ONEOK, Inc. OKE

Competitive advantage analysis · energy

Corporate Default
Overall moat score
44/100
Developing

About ONEOK, Inc.

ONEOK, Inc. operates as a midstream service provider of gathering, processing, fractionation, transportation, storage, and marine export services in the United States. It operates in four segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; and Refined Products and Crude. The company owns natural gas gathering pipelines and processing plants in the Mid-Continent, Permian Basin, North Texas, … Full OKE analysis →

Competitive advantage assessment

Key strengths

  • ROIC Sustainably Above Peers ROIC at 60.0th percentile exceeds peers and WACC, demonstrating superior capital allocation.

Key risks

  • Liquidity Concerns Liquidity is concerning (score 0.24), raising questions about short-term obligations.
  • Weak or Negative Cash Flow Cash generation is weak (score 0.35), limiting financial flexibility.

The dashed ring is the peer median. Defense scores are percentile ranks against peers, so 50 is roughly the typical company in this group.

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Pricing Power

Developing
40

Where OKE ranks in Oil & Gas Midstream

ONEOK, Inc. ranks #36 of 56 scored companies in Oil & Gas Midstream by moat score — the top 64%. The widest moat in the group is Hess Midstream LP (HESM) at 84/100.

Moat scores for companies ranked near OKE in Oil & Gas Midstream
# Company Moat score Rating
32 Targa Resources, Inc. TRGP 47/100 Developing
33 Tsakos Energy Navigation Ltd TEN 47/100 Developing
34 TOP Ships, Inc. TOPS 46/100 Developing
35 KNOT Offshore Partners LP KNOP 45/100 Developing
36 ONEOK, Inc. OKE 44/100 Developing
37 Martin Midstream Partners L.P. MMLP 44/100 Developing
38 Plains GP Holdings, L.P. PAGP 43/100 Developing
39 Enbridge Inc ENB 43/100 Developing
40 Energy Transfer LP ET 41/100 Developing

See every Commodities & Mining company ranked by moat score →

How OKE scores on the Corporate Default defenses

Pricing Power

Score 40 · 20% of the moat score

Pricing power is the ability to raise prices without losing volume.

Cost Advantage

Score 33 · 15% of the moat score

A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.

Customer Stickiness

Score 36 · 15% of the moat score

Stickiness is what makes revenue repeat without being re-won every year.

Capital Efficiency

Score 72 · 18% of the moat score

Capital efficiency asks what the company earns on the money tied up in the business.

Resilience

Score 38 · 17% of the moat score

Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.

Scale & Market Position

Score 38 · 15% of the moat score

Scale matters only when it converts into economics.

How each Corporate Default defense is measured, in full →

Understanding OKE's moat

What is ONEOK, Inc.'s moat score?

ONEOK, Inc. (OKE) scores 44 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as developing. It ranks #36 of 56 scored companies in Oil & Gas Midstream, the top 64%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 67 companies in Oil & Gas Midstream. Its strongest defense is Capital Efficiency (72/100) and its weakest is Cost Advantage (33/100).

How does ONEOK, Inc. compare with other Oil & Gas Midstream companies?

ONEOK, Inc. ranks #36 of 56 scored companies in Oil & Gas Midstream by moat score. The widest moat in Oil & Gas Midstream is Hess Midstream LP (HESM) at 84/100. The companies ranked closest are KNOT Offshore Partners LP (KNOP) at 45 just above it and Martin Midstream Partners L.P. (MMLP) at 44 just below it.

How is the moat score calculated?

Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 67 companies in Oil & Gas Midstream. The defenses are then weighted to produce the overall score out of 100.

Why is ONEOK, Inc. scored with the Corporate Default template?

Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.

Which competitive defenses are measured for ONEOK, Inc.?

The Corporate Default template measures 6 defenses, and OKE scores: Pricing Power (40), Cost Advantage (33), Customer Stickiness (36), Capital Efficiency (72), Resilience (38), Scale & Market Position (38). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.

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