Question 1

What is ONEOK's EV/EBITDA ratio?

Accepted Answer

ONEOK (OKE) EV/EBITDA ratio is 11.4× as of June 5, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for ONEOK?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For ONEOK specifically, the relevant sector benchmark is the current sector median of 10.1×.

Question 5

Is ONEOK's EV/EBITDA ratio high or low?

Accepted Answer

ONEOK's EV/EBITDA ratio of 11.4× is below its own 5-year average of 11.9× and above the sector median of 10.1×. That places the current reading at the 26th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is ONEOK's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, ONEOK (OKE) EV/EBITDA ratio has ranged from a low of 5.1× in 2003 to a high of 17.0× in 2018. The 5-year average is 11.9× and the 5-year median is 12.1×.

Question 7

What was ONEOK's EV/EBITDA ratio in 2025?

Accepted Answer

ONEOK (OKE) EV/EBITDA ratio at the end of 2025 was 10.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does ONEOK's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$46.30B	$7.79B	10.2×	-3.5×	Dec 31, 2025
2024	$58.88B	$6.62B	13.7×	+1.5×	Dec 31, 2024
2023	$40.97B	$5.11B	12.2×	+0.0×	Dec 31, 2023
2022	$29.42B	$3.52B	12.2×	+0.1×	Dec 31, 2022
2021	$26.24B	$3.30B	12.1×	-3.4×	Dec 31, 2021
2020	$17.08B	$2.00B	15.4×	-1.5×	Dec 31, 2020
2019	$31.32B	$2.60B	17.0×	+3.8×	Dec 31, 2019
2018	$22.21B	$2.40B	13.2×	-2.7×	Dec 31, 2018
2017	$20.90B	$1.89B	15.8×	+3.6×	Dec 31, 2017
2016	$12.14B	$1.74B	12.3×	+2.4×	Dec 31, 2016
2015	$5.19B	$1.43B	9.8×	-2.8×	Dec 31, 2015
2014	$10.43B	$1.46B	12.7×	-1.7×	Dec 31, 2014
2013	$11.23B	$1.35B	14.3×	+4.6×	Dec 31, 2013
2012	$7.66B	$1.48B	9.7×	+1.3×	Dec 31, 2012
2011	$7.82B	$1.59B	8.4×	+0.2×	Dec 31, 2011
2010	$5.17B	$1.21B	8.2×	+0.9×	Dec 31, 2010
2009	$4.11B	$1.29B	7.3×	-0.1×	Dec 31, 2009
2008	$2.67B	$1.16B	7.5×	-1.0×	Dec 31, 2008
2007	$4.07B	$1.05B	8.5×	+0.2×	Dec 31, 2007
2006	$4.16B	$981.22M	8.3×	-0.1×	Dec 31, 2006
2005	$2.50B	$721.82M	8.4×	+0.6×	Dec 31, 2005
2004	$2.57B	$660.04M	7.8×	+0.4×	Dec 31, 2004
2003	$1.92B	$606.92M	7.4×	+1.0×	Dec 31, 2003
2002	$1.41B	$500.48M	6.4×	-2.4×	Dec 31, 2002
2001	$1.56B	$453.91M	8.8×	—	Dec 31, 2001


Sunrun (RUN)	23.1×
Enphase Energy (ENPH)	22.3×
Williams Companies (WMB)	16.7×
Enbridge (ENB)	14.5×
Kinder Morgan (KMI)	14.1×
Targa Resources (TRGP)	14.0×
Baker Hughes (BKR)	13.6×
Diamondback Energy (FANG)	12.9×
Exxon Mobil (XOM)	12.4×
SLB (SLB)	12.1×
Chevron (CVX)	11.1×
Halliburton (HAL)	10.1×
Energy Transfer LP (ET)	9.3×
Valero Energy (VLO)	8.7×
Marathon Petroleum (MPC)	8.4×
Phillips 66 (PSX)	8.3×
First Solar (FSLR)	8.2×
ConocoPhillips (COP)	8.0×
National Fuel Gas (NFG)	7.4×
Occidental Petroleum (OXY)	6.8×
EOG Resources (EOG)	6.7×
EQT (EQT)	6.1×
Devon Energy (DVN)	5.4×
Expand Energy (EXE)	4.1×
APA (APA)	3.4×

EV/EBITDA for ONEOK (OKE)

EV/EBITDA daily chart for ONEOK (OKE)

Historical EV/EBITDA for ONEOK (OKE) from 2001 to 2025

About EV/EBITDA at ONEOK (OKE)

ONEOK EV/EBITDA by Year

ONEOK EV/EBITDA 2025: 10.2×

ONEOK EV/EBITDA 2024: 13.7×

ONEOK EV/EBITDA 2023: 12.2×

ONEOK EV/EBITDA 2022: 12.2×

ONEOK EV/EBITDA 2021: 12.1×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

ONEOK (OKE) Key Financials

EV/EBITDA daily chart for ONEOK (OKE)

Historical EV/EBITDA for ONEOK (OKE) from 2001 to 2025

About EV/EBITDA at ONEOK (OKE)

ONEOK EV/EBITDA by Year

ONEOK EV/EBITDA 2025: 10.2×

ONEOK EV/EBITDA 2024: 13.7×

ONEOK EV/EBITDA 2023: 12.2×

ONEOK EV/EBITDA 2022: 12.2×

ONEOK EV/EBITDA 2021: 12.1×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

+What is ONEOK's EV/EBITDA ratio?

+How is the EV/EBITDA ratio calculated?

+What is the EV/EBITDA ratio?

+What is a good EV/EBITDA ratio for ONEOK?

+Is ONEOK's EV/EBITDA ratio high or low?

+What is ONEOK's historical EV/EBITDA ratio range?

+What was ONEOK's EV/EBITDA ratio in 2025?

+Why does ONEOK's EV/EBITDA ratio change over time?

ONEOK (OKE) Key Financials