Oneok Inc /New/
$93.08B- Market cap
- $60.34B
- Debt
- +$32.82B
- Cash
- −$78.00M
Capital structure 65% equity / 35% debt · EV / Revenue 2.77x · EV proxy / EBITDA proxy 12.83x
Compare price, profitability, solvency, and SEC-reported financials side by side—before deciding which assumptions deserve a closer look.
FY 2025 · Mkt cap
Decision snapshot: OKE stock price at discount vs KMI $95.72 current versus $122.44 implied using P/E multiple.
Quick read
Each company valued on the other's multiple, then compared with the market price.
Implied fair value · at KMI's multiple
Implied fair value · at OKE's multiple
Snapshot Sep 10, 2026, 4:00 PM ET
Metric by metric
Where each company leads, and how wide the gap is.
Growth edge
Reported gross margin
Operating income + D&A
Multiple discount
Lower P/E
Lower leverage
Statements
Annual statements in reported currencies, with calculations and source evidence.
Values retain reported currencies and share bases. Select a figure to inspect its period, calculation and filing inputs. Differences require compatible units and periods.
Explore enterprise value and market valuation multiples in the valuation sections.
Trendline
16 period-end years of reported revenue, earnings, and margins. Periods and currencies are shown with the data.
Price framework
USD market cap plus reported borrowing debt, less cash and equivalents. This EV proxy excludes investments, preferred stock and noncontrolling-interest adjustments.
Capital structure 65% equity / 35% debt · EV / Revenue 2.77x · EV proxy / EBITDA proxy 12.83x
Capital structure 68% equity / 32% debt · EV / Revenue 5.95x · EV proxy / EBITDA proxy 14.05x
KMI carries the larger enterprise value at $100.86B against $93.08B; OKE trades on the lower EV / Revenue multiple (2.77x vs 5.95x); OKE on the lower EV / EBITDA (12.83x vs 14.05x).
Price framework
The same filing-backed model used on each company's valuation page, with company-specific inputs and calculated scenarios.
ONEOK INC /NEW/ · implied price per share
Bear
$4.32
Base
$15.37
Bull
$30.29
KINDER MORGAN, INC. · implied price per share
Bear
$1.37
Base
$3.75
Bull
$7.76
Balance sheet health
Inspect reported liquidity and leverage alongside historical financial-health checks.
Financial strength on a 0–9 scale.
Bankruptcy-risk signal from balance sheet and earnings power.
Comparable set
Where the pair sits against the wider comparable set.
Keep comparing
Open adjacent comparisons from the same industry to pressure-test the read across multiple pairs.
Cash excludes investments. EBITDA is an operating-income-plus-D&A proxy. Missing borrowing categories remain unavailable; select a value to inspect its inputs.
LLM-powered synthesis
An explanation of the financial evidence. Check its snapshot date against the figures above.
This explanation uses an earlier data snapshot or evidence version. Review its generation date and the current figures, or refresh after signing in.
If you believe ONEOK can close its margin/quality gaps and re-rate to KMI multiples based on stronger revenue growth (22.7%) and higher ROIC (10.1%), then buy (OKE implied price $134.77 for ~70.2% upside from $79.20) because current multiples (P/E 15.3x, P/S 2.3x) are materially below KMI and historical fair-value band implies room to rerate; otherwise remain neutral/avoid given the low Piotroski score (3/9) and higher debt/equity (1.9x).
ONEOK's implied price using KMI P/E is $134.77 versus the current $79.20 (70.2% upside), placing it well below KMI-implied range ($134.77 - $155.98) but inside its historical band ($71.28 - $87.12). The gap is driven by materially lower multiples on a P/E and P/S basis versus Kinder Morgan.
Supporting Metrics