Is the business good?
How good a business is OKE?
Oneok earns 8.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
8.6%
Return on invested capital · cost of capital 9.0% · 0.35 points below what the capital costs: growth destroys value
- Operating margin
- 16%
Operating margin · Oil & Gas Midstream median 36% · 12 months to Q2 2026
- Cash conversion
- 0.80×
Cash conversion · 0.93× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +0.62%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 16% |
| FY2021 | 16% |
| FY2022 | 13% |
| FY2023 | 23% |
| FY2024 | 23% |
| FY2025 | 17% |
Details›
- Gross margin12 months to Q2 2026
- 27%
- Operating margin12 months to Q2 2026
- 16%
- Net margin12 months to Q2 2026
- 9.3%
- Free cash flow margin
- 7.4%
- Revenue, trailing twelve months
- $39.4B
- Free cash flow, trailing twelve months
- $2.91B
- Net income, trailing twelve months
- $3.66B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Oil & Gas Midstream
Ranks #9 of 27 by Smart Score