Price to Sales (P/S)
since 2005
Calculation
ONEOK Inc., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 28, 2023 | 1.31 | = | 65.45 | ÷ | 50.06 | 50.06 | = | 22,386,892 | ÷ | 447,220,972 | |
| Mar 1, 2022 | 1.72 | = | 63.82 | ÷ | 37.07 | 37.07 | = | 16,540,309 | ÷ | 446,213,285 | |
| Feb 23, 2021 | 2.38 | = | 45.62 | ÷ | 19.20 | 19.20 | = | 8,542,242 | ÷ | 444,983,595 | |
| Feb 25, 2020 | 2.99 | = | 73.61 | ÷ | 24.59 | 24.59 | = | 10,164,367 | ÷ | 413,319,000 | |
| Feb 26, 2019 | 2.10 | = | 64.29 | ÷ | 30.59 | 30.59 | = | 12,593,196 | ÷ | 411,611,382 | |
| Feb 27, 2018 | 1.92 | = | 57.00 | ÷ | 29.65 | 29.65 | = | 12,173,907 | ÷ | 410,634,227 | |
| Feb 28, 2017 | 1.28 | = | 54.05 | ÷ | 42.33 | 42.33 | = | 8,920,934 | ÷ | 210,757,806 | |
| Feb 23, 2016 | 0.58 | = | 21.31 | ÷ | 36.97 | 36.97 | = | 7,763,206 | ÷ | 209,989,711 | |
| Feb 25, 2015 | 0.78 | = | 45.39 | ÷ | 58.52 | 58.52 | = | 12,195,091 | ÷ | 208,400,547 | |
| Feb 25, 2014 | 0.84 | = | 58.81 | ÷ | 70.27 | 70.27 | = | 14,602,717 | ÷ | 207,814,086 | |
| Feb 26, 2013 | 0.72 | = | 44.34 | ÷ | 61.62 | 61.62 | = | 12,632,559 | ÷ | 204,994,065 | |
| Feb 21, 2012 | 0.58 | = | 41.63 | ÷ | 71.25 | 71.25 | = | 14,805,794 | ÷ | 207,787,580 | |
| Feb 22, 2011 | 0.52 | = | 31.67 | ÷ | 60.88 | 60.88 | = | 13,030,051 | ÷ | 214,042,340 | |
| Feb 23, 2010 | 0.41 | = | 21.48 | ÷ | 52.34 | 52.34 | = | 11,111,651 | ÷ | 212,281,048 | |
| Feb 25, 2009 | 0.15 | = | 11.47 | ÷ | 76.77 | 76.77 | = | 16,157,433 | ÷ | 210,478,992 | |
| Feb 27, 2008 | 0.37 | = | 24.03 | ÷ | 64.76 | 64.76 | = | 13,477,414 | ÷ | 208,121,078 | |
| Mar 1, 2007 | 0.39 | = | 21.08 | ÷ | 53.66 | 53.66 | = | 11,896,104 | ÷ | 221,694,990 | |
| Mar 13, 2006 | 0.27 | = | 14.71 | ÷ | 54.06 | 54.06 | = | 12,676,230 | ÷ | 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.
An analysis of the price-to-sales (P/S) ratio reveals a significant shift in valuation dynamics over the observed period, transitioning from a low-multiple regime to a period of aggressive expansion and a subsequent correction.
- Initial Valuation Phase (2006–2015)
- During this period, the P/S ratio remained relatively low, generally staying below 1.0. A notable trough occurred in February 2009, where the ratio declined to 0.15, coinciding with a share price drop to 11.47 US$ despite sales per share reaching a period high of 76.77 US$. Following 2009, a gradual upward trend was observed, with the ratio climbing to 0.84 by February 2014 before stabilizing.
- Valuation Expansion (2016–2020)
- A sharp increase in the P/S ratio began in 2017, escalating from 1.28 to a peak of 2.99 in February 2020. This phase is characterized by a divergence between the share price and sales per share; while the share price rose from 54.05 US$ in 2017 to 73.61 US$ in 2020, sales per share concurrently declined from 42.33 US$ to 24.59 US$. This suggests a significant expansion in the market multiple attributed to the company's revenue during this interval.
- Correction and Stabilization (2021–2023)
- From February 2021 onward, a downward trend in the P/S ratio is observed, descending from 2.38 to 1.31 by February 2023. This contraction occurred despite a recovery in sales per share, which rose from a low of 19.20 US$ in 2021 to 50.06 US$ in 2023. The current ratio remains higher than the pre-2016 averages, indicating a structural shift in how the market values the company's sales compared to the earliest years of the data set.
- Revenue Efficiency and Pricing Relationship
- The data demonstrates that the P/S ratio is not uniformly correlated with sales per share. For instance, the lowest P/S ratio (0.15 in 2009) occurred during a period of high sales per share, whereas the peak P/S ratio (2.99 in 2020) occurred while sales per share were in a state of decline. This indicates that share price volatility and market sentiment played a more dominant role in driving the P/S ratio than raw revenue performance per share.
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Comparison to Competitors
ONEOK Inc., P/S, long-term trends, comparison to competitors
| ONEOK Inc. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Feb 28, 2023 | 1.31 | 1.31 | 1.68 | 1.12 |
| Mar 1, 2022 | 1.72 | 1.69 | 2.58 | 1.17 |
| Feb 23, 2021 | 2.38 | 2.09 | 3.52 | 1.34 |
| Feb 25, 2020 | 2.99 | 1.46 | 1.94 | 0.88 |
| Feb 26, 2019 | 2.10 | 1.43 | 2.16 | 1.20 |
| Feb 27, 2018 | 1.92 | 1.56 | 2.21 | 1.35 |
| Feb 28, 2017 | 1.28 | 1.91 | 2.51 | 1.54 |
| Feb 23, 2016 | 0.58 | 1.24 | 1.38 | 1.30 |
| Feb 25, 2015 | 0.78 | 1.02 | 1.57 | 0.95 |
| Feb 25, 2014 | 0.84 | 0.98 | 1.50 | 0.98 |
| Feb 26, 2013 | 0.72 | 0.98 | 1.23 | 0.89 |
| Feb 21, 2012 | 0.58 | 0.88 | 0.39 | 0.88 |
| Feb 22, 2011 | 0.52 | 1.03 | 0.59 | 1.14 |
| Feb 23, 2010 | 0.41 | 0.87 | 0.48 | 1.02 |
| Feb 25, 2009 | 0.15 | 0.48 | 0.24 | 0.73 |
| Feb 27, 2008 | 0.37 | 0.86 | 0.67 | 1.23 |
| Mar 1, 2007 | 0.39 | 0.72 | 0.60 | 1.12 |
| Mar 13, 2006 | 0.27 | 0.66 | 0.48 | 1.01 |
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/S, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ONEOK Inc. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 28, 2023 | 1.31 | 1.24 |
| Mar 1, 2022 | 1.72 | 1.48 |
| Feb 23, 2021 | 2.38 | 1.72 |
| Feb 25, 2020 | 2.99 | 1.15 |
| Feb 26, 2019 | 2.10 | 1.35 |
| Feb 27, 2018 | 1.92 | 1.48 |
| Feb 28, 2017 | 1.28 | 1.72 |
| Feb 23, 2016 | 0.58 | 1.29 |
| Feb 25, 2015 | 0.78 | 1.02 |
| Feb 25, 2014 | 0.84 | 1.02 |
| Feb 26, 2013 | 0.72 | 0.94 |
| Feb 21, 2012 | 0.58 | 0.75 |
| Feb 22, 2011 | 0.52 | 0.98 |
| Feb 23, 2010 | 0.41 | 0.85 |
| Feb 25, 2009 | 0.15 | 0.54 |
| Feb 27, 2008 | 0.37 | 1.00 |
| Mar 1, 2007 | 0.39 | 0.88 |
| Mar 13, 2006 | 0.27 | 0.79 |
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/S, long-term trends, comparison to industry (energy)
| ONEOK Inc. | Energy | |
|---|---|---|
| Feb 28, 2023 | 1.31 | 1.31 |
| Mar 1, 2022 | 1.72 | 1.52 |
| Feb 23, 2021 | 2.38 | 1.69 |
| Feb 25, 2020 | 2.99 | 1.18 |
| Feb 26, 2019 | 2.10 | 1.38 |
| Feb 27, 2018 | 1.92 | 1.63 |
| Feb 28, 2017 | 1.28 | 1.90 |
| Feb 23, 2016 | 0.58 | 1.37 |
| Feb 25, 2015 | 0.78 | 1.10 |
| Feb 25, 2014 | 0.84 | 1.11 |
| Feb 26, 2013 | 0.72 | 1.02 |
| Feb 21, 2012 | 0.58 | 0.83 |
| Feb 22, 2011 | 0.52 | 1.10 |
| Feb 23, 2010 | 0.41 | 0.93 |
| Feb 25, 2009 | 0.15 | 0.57 |
| Feb 27, 2008 | 0.37 | 1.09 |
| Mar 1, 2007 | 0.39 | 0.96 |
| Mar 13, 2006 | 0.27 | 0.86 |
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).