ONEOK (OKE) Stock Analysis

November 11, 2026

This is a peer-relative look at ONEOK (OKE): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Energy peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for ONEOK (OKE)
Profile Item	OKE
Name	ONEOK, Inc.
Country/Region	United States
GICS Sector	Energy
GICS Industry Group	Energy
GICS Industry	Oil, Gas & Consumable Fuels
GICS Sub-Industry	Oil & Gas Storage & Transportation
Market Capitalization	53.71 billion USD
Currency	USD
Exchange	NYSE
Listing Date	October 1, 1980
Security Type	Common Stock

Price Performance

Cumulative Growth

OKE

GSPC

ONEOK (OKE) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for ONEOK (OKE) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for ONEOK (OKE) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

ONEOK (OKE) metric values compared with Energy industry-group medians
Metric	Current stock: OKE	Industry group median
Total Return (1Y)	33.00%	32.08%
Total Return (3Y, Annualized)	16.19%	14.39%
Total Return (5Y, Annualized)	11.76%	15.43%

Risk Profile

Drawdown History

OKE

GSPC

ONEOK (OKE) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for ONEOK (OKE) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

ONEOK (OKE) metric values compared with Energy industry-group medians
Metric	Current stock: OKE	Industry group median
Volatility (1Y, Annualized)	27.56%	41.29%
Beta (5Y)	0.79	0.66
Max Drawdown (5Y)	-42.17%	-52.09%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. OKE is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

ONEOK (OKE) metric values compared with Energy industry-group medians
Metric	Current stock: OKE	Industry group median
Sharpe Ratio (1Y)	1.04	0.67
Sortino Ratio (1Y)	1.50	1.01

Profitability

ROE (TTM)

ONEOK (OKE) posts ROE of 15.02%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

OKE

Energy industry group

15.02%

Group distribution

Max: 53.85%
Q3: 24.79%
OKE: 15.02%
Median: 12.85%
Q1: 2.03%
Min: -29.09%

Largest peers

PBR: 30.27%
TTE: 17.83%
COP: 17.66%
SHEL: 17.43%
XOM: 15.53%
OKE: 15.02%
CVX: 13.85%

Where ONEOK (OKE) stands on ROE within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

ONEOK (OKE) keeps 9.42% of revenue as net profit, roughly in line with the peer group’s normal net margin range. Its full cost stack is taking a typical share of sales for the industry.

OKE

Energy industry group

9.42%

Group distribution

Max: 56.92%
Q3: 22.92%
Median: 10.10%
OKE: 9.42%
Q1: 0.07%
Min: -27.38%

Largest peers

PBR: 24.32%
COP: 16.76%
CVX: 11.92%
XOM: 10.46%
TTE: 10.46%
SHEL: 10.18%
OKE: 9.42%

Where ONEOK (OKE) stands on net margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

ONEOK (OKE) turns 12.71% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

OKE

Energy industry group

12.71%

Group distribution

Max: 71.31%
Q3: 33.75%
Median: 18.73%
OKE: 12.71%
Q1: 6.94%
Min: -24.52%

Largest peers

PBR: 44.68%
COP: 30.05%
TTE: 24.51%
SHEL: 18.76%
CVX: 17.89%
XOM: 16.98%
OKE: 12.71%

Where ONEOK (OKE) stands on operating margin within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

ONEOK (OKE) metric values compared with Energy industry-group medians
Metric	Current stock: OKE	Industry group median
ROE (TTM)	15.02%	12.85%
ROA (TTM)	5.46%	5.49%
Net Margin (TTM)	9.42%	10.10%
Operating Margin (TTM)	12.71%	18.73%
Gross Margin (TTM)	25.20%	44.52%

Growth

Revenue Growth

ONEOK (OKE) grew revenue 54.99%, above the industry benchmark range. Demand is expanding faster than at any typical peer, though growth that far ahead of the group is worth checking for acquisitions or other one-off contributions.

ONEOK (OKE): Revenue Growth across different time periods, set against Energy industry-group medians.

EPS Growth

ONEOK (OKE) grew earnings per share 4.84%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

ONEOK (OKE): EPS Growth across different time periods, set against Energy industry-group medians.

Growth Metrics

ONEOK (OKE) metric values compared with Energy industry-group medians
Metric	Current stock: OKE	Industry group median
Revenue Growth (YoY)	54.99%	0.51%
Revenue Growth (3Y CAGR)	14.53%	0.37%
EPS Growth (YoY)	4.84%	-11.75%
EPS Growth (3Y CAGR)	12.17%	-12.07%

Financial Strength

Current Ratio (MRQ)

ONEOK (OKE) has current ratio of 0.84, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

OKE

Energy industry group

0.84

Group distribution

Max: 3.64
Q3: 2.21
Median: 1.41
Q1: 0.88
OKE: 0.84
Min: 0.24

Largest peers

COP: 1.52
SHEL: 1.38
CVX: 1.34
XOM: 1.19
TTE: 1.11
PBR: 0.85
OKE: 0.84

Where ONEOK (OKE) stands on current ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

ONEOK (OKE) has debt-to-equity ratio of 0.88, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

OKE

Energy industry group

0.88

Group distribution

Max: 1.75
Q3: 0.93
OKE: 0.88
Median: 0.54
Q1: 0.30
Min: 0.00

Largest peers

OKE: 0.88
PBR: 0.76
TTE: 0.46
SHEL: 0.38
COP: 0.35
CVX: 0.17
XOM: 0.13

Where ONEOK (OKE) stands on debt-to-equity ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

ONEOK (OKE) metric values compared with Energy industry-group medians
Metric	Current stock: OKE	Industry group median
Current Ratio (MRQ)	0.84	1.41
Debt / Equity (MRQ)	0.88	0.54
Net Debt / EBITDA	3.68	1.13

Dividends

Dividend Yield (TTM)

ONEOK (OKE) has dividend yield of 4.96%, in the upper peer-yield quartile while still inside the industry range. The dividend offers more cash income per dollar of share price than most peers, though payout coverage still matters.

OKE

Energy industry group

4.96%

Group distribution

Max: 8.57%
OKE: 4.96%
Q3: 3.58%
Median: 1.71%
Q1: 0.00%
Min: 0.00%

Largest peers

PBR: 19.51%
OKE: 4.96%
TTE: 4.58%
CVX: 3.31%
XOM: 2.49%
COP: 2.48%
SHEL: 1.54%

Where ONEOK (OKE) stands on dividend yield within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

ONEOK (OKE) has payout ratio of 65.84%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

OKE

Energy industry group

65.84%

Group distribution

Max: 133.24%
OKE: 65.84%
Q3: 53.31%
Median: 25.24%
Q1: 0.00%
Min: 0.00%

Largest peers

OKE: 65.84%
CVX: 51.76%
XOM: 42.39%
TTE: 39.93%
COP: 35.41%
PBR: 28.93%
SHEL: 26.24%

Where ONEOK (OKE) stands on payout ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

ONEOK (OKE) metric values compared with Energy industry-group medians
Metric	Current stock: OKE	Industry group median
Dividend Yield (TTM)	4.96%	1.71%
Dividend Payout Ratio (TTM)	65.84%	25.24%

Valuation

P/E Ratio (TTM)

ONEOK (OKE) trades at P/E ratio of 13.23, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

OKE

Energy industry group

13.23

Group distribution

Max: 39.54
Q3: 21.72
OKE: 13.23
Median: 12.19
Q1: 7.71
Min: 2.99

Largest peers

XOM: 17.06
CVX: 15.61
COP: 14.36
OKE: 13.23
TTE: 8.76
SHEL: 8.60
PBR: 4.68

Where ONEOK (OKE) stands on P/E ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

ONEOK (OKE) trades at 1.24 on P/S ratio, roughly in the peer group’s normal range. The market is not making a strong cheap-or-rich statement about its revenue base.

OKE

Energy industry group

1.24

Group distribution

Max: 5.40
Q3: 2.85
Median: 1.69
OKE: 1.24
Q1: 0.88
Min: 0.00

Largest peers

COP: 2.34
CVX: 1.83
XOM: 1.74
OKE: 1.24
TTE: 0.90
SHEL: 0.87
PBR: 0.22

Where ONEOK (OKE) stands on P/S ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

ONEOK (OKE) trades at 2.30 on P/B ratio, roughly in line with the industry’s normal price-to-book range. Its balance sheet is not being priced at a clear discount or premium versus peers.

OKE

Energy industry group

2.30

Group distribution

Max: 4.21
Q3: 2.38
OKE: 2.30
Median: 1.51
Q1: 1.08
Min: 0.01

Largest peers

XOM: 2.55
COP: 2.44
OKE: 2.30
CVX: 2.13
TTE: 1.46
SHEL: 1.43
PBR: 1.25

Where ONEOK (OKE) stands on P/B ratio within its Energy peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

ONEOK (OKE) metric values compared with Energy industry-group medians
Metric	Current stock: OKE	Industry group median
P/E Ratio (TTM)	13.23	12.19
P/S Ratio (TTM)	1.24	1.69
P/B Ratio (MRQ)	2.30	1.51
Free Cash Flow Yield (TTM)	1.44%	5.94%