What is ONEOK, Inc. (OKE) DCF Fair Value and Intrinsic Value in 2026?

ONEOK, Inc. (OKE) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is ONEOK, Inc.'s historical Return on Invested Capital (ROIC) and Moat Rating?

ONEOK, Inc. operates in the Energy sector (Oil & Gas Midstream) with an economic moat rating of NARROW. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is ONEOK, Inc.'s financial health rating and Piotroski F-Score?

ONEOK, Inc.'s balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor ONEOK, Inc. (OKE) for quarterly SEC filing thesis breaks?

LocalAlpha audits ONEOK, Inc.'s 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksOKE

OKE

ONEOK, Inc.Energy / Oil & Gas MidstreamINTACT

ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, Gulf Coast region, and Rocky Mountain regions; and provides midstream services to producers of NGLs. It also owns NGL gathering and distribution pipelines, fractionation, terminal and storage facilities; and transports refined products, including gasoline, diesel fuel, aviation fuel, kerosene, and heating oil. In addition, the company transports and stores natural gas through regulated interstate and intrastate natural gas transmission pipelines, and natural gas storage facilities; it owns and operates a parking garage in downtown Tulsa, Oklahoma; and leases buildings, warehouses, office space, land, and equipment, including pipeline equipment, pipeline capacity, rail cars, and information technology equipment. Further, the company transports, stores, and distributes refined products, purity NGLs, and crude oil, as well as conducts commodity-related activities, including liquids blending and marketing activities. It serves integrated and independent exploration and production companies; other NGL and natural gas gathering and processing companies; crude oil and natural gas production companies; utilities; industrial companies; natural gasoline distributors; propane distributors; municipalities; ethanol producers; petrochemical, refining, and marketing companies; and diluent users, refineries, and exporters. ONEOK, Inc. was founded in 1906 and is headquartered in Tulsa, Oklahoma.

Share Price

$96.72

52W: $64.02 - $99.85

DCF Fair Value

$0.00

0% Premium

Thesis Hub

P/E (TTM)

16.7x

ROIC

10%

Operating Margin

13.3%

FCF Yield

1.5%

Debt / Equity

1.43x

Piotroski Score

5/9

Altman Z-Score

3.01

Market Cap

$60.9B

Price vs. Intrinsic Value Corridor

Fair Value Range

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

Valuation Overlays:0 Revised Graham ($98.19) Graham Number ($68.85)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$96.72

DCF Fair Value

$0.00

-100% Premium

Starting Free Cash Flow ($M)$900M

$100M$900M (Reported)$50,000M

Stage 1 Growth (Years 1-5)6.7%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)$32,800M

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$7.8B

PV of Terminal Value

$10.3B

Implied Enterprise Value

$18.1B

Implied Equity Value

$-14.7B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$960	$1,025	$1,093	$1,167	$1,245	$1,301	$1,359	$1,420	$1,484	$1,551
Present Value (PV)	$881	$862	$844	$826	$809	$776	$744	$713	$683	$655

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number-40.5% Premium

$68.85

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

EPS: $5.79BVPS: $36.39

Revised Graham Formula+1.5%

$98.19

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings1.4% Yield

$1.36 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $0.9BYield: 1.4%

Reverse DCF: Market Growth Expectation

HIGH BARRIER

21.9% CAGR (Next 10 Yrs)

At the current price of $96.72, the market is assuming the business will compound Free Cash Flow at 21.9% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

⚠ High expectations: Leaves minimal margin of safety for operational hiccups.

Autonomous Thesis Underwriting

Surveil OKE with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for ONEOK, Inc.. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 13.3% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: ONEOK, Inc. (OKE) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for ONEOK, Inc..

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, ONEOK, Inc. has an estimated DCF intrinsic fair value of $0.00 per share compared to its current market price of $96.72. This represents an estimated 0.0% margin of safety (trading below fair value). Additionally, its classic Benjamin Graham Number stands at $68.85.