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ONEOKXSWX:OKE -0.51%87 Debt-to-EBITDA is 4.58 as of Mar. 2026, which is 2% above its 10-year median of 4.48. GuruFocus rates XSWX:OKE with a GF Score™ of 87/100 and a GF Value™ of CHF86.19. The stock has 9 warning signs investors should review. Among 705 Oil & Gas companies, ONEOK ranks worse than 75.46% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for ONEOK's Debt-to-EBITDA or its related term are showing as below:
XSWX:OKE'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 3.86 Med: 4.48 Max: 6.85
Current: 4.25
During the past 13 years, the highest Debt-to-EBITDA Ratio of ONEOK was 6.85. The lowest was 3.86. And the median was 4.48.
XSWX:OKE's Debt-to-EBITDA is ranked worse than 75.46% of 705
companies
in the Oil & Gas industry
Industry Median: 2.04
vs XSWX:OKE: 4.25
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
ONEOK Debt-to-EBITDA Related Terms
ONEOK Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for ONEOK's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XSWX:OKE vs MPLX, TRGP, LNG: Debt-to-EBITDA Comparison
For the Oil & Gas Midstream subindustry, ONEOK's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
ONEOK Debt-to-EBITDA vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, ONEOK's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where ONEOK's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
ONEOK (XSWX:OKE) has a Debt-to-EBITDA of 4.58 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on ONEOK. This is near median its historical median of 4.48. Over the past decade, ONEOK's Debt-to-EBITDA has ranged from 3.86 to 6.85. According to the industry distribution chart, ONEOK ranks #532 out of 705 companies in the Oil & Gas industry, placing it in the top 75.5%.
Is ONEOK's Debt-to-EBITDA too high?
ONEOK's current Debt-to-EBITDA of 4.58 is near median its 10-year median of 4.48. Over the past 10 years, this metric has ranged from a low of 3.86 to a high of 6.85. The Oil & Gas industry median Debt-to-EBITDA is 2.04. ONEOK's value of 4.58 is 124.5% above this industry median. Based on the distribution chart, ONEOK ranks #532 out of 705 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, ONEOK has a GF Score™ of 87/100, reflecting its overall financial health beyond just this single metric.
How does ONEOK's Debt-to-EBITDA compare to MPLX and TRGP?
According to the Oil & Gas industry distribution chart, ONEOK ranks #532 out of 705 companies for Debt-to-EBITDA. This places ONEOK in the lower half of its industry. The industry median Debt-to-EBITDA is 2.04. ONEOK's value of 4.58 is 124.5% above this benchmark. Historically, ONEOK's own Debt-to-EBITDA has ranged from 3.86 to 6.85 over the past decade. While the company's 10-year median is 4.48 vs. the industry median of 2.04, ONEOK has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for an Oil & Gas company?
The median Debt-to-EBITDA among Oil & Gas companies is 2.04, based on 705 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. ONEOK's current Debt-to-EBITDA of 4.58 is 124.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on ONEOK. For the Oil & Gas industry, the median Debt-to-EBITDA is 2.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ONEOK's current Debt-to-EBITDA is 4.58, which is near median its own 10-year median of 4.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ONEOK stock overvalued right now?
ONEOK (XSWX:OKE) has a current Debt-to-EBITDA of 4.58. The stock's GF Value™ is CHF86.19, compared to a current price of CHF72.09 — trading 16.4% below its estimated fair value. The current Debt-to-EBITDA is 4.58, which is near median its 10-year median of 4.48 and 124.5% above the Oil & Gas industry median of 2.04. ONEOK's overall GF Score™ is 87/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For ONEOK (XSWX:OKE), the current Debt-to-EBITDA is 4.58 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is ONEOK (XSWX:OKE) Overvalued in 2026?
Based on GuruFocus' analysis, ONEOK stock appears to be undervalued.
The current stock price of CHF72.09 is trading 16.4% below its estimated GF Value™ of CHF86.19.
Key valuation signals for XSWX:OKE:
Debt-to-EBITDA: 4.58 (near median its 10-year median of 4.48)
GF Value™: CHF86.19 vs. price of CHF72.09 (16.4% below fair value)
Industry Position: 124.5% above the Oil & Gas median (#532 of 705)
No single metric tells the full story. See the XSWX:OKE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Oneok is a diversified midstream service provider specializing in natural gas gathering, processing, storage, and transportation, as well as natural gas liquids transportation and fractionation. It also operates in the refined product and crude oil segment, connecting producers, refiners, and consumers. Operations are in the midcontinent, Permian, and Rocky Mountain regions.
87GF Score
Get the complete analysis for XSWX:OKE
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