Name: ONEOK Inc. (NYSE:OKE) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

ONEOK Inc., current enterprise value calculation

Current share price (P)	$64.15
No. shares of common stock outstanding	447,674,825
US$ in thousands
Common equity (market value)¹	28,718,340)
Add: Preferred stock, $0.01 par value (per books)	—)
Total equity	28,718,340)
Add: Current maturities of long-term debt (per books)	925,000)
Add: Short-term borrowings (per books)	—)
Add: Current finance lease liability (per books)	2,954)
Add: Long-term debt, excluding current maturities (per books)	12,695,834)
Add: Noncurrent finance lease liability (per books)	19,299)
Total equity and debt	42,361,427)
Less: Cash and cash equivalents	220,227)
Enterprise value (EV)	42,141,200)

Based on: 10-K (reporting date: 2022-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 64.15 × 447,674,825

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ONEOK Inc., EV calculation

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Share price^1, 2	$65.45	$63.82	$45.62	$73.61	$64.29
No. shares of common stock outstanding¹	447,220,972	446,213,285	444,983,595	413,319,000	411,611,382
US$ in thousands
Common equity (market value)³	29,270,613)	28,477,332)	20,300,152)	30,424,412)	26,462,496)
Add: Preferred stock, $0.01 par value (book value)	—)	—)	—)	—)	—)
Total equity	29,270,613)	28,477,332)	20,300,152)	30,424,412)	26,462,496)
Add: Current maturities of long-term debt (book value)	925,000)	895,814)	7,650)	7,650)	507,650)
Add: Short-term borrowings (book value)	—)	—)	—)	220,000)	—)
Add: Current finance lease liability (book value)	2,954)	2,584)	2,153)	1,949)	1,765)
Add: Long-term debt, excluding current maturities (book value)	12,695,834)	12,747,636)	14,228,421)	12,479,757)	8,873,334)
Add: Noncurrent finance lease liability (book value)	19,299)	21,082)	22,143)	24,296)	26,244)
Total equity and debt	42,913,700)	42,144,448)	34,560,519)	43,158,064)	35,871,489)
Less: Cash and cash equivalents	220,227)	146,391)	524,496)	20,958)	11,975)
Enterprise value (EV)	42,693,473)	41,998,057)	34,036,023)	43,137,106)	35,859,514)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of ONEOK Inc. Annual Report.

³ 2022 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 65.45 × 447,220,972

The Enterprise Value (EV) exhibited a cyclical trend from 2018 to 2022, marked by a period of expansion followed by a sharp contraction and a subsequent recovery. The EV grew from 35.86 billion USD in 2018 to a peak of 43.14 billion USD in 2019, before declining to 34.04 billion USD in 2020. A robust recovery followed, with the value ascending to 42.00 billion USD in 2021 and ending the period at 42.69 billion USD in 2022.

Equity Market Valuation Trends: Market equity showed significant volatility, aligning closely with the overall Enterprise Value trajectory. The value peaked at 30.42 billion USD in 2019, experienced a substantial decline to 20.30 billion USD in 2020, and recovered to 29.27 billion USD by the end of 2022.
Capitalization and Debt Dynamics: Total equity and debt mirrored the fluctuations of the EV, rising from 35.87 billion USD in 2018 to 43.16 billion USD in 2019. Following a dip to 34.56 billion USD in 2020, the total capitalization increased to 42.91 billion USD by 2022, suggesting a return to previous funding and valuation levels.
EV to Total Capitalization Relationship: The proximity between Enterprise Value and the sum of total equity and debt remains consistent throughout the five-year period. The minimal variance between these two metrics suggests that cash balances or other offsetting liabilities remained relatively low compared to the total scale of the enterprise.

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ONEOK Inc. (NYSE:OKE)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)