Net Profit Margin
since 2005
Calculation
ONEOK Inc., net profit margin, long-term trends, calculation
| Net profit margin | = | 100 | × | Net income1 | ÷ | Revenues1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 7.69% | = | 100 | × | 1,722,221) | ÷ | 22,386,892) |
| Dec 31, 2021 | 9.07% | = | 100 | × | 1,499,706) | ÷ | 16,540,309) |
| Dec 31, 2020 | 7.17% | = | 100 | × | 612,809) | ÷ | 8,542,242) |
| Dec 31, 2019 | 12.58% | = | 100 | × | 1,278,577) | ÷ | 10,164,367) |
| Dec 31, 2018 | 9.15% | = | 100 | × | 1,151,703) | ÷ | 12,593,196) |
| Dec 31, 2017 | 3.19% | = | 100 | × | 387,841) | ÷ | 12,173,907) |
| Dec 31, 2016 | 3.95% | = | 100 | × | 352,039) | ÷ | 8,920,934) |
| Dec 31, 2015 | 3.16% | = | 100 | × | 244,977) | ÷ | 7,763,206) |
| Dec 31, 2014 | 2.58% | = | 100 | × | 314,107) | ÷ | 12,195,091) |
| Dec 31, 2013 | 1.83% | = | 100 | × | 266,533) | ÷ | 14,602,717) |
| Dec 31, 2012 | 2.85% | = | 100 | × | 360,619) | ÷ | 12,632,559) |
| Dec 31, 2011 | 2.44% | = | 100 | × | 360,594) | ÷ | 14,805,794) |
| Dec 31, 2010 | 2.57% | = | 100 | × | 334,632) | ÷ | 13,030,051) |
| Dec 31, 2009 | 2.75% | = | 100 | × | 305,451) | ÷ | 11,111,651) |
| Dec 31, 2008 | 1.93% | = | 100 | × | 311,909) | ÷ | 16,157,433) |
| Dec 31, 2007 | 2.26% | = | 100 | × | 304,921) | ÷ | 13,477,414) |
| Dec 31, 2006 | 2.57% | = | 100 | × | 306,312) | ÷ | 11,896,104) |
| Dec 31, 2005 | 4.31% | = | 100 | × | 546,545) | ÷ | 12,676,230) |
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
The analysis of net profit margins from 2005 to 2022 reveals two distinct operational phases characterized by a transition from low-margin stability to significantly enhanced profitability.
- Baseline Profitability Period (2005–2017)
- For over a decade, the net profit margin remained constrained, generally fluctuating between 1.83% and 4.31%. During this interval, the company operated with relatively thin margins, reaching a cyclical low of 1.83% in 2013. Despite fluctuations in annual revenues, which ranged from approximately 7.76 billion to 16.16 billion US dollars, net income did not scale proportionally, indicating a period of stable but limited bottom-line efficiency.
- Profitability Expansion and Shift (2018–2022)
- A structural shift in profitability is observed beginning in 2018, where the net profit margin jumped to 9.15%, more than doubling the previous peak of the preceding decade. This upward trend peaked in 2019 at 12.58%. Although a contraction occurred in 2020, with the margin falling to 7.17%, the profitability levels remained substantially higher than any figures recorded between 2005 and 2017. The period concluded in 2022 with a net profit margin of 7.69%.
- Revenue and Net Income Correlation
- The relationship between top-line growth and net earnings evolved significantly over the analyzed timeframe. In the early period, high revenues did not necessarily translate to higher margins. However, from 2018 onward, net income experienced aggressive growth, rising from 1.15 billion US dollars in 2018 to 1.72 billion US dollars in 2022. This correlates with a substantial increase in revenues, which reached a peak of 22.39 billion US dollars in 2022, suggesting that the company successfully achieved greater economies of scale or improved its pricing power during the latter five years.
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Comparison to Competitors
ONEOK Inc., net profit margin, long-term trends, comparison to competitors
| ONEOK Inc. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2022 | 7.69% | 15.05% | 23.80% | 13.98% |
| Dec 31, 2021 | 9.07% | 10.04% | 17.63% | 8.33% |
| Dec 31, 2020 | 7.17% | -5.87% | -14.38% | -12.57% |
| Dec 31, 2019 | 12.58% | 2.09% | 22.07% | 5.61% |
| Dec 31, 2018 | 9.15% | 9.33% | 17.18% | 7.46% |
| Dec 31, 2017 | 3.19% | 6.83% | -2.94% | 8.31% |
| Dec 31, 2016 | 3.95% | -0.45% | -15.26% | 3.59% |
| Dec 31, 2015 | 3.16% | 3.53% | -14.98% | 6.22% |
| Dec 31, 2014 | 2.58% | 9.60% | 13.08% | 8.25% |
| Dec 31, 2013 | 1.83% | 9.73% | 16.83% | 7.74% |
| Dec 31, 2012 | 2.85% | 11.35% | 14.54% | 9.90% |
| Dec 31, 2011 | 2.44% | 11.01% | 5.08% | 8.79% |
| Dec 31, 2010 | 2.57% | 9.60% | 6.00% | 8.23% |
| Dec 31, 2009 | 2.75% | 6.26% | 3.25% | 6.39% |
| Dec 31, 2008 | 1.93% | 9.03% | -7.06% | 9.84% |
| Dec 31, 2007 | 2.26% | 8.73% | 6.34% | 10.40% |
| Dec 31, 2006 | 2.57% | 8.36% | 8.47% | 10.81% |
| Dec 31, 2005 | 4.31% | 7.28% | 7.54% | 10.07% |
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., net profit margin, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ONEOK Inc. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2022 | 7.69% | 15.41% |
| Dec 31, 2021 | 9.07% | 9.78% |
| Dec 31, 2020 | 7.17% | -10.51% |
| Dec 31, 2019 | 12.58% | 5.71% |
| Dec 31, 2018 | 9.15% | 8.83% |
| Dec 31, 2017 | 3.19% | 7.00% |
| Dec 31, 2016 | 3.95% | 1.06% |
| Dec 31, 2015 | 3.16% | 3.89% |
| Dec 31, 2014 | 2.58% | 9.06% |
| Dec 31, 2013 | 1.83% | 9.08% |
| Dec 31, 2012 | 2.85% | 10.72% |
| Dec 31, 2011 | 2.44% | 8.41% |
| Dec 31, 2010 | 2.57% | 8.03% |
| Dec 31, 2009 | 2.75% | 5.60% |
| Dec 31, 2008 | 1.93% | 5.40% |
| Dec 31, 2007 | 2.26% | 8.99% |
| Dec 31, 2006 | 2.57% | 9.57% |
| Dec 31, 2005 | 4.31% | 8.71% |
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., net profit margin, long-term trends, comparison to industry (energy)
| ONEOK Inc. | Energy | |
|---|---|---|
| Dec 31, 2022 | 7.69% | 15.29% |
| Dec 31, 2021 | 9.07% | 9.70% |
| Dec 31, 2020 | 7.17% | -13.06% |
| Dec 31, 2019 | 12.58% | 3.11% |
| Dec 31, 2018 | 9.15% | 8.68% |
| Dec 31, 2017 | 3.19% | 6.15% |
| Dec 31, 2016 | 3.95% | 0.54% |
| Dec 31, 2015 | 3.16% | 4.04% |
| Dec 31, 2014 | 2.58% | 9.21% |
| Dec 31, 2013 | 1.83% | 9.44% |
| Dec 31, 2012 | 2.85% | 10.84% |
| Dec 31, 2011 | 2.44% | 8.58% |
| Dec 31, 2010 | 2.57% | 8.29% |
| Dec 31, 2009 | 2.75% | 5.89% |
| Dec 31, 2008 | 1.93% | 5.80% |
| Dec 31, 2007 | 2.26% | 9.37% |
| Dec 31, 2006 | 2.57% | 9.82% |
| Dec 31, 2005 | 4.31% | 8.84% |
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).