Stock Analysis on Net
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.

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin 
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

ONEOK Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Jun 30, 2023 33.72% = 10.12% × 3.33
Mar 31, 2023 33.37% = 9.73% × 3.43
Dec 31, 2022 26.52% = 7.06% × 3.75
Sep 30, 2022 25.61% = 6.62% × 3.87
Jun 30, 2022 25.79% = 6.43% × 4.01
Mar 31, 2022 25.10% = 6.27% × 4.00
Dec 31, 2021 24.93% = 6.35% × 3.93
Sep 30, 2021 24.45% = 5.98% × 4.09
Jun 30, 2021 22.82% = 5.75% × 3.97
Mar 31, 2021 18.71% = 4.92% × 3.80
Dec 31, 2020 10.14% = 2.66% × 3.82
Sep 30, 2020 10.17% = 2.74% × 3.71
Jun 30, 2020 9.96% = 2.70% × 3.68
Mar 31, 2020 14.38% = 3.64% × 3.95
Dec 31, 2019 20.54% = 5.86% × 3.50
Sep 30, 2019 20.12% = 5.86% × 3.43
Jun 30, 2019 19.77% = 6.36% × 3.11
Mar 31, 2019 19.01% = 6.47% × 2.94
Dec 31, 2018 17.50% = 6.32% × 2.77
Sep 30, 2018 — = — × 2.69
Jun 30, 2018 — = — × 2.54
Mar 31, 2018 — = — × 2.45

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2023 is the increase in profitability measured by return on assets ratio (ROA).

Three-Component Disaggregation of ROE

ONEOK Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 33.72% = 12.68% × 0.80 × 3.33
Mar 31, 2023 33.37% = 11.09% × 0.88 × 3.43
Dec 31, 2022 26.52% = 7.69% × 0.92 × 3.75
Sep 30, 2022 25.61% = 7.10% × 0.93 × 3.87
Jun 30, 2022 25.79% = 7.37% × 0.87 × 4.01
Mar 31, 2022 25.10% = 8.01% × 0.78 × 4.00
Dec 31, 2021 24.93% = 9.07% × 0.70 × 3.93
Sep 30, 2021 24.45% = 10.43% × 0.57 × 4.09
Jun 30, 2021 22.82% = 11.91% × 0.48 × 3.97
Mar 31, 2021 18.71% = 11.88% × 0.41 × 3.80
Dec 31, 2020 10.14% = 7.17% × 0.37 × 3.82
Sep 30, 2020 10.17% = 7.24% × 0.38 × 3.71
Jun 30, 2020 9.96% = 7.13% × 0.38 × 3.68
Mar 31, 2020 14.38% = 8.40% × 0.43 × 3.95
Dec 31, 2019 20.54% = 12.58% × 0.47 × 3.50
Sep 30, 2019 20.12% = 11.76% × 0.50 × 3.43
Jun 30, 2019 19.77% = 10.67% × 0.60 × 3.11
Mar 31, 2019 19.01% = 9.98% × 0.65 × 2.94
Dec 31, 2018 17.50% = 9.15% × 0.69 × 2.77
Sep 30, 2018 — = — × — × 2.69
Jun 30, 2018 — = — × — × 2.54
Mar 31, 2018 — = — × — × 2.45

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2023 is the increase in profitability measured by net profit margin ratio.

Five-Component Disaggregation of ROE

ONEOK Inc., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Jun 30, 2023 33.72% = 0.76 × 0.82 × 20.12% × 0.80 × 3.33
Mar 31, 2023 33.37% = 0.76 × 0.82 × 17.63% × 0.88 × 3.43
Dec 31, 2022 26.52% = 0.77 × 0.77 × 13.07% × 0.92 × 3.75
Sep 30, 2022 25.61% = 0.76 × 0.76 × 12.38% × 0.93 × 3.87
Jun 30, 2022 25.79% = 0.76 × 0.75 × 13.03% × 0.87 × 4.01
Mar 31, 2022 25.10% = 0.76 × 0.73 × 14.42% × 0.78 × 4.00
Dec 31, 2021 24.93% = 0.76 × 0.73 × 16.43% × 0.70 × 3.93
Sep 30, 2021 24.45% = 0.76 × 0.72 × 19.06% × 0.57 × 4.09
Jun 30, 2021 22.82% = 0.76 × 0.71 × 22.12% × 0.48 × 3.97
Mar 31, 2021 18.71% = 0.76 × 0.67 × 23.60% × 0.41 × 3.80
Dec 31, 2020 10.14% = 0.76 × 0.53 × 17.74% × 0.37 × 3.82
Sep 30, 2020 10.17% = 0.76 × 0.55 × 17.17% × 0.38 × 3.71
Jun 30, 2020 9.96% = 0.77 × 0.57 × 16.32% × 0.38 × 3.68
Mar 31, 2020 14.38% = 0.77 × 0.67 × 16.34% × 0.43 × 3.95
Dec 31, 2019 20.54% = 0.77 × 0.77 × 21.08% × 0.47 × 3.50
Sep 30, 2019 20.12% = 0.77 × 0.77 × 19.77% × 0.50 × 3.43
Jun 30, 2019 19.77% = 0.77 × 0.78 × 17.89% × 0.60 × 3.11
Mar 31, 2019 19.01% = 0.77 × 0.77 × 16.78% × 0.65 × 2.94
Dec 31, 2018 17.50% = 0.76 × 0.76 × 15.76% × 0.69 × 2.77
Sep 30, 2018 — = — × — × — × — × 2.69
Jun 30, 2018 — = — × — × — × — × 2.54
Mar 31, 2018 — = — × — × — × — × 2.45

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on equity ratio (ROE) over Q2 2023 is the increase in operating profitability measured by EBIT margin ratio.

Two-Component Disaggregation of ROA

ONEOK Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Jun 30, 2023 10.12% = 12.68% × 0.80
Mar 31, 2023 9.73% = 11.09% × 0.88
Dec 31, 2022 7.06% = 7.69% × 0.92
Sep 30, 2022 6.62% = 7.10% × 0.93
Jun 30, 2022 6.43% = 7.37% × 0.87
Mar 31, 2022 6.27% = 8.01% × 0.78
Dec 31, 2021 6.35% = 9.07% × 0.70
Sep 30, 2021 5.98% = 10.43% × 0.57
Jun 30, 2021 5.75% = 11.91% × 0.48
Mar 31, 2021 4.92% = 11.88% × 0.41
Dec 31, 2020 2.66% = 7.17% × 0.37
Sep 30, 2020 2.74% = 7.24% × 0.38
Jun 30, 2020 2.70% = 7.13% × 0.38
Mar 31, 2020 3.64% = 8.40% × 0.43
Dec 31, 2019 5.86% = 12.58% × 0.47
Sep 30, 2019 5.86% = 11.76% × 0.50
Jun 30, 2019 6.36% = 10.67% × 0.60
Mar 31, 2019 6.47% = 9.98% × 0.65
Dec 31, 2018 6.32% = 9.15% × 0.69
Sep 30, 2018 — = — × —
Jun 30, 2018 — = — × —
Mar 31, 2018 — = — × —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2023 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

ONEOK Inc., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Jun 30, 2023 10.12% = 0.76 × 0.82 × 20.12% × 0.80
Mar 31, 2023 9.73% = 0.76 × 0.82 × 17.63% × 0.88
Dec 31, 2022 7.06% = 0.77 × 0.77 × 13.07% × 0.92
Sep 30, 2022 6.62% = 0.76 × 0.76 × 12.38% × 0.93
Jun 30, 2022 6.43% = 0.76 × 0.75 × 13.03% × 0.87
Mar 31, 2022 6.27% = 0.76 × 0.73 × 14.42% × 0.78
Dec 31, 2021 6.35% = 0.76 × 0.73 × 16.43% × 0.70
Sep 30, 2021 5.98% = 0.76 × 0.72 × 19.06% × 0.57
Jun 30, 2021 5.75% = 0.76 × 0.71 × 22.12% × 0.48
Mar 31, 2021 4.92% = 0.76 × 0.67 × 23.60% × 0.41
Dec 31, 2020 2.66% = 0.76 × 0.53 × 17.74% × 0.37
Sep 30, 2020 2.74% = 0.76 × 0.55 × 17.17% × 0.38
Jun 30, 2020 2.70% = 0.77 × 0.57 × 16.32% × 0.38
Mar 31, 2020 3.64% = 0.77 × 0.67 × 16.34% × 0.43
Dec 31, 2019 5.86% = 0.77 × 0.77 × 21.08% × 0.47
Sep 30, 2019 5.86% = 0.77 × 0.77 × 19.77% × 0.50
Jun 30, 2019 6.36% = 0.77 × 0.78 × 17.89% × 0.60
Mar 31, 2019 6.47% = 0.77 × 0.77 × 16.78% × 0.65
Dec 31, 2018 6.32% = 0.76 × 0.76 × 15.76% × 0.69
Sep 30, 2018 — = — × — × — × —
Jun 30, 2018 — = — × — × — × —
Mar 31, 2018 — = — × — × — × —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2023 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

ONEOK Inc., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Jun 30, 2023 12.68% = 0.76 × 0.82 × 20.12%
Mar 31, 2023 11.09% = 0.76 × 0.82 × 17.63%
Dec 31, 2022 7.69% = 0.77 × 0.77 × 13.07%
Sep 30, 2022 7.10% = 0.76 × 0.76 × 12.38%
Jun 30, 2022 7.37% = 0.76 × 0.75 × 13.03%
Mar 31, 2022 8.01% = 0.76 × 0.73 × 14.42%
Dec 31, 2021 9.07% = 0.76 × 0.73 × 16.43%
Sep 30, 2021 10.43% = 0.76 × 0.72 × 19.06%
Jun 30, 2021 11.91% = 0.76 × 0.71 × 22.12%
Mar 31, 2021 11.88% = 0.76 × 0.67 × 23.60%
Dec 31, 2020 7.17% = 0.76 × 0.53 × 17.74%
Sep 30, 2020 7.24% = 0.76 × 0.55 × 17.17%
Jun 30, 2020 7.13% = 0.77 × 0.57 × 16.32%
Mar 31, 2020 8.40% = 0.77 × 0.67 × 16.34%
Dec 31, 2019 12.58% = 0.77 × 0.77 × 21.08%
Sep 30, 2019 11.76% = 0.77 × 0.77 × 19.77%
Jun 30, 2019 10.67% = 0.77 × 0.78 × 17.89%
Mar 31, 2019 9.98% = 0.77 × 0.77 × 16.78%
Dec 31, 2018 9.15% = 0.76 × 0.76 × 15.76%
Sep 30, 2018 — = — × — × —
Jun 30, 2018 — = — × — × —
Mar 31, 2018 — = — × — × —

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

The primary reason for the increase in net profit margin ratio over Q2 2023 is the increase in operating profitability measured by EBIT margin ratio.