What is Oneok Inc worth?
With the base-case assumptions below, a discounted cash flow model on Oneok Inc's reported free cash flow gives $84.09 per share. The share price was $86.83 on November 10, 2026, 3% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $33.41 | -62% |
| Base | 15.0% | 9.0% | $84.09 | -3% |
| Bull | 20.0% | 8.0% | $178.47 | +106% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $122.47 | $134.43 | $149.06 | $167.34 | $190.84 |
| 8.0% | $93.64 | $101.40 | $110.57 | $121.57 | $135.02 |
| 9.0% | $72.66 | $77.97 | $84.09 | $91.23 | $99.67 |
| 10.0% | $56.76 | $60.53 | $64.81 | $69.70 | $75.33 |
| 11.0% | $44.32 | $47.08 | $50.17 | $53.65 | $57.59 |
Where the presets come from
Base: years 1 to 5 grow at Oneok Inc's revenue growth rate over the last 5 fiscal years (31.5% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions