ONEOK, Inc (OKE) Fair Value & Analysis
Energy · US · Market cap $58.9B
ONEOK, Inc
OKE · US
Fair value as of: Jul 19, 2026
From 26 valuation models · updated 19 days ago
Share price −3.0% over the past month.
Below-average quality, and screening another 27% overvalued on our models.
What matters now
- Weak quality (43/100) and above fair value at the same time, the margin of safety is missing on both counts.
- A fairly wide model range ($47.10 to $101.64) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.
How to read this chart
60‑month range $38.05 – $108.40 · fair‑value band $47.10 – $101.64 · the $87.93 price screens above the $64.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.
Analysis
ONEOK, Inc (OKE) currently trades at $87.93, while our model-based Fair Value estimate is $64.05, implying the stock looks roughly 27.2% overvalued today. We read business quality at 43/100 (below-average quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, ONEOK, Inc generated revenue of $35.2B at a net margin of 10.0%. Revenue grew 19.6% year over year. It earns a return on equity of 15.9%. Net debt stands at $32.7B. Fundamentals as of Jul 19, 2026
Our scenario range runs from $47.10 (bear case) to $101.64 (bull case); at $87.93, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 41% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -35% fair-value upside, at -27%, OKE screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Growth Earnings ($130.03) versus Asset-Based ($23.91). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 34 · Market factors (momentum, volatility) 63
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude.
Full company description
ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines, fractionation, terminal and storage facilities; and transports refined products, including gasoline, diesel fuel, aviation fuel, kerosene, and heating oil. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities; it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases buildings, warehouses, office space, land, and equipment, including pipeline equipment, pipeline capacity, rail cars, and information technology equipment. Further, the company transports, stores, and distributes refined products, purity NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and diluent users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
ONEOK, Inc reported revenue of $33.6B in FY2025 versus $17.3B in FY2021, a compound +18.1%/yr. Reported net income was $3.4B in FY2025, compounding +22.7%/yr from FY2021.
OKE screens 27% overvalued. Compare with Enbridge Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Compared to Estimates, Oneok (OKE) Q2 Earnings: A Look at Key Metrics
- Oneok Inc. (OKE) Q2 Earnings and Revenues Beat Estimates
- ONEOK Announces Higher Second-Quarter 2026 Earnings: Net Income up 13%, Adjusted EBITDA up 7%
- After-Hours Earnings Report for August 3, 2026 : PLTR, VRTX, WMB, OKE, FANG, ON, SBAC, STRL, JAZZ, BWXT, GRAB, TKO
Peer Group
Oil & Gas Midstream · 86 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $56.46 | $47.20 | -16% |
| The Williams Companies, Inc WMB | $73.38 | $12.03 | -84% |
| Enterprise Products Partners L.P. EPD | $38.31 | $24.74 | -35% |
| TC Energy Corporation TRP | C$97.79 | C$42.00 | -57% |
| Kinder Morgan, Inc KMI | $32.54 | $11.12 | -66% |
| Energy Transfer LP, ET | $19.91 | $17.69 | -11% |
| Targa Resources Corp TRGP | $273.35 | $79.61 | -71% |
| MPLX LP owns and MPLX | $57.17 | $37.05 | -35% |
| Cheniere Energy, Inc LNG | $255.83 | $211.18 | -17% |
| Venture Global, Inc VG | $13.80 | $14.42 | +4% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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