Question 1

What is ONEOK's P/FCF ratio?

Accepted Answer

ONEOK (OKE) P/FCF ratio is 25.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for ONEOK?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For ONEOK specifically, the relevant sector benchmark is the current sector median of 22.1×.

Question 5

Is ONEOK's P/FCF ratio high or low?

Accepted Answer

ONEOK's P/FCF ratio of 25.8× is above its own 5-year average of 17.1× and above the sector median of 22.1×. That places the current reading at the 98th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, ONEOK (OKE) P/FCF ratio has ranged from a low of 1.5× in 2003 to a high of 491.0× in 2018. The 5-year average is 17.1× and the 5-year median is 17.5×.

Question 7

What was ONEOK's P/FCF ratio in 2025?

Accepted Answer

ONEOK (OKE) P/FCF ratio at the end of 2025 was 18.9×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does ONEOK's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$46.3B	$2.45B	18.9×	-1.6×	Dec 31, 2025
2024	$58.9B	$2.87B	20.5×	+6.0×	Dec 31, 2024
2023	$41B	$2.83B	14.5×	-2.8×	Dec 31, 2023
2022	$29.4B	$1.7B	17.3×	+3.1×	Dec 31, 2022
2021	$26.2B	$1.85B	14.2×	—	Dec 31, 2021
2020	$17.1B	-$296M	—	—	Dec 31, 2020
2019	$31.3B	-$1.9B	—	—	Dec 31, 2019
2018	$22.2B	$45.2M	491.0×	+464.9×	Dec 31, 2018
2017	$20.9B	$803M	26.0×	+9.3×	Dec 31, 2017
2016	$12.1B	$727M	16.7×	—	Dec 31, 2016
2015	$5.19B	-$181M	—	—	Dec 31, 2015
2014	$10.4B	-$494M	—	—	Dec 31, 2014
2013	$11.2B	-$962M	—	—	Dec 31, 2013
2012	$7.66B	-$875M	—	—	Dec 31, 2012
2011	$7.82B	$23.9M	327.1×	+306.6×	Dec 31, 2011
2010	$5.17B	$251M	20.6×	+14.4×	Dec 31, 2010
2009	$4.11B	$661M	6.2×	—	Dec 31, 2009
2008	$2.67B	-$997M	—	—	Dec 31, 2008
2007	$4.07B	$146M	27.9×	+19.5×	Dec 31, 2007
2006	$4.16B	$497M	8.4×	—	Dec 31, 2006
2005	$2.5B	-$430M	—	—	Dec 31, 2005
2004	$2.57B	-$59.3M	—	—	Dec 31, 2004
2003	$1.92B	-$211M	—	—	Dec 31, 2003
2002	$1.41B	$602M	2.3×	—	Dec 31, 2002


Phillips 66 (PSX)	615.5×
Targa Resources (TRGP)	205.8×
Williams Companies (WMB)	123.3×
Enbridge (ENB)	73.7×
Texas Pacific Land (TPL)	66.3×
Diamondback Energy (FANG)	35.1×
Enphase Energy (ENPH)	34.2×
Chevron (CVX)	30.6×
National Fuel Gas (NFG)	29.1×
Baker Hughes (BKR)	26.4×
EOG Resources (EOG)	18.9×
Energy Transfer LP (ET)	18.2×
Occidental Petroleum (OXY)	17.8×
SLB (SLB)	16.5×
Halliburton (HAL)	16.5×
Marathon Petroleum (MPC)	12.6×
Valero Energy (VLO)	12.4×
Devon Energy (DVN)	11.9×
ConocoPhillips (COP)	10.5×
APA (APA)	10.1×
Expand Energy (EXE)	9.2×

P/FCF Ratio for ONEOK (OKE) 2002-2026

P/FCF Ratio daily chart for ONEOK (OKE)

Historical P/FCF Ratio for ONEOK (OKE) from 2002 to 2025

About P/FCF Ratio at ONEOK (OKE)

ONEOK P/FCF Ratio by Year

ONEOK P/FCF Ratio 2025: 18.9×

ONEOK P/FCF Ratio 2024: 20.5×

ONEOK P/FCF Ratio 2023: 14.5×

ONEOK P/FCF Ratio 2022: 17.3×

ONEOK P/FCF Ratio 2021: 14.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

ONEOK (OKE) Key Financials