48 PM ET

52-week

$64.02$99.85

Market cap

What the market price implies · Reverse DCF

Historical revenue grew by 14.98%/yr over the past 4 years.

Selected forecast · Base scenario

5.26%/yr · actual 10-year annualized revenue growth

Year 1 growth: 8.23%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$95.72

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Enterprise value of $23.06B does not cover net debt, preferred stock and minority interest of $33.01B, so equity value is negative and no fair value per share can be shown. The projected cash flows are positive; the shortfall is in the equity bridge, not the forecast. This engine cannot separate captive-finance or other non-operating borrowings from operating debt.

Year 1 growth 8.23% · Ending margin 6.83% · Discount rate 7.21%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 5:16 AM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 5 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 50.2%. Latest capex is 2.3x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? 5 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue is still growing 52.8%, above the 15.0% maturity threshold, so a steady-state FCFF model would lean too heavily on a business still scaling.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inModerate confidence

1Y Price: 30.5%Revenue (TTM): 40.83%FCF (TTM): 0.8%P/FCF: 71st pct

What changed

The stock rose 30.5% over the last year. Revenue grew 40.83% over the trailing twelve months. Operating margin moved from 19.39% to 18.48%. Free cash flow grew 0.8% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (71st percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 18.48% — continued expansion would be needed to justify the premium. Revenue growth of 40.83% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States.

CEOPierce H. Norton

SectorEnergy

IndustryOil & Gas Midstream

Employees6,326

IPO dateOct 1, 1980

https://www.oneok.com

Market multiples

Forward P/E—

EV/EBITDA10.15

Enterprise value$79.04B

Stock splits

Feb 3, 2014↑ Forward

Every 5000 shares became 5711

+14%

Jun 4, 2012↑ Forward

Every 1 shares became 2

+100%

Jun 12, 2001↑ Forward

Every 1 shares became 2

+100%

Mar 1, 1990↑ Forward

Every 1 shares became 2

+100%

Jan 17, 1978↑ Forward

Every 2 shares became 3

+50%

Profitability & growth

Revenue growth52.77%

Gross margin21.83%▼1.9ppvs FY2024

Operating margin18.48%▼2.5ppvs FY2024

ROE16.34%▼0.8ppvs FY2025

Analyst consensus

RatingHold

Target price$98.56▲2.97%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 27, 2026

Q4 FY26 · EPS est $1.51 · Revenue est $10.52B

View

Dividends

$4.24/shareQuarterlyDividend Aristocrat · 36yrStretched

OKE pays a dividend with a 4.43% dividend yield, 36 consecutive years of growth, growing at 2.54% annually, covered 0.9× by free cash flow.

Dividend Yield

4.43%

Annual Div / Share

$4.24

5yr CAGR

+2.54%

Doubles every ~27.6yr

Payout Ratio

72.28%

Stretched

Dividend Growth Rate

3yr CAGR

+3.72%

5yr CAGR

+2.54%

10yr CAGR

+5.59%

Dividend Safety

3/10Stretched

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$4.24+3.9%

2025$4.08+3.9%

2024$3.92+3.3%

2023$3.80+1.6%

2022$3.74+0.0%

2021$3.74+0.5%

2020$3.72+7.2%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$44/yr

$4/mo

In 5 yrs

$50/yr+13%

$4/mo

In 10 yrs

$57/yr+29%

$5/mo

Today	In 5 yrs	In 10 yrs
$44/yr $4/mo	$50/yr+13% $4/mo	$57/yr+29% $5/mo

Yield-on-cost grows from 4.43% → 5.69% over 10yr

Analysis

Dividend Strengths

Dividend Aristocrat

OKE has raised its dividend for 36 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only 0.95× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.

NYSE · OKE

ONEOK, Inc.

Energy · Oil & Gas Midstream

$95.72▼ 0.10% ($0.10)at close

After hours$96.25▲ 0.55%7:48 PM ET

52-week

$64.02$99.85

Market cap

What the market price implies · Reverse DCF

Historical revenue grew by 14.98%/yr over the past 4 years.

Selected forecast · Base scenario

5.26%/yr · actual 10-year annualized revenue growth

Year 1 growth: 8.23%

Market-implied · Base operating assumptions + edited margins

Unavailable · flat 10-year annualized revenue growth

No supported revenue growth rate matches this price with these operating assumptions.

Valuation

Recommended · Revenue & margin DCF

Price used

$95.72

Estimated value / share

Unavailable

Base scenario

USD · TTM ending 2026-06-30

Year 1 growth 8.23% · Ending margin 6.83% · Discount rate 7.21%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 10, 2026, 8:00 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 11, 2026, 5:16 AM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 5 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 50.2%. Latest capex is 2.3x the prior median, which points to a capex supercycle that should be normalized first.

Do you have 5+ years of positive FCFF history? 5 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inModerate confidence

1Y Price: 30.5%Revenue (TTM): 40.83%FCF (TTM): 0.8%P/FCF: 71st pct

What changed

The stock rose 30.5% over the last year. Revenue grew 40.83% over the trailing twelve months. Operating margin moved from 19.39% to 18.48%. Free cash flow grew 0.8% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (71st percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Performance

Return analysis

Company profile

ONEOK, Inc., along with its subsidiaries, functions as a leading energy infrastructure company within the United States.

CEOPierce H. Norton

SectorEnergy

IndustryOil & Gas Midstream

Employees6,326

IPO dateOct 1, 1980

https://www.oneok.com

Market multiples

Forward P/E—

EV/EBITDA10.15

Enterprise value$79.04B

Stock splits

Feb 3, 2014↑ Forward

Every 5000 shares became 5711

+14%

Jun 4, 2012↑ Forward

Every 1 shares became 2

+100%

Jun 12, 2001↑ Forward

Every 1 shares became 2

+100%

Mar 1, 1990↑ Forward

Every 1 shares became 2

+100%

Jan 17, 1978↑ Forward

Every 2 shares became 3

+50%

Profitability & growth

Revenue growth52.77%

Gross margin21.83%▼1.9ppvs FY2024

Operating margin18.48%▼2.5ppvs FY2024

ROE16.34%▼0.8ppvs FY2025

Analyst consensus

RatingHold

Target price$98.56▲2.97%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Oct 27, 2026

Q4 FY26 · EPS est $1.51 · Revenue est $10.52B

View

Dividends

$4.24/shareQuarterlyDividend Aristocrat · 36yrStretched

OKE pays a dividend with a 4.43% dividend yield, 36 consecutive years of growth, growing at 2.54% annually, covered 0.9× by free cash flow.

Dividend Yield

4.43%

Annual Div / Share

$4.24

5yr CAGR

+2.54%

Doubles every ~27.6yr

Payout Ratio

72.28%

Stretched

Dividend Growth Rate

3yr CAGR

+3.72%

5yr CAGR

+2.54%

10yr CAGR

+5.59%

Dividend Safety

3/10Stretched

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$4.24+3.9%

2025$4.08+3.9%

2024$3.92+3.3%

2023$3.80+1.6%

2022$3.74+0.0%

2021$3.74+0.5%

2020$3.72+7.2%

Income Projection

Invest

Growth rate:

Reinvest dividends

Today

$44/yr

$4/mo

In 5 yrs

$50/yr+13%

$4/mo

In 10 yrs

$57/yr+29%

$5/mo

Today	In 5 yrs	In 10 yrs
$44/yr $4/mo	$50/yr+13% $4/mo	$57/yr+29% $5/mo

Yield-on-cost grows from 4.43% → 5.69% over 10yr

Analysis

Dividend Strengths

Dividend Aristocrat

OKE has raised its dividend for 36 consecutive years — qualifying as a Dividend Aristocrat, demonstrating long-term commitment to shareholder income.

Risks to Watch

Dividend exceeds free cash flow

Free cash flow covers only 0.95× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.