Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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Historical Valuation Ratios (Summary)
ONEOK Inc., historical price multiples (quarterly data)
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).
- Price to Earnings (P/E) Ratio
- The P/E ratio data starts from March 31, 2019, showing values around 23. From that point, there is a general decline in the ratio, with fluctuations observed over the quarters. The highest point occurs in March 31, 2021, reaching 33.19, followed by a gradual decrease thereafter. By June 30, 2023, the ratio drops to approximately 11.8, indicating a significant reduction in the market's earnings expectations or a rise in earnings relative to the stock price over this period.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio follows a somewhat similar trend to the P/E ratio, beginning with values near 14.4 in early 2019 and peaking around 15.89 by March 31, 2020. A substantial decline is noticeable following this peak, with values falling consistently to a low of about 7.72 by March 31, 2023. This decline suggests improving operating profit or a decrease in price relative to operating profit.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibits more pronounced volatility over the periods. Starting from approximately 2.1 in early 2019, it rises steadily reaching almost 3 by March 2020, indicating strong price valuation relative to sales at that time. Subsequently, there is a sharp decline through 2020 and into 2021, hitting lows around 1.16 by December 31, 2022. In the most recent quarter, June 30, 2023, the ratio slightly recovers to 1.5, suggesting some recovery in valuation relative to sales.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts with values near 3.84 in March 2018, increasing gradually and peaking around 5.02 by March 31, 2022. This increase suggests escalating market valuation compared to book value. However, from this high point, a decline is evident, bringing the ratio down to approximately 3.98 by June 30, 2023. The fall in P/BV ratio indicates a decrease in market valuation relative to book value during the latest quarters.
- Overall Trends
- Across the four valuation metrics, a pattern emerges of rising ratios up to around early 2020 or 2021, followed by a period of decline. The price multiples relative to earnings, operating profit, sales, and book value all exhibit some degree of reduction particularly from 2021 onward. This suggests either an improvement in the underlying financial performance of the company or changing market perceptions resulting in more conservative valuations. The most notable declines are found in the P/E and P/OP ratios, which nearly halve from their peaks to the latest recorded values.
Price to Earnings (P/E)
ONEOK Inc., historical P/E calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (loss) available to common shareholders (in millions) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
EPS
= (Net income (loss) available to common shareholdersQ2 2023
+ Net income (loss) available to common shareholdersQ1 2023
+ Net income (loss) available to common shareholdersQ4 2022
+ Net income (loss) available to common shareholdersQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ONEOK Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the observed periods. Initially, it showed a generally stable upward trend during 2018 and 2019, reaching its peak near the end of 2019. However, a sharp decline occurred in early 2020, coinciding with broader market downturns, followed by a partial recovery through 2020 and 2021. In 2022, the share price demonstrated some volatility, decreasing during the middle of the year but slightly rebounding towards the end of 2022 and into the first half of 2023.
Earnings per share (EPS) displayed a consistent upward trend from 2019 onward. Starting from a baseline around 2.8 US$ in Q1 2019, EPS generally increased, despite some minor fluctuations, reaching a notably higher value above 5 US$ by mid-2023. This indicates a steady improvement in profitability over the period, with earnings growth accelerating particularly from late 2021 through 2023.
The price-to-earnings (P/E) ratio remained relatively stable between 22 and 24 during 2019 but experienced a significant drop beginning in early 2020, aligning with reduced share prices and declining EPS at that time. Following this period, the P/E ratio fluctuated more widely, with values ranging roughly between 11 and 33. The highest P/E ratio occurred late in 2020, indicating a potential market revaluation or expectations of future earnings growth. From early 2021 onward, the P/E ratio tended to moderate and ultimately declined to levels near 12 by mid-2023, suggesting the share price growth has been more closely aligned with earnings increases in the recent periods.
- Share Price
- Stable growth during 2018 and 2019, sharp decline in early 2020, partial recovery until 2021, and volatile but slightly upward trend in 2022-2023.
- Earnings per Share (EPS)
- Consistent increase from 2019, indicating improving profitability, with accelerated growth in 2022 and 2023 reaching over 5 US$ by mid-2023.
- Price-to-Earnings (P/E) Ratio
- Relatively stable early on, significant volatility from 2020, peaking at 33 in late 2020, followed by a decline to around 12 by mid-2023, reflecting alignment of share prices with earnings growth.
Price to Operating Profit (P/OP)
ONEOK Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (loss) (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Operating profit per share
= (Operating income (loss)Q2 2023
+ Operating income (loss)Q1 2023
+ Operating income (loss)Q4 2022
+ Operating income (loss)Q3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ONEOK Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price experienced a relatively stable period from March 2018 through December 2019, fluctuating between approximately $62.57 and $73.61. A notable decline occurred starting in the first quarter of 2020, reaching a low near $29 by September 2020. Following this drop, the share price exhibited a partial recovery, rising to the low-to-mid $60s by late 2021. In 2022, the price showed some volatility, moving mostly in the $59 to $67 range, and slightly moderating in the first half of 2023 to a range around $62 to $64.
- Operating Profit per Share (OPPS) Trend
- Operating profit per share data becomes available starting from March 2019, showing a steady increase from approximately $4.46 to $4.63 during 2019. In 2020, OPPS declined to levels around $2.80 to $3.29 during the middle quarters, coinciding with the period of share price weakness. From late 2020 onward, OPPS demonstrates a consistent recovery and growth trend, climbing from $3.06 in December 2020 to $8.24 by June 2023, reflecting improving operational profitability over time.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio was relatively elevated in 2019, fluctuating between approximately 14.42 and 15.89, indicating higher share price levels relative to operating profit. In 2020, this ratio dropped significantly, paralleling the share price decline and lower operating profits, reaching a low near 7.72-9.87 in the latter part of the year. From 2021 onwards, the ratio fluctuated modestly between about 7.7 and 11.6, suggesting a stabilization of market valuation in relation to earnings, with a gradual decline in this ratio indicating growing operational earnings outpacing share price increases.
- Summary Insights
- The data reveals the impact of external factors, likely market-wide disruptions in 2020, on the company’s share price and profitability, with a significant decline observed in early 2020. Following this, a strong recovery in operating profit per share was apparent, outpacing the recovery in share price and leading to a declining price-to-operating-profit ratio. This trend suggests an improvement in the company’s earnings quality and operational efficiency over the most recent periods. Investors’ relative valuation of the stock based on operating profits has become more conservative as earnings increased significantly.
Price to Sales (P/S)
ONEOK Inc., historical P/S calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenues (in millions) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
Sales per share
= (RevenuesQ2 2023
+ RevenuesQ1 2023
+ RevenuesQ4 2022
+ RevenuesQ3 2022)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of ONEOK Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated an initial upward trend from March 2018 to December 2019, rising from $62.57 to $73.61. However, a substantial decline occurred in early 2020, with prices dropping to a low point of approximately $29.09 in September 2020. Following this trough, the share price gradually recovered through 2021 and into early 2023, fluctuating mostly between $50 and $65, with some minor volatility.
- Sales per Share Development
- Sales per share data, available from March 2019 onward, show a general upward trajectory over the observed periods. Starting at $30.59 in March 2019, sales per share consistently grew to reach a peak of $50.96 by December 2022 before receding slightly to $42.89 in June 2023. Notably, there was a dip during 2020, coinciding with the share price decline, but sales per share maintained more stability relative to the dramatic share price movements.
- Price-to-Sales (P/S) Ratio Evolution
- The P/S ratio shows variability across the periods, with an initial increase from 2.1 in March 2019 to a peak of 2.99 in March 2020. This was followed by a sharp decrease to as low as 1.16 in December 2022. This suggests that despite rising sales per share, the market valuation relative to sales diminished during this time frame. However, there was a minor recovery to a P/S ratio of 1.50 by June 2023.
- Insights and Observations
- The data reflect a period of volatility particularly in the share price around early 2020, likely influenced by broader market or company-specific factors. Sales per share increased steadily, evidencing growing revenue generation per share, despite the fluctuating market valuation. The declining P/S ratio over time after 2020 indicates that the share price did not keep pace proportionally with sales growth, highlighting a potential reevaluation of the company's market worth relative to its sales.
Price to Book Value (P/BV)
ONEOK Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Total ONEOK shareholders’ equity (in millions) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Chevron Corp. | |||||||||||||||||||||||||||||
| ConocoPhillips | |||||||||||||||||||||||||||||
| Exxon Mobil Corp. | |||||||||||||||||||||||||||||
| Occidental Petroleum Corp. | |||||||||||||||||||||||||||||
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).
1 Data adjusted for splits and stock dividends.
2 Q2 2023 Calculation
BVPS = Total ONEOK shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of ONEOK Inc. Quarterly or Annual Report.
4 Q2 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a generally stable performance from March 2018 through December 2019, fluctuating in a range between approximately $62 and $74. Notably, there was a sharp decline starting in March 2020 through September 2020, with the price dropping to a low near $29, reflecting a significant market downturn during this period. Following this low, the share price showed a recovery trend, increasing steadily from $29 in September 2020 to values in the mid-60s by June 2023, though it did not reach the pre-2020 peak levels consistently.
- Book Value Per Share (BVPS) Trend
- BVPS displayed a declining trend from March 2018 ($16.3) to December 2020 ($13.58), indicating a gradual reduction in the company's book value per share over this period. From 2021 onwards, the BVPS experienced a slow but steady increase, rising from around $13.68 in March 2021 to $16.12 by June 2023. This suggests an improvement in the company's underlying net asset value or equity base over the recent years.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio remained relatively high between 3.8 and 4.9 from 2018 through 2019, showing that the market was valuing the shares at a multiple of around four times book value during this period. This ratio dropped sharply in early 2020, bottoming near 2.1 in mid-2020, coinciding with the steep decline in share price and relatively stable BVPS. Subsequently, the P/BV ratio rebounded to levels between approximately 3.9 and 5.0 from late 2020 through 2022, peaking above 5.0 at times in early 2022. This suggests improved market confidence or reevaluation of equity. By mid-2023, the ratio had moderated to roughly 3.9, indicating a stabilization in the market's valuation relative to the company’s book value.
- Overall Insights
- The financial data reflects a cyclical pattern influenced by external market conditions, especially around early 2020, when the share price and valuation multiples experienced significant decreases. The decline in book value per share until late 2020 may indicate underlying operational or asset pressures during that time, though the subsequent recovery suggests strategic or market improvements. The P/BV ratio closely tracks changes in share price relative to book value, highlighting periods of market optimism and caution. The share price recovery coupled with rising BVPS in recent years points to enhanced shareholder value and possibly stronger financial fundamentals.