Return on Assets (ROA)
since 2005
Calculation
ONEOK Inc., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2022 | 7.06% | = | 100 | × | 1,722,221) | ÷ | 24,379,094) |
| Dec 31, 2021 | 6.35% | = | 100 | × | 1,499,706) | ÷ | 23,621,613) |
| Dec 31, 2020 | 2.66% | = | 100 | × | 612,809) | ÷ | 23,078,754) |
| Dec 31, 2019 | 5.86% | = | 100 | × | 1,278,577) | ÷ | 21,812,121) |
| Dec 31, 2018 | 6.32% | = | 100 | × | 1,151,703) | ÷ | 18,231,671) |
| Dec 31, 2017 | 2.30% | = | 100 | × | 387,841) | ÷ | 16,845,937) |
| Dec 31, 2016 | 2.18% | = | 100 | × | 352,039) | ÷ | 16,138,751) |
| Dec 31, 2015 | 1.59% | = | 100 | × | 244,977) | ÷ | 15,446,111) |
| Dec 31, 2014 | 2.05% | = | 100 | × | 314,107) | ÷ | 15,304,560) |
| Dec 31, 2013 | 1.51% | = | 100 | × | 266,533) | ÷ | 17,707,558) |
| Dec 31, 2012 | 2.27% | = | 100 | × | 360,619) | ÷ | 15,855,275) |
| Dec 31, 2011 | 2.63% | = | 100 | × | 360,594) | ÷ | 13,696,635) |
| Dec 31, 2010 | 2.68% | = | 100 | × | 334,632) | ÷ | 12,499,175) |
| Dec 31, 2009 | 2.38% | = | 100 | × | 305,451) | ÷ | 12,827,683) |
| Dec 31, 2008 | 2.38% | = | 100 | × | 311,909) | ÷ | 13,126,062) |
| Dec 31, 2007 | 2.76% | = | 100 | × | 304,921) | ÷ | 11,062,034) |
| Dec 31, 2006 | 2.92% | = | 100 | × | 306,312) | ÷ | 10,504,721) |
| Dec 31, 2005 | 5.46% | = | 100 | × | 546,545) | ÷ | 10,013,466) |
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 financial performance from 2005 to 2022 is characterized by a significant shift in asset utilization efficiency. The return on assets (ROA) experienced an initial period of contraction and stagnation, followed by a substantial increase in profitability efficiency starting in 2018, despite a continuous expansion of the total asset base.
- Early Period Stagnation (2005–2017)
- Following a peak ROA of 5.46% in 2005, the ratio entered a prolonged period of relative instability and decline. Between 2006 and 2017, ROA predominantly fluctuated within a narrow range between 1.51% and 2.92%. During this timeframe, total assets grew steadily from approximately 10 billion to 16.8 billion US dollars, while net income remained comparatively flat, typically fluctuating between 244 million and 387 million US dollars. This divergence indicates that asset growth outpaced income generation, leading to diminished overall asset efficiency.
- Profitability Acceleration (2018–2022)
- A structural shift in profitability is observed starting in 2018, where net income increased sharply to 1.15 billion US dollars, driving the ROA to 6.32%. Although a temporary contraction occurred in 2020, with ROA dipping to 2.66% amid a decrease in net income to 612 million US dollars, the trend recovered strongly. By 2022, net income reached a period high of 1.72 billion US dollars, resulting in a peak ROA of 7.06%.
- Asset Base and Income Correlation
- The total asset base expanded consistently over the 17-year period, growing from 10.01 billion US dollars in 2005 to 24.38 billion US dollars in 2022. In the latter part of the period, the company demonstrated an improved ability to scale earnings in proportion to asset growth. The transition from the 1% to 2% ROA range (2013–2017) to the 6% to 7% range (2021–2022) suggests a significant improvement in the operational efficiency of the capital deployed.
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Comparison to Competitors
ONEOK Inc., ROA, long-term trends, comparison to competitors
| ONEOK Inc. | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | |
|---|---|---|---|---|
| Dec 31, 2022 | 7.06% | 13.76% | 19.91% | 15.10% |
| Dec 31, 2021 | 6.35% | 6.52% | 8.91% | 6.80% |
| Dec 31, 2020 | 2.66% | -2.31% | -4.31% | -6.74% |
| Dec 31, 2019 | 5.86% | 1.23% | 10.20% | 3.95% |
| Dec 31, 2018 | 6.32% | 5.84% | 8.94% | 6.02% |
| Dec 31, 2017 | 2.30% | 3.62% | -1.17% | 5.65% |
| Dec 31, 2016 | 2.18% | -0.19% | -4.03% | 2.37% |
| Dec 31, 2015 | 1.59% | 1.72% | -4.54% | 4.80% |
| Dec 31, 2014 | 2.05% | 7.23% | 5.89% | 9.30% |
| Dec 31, 2013 | 1.51% | 8.44% | 7.76% | 9.39% |
| Dec 31, 2012 | 2.27% | 11.24% | 7.19% | 13.45% |
| Dec 31, 2011 | 2.63% | 12.84% | 8.12% | 12.40% |
| Dec 31, 2010 | 2.68% | 10.30% | 7.27% | 10.07% |
| Dec 31, 2009 | 2.38% | 6.37% | 3.18% | 8.26% |
| Dec 31, 2008 | 2.38% | 14.85% | -11.90% | 19.83% |
| Dec 31, 2007 | 2.76% | 12.56% | 6.69% | 16.78% |
| Dec 31, 2006 | 2.92% | 12.92% | 9.44% | 18.04% |
| Dec 31, 2005 | 5.46% | 11.20% | 12.64% | 17.34% |
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., ROA, long-term trends, comparison to sector (oil, gas & consumable fuels)
| ONEOK Inc. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2022 | 7.06% | 15.25% |
| Dec 31, 2021 | 6.35% | 6.99% |
| Dec 31, 2020 | 2.66% | -4.83% |
| Dec 31, 2019 | 5.86% | 3.65% |
| Dec 31, 2018 | 6.32% | 6.26% |
| Dec 31, 2017 | 2.30% | 4.15% |
| Dec 31, 2016 | 2.18% | 0.55% |
| Dec 31, 2015 | 1.59% | 2.33% |
| Dec 31, 2014 | 2.05% | 8.01% |
| Dec 31, 2013 | 1.51% | 8.79% |
| Dec 31, 2012 | 2.27% | 11.62% |
| Dec 31, 2011 | 2.63% | 11.59% |
| Dec 31, 2010 | 2.68% | 9.45% |
| Dec 31, 2009 | 2.38% | 6.29% |
| Dec 31, 2008 | 2.38% | 9.80% |
| Dec 31, 2007 | 2.76% | 12.52% |
| Dec 31, 2006 | 2.92% | 13.98% |
| Dec 31, 2005 | 5.46% | 14.45% |
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., ROA, long-term trends, comparison to industry (energy)
| ONEOK Inc. | Energy | |
|---|---|---|
| Dec 31, 2022 | 7.06% | 14.84% |
| Dec 31, 2021 | 6.35% | 6.84% |
| Dec 31, 2020 | 2.66% | -6.08% |
| Dec 31, 2019 | 5.86% | 1.97% |
| Dec 31, 2018 | 6.32% | 5.95% |
| Dec 31, 2017 | 2.30% | 3.55% |
| Dec 31, 2016 | 2.18% | 0.27% |
| Dec 31, 2015 | 1.59% | 2.39% |
| Dec 31, 2014 | 2.05% | 8.02% |
| Dec 31, 2013 | 1.51% | 8.90% |
| Dec 31, 2012 | 2.27% | 11.40% |
| Dec 31, 2011 | 2.63% | 11.40% |
| Dec 31, 2010 | 2.68% | 9.36% |
| Dec 31, 2009 | 2.38% | 6.46% |
| Dec 31, 2008 | 2.38% | 10.21% |
| Dec 31, 2007 | 2.76% | 12.80% |
| Dec 31, 2006 | 2.92% | 14.07% |
| Dec 31, 2005 | 5.46% | 14.36% |
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).