Oneok Inc. /NEW/ (OKE) intrinsic value & 10-year financials
Oneok Inc. /NEW/ (OKE) has a Graham intrinsic value of $171.14 per share. At $93.31 on Oct 17, 2026, the stock trades 45% below that value. Over the last 10 fiscal years revenue grew 15.9% a year to $33.6B, with an average return on invested capital of 8.8%.
- Graham intrinsic value
- $171.14
- Share price (Oct 17, 2026)
- $93.31
- Price vs Graham value
- 45% below
- Market cap
- $58.4B
- Revenue (FY2025)
- $33.6B
- Revenue growth (10-yr CAGR)
- 15.9%
- ROIC (10-yr avg)
- 8.8%
- Free cash flow (FY2025)
- $2.4B
OKE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $33.6B | $3.4B | $5.42 | $2.4B | 17.1% | 8.5% |
| FY2024 | $21.7B | $3.0B | $5.17 | $2.9B | 23.0% | 8.7% |
| FY2023 | $17.7B | $2.7B | $5.48 | $2.8B | 23.0% | 10.7% |
| FY2022 | $22.4B | $1.7B | $3.84 | $1.7B | 12.5% | 10.9% |
| FY2021 | $16.5B | $1.5B | $3.35 | $1.8B | 15.7% | 10.0% |
| FY2020 | $8.5B | $612.8M | $1.42 | -$296.3M | 15.9% | 5.4% |
| FY2019 | $10.2B | $1.3B | $3.07 | -$1.9B | 18.8% | 8.5% |
| FY2018 | $12.6B | $1.2B | $2.78 | $45.2M | 14.6% | 9.3% |
| FY2017 | $12.2B | $387.8M | $1.29 | $803.0M | 11.3% | 6.2% |
| FY2016 | $8.9B | $352.0M | $1.66 | $727.0M | 14.4% | 9.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Oneok is a consistent compounder, expanding top-line revenue at 15.9% annually over the past decade.
Oneok returns on capital have been average, hovering around 8.8% ROIC over the decade.
Over the decade, Oneok shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Oneok is modeled at 14.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $171.14 per share.