Question 1

What is ONEOK's P/B ratio?

Accepted Answer

ONEOK (OKE) P/B ratio is 2.5× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. 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/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for ONEOK?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For ONEOK specifically, the relevant sector benchmark is the current sector median of 2.4×.

Question 5

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

Accepted Answer

ONEOK's P/B ratio of 2.5× is below its own 5-year average of 3.3× and above the sector median of 2.4×. 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 P/B ratio range?

Accepted Answer

In the available daily series, ONEOK (OKE) P/B ratio has ranged from a low of 1.0× in 2009 to a high of 64.3× in 2016. The 5-year average is 3.3× and the 5-year median is 3.3×.

Question 7

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

Accepted Answer

ONEOK (OKE) P/B ratio at the end of 2025 was 2.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

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

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). 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	$22.48B	2.1×	-1.4×	Dec 31, 2025
2024	$58.88B	$17.04B	3.5×	+1.0×	Dec 31, 2024
2023	$40.97B	$16.48B	2.5×	-2.0×	Dec 31, 2023
2022	$29.42B	$6.49B	4.5×	+0.2×	Dec 31, 2022
2021	$26.24B	$6.02B	4.4×	+1.5×	Dec 31, 2021
2020	$17.08B	$6.04B	2.8×	-2.2×	Dec 31, 2020
2019	$31.32B	$6.23B	5.0×	+1.7×	Dec 31, 2019
2018	$22.21B	$6.58B	3.4×	-0.4×	Dec 31, 2018
2017	$20.90B	$5.53B	3.8×	-60.5×	Dec 31, 2017
2016	$12.14B	$188.75M	64.3×	+48.8×	Dec 31, 2016
2015	$5.19B	$335.80M	15.5×	-2.2×	Dec 31, 2015
2014	$10.43B	$592.12M	17.6×	+12.8×	Dec 31, 2014
2013	$11.23B	$2.34B	4.8×	+1.2×	Dec 31, 2013
2012	$7.66B	$2.13B	3.6×	+0.1×	Dec 31, 2012
2011	$7.82B	$2.24B	3.5×	+1.4×	Dec 31, 2011
2010	$5.17B	$2.45B	2.1×	+0.2×	Dec 31, 2010
2009	$4.11B	$2.21B	1.9×	+0.6×	Dec 31, 2009
2008	$2.67B	$2.09B	1.3×	-0.8×	Dec 31, 2008
2007	$4.07B	$1.97B	2.1×	+0.2×	Dec 31, 2007
2006	$4.16B	$2.22B	1.9×	+0.5×	Dec 31, 2006
2005	$2.50B	$1.79B	1.4×	-0.2×	Dec 31, 2005
2004	$2.57B	$1.61B	1.6×	+0.1×	Dec 31, 2004
2003	$1.92B	$1.24B	1.5×	+0.5×	Dec 31, 2003
2002	$1.41B	$1.37B	1.0×	-0.2×	Dec 31, 2002
2001	$1.56B	$1.27B	1.2×	—	Dec 31, 2001


Williams Companies (WMB)	6.9×
Enphase Energy (ENPH)	4.5×
Marathon Petroleum (MPC)	4.3×
Baker Hughes (BKR)	3.1×
Valero Energy (VLO)	3.1×
Halliburton (HAL)	3.0×
SLB (SLB)	2.9×
Exxon Mobil (XOM)	2.8×
Phillips 66 (PSX)	2.6×
ConocoPhillips (COP)	2.5×
EOG Resources (EOG)	2.5×
Kinder Morgan (KMI)	2.4×
National Fuel Gas (NFG)	2.3×
APA (APA)	2.3×
Chevron (CVX)	2.2×
First Solar (FSLR)	2.1×
Devon Energy (DVN)	2.0×
Energy Transfer LP (ET)	1.9×
Enbridge (ENB)	1.8×
Occidental Petroleum (OXY)	1.6×
EQT (EQT)	1.6×
Diamondback Energy (FANG)	1.5×
Expand Energy (EXE)	1.3×
Sunrun (RUN)	1.0×
NACCO Industries (NC)	0.9×

P/B Ratio for ONEOK (OKE)

P/B Ratio daily chart for ONEOK (OKE)

Historical P/B Ratio for ONEOK (OKE) from 2001 to 2025

About P/B Ratio at ONEOK (OKE)

ONEOK P/B Ratio by Year

ONEOK P/B Ratio 2025: 2.1×

ONEOK P/B Ratio 2024: 3.5×

ONEOK P/B Ratio 2023: 2.5×

ONEOK P/B Ratio 2022: 4.5×

ONEOK P/B Ratio 2021: 4.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

ONEOK (OKE) Key Financials

P/B Ratio daily chart for ONEOK (OKE)

Historical P/B Ratio for ONEOK (OKE) from 2001 to 2025

About P/B Ratio at ONEOK (OKE)

ONEOK P/B Ratio by Year

ONEOK P/B Ratio 2025: 2.1×

ONEOK P/B Ratio 2024: 3.5×

ONEOK P/B Ratio 2023: 2.5×

ONEOK P/B Ratio 2022: 4.5×

ONEOK P/B Ratio 2021: 4.4×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

+What is ONEOK's P/B ratio?

+How is the P/B ratio calculated?

+What is the P/B ratio?

+What is a good P/B ratio for ONEOK?

+Is ONEOK's P/B ratio high or low?

+What is ONEOK's historical P/B ratio range?

+What was ONEOK's P/B ratio in 2025?

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

ONEOK (OKE) Key Financials