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ONEOK

OKE
52
Oil & Gas Midstream · Energy
Also trades as: 0KCI.L GBP 0.97 (+1.68%)
Price
$95.83
+1.93 (+2.06%)
Market Cap
$60.41B
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 24, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Mixed
12/30
Growth
Strong
15/20
Cash Flow
Strong
8/10
Stability
Good
5/10
Valuation
Strong
7/10
Ownership
Weak
1/15
Dividends
Strong
4/5

52 of 100 counted points = Winston Score 52.

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Share count rising — dilution

+41.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 447.4M (2021) → 631.2M (2025)

§Winston Score History

The full picture

ONEOK is a large American energy infrastructure company. It does not drill for oil or gas — instead, it gathers, processes, and transports natural gas and natural gas liquids (NGLs) like propane and ethane through thousands of miles of pipelines. Its main customers are energy producers, refiners, and utilities, mostly across the central and southern United States.

ONEOK makes money by charging fees to move and process energy through its pipeline network, which means its revenue is more tied to the volume of product flowing through its pipes than to the price of oil or gas. The company operates primarily in the Permian Basin, Mid-Continent, and Rocky Mountain regions, and its large, hard-to-replicate pipeline network gives it a durable competitive position. Growth depends on rising NGL and natural gas volumes from U.S. producers, while its main risk is a slowdown in domestic energy production reducing demand for its infrastructure.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+52.8% YoY

YoY Growth Rate

Revenue accelerating

Reported EPS Growth

+14.2% YoY

Quarterly reporting periods ended:

30 Jun 2025: $1.34

30 Jun 2026: $1.53

Reported/statutory EPS, not adjusted or underlying earnings. One-off items can affect this figure. Provider rounding can affect the growth rate.

YoY Growth Rate

Reported EPS increased year over year

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.3B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

ONEOK grew revenue 53% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
14.2%
Thin — 14.2% gross margin
Profit after running costs
Operating Margin
13.2%
Healthy — 13.2% operating margin
Return on the money invested
ROCE
13.0%
Good — 13.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+40.8%
Fast-growing sales (+40.8% YoY)
Profit growth
EPS YoY
+13.0%
Earnings growing (+13.0% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
168%
Turns 168% of profit into real cash
Spare cash per sale
FCF Margin
7.4%
Modest free cash flow (7.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns
Debt / Equity
1.44
Elevated debt (1.44)
Covers its interest
Interest Cover
4.10x
Adequate interest coverage (4.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
16.5x
Fair value — P/E 16.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+3.2
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (16.5 → 13.3)

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Dividends

Dividend
Dividend Yield
4.65%
Healthy income — 4.65% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+3.9%
Dividend growing modestly (3.9% YoY)
Payout Ratio
72%
no trend
Most of the profit goes out as dividends. Little left to reinvest, and less cushion if earnings dip.

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