Stock Analysis on Net

ONEOK Inc. (NYSE:OKE)

This company has been moved to the archive! The financial data has not been updated since August 8, 2023.

Market Value Added (MVA)

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Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.


MVA

ONEOK Inc., MVA calculation

US$ in thousands

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Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Fair value of debt and finance lease liability1 12,722,253 15,623,666 16,324,296 14,046,245 9,628,009
Operating lease liability 80,399 89,419 101,220 15,392 18,502
Market value of common equity 29,270,613 28,477,332 20,300,152 30,424,412 26,462,496
Preferred stock, $0.01 par value
Market (fair) value of ONEOK 42,073,265 44,190,417 36,725,668 44,486,049 36,109,007
Less: Invested capital2 22,064,152 21,409,739 21,625,131 19,885,058 16,415,008
MVA 20,009,113 22,780,678 15,100,537 24,600,991 19,693,999

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 Fair value of debt. See details »

2 Invested capital. See details »

Item Description The company
MVA ONEOK Inc. market (fair) value less invested capital. ONEOK Inc. MVA increased from 2020 to 2021 but then slightly decreased from 2021 to 2022.

MVA Spread Ratio

ONEOK Inc., MVA spread ratio calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)1 20,009,113 22,780,678 15,100,537 24,600,991 19,693,999
Invested capital2 22,064,152 21,409,739 21,625,131 19,885,058 16,415,008
Performance Ratio
MVA spread ratio3 90.69% 106.40% 69.83% 123.72% 119.98%
Benchmarks
MVA Spread Ratio, Competitors4
Chevron Corp. 57.71% 54.49% 25.83% 21.23%
ConocoPhillips 93.55% 86.17% 63.43% 38.09%
Exxon Mobil Corp. 67.23% 42.25% 18.54% -5.98%
Marathon Petroleum Corp. 23.50% 16.35% 14.91% -10.38%
Occidental Petroleum Corp. 44.52% 34.32% 9.79% -5.81%
Valero Energy Corp. 27.46% 19.85% 21.44% 4.90%

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 MVA. See details »

2 Invested capital. See details »

3 2022 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 20,009,113 ÷ 22,064,152 = 90.69%

4 Click competitor name to see calculations.

Performance ratio Description The company
MVA spread ratio The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium. ONEOK Inc. MVA spread ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

MVA Margin

ONEOK Inc., MVA margin calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018
Selected Financial Data (US$ in thousands)
Market value added (MVA)1 20,009,113 22,780,678 15,100,537 24,600,991 19,693,999
Revenues 22,386,892 16,540,309 8,542,242 10,164,367 12,593,196
Performance Ratio
MVA margin2 89.38% 137.73% 176.77% 242.03% 156.39%
Benchmarks
MVA Margin, Competitors3
Chevron Corp. 51.99% 67.80% 53.96% 29.71%
ConocoPhillips 90.01% 143.57% 171.77% 67.50%
Exxon Mobil Corp. 50.09% 41.64% 28.44% -7.10%
Marathon Petroleum Corp. 9.21% 8.67% 15.00% -6.87%
Occidental Petroleum Corp. 68.42% 76.78% 34.78% -23.98%
Valero Energy Corp. 7.75% 7.75% 13.53% 1.84%

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 MVA. See details »

2 2022 Calculation
MVA margin = 100 × MVA ÷ Revenues
= 100 × 20,009,113 ÷ 22,386,892 = 89.38%

3 Click competitor name to see calculations.

Performance ratio Description The company
MVA margin The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value. ONEOK Inc. MVA margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.