Explain this page
Arphra AIPlain-English read on ONEOK, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +17.48% | +13.64% | +32.52% | +23.34% | +21.46% | +26.32% | +25.33% | +26.47% | +25.22% |
| Operating margin | +16.52% | +13.27% | +23.04% | +23.20% | +20.72% | +22.51% | +22.17% | +22.71% | +22.90% |
| EBITDA margin | +19.10% | +15.38% | +28.91% | +30.48% | +23.16% | +27.95% | +26.94% | +26.93% | +28.06% |
| EBIT margin | +15.50% | +12.64% | +24.56% | +25.24% | +18.65% | +23.16% | +23.38% | +22.20% | +22.19% |
| Pre-tax margin | +11.49% | +9.84% | +19.78% | +18.99% | +13.35% | +17.51% | +17.37% | +17.50% | +17.34% |
| Net margin | +8.68% | +7.53% | +15.04% | +14.03% | +10.10% | +13.31% | +13.12% | +13.05% | +12.79% |
| Cost structure | |||||||||
| Cost of revenue / sales | +82.52% | +86.36% | +67.48% | +76.66% | +78.54% | +75.47% | +73.99% | +76.09% | +74.92% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Effective tax rate | +24.42% | +23.44% | +23.96% | +24.28% | +22.90% | +23.23% | +23.87% | +22.86% | +24.26% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +24.94% | +26.52% | +16.13% | +13.71% | +15.04% | +15.21% | +15.25% | +14.57% | +14.22% |
| Return on assets (ROA) | +6.35% | +7.06% | +6.01% | +4.74% | +5.09% | +5.38% | +5.24% | +5.30% | +5.17% |
| Return on capital (ROC) | +14.45% | +15.02% | +10.65% | +9.23% | +12.58% | +10.82% | +10.70% | +10.51% | +10.72% |
| Return on invested capital (ROIC) | +7.60% | +8.53% | +6.95% | +5.58% | +6.13% | +6.40% | +6.33% | +6.04% | +5.99% |
| Asset turnover | +73.12% | +93.81% | +39.93% | +33.77% | +50.46% | +40.38% | +39.92% | +40.64% | +40.39% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +8.68% | +7.53% | +15.04% | +14.03% | +10.10% | +13.31% | +13.12% | +13.05% | +12.79% |
| Asset turnover (× revenue / assets) | +73.12% | +93.81% | +39.93% | +33.77% | +50.46% | +40.38% | +39.92% | +40.64% | +40.39% |
| Equity multiplier (× assets / equity) | +392.70% | +375.41% | +268.54% | +289.47% | +295.28% | +282.80% | +291.36% | +274.81% | +275.24% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.73 | 0.94 | 0.40 | 0.34 | 0.50 | 0.40 | 0.40 | 0.41 | 0.40 |
| Fixed-asset turnover | 0.89 | 1.15 | 0.54 | 0.47 | 0.70 | — | — | — | — |
| Inventory turnover | 24.54 | 34.01 | 15.16 | 22.18 | 27.86 | — | — | — | — |
| Receivables turnover | 11.98 | 14.93 | 10.37 | 9.30 | 11.17 | — | — | — | — |
| Payables turnover | 10.70 | 14.53 | 7.63 | 7.58 | 9.31 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 30.47 | 24.45 | 35.21 | 39.24 | 32.67 | — | — | — | — |
| Days inventory outstanding (DIO) | 14.88 | 10.73 | 24.08 | 16.46 | 13.10 | — | — | — | — |
| Days payables outstanding (DPO) | 34.12 | 25.11 | 47.85 | 48.12 | 39.22 | — | — | — | — |
| Cash conversion cycle | 11.22 | 10.07 | 11.43 | 7.57 | 6.55 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.70 | 1.69 | 1.66 | 1.61 | 1.65 | 1.61 | 1.60 | 1.61 | 1.67 |
| FCF / Net income | 1.23 | 0.99 | 1.06 | 0.94 | 0.72 | 0.92 | 0.93 | 0.96 | 0.93 |
| FCF margin | +10.71% | +7.45% | +15.99% | +13.25% | +7.28% | +12.25% | +12.16% | +12.47% | +11.92% |
| OCF margin | +14.74% | +12.71% | +25.01% | +22.59% | +16.65% | +21.37% | +20.98% | +21.07% | +21.41% |
| CapEx / Revenue | +4.03% | +5.26% | +9.02% | +9.34% | +9.37% | +9.14% | +9.03% | +8.97% | +9.40% |
| CapEx / D&A | 1.12 | 1.92 | 2.07 | 1.78 | 2.08 | — | — | — | — |
| Stock-based comp / Revenue | +0.31% | +0.23% | 0.00% | 0.00% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 3.35 | 3.84 | 5.48 | 5.17 | 5.42 | 5.70 | 6.20 | 6.81 | 7.15 |
| EPS · basic | 3.36 | 3.85 | 5.49 | 5.19 | 5.43 | 5.71 | 6.28 | 6.88 | 7.21 |
| Book value / share | 13.44 | 14.48 | 33.96 | 37.74 | 35.76 | 51.39 | 51.23 | 53.63 | 47.86 |
| Tangible BV / share | 11.74 | 12.80 | 21.05 | 18.76 | 18.39 | 51.39 | 51.23 | 53.63 | 47.86 |
| Sales / share | 38.61 | 51.00 | 36.42 | 36.89 | 53.28 | 58.69 | 59.58 | 59.89 | 53.20 |
| Operating CF / share | 5.69 | 6.48 | 9.11 | 8.33 | 8.87 | 12.54 | 12.50 | 12.62 | 11.39 |
| Free cash flow / share | 4.13 | 3.80 | 5.82 | 4.89 | 3.88 | 7.19 | 7.24 | 7.47 | 6.34 |
| Dividends / share | 3.73 | 3.73 | 3.79 | 3.94 | 4.09 | 5.59 | 5.69 | 5.59 | 5.06 |
| Payout ratio | +111.16% | +97.07% | +69.16% | +76.21% | +76.08% | +71.53% | +72.83% | +71.51% | +74.28% |
| Retention ratio | -11.16% | +2.93% | +30.84% | +23.79% | +23.92% | +28.47% | +27.17% | +28.49% | +25.72% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +32.41% | -22.71% | +22.41% | +55.42% | +10.59% | +0.65% | +1.36% | -11.76% | +8.63% |
| Gross profit · YoY | — | +3.30% | +84.27% | -12.14% | +42.93% | +35.62% | -3.12% | +5.92% | -15.94% | +13.72% |
| Profit | ||||||||||
| Operating income · YoY | — | +6.35% | +34.21% | +23.31% | +38.76% | +20.19% | -0.87% | +3.79% | -11.02% | +13.15% |
| EBITDA · YoY | — | +6.63% | +45.30% | +29.04% | +18.07% | +33.49% | -2.97% | +1.31% | -8.06% | +13.98% |
| Net income · YoY | — | +14.80% | +54.41% | +14.14% | +11.86% | +45.86% | -0.85% | +0.82% | -13.47% | +14.01% |
| Operating | ||||||||||
| EBIT · YoY | — | +8.00% | +50.17% | +25.77% | +14.87% | +37.30% | +1.61% | -3.74% | -11.81% | +13.61% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +14.63% | +42.71% | -5.66% | +4.84% | +5.22% | +8.66% | +9.95% | +4.99% | +9.95% |
| EPS · basic · YoY | — | +14.58% | +42.60% | -5.46% | +4.62% | +5.10% | +10.09% | +9.51% | +4.74% | +10.01% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $13.73B | $13.7B | $21.76B | $32.29B | $32.82B | $44.84B | $45.4B | $48.02B | $41.42B |
| Net debt | $13.59B | $13.48B | $21.43B | $31.56B | $32.74B | $44.17B | $44.7B | $47.32B | $40.81B |
| Net debt / EBITDA | 4.12 | 3.83 | 4.19 | 4.79 | 4.20 | 4.25 | 4.43 | 4.63 | 4.34 |
| Debt / equity | 2.28 | 2.11 | 1.32 | 1.46 | 1.45 | 1.38 | 1.41 | 1.41 | 1.38 |
| Debt / assets | +58.14% | +56.20% | +49.17% | +50.40% | +49.24% | +48.68% | +48.42% | +51.42% | +49.96% |
| Equity / assets | +25.46% | +26.64% | +37.24% | +34.55% | +33.87% | +35.36% | +34.32% | +36.39% | +36.33% |
| Coverage | |||||||||
| EBITDA / interest expense | 4.76 | 5.48 | 6.05 | 4.88 | 4.37 | 5.05 | 4.88 | 4.92 | 5.06 |
| Operating income / interest | 4.12 | 4.73 | 4.82 | 3.72 | 3.91 | 4.07 | 4.02 | 4.15 | 4.13 |
| Interest expense | $692.97M | $641.73M | $845M | $1.35B | $1.78B | $2.06B | $2.07B | $2.08B | $1.86B |
| Liquidity | |||||||||
| Current ratio | 0.75 | 0.84 | 0.90 | 0.90 | 0.71 | — | — | — | — |
| Quick ratio | 0.50 | 0.57 | 0.59 | 0.65 | 0.49 | — | — | — | — |
| Cash ratio | 0.05 | 0.07 | 0.10 | 0.16 | 0.01 | — | — | — | — |
| Working capital | -$810.25M | -$503.23M | -$344M | -$481M | -$1.88B | — | — | — | — |
| Working capital / revenue | -4.69% | -2.20% | -1.95% | -2.22% | -5.58% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).