Kinetik vs Oneok
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KIRA’s take AI analyst
I put Kinetik and Oneok side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Kinetik
KNTK
4/9
5-year growthNet marginReturn on capitalShare count change
Oneok
OKE
4/9
Revenue growthOperating marginFCF marginNet debt / EBITDA
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.