Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

ONEOK Inc., EBITDA calculation

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net income attributable to ONEOK	1,722,221)	1,499,706)	612,809)	1,278,577)	1,151,703)
Add: Net income attributable to noncontrolling interest	—)	—)	—)	—)	3,329)
Add: Income tax expense	527,424)	484,498)	189,507)	372,414)	362,903)
Earnings before tax (EBT)	2,249,645)	1,984,204)	802,316)	1,650,991)	1,517,935)
Add: Interest expense, net of capitalized interest	675,946)	732,924)	712,886)	491,773)	469,620)
Earnings before interest and tax (EBIT)	2,925,591)	2,717,128)	1,515,202)	2,142,764)	1,987,555)
Add: Depreciation and amortization	626,132)	621,701)	578,662)	476,535)	428,557)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,551,723)	3,338,829)	2,093,864)	2,619,299)	2,416,112)

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).

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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	ONEOK Inc. EBITDA increased from 2020 to 2021 and from 2021 to 2022.

ONEOK Inc., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	42,141,201)
Earnings before interest, tax, depreciation and amortization (EBITDA)	3,551,723)
Valuation Ratio
EV/EBITDA	11.87
Benchmarks
EV/EBITDA, Competitors¹
Chevron Corp.	6.37
ConocoPhillips	5.65
Exxon Mobil Corp.	7.40
Marathon Petroleum Corp.	3.94
Occidental Petroleum Corp.	5.14
Valero Energy Corp.	3.47
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	4.37
EV/EBITDA, Industry
Energy	4.51

Based on: 10-K (reporting date: 2022-12-31).

¹ Click competitor name to see calculations.

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

ONEOK Inc., historical EV/EBITDA 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)
Enterprise value (EV)¹	42,693,473)	41,998,057)	34,036,023)	43,137,106)	35,859,514)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	3,551,723)	3,338,829)	2,093,864)	2,619,299)	2,416,112)
Valuation Ratio
EV/EBITDA³	12.02	12.58	16.26	16.47	14.84
Benchmarks
EV/EBITDA, Competitors⁴
Chevron Corp.	4.74	7.18	18.57	6.39	—
ConocoPhillips	3.82	6.34	23.12	4.13	—
Exxon Mobil Corp.	4.54	7.07	16.97	6.91	—
Marathon Petroleum Corp.	3.11	8.48	—	7.23	—
Occidental Petroleum Corp.	3.70	5.30	—	10.32	—
Valero Energy Corp.	3.15	10.17	47.76	6.00	—
EV/EBITDA, Sector
Oil, Gas & Consumable Fuels	4.20	6.99	40.24	6.54	—
EV/EBITDA, Industry
Energy	4.41	7.21	71.70	7.51	—

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 See details »

² See details »

³ 2022 Calculation
EV/EBITDA = EV ÷ EBITDA
= 42,693,473 ÷ 3,551,723 = 12.02

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	ONEOK Inc. EV/EBITDA ratio decreased from 2020 to 2021 and from 2021 to 2022.

ONEOK Inc. (NYSE:OKE)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical