Latest Ratios: P/E Ratio 16.7x · EV/EBITDA 10.6x · ROE 15.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $57.1B | $46.4B | $58.9B | $34.1B | $29.5B | $26.3B | $16.6B | $31.4B | $22.3B | $16.0B | $12.2B |
| Enterprise Value | $89.9B | $79.1B | $90.4B | $55.5B | $42.9B | $39.9B | $30.4B | $44.1B | $31.7B | $25.1B | $21.4B |
| P/E Ratio → | 16.73 | 13.56 | 19.42 | 12.81 | 17.11 | 17.54 | 27.03 | 24.57 | 19.41 | 41.43 | 34.58 |
| P/S Ratio | 1.70 | 1.38 | 2.72 | 1.93 | 1.29 | 1.52 | 1.96 | 3.11 | 1.77 | 1.31 | 1.37 |
| P/B Ratio | 2.54 | 2.06 | 2.66 | 2.07 | 4.54 | 4.37 | 2.74 | 5.05 | 3.40 | 2.82 | 3.56 |
| P/FCF | 23.34 | 18.96 | 20.54 | 12.06 | 17.29 | 14.21 | — | — | 493.90 | 19.95 | 16.77 |
| P/OCF | 10.20 | 8.29 | 12.05 | 7.71 | 10.14 | 10.32 | 8.73 | 16.15 | 10.22 | 12.18 | 9.02 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.35 | 4.18 | 3.14 | 1.88 | 2.31 | 3.59 | 4.36 | 2.51 | 2.05 | 2.40 |
| EV / EBITDA | 10.60 | 9.33 | 14.69 | 11.47 | 11.73 | 11.48 | 12.25 | 18.84 | 13.83 | 13.14 | 13.03 |
| EV / EBIT | 12.90 | 12.61 | 16.56 | 12.78 | 14.85 | 14.89 | 21.37 | 20.82 | 16.10 | 16.69 | 15.18 |
| EV / FCF | — | 32.34 | 31.55 | 19.64 | 25.20 | 21.56 | — | — | 700.97 | 31.29 | 29.42 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.5% | 21.5% | 23.3% | 32.5% | 13.6% | 17.5% | 24.0% | 19.6% | 15.6% | 13.1% | 15.1% |
| Operating Margin | 20.7% | 20.7% | 23.2% | 23.0% | 13.3% | 16.5% | 22.5% | 18.5% | 14.8% | 12.3% | 14.1% |
| Net Profit Margin | 10.1% | 10.1% | 14.0% | 15.0% | 7.5% | 8.7% | 7.2% | 12.6% | 9.1% | 3.2% | 4.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.2% | 15.2% | 15.7% | 23.1% | 27.5% | 24.9% | 10.0% | 20.0% | 18.8% | 8.5% | 9.8% |
| ROA | 5.2% | 5.2% | 5.6% | 7.7% | 7.2% | 6.4% | 2.7% | 6.4% | 6.6% | 2.4% | 2.2% |
| ROIC | 9.6% | 9.6% | 8.2% | 10.6% | 11.5% | 10.8% | 7.4% | 8.0% | 9.1% | 8.2% | 7.4% |
| ROCE | 11.6% | 11.6% | 10.0% | 13.1% | 14.5% | 13.5% | 9.2% | 10.4% | 12.3% | 11.0% | 9.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.45 | 1.45 | 1.46 | 1.32 | 2.11 | 2.28 | 2.37 | 2.04 | 1.43 | 1.61 | 2.75 |
| Debt / EBITDA | 3.87 | 3.87 | 5.25 | 4.50 | 3.74 | 3.95 | 5.78 | 5.43 | 4.09 | 4.78 | 5.75 |
| Net Debt / Equity | — | 1.45 | 1.43 | 1.30 | 2.08 | 2.26 | 2.29 | 2.04 | 1.42 | 1.60 | 2.68 |
| Net Debt / EBITDA | 3.86 | 3.86 | 5.13 | 4.43 | 3.68 | 3.91 | 5.57 | 5.42 | 4.09 | 4.76 | 5.60 |
| Debt / FCF | — | 13.38 | 11.01 | 7.58 | 7.91 | 7.35 | — | — | 207.08 | 11.33 | 12.64 |
| Interest Coverage | 3.52 | 3.52 | 4.04 | 5.14 | 4.51 | 3.86 | 2.30 | 4.52 | 4.36 | 3.24 | 3.13 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 0.90 | 0.90 | 0.84 | 0.75 | 1.39 | 0.73 | 0.66 | 0.66 | 0.50 |
| Quick Ratio | 0.56 | 0.56 | 0.74 | 0.67 | 0.64 | 0.56 | 1.11 | 0.48 | 0.46 | 0.50 | 0.43 |
| Cash Ratio | 0.01 | 0.01 | 0.16 | 0.10 | 0.07 | 0.05 | 0.39 | 0.01 | 0.01 | 0.01 | 0.09 |
| Asset Turnover | — | 0.50 | 0.34 | 0.40 | 0.94 | 0.73 | 0.37 | 0.46 | 0.69 | 0.73 | 0.55 |
| Inventory Turnover | 27.86 | 27.86 | 22.18 | 15.16 | 34.01 | 24.54 | 17.33 | 16.04 | 24.33 | 24.59 | 37.60 |
| Days Sales Outstanding | — | 32.67 | 39.24 | 35.21 | 24.45 | 30.47 | 35.81 | 30.14 | 23.73 | 35.86 | 35.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 5.6% | 3.9% | 5.4% | 5.7% | 6.3% | 9.7% | 4.6% | 6.0% | 5.2% | 4.2% |
| Payout Ratio | 76.1% | 76.1% | 76.2% | 69.2% | 97.1% | 111.2% | 262.0% | 114.0% | 115.9% | 213.9% | 147.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.0% | 7.4% | 5.1% | 7.8% | 5.8% | 5.7% | 3.7% | 4.1% | 5.2% | 2.4% | 2.9% |
| FCF Yield | 4.3% | 5.3% | 4.9% | 8.3% | 5.8% | 7.0% | — | — | 0.2% | 5.0% | 6.0% |
| Buyback Yield | 0.1% | 0.2% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.6% | 5.7% | 4.2% | 5.4% | 5.7% | 6.3% | 9.7% | 4.6% | 6.0% | 5.2% | 4.2% |
| Shares Outstanding | — | $631M | $587M | $485M | $448M | $447M | $432M | $415M | $414M | $300M | $212M |
Integration and leverage overhang
Based on current market data, OKE trades at a forward P/E of 15.63 and an EV/EBITDA of 10.20, suggesting that investors are pricing in significant synergy realization from the Magellan acquisition despite the recent compression in free cash flow margins observed in the latest quarterly filings.
The current valuation appears to reflect a growth-oriented premium relative to traditional midstream peers, yet the PEG ratio of 0.54 implies that the market may be underestimating the difficulty of scaling earnings in a high-interest-rate environment. Investors should monitor whether the current multiple can be sustained if the integration of refined product assets fails to deliver the expected margin expansion.
As reported in recent financial statements, OKE's ROIC has trended downward to 1.9% in 2026Q1, a significant decline from historical levels that highlights the challenge of generating adequate returns on the expanded asset base following the company's aggressive inorganic growth strategy in the midstream sector.
The persistent gap between the company's cost of capital and its current ROIC suggests that the recent acquisition may be dilutive to long-term value creation in the near term. This trend warrants further investigation into whether the current asset utilization rates are sufficient to justify the substantial increase in invested capital.
According to quarterly data, OKE's asset turnover remains low at 0.14, reflecting the capital-intensive nature of its pipeline infrastructure, while the cash conversion cycle has remained tight at 4 days, suggesting that management is effectively managing short-term liquidity despite the complexity of its commodity marketing operations.
While the low asset turnover is characteristic of the midstream industry, the stability of the cash conversion cycle indicates that the company is not currently facing significant bottlenecks in its receivables or payables management. However, investors should remain cautious, as any disruption in the NGL marketing segment could quickly alter this working capital efficiency.
Based on reported figures, OKE's debt-to-EBITDA ratio has fluctuated significantly, reaching 18.63 in 2026Q1, which indicates a strained balance sheet position compared to industry peers and suggests that the company's ability to service debt is increasingly sensitive to operational cash flow volatility.
The elevated leverage profile appears to be a direct consequence of the debt-funded acquisition strategy, which has left the company with limited room for further balance sheet expansion. The interest coverage ratio of 3.18 warrants close monitoring, as any further decline could signal potential refinancing risks in a higher-for-longer interest rate environment.
Market participants frequently misapply the 'utility-like' label to OKE's fee-based revenue, failing to recognize that the underlying volume risk is tied to producer economics in the Bakken and Mid-Continent basins, as evidenced by the sensitivity of margins to regional drilling activity and commodity price spreads.
Relying solely on the percentage of fee-based contracts obscures the reality that OKE is an implicit participant in the success of its upstream customers. A more accurate assessment would involve adjusting for volume-at-risk metrics rather than assuming that fixed-fee structures provide a complete hedge against regional production declines.
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Quick answers to the most common questions about buying OKE stock.
ONEOK, Inc.'s current P/E ratio is 16.7x. The historical average is 19.4x. This places it at the 47th percentile of its historical range.
ONEOK, Inc.'s current EV/EBITDA is 10.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
ONEOK, Inc.'s return on equity (ROE) is 15.2%. The historical average is 13.2%.
Based on historical data, ONEOK, Inc. is trading at a P/E of 16.7x. This is at the 47th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ONEOK, Inc.'s current dividend yield is 4.51% with a payout ratio of 76.1%.
ONEOK, Inc. has 21.5% gross margin and 20.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
ONEOK, Inc.'s Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.