Financials Oneok, Inc.

Equities

OKE

US6826801036

Oil & Gas Transportation Services

Market Closed - Nyse Other stock markets 16:00:02 2025-06-13 EDT			5-day change	1st Jan Change
83.75 ^USD	+1.33%		+2.48%	-16.58%

06-05	Scotiabank Adjusts Price Target on ONEOK to $93 From $96, Maintains Sector Outperform Rating	MT
06-04	Deals of the day-Mergers and acquisitions	RE

Projected Income Statement: Oneok, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	8,542	16,540	22,387	17,677	21,698	25,326	29,986	32,515
Change	-	93.63%	35.35%	-21.04%	22.75%	16.72%	18.4%	8.43%
EBITDA ¹	2,724	3,380	3,620	5,243	6,784	8,179	8,827	9,263
Change	-	24.08%	7.1%	44.85%	29.39%	20.56%	7.92%	4.94%
EBIT ¹	1,361	2,596	2,807	4,072	4,989	6,196	6,751	7,166
Change	-	90.71%	8.13%	45.05%	22.52%	24.18%	8.96%	6.15%
Interest Paid ¹	-712.9	-732.9	-675.9	-866	-1,371	-1,758	-1,718	-1,671
Earnings before Tax (EBT) ¹	802.3	1,984	2,250	3,497	4,110	4,739	5,231	5,571
Change	-	147.31%	13.38%	55.45%	17.53%	15.31%	10.37%	6.5%
Net income ¹	611.7	1,500	1,721	2,658	3,034	3,380	3,931	4,262
Change	-	145.17%	14.76%	54.43%	14.15%	11.42%	16.28%	8.42%
Announcement Date	2/22/21	2/28/22	2/27/23	2/26/24	2/24/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	1,661	2,174	2,571	3,195	3,389	4,536	5,420	5,445	5,997	5,914	5,032	4,521	3,732	4,189	5,235	4,781	4,894	5,023	7,000	8,043	7,217	7,533	8,038	7,645	7,692	8,006	8,633	7,738
Change	-	30.92%	18.23%	24.28%	6.08%	33.85%	19.49%	0.44%	10.14%	-1.39%	-14.91%	-10.16%	-17.45%	12.25%	24.97%	-8.67%	2.36%	2.64%	39.36%	14.9%	-10.27%	4.38%	6.7%	-4.88%	0.61%	4.09%	7.83%	-10.37%
EBITDA ¹	533.9	747	742	866.4	801.5	865.2	846.6	863.9	886	902.4	967.4	1,717	971	1,001	1,514	1,440	1,624	1,545	2,174	1,775	2,033	2,129	2,216	2,148	2,158	2,223	2,295	2,206
Change	-	39.91%	-0.67%	16.77%	-7.49%	7.95%	-2.15%	2.04%	2.56%	1.85%	7.2%	77.49%	-43.45%	3.09%	51.25%	-4.89%	12.78%	-4.86%	40.71%	-18.35%	14.55%	4.73%	4.09%	-3.08%	0.44%	3.03%	3.24%	-3.89%
EBIT ¹	355.7	550.4	538.7	664.7	611.5	667.9	652.2	662.5	689	699.2	756.8	1,497	737	739	1,099	1,064	1,229	1,128	1,568	1,220	1,467	1,567	1,659	1,642	1,520	1,583	1,781	1,754
Change	-	54.74%	-2.13%	23.39%	-8%	9.22%	-2.34%	1.58%	4%	1.48%	8.24%	97.81%	-50.77%	0.27%	48.71%	-3.18%	15.51%	-8.22%	39.01%	-22.19%	20.23%	6.86%	5.85%	-1.04%	-7.4%	4.11%	12.49%	-1.51%
Charge d'intérêts ¹	-219	-176.4	-176.9	-185.5	-185	-184	-178.4	-172.1	-170.8	-166.9	-166.2	-166	-180	-215	-305	-300	-298	-325	-448	-442	-441.1	-439.4	-438.1	-432.2	-430.4	-422.3	-417.8	-404.2
Earnings before Tax (EBT) ¹	177.5	418.9	403.2	508.3	452.2	513.9	509.8	513.6	545.1	563.9	627.1	1,379	613	595	910	847	1,023	912	1,328	888	1,132	1,278	1,437	1,235	1,245	1,333	1,477	1,284
Change	-	136.04%	-3.73%	26.06%	-11.04%	13.65%	-0.81%	0.75%	6.13%	3.45%	11.21%	119.91%	-55.55%	-2.94%	52.94%	-6.92%	20.78%	-10.85%	45.61%	-33.13%	27.47%	12.88%	12.5%	-14.11%	0.83%	7.06%	10.8%	-13.01%
Net income ¹	134	312	307.8	385.9	342.1	391.7	379.4	390.9	414.1	431.5	484.6	1,049	468	453	688	639	780	692	923	636	797.3	865.2	933.8	1,013	872.4	933.1	1,094	1,075
Change	-	132.79%	-1.37%	25.39%	-11.35%	14.51%	-3.15%	3.03%	5.94%	4.2%	12.32%	116.45%	-55.39%	-3.21%	51.88%	-7.12%	22.07%	-11.28%	33.38%	-31.09%	25.37%	8.52%	7.93%	8.5%	-13.89%	6.96%	17.19%	-1.72%
Announcement Date	7/28/20	10/27/20	2/22/21	4/27/21	8/3/21	11/2/21	2/28/22	5/3/22	8/8/22	11/1/22	2/27/23	5/2/23	8/7/23	10/31/23	2/26/24	4/30/24	8/5/24	10/29/24	2/24/25	4/29/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Oneok, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	13,712	13,497	13,401	21,329	31,344	32,140	30,730	29,770
Change	-	-1.57%	-0.71%	59.16%	46.95%	2.54%	-4.39%	-3.12%
Announcement Date	2/22/21	2/28/22	2/27/23	2/26/24	2/24/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Oneok, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	2,195	696.9	1,202	1,595	2,021	2,919	2,522	2,661
Change	-	-68.26%	72.5%	32.68%	26.71%	44.43%	-13.59%	5.51%
Free Cash Flow (FCF) ¹	-296.3	1,849	1,703	2,826	2,867	3,727	4,779	4,706
Change	-	724.14%	-7.93%	65.96%	1.45%	30%	28.22%	-1.51%
Announcement Date	2/22/21	2/28/22	2/27/23	2/26/24	2/24/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Oneok, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	31.89%	20.43%	16.17%	29.66%	31.27%	32.29%	29.44%	28.49%
EBIT Margin (%)	15.94%	15.7%	12.54%	23.04%	22.99%	24.46%	22.51%	22.04%
EBT Margin (%)	9.39%	12%	10.05%	19.78%	18.94%	18.71%	17.44%	17.13%
Net margin (%)	7.16%	9.07%	7.69%	15.04%	13.98%	13.35%	13.11%	13.11%
FCF margin (%)	-3.47%	11.18%	7.61%	15.99%	13.21%	14.72%	15.94%	14.47%
FCF / Net Income (%)	-48.44%	123.32%	98.94%	106.32%	94.5%	110.26%	121.58%	110.44%
Profitability
ROA	2.73%	6.42%	7.18%	7.74%	5.6%	5.2%	5.9%	6.2%
ROE	9.99%	24.86%	27.53%	23.14%	18.1%	16.93%	17.63%	18.25%
Financial Health
Leverage (Debt/EBITDA)	5.03x	3.99x	3.7x	4.07x	4.62x	3.93x	3.48x	3.21x
Debt / Free cash flow	-46.27x	7.3x	7.87x	7.55x	10.93x	8.62x	6.43x	6.33x
Capital Intensity
CAPEX / Current Assets (%)	25.7%	4.21%	5.37%	9.02%	9.31%	11.53%	8.41%	8.18%
CAPEX / EBITDA (%)	80.6%	20.62%	33.21%	30.42%	29.79%	35.69%	28.58%	28.73%
CAPEX / FCF (%)	-740.9%	37.68%	70.6%	56.44%	70.49%	78.32%	52.78%	56.55%
Items per share
Cash flow per share ¹	4.398	5.691	6.48	9.108	8.334	7.528	8.463	-
Change	-	29.4%	13.86%	40.56%	-8.5%	-9.67%	12.42%	-
Dividend per Share ¹	3.74	3.74	3.74	3.82	3.96	4.146	4.322	4.518
Change	-	0%	0%	2.14%	3.66%	4.7%	4.24%	4.54%
Book Value Per Share ¹	13.58	13.48	14.52	28.27	29.22	36.86	36.2	37.89
Change	-	-0.73%	7.71%	94.66%	3.35%	26.16%	-1.78%	4.66%
EPS ¹	1.42	3.35	3.84	5.48	5.17	5.426	6.262	6.773
Change	-	135.92%	14.63%	42.71%	-5.66%	4.95%	15.4%	8.17%
Nbr of stocks (in thousands)	444,397	445,937	446,954	582,551	584,251	629,544	629,544	629,544
Announcement Date	2/22/21	2/28/22	2/27/23	2/26/24	2/24/25	-	-	-