Price to Book Value (P/BV)
since 2005
Calculation
ONEOK Inc., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total ONEOK shareholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 28, 2023 | 4.51 | = | 65.45 | ÷ | 14.52 | 14.52 | = | 6,493,885 | ÷ | 447,220,972 | |
| Mar 1, 2022 | 4.73 | = | 63.82 | ÷ | 13.48 | 13.48 | = | 6,015,163 | ÷ | 446,213,285 | |
| Feb 23, 2021 | 3.36 | = | 45.62 | ÷ | 13.58 | 13.58 | = | 6,042,398 | ÷ | 444,983,595 | |
| Feb 25, 2020 | 4.89 | = | 73.61 | ÷ | 15.06 | 15.06 | = | 6,225,951 | ÷ | 413,319,000 | |
| Feb 26, 2019 | 4.02 | = | 64.29 | ÷ | 15.98 | 15.98 | = | 6,579,543 | ÷ | 411,611,382 | |
| Feb 27, 2018 | 4.23 | = | 57.00 | ÷ | 13.46 | 13.46 | = | 5,527,867 | ÷ | 410,634,227 | |
| Feb 28, 2017 | 60.35 | = | 54.05 | ÷ | 0.90 | 0.90 | = | 188,745 | ÷ | 210,757,806 | |
| Feb 23, 2016 | 13.33 | = | 21.31 | ÷ | 1.60 | 1.60 | = | 335,798 | ÷ | 209,989,711 | |
| Feb 25, 2015 | 15.98 | = | 45.39 | ÷ | 2.84 | 2.84 | = | 592,115 | ÷ | 208,400,547 | |
| Feb 25, 2014 | 5.23 | = | 58.81 | ÷ | 11.25 | 11.25 | = | 2,337,851 | ÷ | 207,814,086 | |
| Feb 26, 2013 | 4.27 | = | 44.34 | ÷ | 10.39 | 10.39 | = | 2,129,609 | ÷ | 204,994,065 | |
| Feb 21, 2012 | 3.86 | = | 41.63 | ÷ | 10.77 | 10.77 | = | 2,238,573 | ÷ | 207,787,580 | |
| Feb 22, 2011 | 2.77 | = | 31.67 | ÷ | 11.44 | 11.44 | = | 2,448,623 | ÷ | 214,042,340 | |
| Feb 23, 2010 | 2.07 | = | 21.48 | ÷ | 10.40 | 10.40 | = | 2,207,194 | ÷ | 212,281,048 | |
| Feb 25, 2009 | 1.16 | = | 11.47 | ÷ | 9.92 | 9.92 | = | 2,088,170 | ÷ | 210,478,992 | |
| Feb 27, 2008 | 2.54 | = | 24.03 | ÷ | 9.46 | 9.46 | = | 1,969,308 | ÷ | 208,121,078 | |
| Mar 1, 2007 | 2.11 | = | 21.08 | ÷ | 10.00 | 10.00 | = | 2,215,958 | ÷ | 221,694,990 | |
| Mar 13, 2006 | 1.92 | = | 14.71 | ÷ | 7.65 | 7.65 | = | 1,794,757 | ÷ | 234,486,556 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of ONEOK Inc. Annual Report.
The Price to Book Value (P/BV) ratio exhibits three distinct phases between 2006 and 2023, characterized by an initial period of steady growth, a window of extreme volatility, and a subsequent phase of relative stabilization.
- Valuation Expansion (2006–2014)
- During this interval, the P/BV ratio climbed steadily from 1.92 in 2006 to a peak of 5.23 in 2014. This trend was driven by a consistent increase in share price, which rose from 14.71 to 58.81, significantly outpacing the growth of the book value per share, which moved from 7.65 to 11.25. This progression indicates a period of expanding market premiums over the accounting value of the assets.
- Anomalous Valuation Distortion (2015–2017)
- A significant disruption occurred between 2015 and 2017, during which the P/BV ratio reached extreme levels, culminating in a peak of 60.35 in 2017. This surge was not the result of price appreciation, but rather a precipitous decline in the book value per share, which collapsed from 11.25 in 2014 to 0.90 in 2017. The extreme divergence between the market price and the underlying book value suggests substantial asset write-downs or fundamental structural changes to the balance sheet during this period.
- Normalization and Stabilization (2018–2023)
- Beginning in 2018, the P/BV ratio returned to historical norms, fluctuating within a range of 3.36 to 4.89. This normalization coincided with a sharp recovery in the book value per share, which jumped to 13.46 in 2018 and reached 14.52 by 2023. Despite volatility in the share price—most notably a decline to 45.62 in 2021—the ratio remained stable, suggesting a realignment of the market valuation with the recovered asset base.
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Comparison to Competitors
ONEOK Inc., P/BV, long-term trends, comparison to competitors
| ONEOK Inc. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 28, 2023 | 4.51 | 1.94 | 2.75 | 2.29 |
| Mar 1, 2022 | 4.73 | 1.89 | 2.61 | 1.93 |
| Feb 23, 2021 | 3.36 | 1.50 | 2.22 | 1.53 |
| Feb 25, 2020 | 4.89 | 1.42 | 1.80 | 1.17 |
| Feb 26, 2019 | 4.02 | 1.47 | 2.47 | 1.75 |
| Feb 27, 2018 | 4.23 | 1.42 | 2.10 | 1.71 |
| Feb 28, 2017 | 60.35 | 1.44 | 1.70 | 2.01 |
| Feb 23, 2016 | 13.33 | 1.05 | 1.02 | 1.98 |
| Feb 25, 2015 | 15.98 | 1.32 | 1.59 | 2.16 |
| Feb 25, 2014 | 5.23 | 1.44 | 1.57 | 2.38 |
| Feb 26, 2013 | 4.27 | 1.65 | 1.49 | 2.42 |
| Feb 21, 2012 | 3.86 | 1.76 | 1.45 | 2.67 |
| Feb 22, 2011 | 2.77 | 1.95 | 1.64 | 2.88 |
| Feb 23, 2010 | 2.07 | 1.58 | 1.15 | 2.78 |
| Feb 25, 2009 | 1.16 | 1.46 | 1.03 | 2.97 |
| Feb 27, 2008 | 2.54 | 2.40 | 1.41 | 3.93 |
| Mar 1, 2007 | 2.11 | 2.14 | 1.33 | 3.58 |
| Mar 13, 2006 | 1.92 | 2.03 | 1.62 | 3.26 |
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., P/BV, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ONEOK Inc. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 28, 2023 | 4.51 | 2.21 |
| Mar 1, 2022 | 4.73 | 2.00 |
| Feb 23, 2021 | 3.36 | 1.58 |
| Feb 25, 2020 | 4.89 | 1.33 |
| Feb 26, 2019 | 4.02 | 1.70 |
| Feb 27, 2018 | 4.23 | 1.62 |
| Feb 28, 2017 | 60.35 | 1.74 |
| Feb 23, 2016 | 13.33 | 1.49 |
| Feb 25, 2015 | 15.98 | 1.74 |
| Feb 25, 2014 | 5.23 | 1.89 |
| Feb 26, 2013 | 4.27 | 1.99 |
| Feb 21, 2012 | 3.86 | 2.11 |
| Feb 22, 2011 | 2.77 | 2.31 |
| Feb 23, 2010 | 2.07 | 1.98 |
| Feb 25, 2009 | 1.16 | 2.04 |
| Feb 27, 2008 | 2.54 | 2.74 |
| Mar 1, 2007 | 2.11 | 2.51 |
| Mar 13, 2006 | 1.92 | 2.54 |
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., P/BV, long-term trends, comparison to industry (energy)
| ONEOK Inc. | Energy | |
|---|---|---|
| Feb 28, 2023 | 4.51 | 2.30 |
| Mar 1, 2022 | 4.73 | 2.07 |
| Feb 23, 2021 | 3.36 | 1.61 |
| Feb 25, 2020 | 4.89 | 1.38 |
| Feb 26, 2019 | 4.02 | 1.69 |
| Feb 27, 2018 | 4.23 | 1.74 |
| Feb 28, 2017 | 60.35 | 1.86 |
| Feb 23, 2016 | 13.33 | 1.56 |
| Feb 25, 2015 | 15.98 | 1.83 |
| Feb 25, 2014 | 5.23 | 1.99 |
| Feb 26, 2013 | 4.27 | 2.08 |
| Feb 21, 2012 | 3.86 | 2.21 |
| Feb 22, 2011 | 2.77 | 2.45 |
| Feb 23, 2010 | 2.07 | 2.10 |
| Feb 25, 2009 | 1.16 | 2.10 |
| Feb 27, 2008 | 2.54 | 2.94 |
| Mar 1, 2007 | 2.11 | 2.69 |
| Mar 13, 2006 | 1.92 | 2.76 |
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).