Valuation, from the filing
| Public float | $51.10B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $81.14 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 15.1× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 1.5× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 2.3× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
15.1× earnings today, against a median of 22.0× across 9 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $51.10B | 15.1× | |
| 2024-06-30 | $47.30B | 15.6× | |
| 2023-06-30 | $27.40B | 10.3× | |
| 2022-06-30 | $24.50B | 14.2× | |
| 2020-06-30 | $14.50B | 23.7× | |
| 2019-06-28 | $28.10B | 22.0× | |
| 2018-06-30 | $28.30B | 24.6× | |
| 2017-06-30 | $19.50B | 50.3× | |
| 2016-06-30 | $9.70B | 27.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Natural Gas Transmisison & Distribution filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Long-term debt / equity | 1.36x | 75th | |
| Current ratio | 0.71x | 40th | |
| Effective tax rate | 22.9% | 50th |
ONEOK INC /NEW/ (OKE) reported revenue of $12.46B and net income of $1.35B for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from ONEOK INC /NEW/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Natural Gas Transmisison & Distribution.
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.46B | $12.05B | $9.62B | $9.06B | $8.63B | $7.89B | $8.04B | $7.00B | $5.02B | $4.89B |
| Cost of revenue | $9.61B | $9.24B | $7.05B | $6.40B | $5.96B | $5.36B | $5.66B | $4.50B | $3.03B | $2.89B |
| Gross profit | $2.84B | $2.81B | $2.56B | $2.67B | $2.67B | $2.53B | $2.39B | $2.50B | $2.00B | $2.00B |
| Operating income | $1.57B | $1.59B | $1.43B | $1.53B | $1.56B | $1.43B | $1.22B | $1.57B | $1.13B | $1.23B |
| Net income | $1.35B | $966.00M | $774.00M | $977.00M | $939.00M | $841.00M | $636.00M | $923.00M | $693.00M | $780.00M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 632.60M | shares 632.00M | shares 631.60M | Unavailable | shares 631.50M | shares 628.10M | shares 612.50M | Unavailable | shares 586.70M | shares 585.80M |
| Pretax income | $1.36B | $1.27B | $1.02B | $1.25B | $1.24B | $1.11B | $888.00M | $1.33B | $912.00M | $1.02B |
| Income tax expense | -$26.00M | $299.00M | $245.00M | $274.00M | $297.00M | $260.00M | $197.00M | $328.00M | $219.00M | $243.00M |
| Diluted EPS | $2.13 | $1.53 | $1.23 | Unavailable | $1.49 | $1.34 | $1.04 | Unavailable | $1.18 | $1.33 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $186.00M | $161.00M | $172.00M | $78.00M | $1.20B | $97.00M | $141.00M | $733.00M | $579.00M | $36.00M |
| Total assets | $74.29B | $68.55B | $68.20B | $66.64B | $66.62B | $64.52B | $64.26B | $64.07B | $51.05B | $44.54B |
| Current assets | $6.25B | $5.31B | $5.54B | $4.49B | $5.18B | $3.90B | $4.12B | $4.24B | $2.88B | $2.48B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $7.42B | $7.20B | $7.81B | $6.36B | $5.74B | $6.65B | $6.18B | $4.72B | $3.56B | $3.98B |
| Total equity incl. NCI | $32.46B | $23.04B | $22.45B | $22.57B | $22.16B | $21.90B | $22.12B | $22.13B | $16.89B | $16.71B |
| Temporary (mezzanine) equity | $50.00M | $44.00M | $41.00M | $0 | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Inventory | $1.34B | $1.06B | $1.14B | $948.00M | $871.00M | $858.00M | $905.00M | $748.00M | $616.00M | $671.00M |
| Accounts receivable | $4.18B | $3.55B | $3.67B | $3.01B | $2.58B | $2.48B | $2.65B | $2.33B | $1.25B | $1.33B |
| Goodwill | $8.06B | $8.06B | $8.06B | $8.06B | $8.11B | $8.10B | $8.09B | $8.09B | $5.15B | $5.11B |
| Long-term debt | $26.94B | $30.77B | $30.76B | $30.76B | $31.99B | $29.62B | $29.78B | $31.02B | $26.88B | $20.34B |
| Accounts payable | $4.22B | $3.53B | $3.57B | $2.84B | $2.57B | $2.45B | $2.44B | $2.19B | $1.25B | $1.27B |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.38B | $2.05B | $934.00M | $1.55B | $1.62B | $1.52B | $904.00M | $1.61B | $1.25B | $1.43B |
| Capital expenditures | $937.00M | $613.00M | $864.00M | $970.00M | $804.00M | $749.00M | $629.00M | $562.00M | $468.00M | $479.00M |
| Investing cash flow | -$1.13B | -$782.00M | -$1.01B | -$1.11B | -$1.13B | -$814.00M | -$694.00M | -$4.78B | -$498.00M | -$756.00M |
| Financing cash flow | $3.77B | -$1.28B | $167.00M | -$1.56B | $612.00M | -$755.00M | -$802.00M | -$2.56B | $5.68B | -$703.00M |
| Net change in cash | $4.02B | -$11.00M | $94.00M | -$1.12B | $1.10B | -$44.00M | -$592.00M | -$5.73B | $6.43B | -$29.00M |
| Stock-based compensation | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common dividends paid | $674.00M | $674.00M | $674.00M | $648.00M | $648.00M | $644.00M | $643.00M | $579.00M | $578.00M | $578.00M |
| Common share repurchases | Unavailable | Unavailable | Unavailable | $45.00M | $0 | $0 | $30.00M | $159.00M | $0 | $0 |
| Depreciation & amortization | $395.00M | $387.00M | $378.00M | $388.00M | $378.00M | $368.00M | $380.00M | $344.00M | $274.00M | $262.00M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | $442.00M | $1.44B | $70.00M | $576.00M | $820.00M | $776.00M | $275.00M | $1.05B | $783.00M | $951.00M |
| Gross margin | 22.8% | 23.3% | 26.7% | 29.4% | 30.9% | 32.0% | 29.7% | 35.8% | 39.7% | 40.9% |
| Operating margin | 12.6% | 13.2% | 14.8% | 16.9% | 18.0% | 18.1% | 15.2% | 22.4% | 22.5% | 25.1% |
| FCF margin | 3.5% | 12.0% | 0.7% | 6.4% | 9.5% | 9.8% | 3.4% | 15.0% | 15.6% | 19.4% |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | 0.84x | 0.74x | 0.71x | 0.71x | 0.90x | 0.59x | 0.67x | 0.90x | 0.81x | 0.62x |
| Revenue YoY growth | 44.3% | 52.8% | 19.6% | 29.5% | 71.9% | 61.2% | 68.2% | 33.7% | 19.9% | 31.1% |
| Net margin | 10.8% | 8.0% | 8.0% | 10.8% | 10.9% | 10.7% | 7.9% | 13.2% | 13.8% | 15.9% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 7.5% | 5.1% | 9.0% | 10.7% | 9.3% | 9.5% | 7.8% | 8.0% | 9.3% | 9.8% |
| Long-term debt / equity | 0.83x | Unavailable | Unavailable | 1.36x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | -1.9% | 23.6% | 24.0% | 21.9% | 24.0% | 23.4% | 22.2% | 24.7% | 24.0% | 23.8% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open OKE in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.