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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Net Profit Margin since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Calculation
Debt to equity | = | Short-term borrowings and long-term debt1 | ÷ | Total ONEOK shareholders’ equity1 | |
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Dec 31, 2022 | = | ÷ | |||
Dec 31, 2021 | = | ÷ | |||
Dec 31, 2020 | = | ÷ | |||
Dec 31, 2019 | = | ÷ | |||
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Dec 31, 2017 | = | ÷ | |||
Dec 31, 2016 | = | ÷ | |||
Dec 31, 2015 | = | ÷ | |||
Dec 31, 2014 | = | ÷ | |||
Dec 31, 2013 | = | ÷ | |||
Dec 31, 2012 | = | ÷ | |||
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Dec 31, 2006 | = | ÷ | |||
Dec 31, 2005 | = | ÷ |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
- Debt Levels
- The company's combined short-term borrowings and long-term debt exhibit an overall upward trend from 2005 through 2022. The amount increased from approximately $3.57 billion in 2005 to around $13.62 billion in 2022. There are notable increments in certain years, particularly from 2018 to 2020, where debt rose markedly from about $9.38 billion to over $12.7 billion in 2019 and continued growing to approximately $14.2 billion in 2020, before stabilizing around $13.6 billion in subsequent years.
- Shareholders’ Equity
- Shareholders’ equity shows considerable fluctuations over the period. From 2005 to 2011, it ranged between roughly $1.8 billion and $2.4 billion, but then dropped significantly to under $600 million by 2013 and reached a low point around $188 million in 2016. Post-2016, equity experienced strong recovery and growth, particularly from 2017 onwards, climbing to over $6.5 billion in 2018 and maintaining levels around $6 billion through to 2022. This recovery signifies substantial changes possibly related to retained earnings or capital structure adjustments.
- Debt-to-Equity Ratio
- The debt-to-equity ratio reveals significant volatility. Starting at 1.99 in 2005, the ratio fluctuated, peaking between 13.95 and 50.02 in the period 2013 to 2016, indicating extremely high leverage relative to the equity base. This aligns with the sharp decline in equity during the same years. After 2016, the ratio sharply decreased to values between 1.43 and 2.36, suggesting a dramatic deleveraging or equity base strengthening, consistent with the increase in shareholders’ equity observed from 2017 onward. In recent years through 2022, the ratio stabilized around 2.1, reflecting a more balanced capital structure compared to the volatility experienced in earlier years.
- Overall Insights
- The data reflects a period of financial instability and restructuring during the early 2010s, as evidenced by plummeting equity and soaring leverage levels. Subsequently, there appears to be a recovery phase starting around 2017, marked by a rising equity base and declining leverage. Despite increasing levels of absolute debt, the improved equity position has brought the debt-to-equity ratio to more moderate and stable levels. This suggests improved financial health and possibly strategic capital management actions taken by the company to strengthen its balance sheet in the latter part of the timeline.
Comparison to Competitors
ONEOK Inc. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
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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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
ONEOK Inc. | Oil, Gas & Consumable Fuels | |
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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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
ONEOK Inc. | Energy | |
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Dec 31, 2022 | ||
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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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).