Kinetik vs Oneok
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The short version
- Oneok is the larger business, with $33.6B of revenue in fiscal 2025 against $1.8B for Kinetik, about 19 times as much.
- Oneok grew revenue faster (55.0%, against 19.0%).
- Oneok kept more of each dollar of sales as operating profit (17.1% operating margin, against 9.4%).
- Oneok turned more of its sales into free cash flow (7.3% FCF margin, against 6.3%).
- Investors pay more for each dollar of Kinetik’s earnings: a P/E of 19.8x against 16.5x for Oneok.
| Latest fiscal year | KNTK · FY25 | OKE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.2B | $60.6B |
| Revenue | $1.8B | $33.6B |
| Free cash flow | $112M | $2.4B |
| Net income | $178M | $3.4B |
| Growth | ||
| Revenue growth | 19.0% | 55.0% |
| 5-year growth | 64.1% | 31.5% |
| Share count change | 4.2% | 6.7% |
| Profitability | ||
| Gross margin | — | 30.5% |
| Operating margin | 9.4% | 17.1% |
| Net margin | 10.1% | 10.1% |
| FCF margin | 6.3% | 7.3% |
| Return on capital | 8.6% | 8.1% |
| Return on equity | — | 17.2% |
| Balance sheet | ||
| Net debt | $3.6B | $32.7B |
| Net debt / EBITDA | 6.7x | 4.5x |
| Dividends and buybacks | $370M | $2.7B |
| Valuation & quality | ||
| P/E | 19.8x | 16.5x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
KNTK —
OKE $8.9B
FY17
KNTK $15.1M
OKE $12.2B
FY18
KNTK $76.8M
OKE $12.6B
FY19
KNTK $136M
OKE $10.2B
FY20
KNTK $148M
OKE $8.5B
FY21
KNTK $161M
OKE $16.5B
FY22
KNTK $1.2B
OKE $22.4B
FY23
KNTK $1.3B
OKE $17.7B
FY24
KNTK $1.5B
OKE $21.7B
FY25
KNTK $1.8B
OKE $33.6B
KNTK
OKE
Operating margin
FY16
KNTK —
OKE 14.5%
FY17
KNTK −76.2%
OKE 11.4%
FY18
KNTK −16.0%
OKE 14.6%
FY19
KNTK −946.8%
OKE 18.8%
FY20
KNTK −687.6%
OKE 15.9%
FY21
KNTK 33.3%
OKE 15.7%
FY22
KNTK 12.4%
OKE 12.5%
FY23
KNTK 12.7%
OKE 23.0%
FY24
KNTK 12.1%
OKE 23.0%
FY25
KNTK 9.4%
OKE 17.1%
KNTK
OKE
Free cash flow
FY16
KNTK —
OKE $729M
FY17
KNTK $0.0M
OKE $803M
FY18
KNTK −$83.3M
OKE $45.2M
FY19
KNTK −$266M
OKE −$1.9B
FY20
KNTK −$79.3M
OKE −$296M
FY21
KNTK $158M
OKE $1.8B
FY22
KNTK $407M
OKE $1.7B
FY23
KNTK $272M
OKE $2.8B
FY24
KNTK $374M
OKE $2.9B
FY25
KNTK $112M
OKE $2.4B
KNTK
OKE
Return on capital
FY16
KNTK —
OKE 8.0%
FY17
KNTK —
OKE 5.8%
FY18
KNTK —
OKE 9.1%
FY19
KNTK —
OKE 8.5%
FY20
KNTK −161.3%
OKE 5.4%
FY21
KNTK 1.8%
OKE 10.0%
FY22
KNTK 6.1%
OKE 10.9%
FY23
KNTK 5.7%
OKE 10.7%
FY24
KNTK 9.4%
OKE 8.3%
FY25
KNTK 8.6%
OKE 8.1%
KNTK
OKE
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.