OKE
ONEOK, Inc.
Energy · Oil & Gas Midstream · United States · Stock
Score Breakdown
Scored for Aggressive Growth profile
Sub-scores are 0–20 each; Model Score is weighted by your selected investment goal. How it works →
Why Ranked Here
- The growth factor was the strongest contributor, driven by the exceptional +55.0% revenue increase from FY2024 to FY2025, though the modest +4.8% EPS gain tempered the score.
- Profitability was solid with a 17.1% operating margin and 10.1% net margin in FY2025, but a 5.1% return on assets constrained that factor from reaching its upper range.
- The dividend factor was weighed down by a 76.1% payout ratio in FY2025, and the absence of any macro theme assignment meant no thematic tailwind was applied to the composite score.
Why Not Higher
- Earnings momentum weakened in 2026Q1, with net income falling to $774,000,000 from $977,000,000 in 2025Q4, creating mixed signals that held the momentum factor to a mid-range score.
- The high dividend payout ratio of 76.1% in FY2025 and the lack of a macro theme assignment both weighed on the composite, preventing a higher overall score.
Data Confidence
10 / 10
Very High — full data coverage
Why This Score
Grounded in figures from this company's SEC EDGAR filings — not a restatement of the score itself.
Revenue grew from FY2024's $21,698,000,000 to FY2025's $33,629,000,000, a gain of +55.0%. Net income rose +11.8% over the same period, from FY2024's $3,035,000,000 to FY2025's $3,393,000,000, while diluted EPS increased +4.8% from FY2024's $5.17 to FY2025's $5.42.
The model rewarded the exceptional top-line expansion of +55.0% from FY2024 to FY2025 most heavily, while the more modest earnings-per-share gain of +4.8% over the same period tempered the score slightly below the maximum.
In FY2025, ONEOK reported an operating margin of 17.1%, a net margin of 10.1%, and a return on assets of 5.1%.
The model recognized a solid operating margin and a double-digit net margin in FY2025 as positive signals, but the relatively modest return on assets of 5.1% in FY2025 likely constrained the score from reaching the upper range.
Filing evidence currently available does not support a more specific explanation for this factor.
Revenue showed consistent sequential growth across the last four quarters: $7,887,000,000 in 2025Q2, $8,634,000,000 in 2025Q3, $9,065,000,000 in 2025Q4, and $9,618,000,000 in 2026Q1. However, net income decelerated in the most recent quarter, falling to $774,000,000 in 2026Q1 from $977,000,000 in 2025Q4, and operating income similarly dipped to $1,428,000,000 in 2026Q1 after peaking at $1,558,000,000 in 2025Q3.
The model appears to have balanced the positive revenue trajectory against the earnings-level pullback in 2026Q1, resulting in a mid-range momentum score that reflects mixed directional signals across the top and bottom lines.
ONEOK's dividends per share have risen each year from FY2022's $3.74 to FY2023's $3.82, FY2024's $3.96, and FY2025's $4.12, but the dividend payout ratio stood at 76.1% of net income in FY2025.
The model recognized the consistent multi-year dividend growth trend as a positive attribute, but the high payout ratio of 76.1% in FY2025 signals limited retained earnings and reduced financial flexibility, which likely weighed on the score.
ONEOK is not currently assigned to any of the 24 tracked macro themes.
The absence of a macro theme assignment means the model did not apply any thematic tailwind to this security's score; this reflects the current classification state and should not be read as a negative signal about the company.
Research Summary
AI-generated analysis reflects data and conditions as of the report date shown above. Verify any specific figures through primary sources before acting on this analysis.
ONEOK posted exceptional top-line growth of +55.0% from FY2024 to FY2025, lifting revenue to $33,629,000,000, though net income and diluted EPS grew more modestly at +11.8% and +4.8% respectively over the same period. Profitability metrics in FY2025 were solid, with a 17.1% operating margin and 10.1% net margin, but a return on assets of 5.1% reflects the capital-intensive nature of the business. Quarterly revenue momentum has been consistently positive, yet earnings pulled back in 2026Q1, and a dividend payout ratio of 76.1% in FY2025 limits financial flexibility. The composite score of 51.3/100 and a Medium risk rating reflect a company with genuine strengths but meaningful constraints that warrant further research.
Plain English
ONEOK grew its revenue dramatically in the last fiscal year, but profits didn't keep pace, and the company pays out most of its earnings as dividends, leaving less cushion for unexpected challenges — so it scores in the middle of the pack and deserves a closer look before drawing conclusions.
Bull Case vs. Bear Case
Bull Case
- Revenue surged +55.0% from FY2024 to FY2025, reaching $33,629,000,000, signaling strong top-line expansion that the model rewarded heavily.
- ONEOK maintained a 17.1% operating margin and a double-digit net margin of 10.1% in FY2025, demonstrating solid profitability on a large revenue base.
- Quarterly revenue has grown consistently across the last four reported quarters, from $7,887,000,000 in 2025Q2 to $9,618,000,000 in 2026Q1, reflecting durable demand.
Bear Case
- Despite the large revenue jump, diluted EPS rose only +4.8% from FY2024 to FY2025, suggesting that earnings growth is not keeping pace with top-line expansion.
- Net income fell to $774,000,000 in 2026Q1 from a peak of $977,000,000 in 2025Q4, introducing uncertainty about whether earnings momentum can be sustained.
- A dividend payout ratio of 76.1% in FY2025 leaves limited retained earnings, reducing the company's financial flexibility to invest or absorb shocks.
What Could Change the Picture
Bullish Triggers
- A sustained recovery in quarterly net income back toward or above the $977,000,000 level seen in 2025Q4 would signal that the 2026Q1 earnings dip was temporary rather than structural.
- Improvement in return on assets above the current 5.1% in FY2025 would indicate the company is deploying its large asset base of $66,641,000,000 more efficiently.
Bearish Triggers
- A reversal in the consistent quarterly revenue growth trend — which has risen each quarter from 2025Q2 through 2026Q1 — would undermine the primary bull case for the stock.
- Further increases in the dividend payout ratio beyond the already-elevated 76.1% in FY2025 would signal mounting pressure on financial flexibility and retained earnings.
Risk Profile
Medium RiskThe earnings-level pullback in 2026Q1 — with net income declining to $774,000,000 after peaking at $977,000,000 in 2025Q4 — introduces near-term uncertainty, and the company's large total asset base of $66,641,000,000 means that even modest shifts in asset efficiency can have meaningful effects on returns.
This report is for educational and research purposes only. It does not constitute financial, investment, legal, or tax advice — always conduct your own due diligence before making investment decisions.