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We are incorporated under the laws of the state of Oklahoma, and our common stock is listed on the NYSE under the trading symbol OKE. We are a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services.
17.07% operating margin is respectable but not wide. ROIC at 8.99%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 55.0%, still solid. Margins contracted 5.9pp, which offsets some of the top-line progress.
Free cash flow declined 15% versus the prior year, cash generation momentum has weakened. Net debt of $32.98B represents 13.5x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$33.63B
▲ +55.0% YoY
Net Income (TTM)
$3.39B
▲ +11.8% YoY
Op. Margin
17.07%
▼ -5.9pp YoY
ROIC
8.99%
▼ -0.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$2.45B
▼ -14.6% YoY
Op. Cash Flow (TTM)
$5.60B
▲ +14.5% YoY
Net Debt
$32.98B
Cash & Equiv.
$78M
5Y CAGR: +31.5%
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