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NEW YORK STOCK EXCHANGE, INC. · Energy · CIK 0001039684
$93.90
+0.84% · live
Updated
$59.13B market value
From ONEOK INC /NEW/'s FY2025 10-K, filed Feb 24, 2026 · read the filing
ONEOK /NEW/ supplies electricity, gas or water. It took in $33.63B last year, which makes it a large company. Of every dollar it sells, about 10 cents is left as profit.
The financial picture is led by profitability and growth, while debt remain weak.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
A published bankruptcy-risk model places it in its distress range. This is a statistical reading, not a forecast.
Altman Z-Score 1.04
These are things the company filed or that a published model flagged — not predictions, and not a reason on their own to buy or sell anything.
Financial health
Generally healthy, with a few things to watch.
From ONEOK INC /NEW/'s FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Revenue
$21.70B → $33.63B
Gross margin
38.7% → 30.5%
Cash
$733.0M → $78.0M
Capital spending
$2.02B → $3.15B
Measured against FY2024, from the 10-K filed Feb 24, 2026
Improved: +55.0%
$21.70B to $33.63BCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
How the latest move compares (quote live), and what was published around it
OKE rose 0.84% on the latest quote. The average Utilities company tracked here moved +1.75%, and the S&P 500 −1.04%. That is 0.9 points below its sector and 1.9 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
The growth rate someone buying today is paying for, against what the company has delivered
At today's price, the market is paying for free cash flow to grow by about 14% a year for the next 10 years. Over the last 9 years it grew by about 14% a year.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 10 cents of every dollar of sales as profit, earning $3.39B last year.
Yes, quickly. Sales grew 55.0% last year.
Manageable, but notable. Clearing its debt would take about 5.7 years of cash flow. For every $1 it owes, it owns $1.51 in assets. A bankruptcy-risk model also places it in its distress range.
Core operating and valuation reference metrics
Whether the dividend is covered by what the business actually earns
It pays out 76 cents of every dollar of profit and keeps the rest, which leaves the payment comfortably covered. It paid out 46% of the cash its operations generated. It has paid in each of the last 12 years.
GoodNext payment expected around , projected from how regularly it has paid before rather than from a date the company has announced.
Figures from the FY2025 annual filing
Last year it earned $3.39B and generated $5.60B of cash from operations.
Reported annual figures
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202510-K · Feb 24, 2026Filing for FY2025 | FY202410-K · Feb 25, 2025Filing for FY2024 | FY202310-K · Feb 25, 2025Filing for FY2023 | FY202210-K · Feb 25, 2025Filing for FY2022 | FY202110-K · Feb 27, 2024Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $33.63B | $21.70B | $17.68B | $22.39B | $16.54B | +55.0% |
| Cost of revenue | $23.37B | $13.31B | $11.93B | $17.91B | $12.26B | +75.6% |
| Gross profit | $10.26B† | $8.39B† | $5.75B† | $4.48B† | $4.28B† | +22.3% |
| Gross marginGross profit ÷ revenueWhat is this? | 30.5% | 38.7% | 32.5% | 20.0% | 25.9% | −8.2 pts |
| Operating income | $5.74B | $4.99B | $4.07B | $2.81B | $2.60B | +15.1% |
| Operating marginOperating income ÷ revenueWhat is this? | 17.1% | 23.0% | 23.0% | 12.5% | 15.7% | −5.9 pts |
| Interest expense | $1.78B | $1.37B | $866.0M | $676.0M | $733.0M | +30.1% |
| Income before tax | $4.49B | $4.11B | $3.50B | $2.25B | $1.98B | +9.2% |
| Net income | $3.39B | $3.04B | $2.66B | $1.72B | $1.50B | +11.8% |
| Net marginNet income ÷ revenueWhat is this? | 10.1% | 14.0% | 15.0% | 7.7% | 9.1% | −3.9 pts |
| Earnings per shareNet income ÷ shares outstanding at the period end — close to, but not the same as, the reported EPSWhat is this? | $5.39 | $5.20 | $4.56 | $3.85 | $3.36 | +3.5% |
† calculated from other reported figures, such as total liabilities as assets minus equity.
This company's latest filing beside its peers' stored scores
| Company | Health | F-Score | Revenue growth | Profit margin | P/E | Debt to equity |
|---|---|---|---|---|---|---|
| OKEONEOK INC /NEW/ · this page | 7.3/10 | 6/9 |
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Officers, directors and major shareholders must report within two business days of a trade.
Exercised stock options — 2,895 shares
Holds 173,299 shares after this filing.
Had shares withheld to cover taxes — 1,270 shares at $90.09 ($114.4K)
Holds 172,029 shares after this filing.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Signed a material agreement · Made a Regulation FD disclosure
Read the filing8-K12B
Read the filingWrite down why you are following ONEOK INC /NEW/, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
The 198 subsidiaries named in its 10-K, incorporated across 5 places. A filer lists the significant ones and may leave the rest out, so this is the floor rather than the full count.
Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from OKE's 10-K for fiscal year 2025 (period ending 2025-12-31, filed Feb 24, 2026), reported under the US GAAP taxonomy. View the source filing. Total liabilities were not tagged directly and were calculated as assets minus equity.
3 of 4 scored areas had enough reported figures to judge
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 9 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 7.3 | 6/9 | 10-K, filed Feb 24, 2026 |
| FY2024 | 7.3 | 6/9 | 10-K, filed Feb 25, 2025 |
| FY2023 | 6.0 | 7/9 | 10-K, filed Feb 27, 2024 |
| FY2022 | 6.0 | 8/9 | 10-K, filed Feb 27, 2024 |
| FY2021 | 6.0 | 7/9 | 10-K, filed Feb 27, 2024 |
| FY2020 | 3.3 | 5/9 | 10-K, filed Feb 23, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
6 of 9 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's.
1.04
In the distress zone
For this model, above 2.6 is safe and below 1.1 is distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — This company has not reported enough of the required figures to calculate this score.
This company has not reported enough of the required figures to calculate this score.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −8.2 pts
38.7% to 30.5%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Deteriorated: -89.4%
$733.0M to $78.0MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Changed: +56.0%
$2.02B to $3.15BCritical
Why it matters: Neither good nor bad on its own. Heavy spending is a company building capacity or a company struggling to stand still, and the two look identical in this figure.
Improved: +22.3%
$8.39B to $10.26BSignificant
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +15.1%
$4.99B to $5.74BSignificant
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −5.9 pts
23.0% to 17.1%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: −3.9 pts
14.0% to 10.1%Significant
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Deteriorated: +8.0%
583.1M to 629.7MSignificant
Why it matters: New shares divide the same company into more pieces, so each existing holding owns slightly less of it. Often pay for staff or an acquisition rather than anything wrong.
Improved: +11.8%
$3.04B to $3.39BNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: -14.6%
$2.87B to $2.45BNotable
Why it matters: Cash left after paying for the plant that produced it — the money genuinely available for dividends, buybacks or paying down debt. Harder to flatter than profit.
Changed: +11.7%
$2.31B to $2.58BNotable
Why it matters: Cash handed to shareholders. A rise can be a higher dividend or simply more shares, and a cut is a decision the company explains in its own filing — neither is rated here.
Q2 FY2026 against Q2 FY2025, from the 10-Q filed Aug 4, 2026 — read it.
Improved: +52.8%
$7.89B to $12.05BCritical
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Deteriorated: −8.7 pts
32.0% to 23.3%Critical
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +66.0%
$97.0M to $161.0MCritical
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
Deteriorated: −4.9 pts
18.1% to 13.2%Significant
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Improved: +11.1%
$2.53B to $2.81BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +11.3%
$1.43B to $1.59BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Improved: +14.9%
$841.0M to $966.0MNotable
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −2.6 pts
10.7% to 8.0%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
Improved: +14.8%
$1.34 to $1.53Notable
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Q2 FY2026 against Q1 FY2026, from the 10-Q filed Aug 4, 2026 — read it. Quarter-to-quarter moves include seasonal swings — a retailer's holiday quarter — which the year-earlier comparison removes.
Improved: +25.3%
$9.62B to $12.05BSignificant
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
Improved: +24.8%
$774.0M to $966.0MSignificant
Why it matters: Profit swings far more than sales do, and one-off items — a legal settlement, a tax charge, an asset sale — move it without the underlying business changing.
Deteriorated: −3.4 pts
26.7% to 23.3%Significant
Why it matters: What survives each sale before overheads. Falling gross margin usually means the company is discounting or its input costs rose — it is the earliest place pricing pressure shows.
Improved: +24.7%
$1.23 to $1.53Significant
Why it matters: Profit divided by the shares in issue at the period end, so it sits close to but not on the company's own reported figure. It can rise with no growth in profit when the company buys back stock — read it beside the share count.
Improved: +9.4%
$2.56B to $2.81BNotable
Why it matters: What is left of sales after the direct cost of producing them. It normally moves with revenue, so a move out of step with revenue is the part worth noticing.
Improved: +11.6%
$1.43B to $1.59BNotable
Why it matters: Profit from running the business, before interest and tax. Less exposed than profit to one-off financing and tax items, so a clearer read on the business itself.
Deteriorated: −1.6 pts
14.8% to 13.2%Notable
Why it matters: What survives each sale after running the business. A falling operating margin beside a steady gross margin points at overheads — wages, marketing, research — rather than pricing.
Deteriorated: -6.4%
$172.0M to $161.0MNotable
Why it matters: A falling cash pile is only a warning if the company is consuming it. Paying down debt, buying back stock and paying a dividend all reduce cash by choice.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Discounted at 8%–10% a year, with growth settling to 2.5% after 10 years. Those rates are ordinary choices, not measurements: across that range the assumed growth works out between 11% and 16%. This describes what the price implies — it is not a forecast, and not a view on whether the price is right.
Opinions from 27 analysts covering this company, as of . Their views, not this site's.
Of 27 analysts publishing on this company, 4 say strong buy, 8 say buy and 15 say hold. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 3.9% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 16.8x — investors pay $16.8 for each $1 of trailing profit.
This company has not reported enough of the required figures to calculate this score.
| 55.0% |
| 10.1% |
| 17.43x |
| 1.96x |
| KMIKINDER MORGAN, INC. | 7.0/10 | 7/9 | 12.7% | 20.1% | 24.55x | 1.29x |
|---|
| TRGPTarga Resources Corp. | 8.0/10 | 7/9 | 20.5% | 11.3% | 32.32x | 7.22x |
|---|
| Median of peers | 7.5/10 | — | 16.6% | 15.7% | 28.43x | 4.26x |
|---|
Peers come from the company's industry classification. A difference describes the companies; it does not rank them.
Exercised stock options — 6,369 shares
Holds 12,182 shares after this filing.
Had shares withheld to cover taxes — 2,793 shares at $90.09 ($251.6K)
Holds 9,389 shares after this filing.
Exercised stock options — 4,343 shares
Holds 240,716 shares after this filing.
Had shares withheld to cover taxes — 1,905 shares at $90.09 ($171.6K)
Holds 238,811 shares after this filing.
Exercised stock options — 7,238 shares
Holds 176,223 shares after this filing.
Had shares withheld to cover taxes — 3,174 shares at $90.09 ($285.9K)
Holds 173,049 shares after this filing.
Exercised stock options — 2,316 shares
Holds 29,668 shares after this filing.
Had shares withheld to cover taxes — 1,016 shares at $90.09 ($91.5K)
Holds 28,652 shares after this filing.
Estimated from how often this has happened before, not a confirmed date.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
Signed a material agreement · Sold shares outside a public offering · Made a Regulation FD disclosure · Reported another event
Quarterly report for Q2 FY2026
Revenue +52.8% · Operating margin −4.9 pts · Gross margin −8.7 pts — against Q2 FY2025
Read the filingCompleted an acquisition or disposal · Made a Regulation FD disclosure
Read the filingHeld a shareholder vote
Read the filingQuarterly report for Q1 FY2026
Revenue +19.6% · Free cash flow -74.5% · Operating income +17.0% — against Q1 FY2025
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingProxy statement for a shareholder meeting
Read the filingHad a director or senior officer leave or join
Read the filingAnnual report for FY2025
Revenue +55.0% · Operating margin −5.9 pts · Gross margin −8.2 pts — against FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingHad a director or senior officer leave or join
Read the filingQuarterly report for Q3 FY2025
Revenue +71.9% · Operating margin −4.4 pts · Gross margin −8.8 pts — against Q3 FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingSigned a material agreement · Took on a direct financial obligation
Read the filingSigned a material agreement · Made a Regulation FD disclosure
Read the filingQuarterly report for Q2 FY2025
Revenue +61.2% · Operating margin −7.0 pts · Gross margin −8.9 pts — against Q2 FY2024
Read the filingPublished results · Made a Regulation FD disclosure
Read the filingMade a Regulation FD disclosure · Reported another event
Read the filingThe first 40 of 198. The rest are in the exhibit.
Source: Exhibit 21 of the 10-K filed 2026-02-24. These are legal entities, not brands or acquisitions — a company that bought a business may hold it inside an entity named here, or inside one small enough that the rule does not require naming it at all.
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Primary sources and further research