OKE - ONEOK • Valuation
ONEOK, Inc. is one of the largest energy midstream service providers in North America, operating a fully integrated network of natural gas, natural gas liquids (NGLs), refined products, and crude oil infrastructure. The company's business model is predominantly fee-based, which limits its direct exposure to commodity price volatility and provides stable cash flows. ONEOK operates through four primary segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude. The Natural Gas Liquids segment is a major driver of the business, connecting NGL supply in the Rocky Mountain, Mid-Continent, and Permian regions with key market centers, particularly the Mont Belvieu fractionation and storage complex on the Texas Gulf Coast. The company's footprint expanded significantly following its $18.8 billion acquisition of Magellan Midstream Partners in 2023, which added a vast network of refined products and crude oil pipelines, as well as marine export capabilities. In 2025 and 2026, ONEOK further consolidated its position in the Permian Basin through the acquisitions of EnLink Midstream, Medallion Midstream, and Brazos Midland. With over 60,000 miles of pipelines, ONEOK serves a diverse customer base including exploration and production companies, utilities, petrochemical manufacturers, and energy marketers.
2,4
P/B
Book value of equity per share effectively indicates a firm's net asset value (total assets - total liabilities) on a per-share basis. References: Below 1: the company is trading below its equity. Equal to 1: the company is trading at the exact value of its equity. Above 1: The company is trading above its equity.
1,4
P/S
Shows how much the market values every dollar of the company's sales.
7,3
P/EBITDA
Shows how much the market values every dollar of the company's EBITDA.
9,1
P/OCF
The price-to-cash flow (P/CF) ratio is a stock valuation indicator or multiple that measures the value of a stock's price relative to its operating cash flow per share. The ratio uses operating cash flow (OCF), which adds back non-cash expenses such as depreciation and amortization to net income. P/CF is especially useful for valuing stocks that have positive cash flow but are not profitable because of large non-cash charges.
19,2
P/FCF
The price-to-free cash flow (P/FCF) ratio is a stock valuation indicator or multiple that measures the value of a stock's price relative to its free cash flow per share. This metric is very similar to the valuation metric of price to cash flow but is considered a more exact measure because it uses free cash flow, which subtracts capital expenditures (CAPEX) from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.
15,3
P/E
The price-to-earnings ratio is the ratio for valuing a company that measures its current share price relative to its earnings per share (EPS) and is used by investors and analysts to determine the relative value of a company's shares in an apples-to-apples comparison.
36,3
BVPS
Book value per share (BVPS) takes the ratio of a firm's common equity divided by its number of shares outstanding.
5,8
EPS
Earnings per share (EPS) is calculated as a company's profit divided by the outstanding shares of its common stock. The resulting number serves as an indicator of a company's profitability. EPS indicates how much money a company makes for each share of its stock and is a widely used metric for estimating corporate value.
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