Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Solvency Ratios (Summary)
ONEOK Inc., solvency ratios
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).
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | ONEOK Inc. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | ONEOK Inc. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | ONEOK Inc. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | ONEOK Inc. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | ONEOK Inc. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | ONEOK Inc. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | ONEOK Inc. financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022. |
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | ONEOK Inc. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | ONEOK Inc. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity
ONEOK Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Current maturities of long-term debt | ||||||
| Short-term borrowings | ||||||
| Current finance lease liability | ||||||
| Long-term debt, excluding current maturities | ||||||
| Noncurrent finance lease liability | ||||||
| Total debt | ||||||
| Total ONEOK shareholders’ equity | ||||||
| Solvency Ratio | ||||||
| Debt to equity1 | ||||||
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Marathon Petroleum Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Valero Energy Corp. | ||||||
| Debt to Equity, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Debt to Equity, Industry | ||||||
| Energy | ||||||
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 2022 Calculation
Debt to equity = Total debt ÷ Total ONEOK shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio | A solvency ratio calculated as total debt divided by total shareholders’ equity. | ONEOK Inc. debt to equity ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Equity (including Operating Lease Liability)
ONEOK Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Current maturities of long-term debt | ||||||
| Short-term borrowings | ||||||
| Current finance lease liability | ||||||
| Long-term debt, excluding current maturities | ||||||
| Noncurrent finance lease liability | ||||||
| Total debt | ||||||
| Current operating lease liability | ||||||
| Noncurrent operating lease liability | ||||||
| Total debt (including operating lease liability) | ||||||
| Total ONEOK shareholders’ equity | ||||||
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | ||||||
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Marathon Petroleum Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Valero Energy Corp. | ||||||
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Energy | ||||||
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 2022 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Total ONEOK shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to equity ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity. | ONEOK Inc. debt to equity ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital
ONEOK Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Current maturities of long-term debt | ||||||
| Short-term borrowings | ||||||
| Current finance lease liability | ||||||
| Long-term debt, excluding current maturities | ||||||
| Noncurrent finance lease liability | ||||||
| Total debt | ||||||
| Total ONEOK shareholders’ equity | ||||||
| Total capital | ||||||
| Solvency Ratio | ||||||
| Debt to capital1 | ||||||
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Marathon Petroleum Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Valero Energy Corp. | ||||||
| Debt to Capital, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Debt to Capital, Industry | ||||||
| Energy | ||||||
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 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio | A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity. | ONEOK Inc. debt to capital ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Capital (including Operating Lease Liability)
ONEOK Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Current maturities of long-term debt | ||||||
| Short-term borrowings | ||||||
| Current finance lease liability | ||||||
| Long-term debt, excluding current maturities | ||||||
| Noncurrent finance lease liability | ||||||
| Total debt | ||||||
| Current operating lease liability | ||||||
| Noncurrent operating lease liability | ||||||
| Total debt (including operating lease liability) | ||||||
| Total ONEOK shareholders’ equity | ||||||
| Total capital (including operating lease liability) | ||||||
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | ||||||
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Marathon Petroleum Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Valero Energy Corp. | ||||||
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Energy | ||||||
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 2022 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to capital ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity. | ONEOK Inc. debt to capital ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets
ONEOK Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Current maturities of long-term debt | ||||||
| Short-term borrowings | ||||||
| Current finance lease liability | ||||||
| Long-term debt, excluding current maturities | ||||||
| Noncurrent finance lease liability | ||||||
| Total debt | ||||||
| Total assets | ||||||
| Solvency Ratio | ||||||
| Debt to assets1 | ||||||
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Marathon Petroleum Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Valero Energy Corp. | ||||||
| Debt to Assets, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Debt to Assets, Industry | ||||||
| Energy | ||||||
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 2022 Calculation
Debt to assets = Total debt ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio | A solvency ratio calculated as total debt divided by total assets. | ONEOK Inc. debt to assets ratio improved from 2020 to 2021 and from 2021 to 2022. |
Debt to Assets (including Operating Lease Liability)
ONEOK Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Current maturities of long-term debt | ||||||
| Short-term borrowings | ||||||
| Current finance lease liability | ||||||
| Long-term debt, excluding current maturities | ||||||
| Noncurrent finance lease liability | ||||||
| Total debt | ||||||
| Current operating lease liability | ||||||
| Noncurrent operating lease liability | ||||||
| Total debt (including operating lease liability) | ||||||
| Total assets | ||||||
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | ||||||
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Marathon Petroleum Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Valero Energy Corp. | ||||||
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Energy | ||||||
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 2022 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Debt to assets ratio (including operating lease liability) | A solvency ratio calculated as total debt (including operating lease liability) divided by total assets. | ONEOK Inc. debt to assets ratio (including operating lease liability) improved from 2020 to 2021 and from 2021 to 2022. |
Financial Leverage
ONEOK Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Total assets | ||||||
| Total ONEOK shareholders’ equity | ||||||
| Solvency Ratio | ||||||
| Financial leverage1 | ||||||
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Marathon Petroleum Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Valero Energy Corp. | ||||||
| Financial Leverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Financial Leverage, Industry | ||||||
| Energy | ||||||
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 2022 Calculation
Financial leverage = Total assets ÷ Total ONEOK shareholders’ equity
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Financial leverage ratio | A solvency ratio calculated as total assets divided by total shareholders’ equity. | ONEOK Inc. financial leverage ratio increased from 2020 to 2021 but then decreased significantly from 2021 to 2022. |
Interest Coverage
ONEOK Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Net income attributable to ONEOK | ||||||
| Add: Net income attributable to noncontrolling interest | ||||||
| Add: Income tax expense | ||||||
| Add: Interest expense, net of capitalized interest | ||||||
| Earnings before interest and tax (EBIT) | ||||||
| Solvency Ratio | ||||||
| Interest coverage1 | ||||||
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Marathon Petroleum Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Valero Energy Corp. | ||||||
| Interest Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Interest Coverage, Industry | ||||||
| Energy | ||||||
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 2022 Calculation
Interest coverage = EBIT ÷ Interest expense
= ÷ =
2 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments. | ONEOK Inc. interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |
Fixed Charge Coverage
ONEOK Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Federal statutory income tax rate | ||||||
| Selected Financial Data (US$ in thousands) | ||||||
| Net income attributable to ONEOK | ||||||
| Add: Net income attributable to noncontrolling interest | ||||||
| Add: Income tax expense | ||||||
| Add: Interest expense, net of capitalized interest | ||||||
| Earnings before interest and tax (EBIT) | ||||||
| Add: Operating lease costs | ||||||
| Earnings before fixed charges and tax | ||||||
| Interest expense, net of capitalized interest | ||||||
| Operating lease costs | ||||||
| Preferred stock dividends | ||||||
| Preferred stock dividends, tax adjustment1 | ||||||
| Preferred stock dividends, after tax adjustment | ||||||
| Fixed charges | ||||||
| Solvency Ratio | ||||||
| Fixed charge coverage2 | ||||||
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors3 | ||||||
| Chevron Corp. | ||||||
| ConocoPhillips | ||||||
| Exxon Mobil Corp. | ||||||
| Marathon Petroleum Corp. | ||||||
| Occidental Petroleum Corp. | ||||||
| Valero Energy Corp. | ||||||
| Fixed Charge Coverage, Sector | ||||||
| Oil, Gas & Consumable Fuels | ||||||
| Fixed Charge Coverage, Industry | ||||||
| Energy | ||||||
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 2022 Calculation
Preferred stock dividends, tax adjustment = (Preferred stock dividends × Federal statutory income tax rate) ÷ (1 − Federal statutory income tax rate)
= ( × ) ÷ (1 − ) =
2 2022 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= ÷ =
3 Click competitor name to see calculations.
| Solvency ratio | Description | The company |
|---|---|---|
| Fixed charge coverage ratio | A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges. | ONEOK Inc. fixed charge coverage ratio improved from 2020 to 2021 and from 2021 to 2022. |