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ONEOK, Inc.(OKE)

F

Financial data as of Dec 31, 2025Declining · Energy

FCF Margin7.3%Free Cash Flow / Revenue
Cash Conversion165.0%Operating CF / Net Income
Free Cash Flow$2.4B
Revenue$33.6B
Net Cash-$32.7BNet debt position
Debt / FCF13.4xElevated debt burden
Current Ratio0.71Tight short-term liquidity
YoY FCF Growth-45.1%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseB
→
-2Very high debt-to-FCF ratio (13.4x)
→
-1Current ratio below 1.0 (0.71)
→
-1Significant YoY FCF decline (-45.1%)
→
FinalF

Analysis Summary

Strengths

  • Excellent cash conversion (165%)

Concerns

  • Low FCF margin (7.3%)
  • Heavy debt position ($32.7B net debt, 13.4x FCF)
  • High debt-to-FCF ratio (13.4x)
  • Current ratio below 1.0 — tight short-term liquidity
  • Significant YoY FCF decline (-45.1%)

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin7.3%
Net Margin10.1%
Operating CF Margin16.6%
CapEx Ratio9.4%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$32.7BNet debt position
Debt / FCF13.4xElevated debt burden
Current Ratio0.71Tight liquidity
Debt / Equity1.46Moderate leverage

Quarterly FCF Trend

-45.1% YoYDeclining (-45.1%)

Free cash flow per quarter

Sector Comparison — Energy

FCF Margin ranked against sector peers

View all →

Detailed Metrics

Company NameONEOK, Inc.
SectorEnergy
Free Cash Flow$2.4B
Revenue$33.6B
Net Income$3.4B
Operating Cash Flow$5.6B
Capital Expenditure$3.2B
FCF Margin7.3%
Cash Conversion Rate165.0%
Net Margin10.1%
Total Debt$32.8B
Total Cash$78.0M
Net Cash-$32.7B
Current Ratio0.71
Debt / Equity1.46
Debt / FCF13.4x
YoY FCF Growth-45.1%
Positive Quarters5 of 5
Trend DirectionDeclining
Report DateDec 31, 2025
GradeF
Data SourceYahoo Finance