ONEOK, Inc. OKE

Name: OKE Crucible Score
Creator: Kaladin Capital Intelligence

EnergyOil & Gas MidstreamNYSE📅 Scored March 7, 2026

Price at analysis: $92.11

Crucible Score

59.8

C+

Quality × Value Composite

KQI — Quality

63.0

B-

Fundamental Quality Index

KVI — Value

55.8

Valuation Attractiveness Index

Crucible Verdict — OKE

ONEOK, Inc. (OKE) presents a mixed picture with solid growth prospects (75 score) but concerning moat durability (57) in the competitive midstream energy space. The 11% discount to fair value offers modest upside, though OKE's below-average earnings consistency (49% beat rate) reflects execution challenges under CEO Norton's leadership. The growth profile provides the primary investment case here.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

63.8

Growth Profile

75.3

Moat Durability⚠

57.1

Management Effectiveness

62.8

Diversification & Resilience

55.8

Market Position

58.0

Weakest dimension: Diversification & Resilience (55.8)

◆ KVI Value Dimensions

DCF Margin of Safety

64.8

FCF Yield & Cash Returns

46.1

Relative Valuation

43.2

Growth-Adjusted Value

65.3

Historical Valuation

56.9

Macro Context

55.5

◆ DCF Valuation Scenarios

Bear Case

$72.45

Base Case

$102.38

Bull Case

$141.52

Price at Analysis

$92.11

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$72.45	3.0%	18.0%	9.3%
🟢 Base	$102.38	5.0%	21.0%	8.8%
🟢 Bull	$141.52	7.0%	24.0%	8.4%

Key Assumptions: OKE has shown strong revenue growth driven by acquisitions (revenue nearly doubled from ~$17B to ~$34B over 5 years) with operating margins ranging 13-23%; base case assumes organic growth of ~5% CAGR with margins stabilizing around 21% as integration benefits materialize. WACC calculated using CAPM with 4.39% risk-free rate, 0.88 beta, and 5.5% ERP for base (5.75% bear, 5.25% bull), reflecting midstream sector's moderate risk profile. Capex intensity normalized to ~8.5% of revenue as the company transitions from heavy growth capex to maintenance levels, with net debt of ~$32.7B reducing equity value significantly.

◆ Financial Snapshot

Profitability

Gross Margin21.5%

Operating Margin20.7%

Net Margin10.1%

ROIC8.1%

ROE34.2%

Balance Sheet

Balance SheetCR: 0.71

Cash ConversionFCF/EPS: 1.27x

Capital IntensityCapex/Rev: 15.9%

Altman Z-Score1.56 (Distress)

Piotroski F-Score6/9 (Good)

Growth

Revenue CAGR18.1% CAGR

Earnings CAGR22.6% CAGR

Growth ConsistencyCV: 1.80

Segment Breadth5/5 growing (100%)

Quarterly TrendRev∆, Margin↑, WC↓

Earnings CredibilityTends to Beat

◆ Revenue Breakdown — FY2025

By Segment

Natural Gas Liquids43.6%

Refined Products and Crude Oil35.5%

Natural Gas Gathering And Processing20.9%

By Geography

Total Segments100.0%

Total Revenue

$26.2B

Fiscal Year 2022

◆ Analyst Consensus & Leadership

Analyst Price Targets

Avg Target (Last Quarter)$89.29

Analysts Covering (Quarter)7

Avg Target (Last Year)$89.33

Analysts (Year)18

Leadership & Governance

CEOPierce H. Norton II · 5 years

CEO Ownership27.6%

Compensation90% performance-based

Insider ActivityBuying

Capital AllocationROIC 8.1% vs WACC 4.3%

Earnings Beat Rate49% (10/22)

◆ Company Profile

ONEOK, Inc. , together with its subsidiaries, engages in gathering, processing, storage, and transportation of natural gas in the United States.

CEO

Pierce H. Norton

Employees

5177

Headquarters

Tulsa, OK, US

IPO Date

October 1, 1980

Exchange

NYSE

Website

oneok.com

◆ Related Companies in Our Universe

Other Energy companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 7, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.