# Oneok, Inc. (OKE) — Stock CV

Oneok, Inc. is a $56.6B utility company. Revenue grew 40.8% over the last year, it keeps 9¢ of every dollar of sales as profit, and its net debt equals ~10.8 years of free cash flow. It trades at 15.5× earnings — around the middle of its own history.

> Oneok is a diversified midstream service provider specializing in natural gas gathering, processing, storage, and transportation, as well as natural gas liquids transportation and fractionation. It also operates in the refined product and crude oil segment, connecting producers, refiners, and consumers.

## Identity

- **Ticker**: OKE
- **Sector**: Utilities
- **Industry**: Natural Gas Transmission & Distribution
- **Headquarters**: TULSA, OK
- **Employees**: 6 326
- **Website**: https://www.oneok.com
- **Market cap**: $56.6B
- **Last price**: $89.80
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $39.4B
- **Net income**: $3.66B
- **Free cash flow**: $2.91B
- **Net debt**: $31.5B
- **P/E**: 15.5
- **Revenue growth (YoY)**: 40.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 80 |
| Growth | 75 |
| Profitability | 50 |
| Health | 21 |
| Quality | 70 |
| Moat | 36 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +40.8% YoY
- [x] Profitable — $3.66B TTM
- [x] Profit growing — +12.2% YoY
- [x] Generates cash — $2.91B TTM
- [ ] Debt under control — ~10.8y of cash flow to repay
- [x] Established company — $56.6B market cap
- [ ] Not printing shares — +45.0% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 16/100
- [x] Pays a dividend — yield 4.67%
- [x] Valuation not extreme — P/E 15.5

## Experience (career milestones)

- **FY2025** — Best year on record: $3.39B net income
- **2025** — The company completed acquisition of the remaining shares in EnLink Midstream
- **2024** — Oneok agreed to acquire Gulf Coast NGL Pipelines from Easton Energy for $280 million
- **2023** — Oneok acquired Magellan Midstream Partners for $18.8 billion
- **FY2021** — Positive free cash flow every year since: 5-year streak
- **FY2017** — Revenue crossed $10B: $12.2B for the year
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $8.92B in first reported year
- **2004** — Oneok acquired Northern Plains Natural Gas Co. for $175 million
- **2002** — Oneok acquired the Texas division and assets of Southern Union Gas for $420 million
- **2000** — Oneok terminated the pending merger of the two companies
- **1999** — Oneok agreed to acquire Southwest Gas, a Las Vegas based natural gas company, for $1.8 billion
- **1996** — Oneok acquired Western Resources' natural gas pipeline and plants for $660 million in stock
- **Dec 28, 1907** — (shortly after Oklahoma officially became a state in November), the $1.7 million project was…
- **1906** — Oneok was founded as Oklahoma Natural Gas Company in 1906, but it changed its corporate name to Oneok in 1980

## Strengths

- Revenue growing 40.8% year over year

## Watch-outs

- Net debt equals ~10.8 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $16.5B | $1.50B | $1.85B |
| FY2022 | $22.4B | $1.72B | $1.70B |
| FY2023 | $17.7B | $2.66B | $2.83B |
| FY2024 | $21.7B | $3.04B | $2.87B |
| FY2025 | $33.6B | $3.39B | $2.45B |

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Source: https://stockcv.com/OKE — derived from company filings; may be delayed or incomplete. Information, not investment advice.