OKEOneok

$89.79+27% 1Y

$89.79

$62.6952 weeks$97.50

Is the business good?

Mixed

The checks split: earnings fully cash-backed (1.3×), but margins compressing.

1 good, 1 to watch, 2 neutral

Fundamental health (F-score)6 / 9SEC EDGAR · Dec 31, 2025

Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.

Profits arrive as cash1.31×derived · Jun 30, 2026

Operating profit is fully backed by cash.

Margin direction, 3 years−4.2 pts

Negative operating leverage, costs are rising faster than sales, squeezing margins as it grows.

Where ROE comes from5% ROA

A balanced mix of margins, efficiency, and leverage. ROE 15% = margin × turnover × leverage.

Unless marked, from derived.

Against the whole market›

Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.

FCF conversionbehind 72% of the market

Leverage (Debt/EBITDA)behind 70% of the market

Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.

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 30% · 12 months to Q2 2026
Cash conversion: 1.31×
Cash conversion · 1.30× a year ago · operating cash flow covers the operating profit after tax
Share count, year on year: +0.62%
Share count, year on year · flat: no meaningful dilution

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 is operating cash flow over operating profit after tax.

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