ONEOK, Inc. (ONK) fair value: what the stock is really worth
As of Jul 24, 2026: fair value of ONEOK, Inc. €97.96, price €82.58, upside +18.6%, quality 33 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? No
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ONEOK, Inc.
ONK · XETRASpeculativeUpside exists, but weak quality makes the signal speculative.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 29, 2026.
How to read this chart
60‑month range €32.95 – €104.91 · fair‑value band €33.27 – €172.75 · the €82.58 price screens below the €97.96 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
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Company profile
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.
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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.
Stock analysis
ONEOK, Inc. (ONK) currently trades at €82.58, while our model-based Fair Value estimate is €97.96, implying the stock looks roughly 15.7% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €134.15 per share, and 11 of the 24 models we run sit above the €82.58 price.
Bear case: the Asset-Based group reads lowest at €21.24, and 13 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: €33.27 (bear) to €172.75 (bull), the price of €82.58 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 33/100 (below-average quality), in the Energy sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
ONEOK, Inc. reported revenue of $33.6B in FY2025 versus $16.5B in FY2021, a compound +19.4%/yr. Reported net income was $3.4B in FY2025, compounding +22.6%/yr from FY2021.
Key figures
Market cap €52.0B · P/E ratio 16.8 · P/S ratio 1.69 · EPS (TTM) €4.93 · Dividend yield 5.1% · Net margin 10.1% · Return on equity 15.9% · Return on assets (EBIT) 9.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 1% below its 52-week high and 51% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −21% fair-value upside, at 19%, ONK screens cheaper than that median.
Fair Value models
All 24 models by family
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Set up alert →Quality Score breakdown
Of which business quality 34 · Market factors (momentum, volatility) 70
Revenue & earnings trend
Growth Forecast
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Compare ONEOK, Inc. with another stock
Price, fair value, quality and upside side by side.
Peer Groupⓘ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.Oil & Gas Midstream · 84 stocks
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
Strength profile in five axes (Snowflake)
Context: sector, industry, market
- Is the Energy sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Energy
- Undervalued stocks: German Stocks
- Valuation of the Germany market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $46.97 | $36.91 | −21% |
| The Williams Companies, Inc WMB | $68.98 | $11.72 | −83% |
| Enterprise Products Partners L.P. EPD | $36.65 | $24.66 | −33% |
| Energy Transfer LP, ET | $20.10 | $15.29 | −24% |
| Kinder Morgan, Inc KMI | $30.63 | $28.16 | −8% |
| TC Energy Corporation TRP | $58.78 | $24.51 | −58% |
| Targa Resources Corp TRGP | $277.84 | $65.24 | −77% |
| MPLX LP owns and MPLX | $57.66 | $70.77 | +23% |
| ONEOK, Inc OKE | $88.62 | $80.15 | −10% |
| Cheniere Energy, Inc LNG | $267.29 | $294.02 | +10% |
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Key figures of ONEOK, Inc.
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