4 models fit ONEOK Inc. Common Stock and they disagree: 1 of 4 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Bronze53
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionONEOK Inc. Common Stock (OKE)
Fair value (4 models)
$59.92
ACCE price target
$95.00
Rating
Overvalued
Horizon
12 months
Fair value published on 24 Oct 2026, 16:06 CEST; previously $64.79 since 12 Oct 2026, 00:00 CEST.
ACCE price target published on 20 Sept 2026, 00:00 CEST.
Rating published on 24 Oct 2026, 16:06 CEST.
Price used: $95.83 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, EV/EBITDA comparison, and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
59.9% above
-37.5% to fair value
ACCE score
74
out of 100
Analysts
41% buy
22 covering
P/E
16.1x
forward 14.5x
1-year return
+37.4%
Dividend yield
4.55%
ONEOK Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
ONEOK operates natural gas and crude oil pipelines, processing facilities, and storage terminals across the US, with particular depth in the Permian and Bakken shales. The company benefits from long-term take-or-pay contracts that lock in volume commitments from producers, creating revenue visibility regardless of commodity price swings. Volumes are growing as Permian production continues to expand and as producers shift away from flaring toward monetizing associated gas through ONEOK's infrastructure. The forward PE of 14.5x sits below the midstream peer average despite 16.3% ROE and 52.8% revenue growth, suggesting the market has not fully priced the structural tailwind from US shale production growth. With crude oil and natural gas production in the Permian expected to grow 5-7% annually over the next five years, ONEOK's contracted cash flows should compound steadily without commodity exposure.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Quality score weakness
Q-score 59/100 is the weakest component of ACCE profile. Suggests operational or earnings quality concerns relative to valuation and growth metrics.
moderate
High leverage in capital structure
Debt/Equity 1.46 is elevated for midstream. Combined with $2.4B FCF, debt service capacity is adequate but leaves limited cushion for downturns or capex spikes.
moderate
Revenue growth sustainability risk
YoY +52.8% and QoQ +25.3% are exceptional. 5y CAGR +31.8% suggests recent acceleration may not persist; reversion to trend would materially slow reported growth.
AI research notes
AI-assisted·How I use AIWritten Oct 11, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 52.8% year over year with a 31.8% five-year average, showing sustained expansion.
Free cash flow of 2.4B dollars supports a 4.7% dividend yield and debt reduction capacity.
Forward P/E of 14.5x trades below the 16.0x sector median, offering valuation upside.
Why it could disappoint
Consensus fair value is 27.9% below the current 89.80 dollar share price across all models.
Debt to equity of 1.46 is elevated, limiting financial flexibility if credit conditions tighten.
Share count rose 7.6% last year while ROIC of 5.0% trails the cost of capital.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 27, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Where OKE's valuation models land
Price
$95.83
Model fair value
$59.92
Model range
$35.27 to $91.73
Fair value $59.92
Price $95.83
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
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Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores