ONEOK stock forecast
ONEOK's weighted forecast reaches $144.03 in October 2029. It hinges on EBITDA growth reaching earnings and real free cash flow per share after debt costs, dilution and Apollo’s claim.
Where could ONEOK's shares be by 2029?
The forecast puts ONEOK’s weighted share price at $116.79 in October 2027. That implies a 30% total return with dividends. It reaches $128.61 in October 2028, implying a 47% total return. By October 2029, the weighted price is $144.03, implying a 68% total return.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 27 % | 84.37 (-5 %) | 77.49 (-8 %) | 74.02 (-8 %) |
| Base | 53 % | 123.73 (+37 %) | 137.27 (+57 %) | 153.97 (+79 %) |
| Bull | 20 % | 142.20 (+57 %) | 174.68 (+97 %) | 212.21 (+142 %) |
| Weighted | 100 % | 116.79 (+30 %) | 128.61 (+47 %) | 144.03 (+68 %) |
What has to go right or wrong for ONEOK?
The bear path starts at $7,900 million and reaches $8,300 million. It reflects weaker volumes, delayed projects and integration costs. The bull path starts at $9,000 million and reaches $10,498 million. It assumes stronger connections, recurring synergies and timely project starts. Throughput rose 7% in the latest quarter, but NGL EBITDA fell from $673 million to $659 million, showing why higher volumes do not guarantee higher segment earnings.
How much cash does ONEOK really make?
Profit can arrive before customers pay, and cash can move into inventory or receivables before it appears in earnings. Free cash flow means cash from operations less capital spending. “Real free cash flow” goes further by subtracting stock pay, because compensation delivered in shares can dilute existing owners.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 5,599 | 4,888 | 4,421 | 2,906 | 2,546 |
| − Capital spending | 3,152 | 2,021 | 1,595 | 1,202 | 697 |
| = Free cash flow | 2,447 | 2,867 | 2,826 | 1,704 | 1,849 |
| − Stock pay | 108 | 102 | 63 | 53 | 54 |
| = Real free cash flow | 2,339 | 2,765 | 2,763 | 1,651 | 1,795 |
What this means. The company does not pay stock pay in cash, but we subtract it because giving shares to employees reduces what shareholders own.
What does an investor pay for ONEOK today?
Start with the P/E ratio, which compares the share price with annual profit. It is easy to read, but profit includes depreciation and amortization, the accounting cost of using pipelines and plants over time. In 2025, depreciation and amortization was $1.514 billion. Profit also reflects acquisition accounting, so P/E needs a cash-flow check.
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 93.31 |
| P/E, last 12 months (calculated) | 16.1x |
| P/E, next 12 months (calculated) | 15.1x |
| EV / revenue, last 12 months (calculated) | 2.3x |
| Free cash flow yield (calculated) | 4.2% |
| Real free cash flow yield (calculated) | 4.0% |
What this means. Enterprise value is higher than the stock-market value because it adds the company’s debt and subtracts its cash, estimating what it would cost to buy the whole business.