Name: ONEOK Inc. (NYSE:OKE) | Common-Size Assets
Creator: Stock Analysis on Net

Common-Size Balance Sheet: Assets

ONEOK Inc., common-size consolidated balance sheet: assets

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Cash and cash equivalents	0.90%	0.62%	2.27%	0.10%	0.07%
Accounts receivable, net	6.29%	6.10%	3.60%	3.83%	4.49%
Inventory	2.38%	2.46%	1.61%	2.32%	2.40%
Commodity imbalances	0.18%	0.17%	0.05%	0.12%	0.16%
Other current assets	0.70%	0.70%	0.57%	0.38%	0.55%
Current assets	10.45%	10.05%	8.10%	6.74%	7.67%
Net property, plant and equipment	81.84%	81.79%	83.00%	84.12%	80.99%
Investments in unconsolidated affiliates	3.29%	3.38%	3.49%	3.95%	5.32%
Goodwill and net intangible assets	3.09%	3.23%	3.35%	4.39%	5.30%
Other assets	1.33%	1.55%	2.06%	0.80%	0.71%
Investments and other assets	7.71%	8.16%	8.90%	9.14%	11.33%
Noncurrent assets	89.55%	89.95%	91.90%	93.26%	92.33%
Total assets	100.00%	100.00%	100.00%	100.00%	100.00%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

The asset structure is characterized by a heavy concentration in noncurrent assets, specifically net property, plant, and equipment, which consistently represents the vast majority of the total asset base. Over the five-year period from 2018 to 2022, a gradual shift in composition is evident, marked by a modest increase in the proportion of current assets and a corresponding decline in the relative weight of noncurrent assets.

Current Asset Trends: Current assets as a percentage of total assets grew from 7.67% in 2018 to 10.45% in 2022. This increase is largely attributable to a rise in net accounts receivable, which moved from 4.49% in 2018 to 6.29% in 2022. Cash and cash equivalents remained a small fraction of the balance sheet, although a temporary increase to 2.27% was observed in 2020 before returning to levels below 1% in subsequent years. Inventory levels remained relatively stable, fluctuating within a narrow band between 1.61% and 2.46%.
Fixed Asset Dominance: Net property, plant, and equipment serves as the primary asset driver, maintaining a dominant position throughout the period. After peaking at 84.12% of total assets in 2019, this figure settled at 81.84% by 2022. The consistency of this ratio underscores a capital-intensive operational model centered on long-term physical infrastructure.
Long-term Investments and Intangibles: A steady downward trend is observed in both investments in unconsolidated affiliates and goodwill and net intangible assets. Investments in affiliates decreased from 5.32% in 2018 to 3.29% in 2022, while goodwill and net intangibles fell from 5.30% to 3.09% over the same timeframe. This indicates a reduction in the relative weight of acquired intangibles and external affiliate holdings relative to the total asset base.
Aggregate Asset Shift: The total proportion of noncurrent assets declined from 92.33% in 2018 to 89.55% in 2022. This contraction, combined with the expansion of current assets, indicates a slight increase in the relative liquidity of the asset base, even as the company remains overwhelmingly weighted toward long-term infrastructure investments.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?