The business behind the dividend
| Measure | OKE | Median | Formula |
|---|---|---|---|
| Return on equity | 15.1% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 10.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.75bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $2.45bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 17.1% | 15.0% | Operating income ÷ revenue |
| Net margin | 10.1% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.42x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.22x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.71x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.65x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 15.1% | 17.8% | 16.1% | 26.5% | 24.9% | 10.1% | 20.5% | 17.5% | 7.0% | 186.5% | 17.5% |
| Return on capital employed | 10.5% | 10.2% | 10.7% | 14.0% | 13.2% | 6.7% | 10.2% | 11.5% | 9.9% | 15.2% | 10.5% |
| Operating margin | 17.1% | 23.0% | 23.0% | 12.5% | 15.7% | 15.9% | 18.8% | 14.6% | 11.4% | 14.5% | 15.7% |
| Net margin | 10.1% | 14.0% | 15.0% | 7.7% | 9.1% | 7.2% | 12.6% | 9.1% | 3.2% | 3.9% | 9.1% |
| Debt to equity | 1.42x | 1.88x | 1.31x | 2.10x | 2.27x | 2.36x | 2.01x | 1.43x | 1.54x | 44.14x | 1.88x |
| Current ratio | 0.71x | 0.90x | 0.90x | 0.84x | 0.75x | 1.39x | 0.73x | 0.66x | 0.66x | 0.50x | 0.73x |
| Cash conversion | 1.65x | 1.61x | 1.66x | 1.69x | 1.70x | 3.10x | 1.52x | 1.90x | 3.39x | 3.84x | 1.69x |
How it compares in utilities
Among the 57 utilities companies here measured on GAAP earnings, Oneok pays out less than 11 of them. The median for that group is 61.5%, against this company’s 76.0%.
Closest on GAAP earnings
- Portland General Electric (POR) 74.9%
- Southern (SO) 75.0%
- DT Midstream (DTM) 76.3%
- Dominion Energy (D) 77.4%
Same sector and same denominator, so the figures are comparable. All 58 in utilities →