CluenexONEOK Inc OKE
ONEOK Inc scores average on business quality (5.2 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What ONEOK Inc does
ONEOK moves natural gas and natural gas liquids through an extensive pipeline network, earning fees from producers and processors who rely on its infrastructure to reach end markets. The business is scaling up its network capacity to capture surging volumes across key domestic production basins.
- What it does best
ONEOK builds massive gathering and processing scale, delivering revenue growth of 55.0% that outpaces most peers like KMI at 12.2%. This dense regional asset footprint creates high barriers for new pipelines in overlapping territories.
- The main risk
Heavy debt loads create structural vulnerability, with total debt reaching $32.8 billion against cash of just $78.0 million. Rising borrowing costs directly pressure net margins of 9.3% and leave little room for operational missteps.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins sit at 15.6% with an FCF margin of 7.4%, trailing peer MPLX which hits 25.2%. Profitability is stabilizing but remains constrained by heavy interest expenses and capital intensity across the vast pipeline network.
Physical infrastructure creates a regional network lock-in for producers who lack alternative transport routes. Its gross margin sits in the bottom quartile at 27.2%, reflecting high operating costs that limit pricing power.
Revenue growth surges at 55.0%, accelerating dramatically from $21.7 billion in 2024 to $39.4 billion in 2025. This expansion is driven by massive volume increases across its core pipeline and processing segments.
Total debt sits at $32.8 billion with interest coverage at 3.5x, leaving the balance sheet under notable strain. Free cash flow stands at $2.9 billion, supporting a dividend payout of $2.6 billion but getting softer as leverage climbs.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
No open market buys or unplanned sales by executives or directors.
Our sealed record on OKE
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
ONEOK Inc scores average on the Cluenex quality check (5.2 of 10), measured against its own industry. Profitability is weak, moat weak, growth fast and financial health weak.
In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.
Oct 26, 2026, after the close.
See OKE today
- Today's verdict on OKE, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “ONEOK Inc (OKE)”, https://cluenex.com/stocks/oke/, data as of Oct 10, 2026.