ONEOK, Inc. (OKE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+149.2%

$230.14

vs $92.37 price

Levered DCF

$240.62

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.76

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	13.54×	19.34×	12.79×	17.06×	17.49×	27.03×	24.49×	19.27×
P/B	2.06×	3.46×	2.06×	4.53×	4.36×	2.74×	5.03×	3.37×
P/S	1.38×	2.72×	1.92×	1.29×	1.52×	1.96×	3.09×	1.76×
EV / EBITDA	10.15×	13.71×	10.85×	12.19×	12.07×	15.18×	16.95×	13.17×
Gross margin	21.5%	23.3%	32.5%	13.6%	17.5%	24.0%	19.6%	15.6%
Operating margin	20.7%	23.2%	23.0%	13.3%	16.5%	22.5%	18.5%	14.8%
Net margin	10.1%	14.0%	15.0%	7.5%	8.7%	7.2%	12.6%	9.1%
Current ratio	0.71×	0.9×	0.9×	0.84×	0.75×	1.39×	0.73×	0.66×
Debt / equity	1.46×	1.9×	1.32×	2.11×	2.28×	2.37×	2.04×	1.43×
Interest coverage	3.91×	3.72×	4.82×	4.73×	4.12×	3.07×	3.98×	4.13×
Dividend yield	5.6%	3.9%	5.4%	5.7%	6.4%	9.7%	4.7%	6.0%
Payout ratio	76.1%	76.2%	69.2%	97.1%	111.2%	262.0%	114.0%	115.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.1%	17.8%	16.1%	26.5%	24.9%	10.1%	20.5%	17.5%
Return on invested capital	8.6%	6.3%	7.5%	10.4%	10.1%	6.7%	7.2%	8.5%
Return on assets	5.1%	4.7%	6.0%	7.1%	6.4%	2.7%	5.9%	6.3%
Free cash flow yield	5.3%	4.9%	8.3%	5.8%	7.1%	-1.8%	-6.1%	0.2%
Earnings yield	7.3%	5.2%	7.8%	5.9%	5.7%	3.7%	4.1%	5.2%
Enterprise value	$79B	$90.4B	$55.4B	$42.9B	$39.8B	$30.4B	$44B	$31.6B
Net debt / EBITDA	4.2×	4.79×	4.19×	3.83×	4.12×	6.91×	4.89×	3.91×
Cash conversion cycle (days)	7	8	11	10	11	16	-1	0