| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 65 | 16.7x | 17.8x | Around median | |
Growth | 64 | 40.8% | 7.1% | Around median | |
Quality | 56 | 9.0% | 4.5% | Around median | |
Safety | 46 | 4.2x | 2.6x | Around median | |
Capital Return | 67 | 4.34% | 2.12% | Top tier | |
Momentum | 85 | 19.0% | 2.9% | Top tier | |
Sentiment | 70 | 12 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
ONEOK operates an integrated energy infrastructure platform connecting U.S. production basins with domestic demand and export markets across natural gas, natural gas liquids, crude oil, and refined products. It generates revenue from four main operating segments: natural gas liquids, gathering and processing, natural gas pipelines, and refined products and crude oil. Long-term contracts and take-or-pay agreements support part of its cash flows, including the entire 35 thousand barrels per day expansion to Denver and contracts for the Seabrook facility.
In Q2 fiscal 2026, revenue was $12.0 billion, gross profit was $2.8 billion, net income was approximately $966 million, and diluted earnings per share were $1.53. This resulted in a gross margin of approximately 23.3% and a net income margin of approximately 8.1%, while management reported net income of $967 million, up 13% year over year, and adjusted earnings before interest, taxes, depreciation, and amortization of $2.12 billion, up 7%.
Momentum in Q2 fiscal 2026 came from record natural gas liquids volumes, 8% year-over-year growth in refined products shipments, a 7% increase in raw natural gas liquids feed volumes, and higher volumes across all gathering and processing regions. On a trailing-twelve-month basis in 2026, ONEOK recorded revenue of $39.4 billion, gross profit of $10.7 billion, net income of $3.7 billion, and earnings per share of approximately $5.78, compared with revenue of $33.6 billion and net income of $3.4 billion in fiscal 2025.
The average analyst price target is $95.75, within a range of $88 to $108, while the consensus recommendation is Neutral. The average target is below the 52-week range high of $99.845, while the highest target exceeds that high. The price-to-earnings ratio of 16.5 times, enterprise value to earnings before interest, taxes, depreciation, and amortization multiple of 12.1 times, and free cash flow yield of 4.8% indicate a valuation dependent on volume growth, successful Brazos integration, and deleveraging rather than a clear discount. UBS also maintained a Neutral rating with a $108 target on September 1, 2026, consistent with the balance between the operating opportunity and execution and financing risks.
Figures in the text are as of 2026-09-02; the live price is shown at the top of the page.
ONEOK recorded revenue of $12.05 billion and diluted earnings per share of $1.53 in Q2 fiscal 2026, with reported net income of approximately $967 million. Adjusted earnings before interest, taxes, depreciation, and amortization rose 7% to $2.12 billion, while net income grew 13% year over year. Performance was driven by record natural gas liquids volumes, a 7% increase in raw natural gas liquids feed volumes, and 8% growth in refined products shipments. Volumes also increased across all gathering and processing regions, while crude oil gathering volumes in Midland rose 10% compared with the previous quarter.
Management raised its fiscal 2026 outlook for the second time on August 3, 2026, following strong first-half performance. The midpoint for net income became $3.6 billion, diluted earnings per share became $5.68, and adjusted earnings before interest, taxes, depreciation, and amortization became $8.35 billion. The new outlook represents increases of $150 million in net income and $250 million in adjusted earnings compared with the February 2026 guidance. The capital spending range remained unchanged at $2.7 to $3.2 billion, with spending expected to approach its upper end.
Automated analysis for informational purposes only — not investment advice.
On August 30, 2026, ONEOK announced an agreement to purchase Brazos Midstream gathering and processing assets in the Midland Basin for $4.425 billion in cash. The assets are expected to nearly double regional processing capacity to approximately 2.3 billion cubic feet per day and to be immediately accretive to earnings and free cash flow per share upon closing. The transaction is linked to a $9 billion investment from Apollo funds, allowing approximately $5 billion to be used to repay debt without issuing common shares. However, the transaction had not closed at the time of the announcement and remained subject to customary approvals and conditions, while the financing gives Apollo a non-controlling economic interest.
ONEOK expects to add 110 million cubic feet per day from Delaware plant expansions during Q3 fiscal 2026, following the commissioning of a relocated Midland plant with capacity of 150 million cubic feet per day. The company increased the planned capacity of the Bighorn plant to 400 million cubic feet per day from 300 million, targeting completion in mid-2027, which would bring Permian processing capacity to approximately 2.4 billion cubic feet per day upon completion of the projects. In Mid-Continent, the first phase of Medford adds 100 thousand barrels per day of fractionation capacity during Q4 fiscal 2026, followed by the second phase in Q1 fiscal 2027. These projects support the target of mid- to high-single-digit growth in adjusted earnings before interest, taxes, depreciation, and amortization over five to seven years.
According to the August 4, 2026 call, ONEOK secured an agreement to supply natural gas to a 1-gigawatt generation facility associated with data center demand. Management said the project requires capital spending exceeding $100 million and provides steady demand at a return it described as attractive. The company was also in advanced discussions regarding two other opportunities to supply artificial intelligence data centers, but neither had reached a final investment decision. Management acknowledged that marketing these projects took longer than expected, making the signed contract more certain than the opportunities that remained under negotiation.
Some natural gas liquids segment margins declined slightly in Q2 fiscal 2026 because the increase in lower-tariff ethane exceeded the increase in higher-tariff C3+ components in regions such as Bakken and Mid-Continent. The company also expects natural gas pipelines earnings to decline in the second half of fiscal 2026 as the Waha-Katy spread narrows following the addition of new Permian transportation capacity. In contrast, ONEOK increased its estimate of cumulative cash tax benefits to $2.6 billion, which could defer significant cash tax payments until 2031. The effect on free cash flow also remains tied to capital spending of $2.7 to $3.2 billion and successful execution of the Brazos transaction and Apollo financing.
