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Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 19 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-14 | Spears Mary M See Remarks | Grant | 4,893 | — | — |
| 2026-09-23 | 3 co-filers See Remarks | Option exercise | 2,316 | — | — |
| 2026-09-23 | 3 co-filers See Remarks | Option exercise | 4,343 | — | — |
| 2026-09-23 | 3 co-filers See Remarks | Option exercise | 7,238 | — | — |
| 2026-09-23 | 3 co-filers |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
| Option exercise |
| 6,369 |
| — |
| — |
| 2026-09-23 | 3 co-filers See Remarks | Option exercise | 2,895 | — | — |
| 2026-09-23 | 3 co-filers See Remarks | Tax withholding | 2,793 | $90.09 | $252k |
| 2026-09-23 | 3 co-filers See Remarks | Tax withholding | 3,174 | $90.09 | $286k |
| 2026-09-23 | 3 co-filers See Remarks | Tax withholding | 1,270 | $90.09 | $114k |
| 2026-09-23 | 3 co-filers See Remarks | Tax withholding | 1,905 | $90.09 | $172k |
| 2026-09-23 | 3 co-filers See Remarks | Tax withholding | 1,016 | $90.09 | $92k |
| 2026-09-23 | 3 co-filers See Remarks | Option exercise | 4,343 | — | — |
| 2026-09-23 | 3 co-filers See Remarks | Option exercise | 7,238 | — | — |
| 2026-09-23 | 3 co-filers See Remarks | Option exercise | 6,369 | — | — |
| 2026-09-23 | 3 co-filers See Remarks | Option exercise | 2,895 | — | — |
| 2026-09-23 | 3 co-filers See Remarks | Option exercise | 2,316 | — | — |
| 2026-05-28 | Spears Mary M See Remarks | Gift | 1,000 | $0.00 | $0 |
| 2026-05-20 | Smith Wayne Thomas Director | Grant | 1,845 | $92.15 | — |
| 2026-05-20 | Owodunni Precious W Director | Grant | 1,845 | $92.15 | $170k |
| 2026-05-20 | Helderman Mark W Director | Grant | 3,039 | $92.15 | $280k |
| 2026-05-20 | Derksen Brian L Director | Grant | 1,845 | $92.15 | — |
| 2026-05-20 | Gobillot Lori Director | Grant | 1,845 | $92.15 | — |
| 2026-05-20 | 2 co-filers Group filing | Grant | 1,476 | $92.15 | $136k |
| 2026-05-20 | Edwards Julie H Director | Grant | 1,845 | $92.15 | $170k |
| 2026-05-20 | Mccollum Mark A Director | Grant | 1,845 | $92.15 | $170k |
| 2026-05-20 | Larson Randall J Director | Grant | 1,845 | $92.15 | — |
| 2026-05-20 | 2 co-filers Group filing | Grant | 369 | $92.15 | — |
| 2026-02-22 | 3 co-filers See Remarks | Option exercise | 7,739 | — | — |
| 2026-02-22 | 3 co-filers See Remarks | Option exercise | 2,286 | — | — |
| 2026-02-22 | 3 co-filers See Remarks | Option exercise | 4,925 | — | — |
| 2026-02-22 | 3 co-filers See Remarks | Option exercise | 5,629 | — | — |
| 2026-02-22 | 3 co-filers See Remarks | Option exercise | 8,539 | — | — |
| 2026-02-22 | 3 co-filers See Remarks | Option exercise | 17,588 | — | — |
| 2026-02-22 | 3 co-filers See Remarks | Tax withholding | 1,074 | $87.33 | $94k |
| 2026-02-22 | 3 co-filers See Remarks | Tax withholding | 3,813 | $87.33 | $333k |
| 2026-02-22 | 3 co-filers See Remarks | Tax withholding | 3,454 | $87.33 | $302k |
| 2026-02-22 | 3 co-filers See Remarks | Tax withholding | 2,226 | $87.33 | $194k |
| 2026-02-22 | 3 co-filers See Remarks | Tax withholding | 7,774 | $87.33 | $679k |
| 2026-02-22 | 3 co-filers See Remarks | Tax withholding | 2,538 | $87.33 | $222k |
| 2026-02-22 | 3 co-filers See Remarks | Option exercise | 17,588 | — | — |
Ranked against 20 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WMB | $90.9B | 34.7× | 18.3× | 7.6× | 13.8% | — | 21.9% | 20.4% | 6.3% | 4.4× | 566 |
| KMI | $75.5B | 24.7× | 15.0× | 4.5× | 12.2% | — | 18.0% | 9.8% | 4.8% | 4.5× | 584 |
| ET | $72.0B | — | 9.8× | 0.8× | 3.5% | 25.8% | 5.2% | 9.0% | 3.8% | 4.7× | 461 |
| TRGP | $67.5B | 37.1× | 17.5× | 4.0× | 3.9% | 38.3% | 11.3% | 62.7% | 9.4% | 3.6× | 317 |
| LNG | $67.5B | 13.7× | 8.5× | 3.4× | 27.2% | — | 26.7% | 67.3% | 17.3% | 2.1× | 403 |
| OKE | $61.2B | 17.9× | 12.8× | 1.8× | 55.0% | 30.5% | 10.1% | 15.1% | 6.3% | 4.3× | 14 |
| VG | $37.0B | 17.2× | 11.3× | 2.7× | 177% | — | 19.8% | 40.5% | 6.7% | 5.2× | 70 |
| ATO | $29.1B | 23.1× | 16.5× | 6.2× | 12.9% | — | 25.5% | 8.8% | 5.3% | 3.8× | 298 |
| DTM | $12.7B | 28.9× | — | 10.2× | 26.7% | — | 35.5% | 9.3% | 5.5% | — | 171 |
| AM | $10.1B | 25.0× | 16.9× | 8.5× | 7.4% | — | 34.8% | 21.0% | 8.0% | 3.9× | 109 |
| NFG | $7.6B | 14.0× | 7.9× | 3.3× | 17.1% | 90.6% | 22.8% | 16.8% | 9.2% | 2.0× | 164 |
| AROC | $5.6B | 17.3× | — | 3.7× | 28.7% | 48.6% | 21.6% | 21.6% | 8.3% | — | 82 |
| NJR | $5.4B | 16.0× | 8.0× | 4.0× | 9.9% | — | 24.8% | 14.0% | 13.0% | 0.3× | 102 |
| SR | $5.2B | 20.1× | 12.0× | 2.1× | -4.5% | 58.8% | 11.0% | 8.0% | 3.4% | 5.7× | 83 |
| KGS | $4.7B | 52.6× | 11.8× | 3.6× | 12.8% | — | 6.2% | 6.7% | 2.1% | 4.1× | 69 |
| KNTK | $4.6B | 21.5× | 15.3× | 2.6× | 19.0% | — | 10.1% | -31.5% | 5.5% | 7.0× | 65 |
| CPK | $3.4B | 22.9× | 14.2× | 3.7× | 18.1% | — | 15.1% | 8.8% | 4.5% | 4.3× | 77 |
| CTRI | $2.2B | 86.0× | 13.6× | 0.7× | 13.1% | 8.3% | 0.8% | 2.6% | 1.4% | 3.0× | 23 |
| NWN | $2.1B | 18.0× | — | 1.6× | 11.8% | — | 8.8% | 7.7% | 2.9% | — | 64 |
| SMC | $427M | — | — | 0.8× | 30.8% | 73.5% | -1.1% | -1.1% | -0.4% | — | 4 |
| RGCO | $239M | 17.8× | 12.9× | 2.5× | 12.6% | — | 13.9% | 11.7% | 5.1% | 5.0× | 17 |
Peers = companies sharing OKE's sector (Natural Gas Transmisison & Distribution) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $97.07 today, the market must believe free cash flow compounds 8.3%/yr for a decade (off $2.71B on the 3-yr avg basis).
On the basis ($2.63B) the requirement is 8.7%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 8.3% is more conservative than its 9-yr track record.
Default is 7.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.63B shares (market data) · net debt $31.50B
mean -620.3% · volatility σ 1625% · implied rate exceeded in 2/7 yrs
Central path = implied 8.3%/yr growth; shaded band = ±1σ (1625%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (106%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $2.58B dividends + $75.0M buybacks = $2.66B returned on $2.45B FCF.
2 consecutive years of dividend increases · 6%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 6%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.63B 100.0% | $21.70B 100.0% | $17.68B 100.0% | $22.39B 100.0% | $16.54B 100.0% | $8.54B 100.0% | $10.16B 100.0% | $12.59B 100.0% | $12.17B 100.0% | $8.92B 100.0% |
| Cost of Revenue | $23.37B 69.5% | $13.31B 61.3% | $11.93B 67.5% | $17.91B 80.0% | $12.26B 74.1% | $5.11B 59.8% | $6.79B 66.8% | $9.42B 74.8% | $9.54B 78.3% | $6.50B 72.8% |
| Operating Income | $5.74B 17.1% | $4.99B 23.0% | $4.07B 23.0% | $2.81B 12.5% | $2.60B 15.7% | $1.36B 15.9% | $1.91B 18.8% | $1.84B 14.6% | $1.39B 11.4% | $1.30B 14.5% |
| Interest Expense | $1.78B 5.3% | $1.37B 6.3% | $866.0M 4.9% | $676.0M 3.0% | $733.0M 4.4% | $712.9M 8.3% | $491.8M 4.8% | $469.6M 3.7% | $485.7M 4.0% | $469.7M 5.3% |
| Interest & Investment Income | $33.0M 0.1% | $39.0M 0.2% | — | — | — | — | — | — | — | — |
| Other Income (Expense), net | $146.0M 0.4% | $53.0M 0.2% | $89.0M 0.5% | -$29.0M -0.1% | -$1.0M -0.0% | $24.7M 0.3% | $9.1M 0.1% | — | — | — |
| Pretax Income | $4.49B 13.4% | $4.11B 18.9% | $3.50B 19.8% | $2.25B 10.1% | $1.98B 12.0% | $802.3M 9.4% | $1.65B 16.2% | $1.52B 12.1% | $1.04B 8.5% | $958.0M 10.7% |
| Income Tax Expense | $1.03B 3.1% | $998.0M 4.6% | $838.0M 4.7% | $528.0M 2.4% | $484.0M 2.9% | $189.5M 2.2% | $372.4M 3.7% | $362.9M 2.9% | $447.3M 3.7% | $212.4M 2.4% |
| Net Income | $3.39B 10.1% | $3.04B 14.0% | $2.66B 15.0% | $1.72B 7.7% | $1.50B 9.1% | $612.8M 7.2% | $1.28B 12.6% | $1.15B 9.1% | $387.8M 3.2% | $352.0M 3.9% |
| Per Share | ||||||||||
| EPS (Basic) | $5.43 | $5.19 | $5.49 | $3.85 | $3.36 | $1.42 | $3.09 | $2.80 | $1.30 | $1.67 |
| EPS (Diluted) | $5.42 | $5.17 | $5.48 | $3.84 | $3.35 | $1.42 | $3.07 | $2.78 | $1.29 | $1.66 |
| Weighted Avg Shares (Basic) | 624.8M | 584.6M | 484.3M | 447.5M | 446.4M | 431.1M | 413.6M | 411.5M | 297.5M | 211.1M |
| Weighted Avg Shares (Diluted) | 625.9M | 586.5M | 485.4M | 448.4M | 447.4M | 431.8M | 415.4M | 414.2M | 299.8M | 212.4M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Where each multiple sits in its own 14-yr range · 70th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 15% against ROIC 6% — 9% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 17.2% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 74.8 | 66.8 | 59.8 | 74.1 | 80.0 | 67.5 | 61.3 | 69.5 |
| Operating Income | 14.6 | 18.8 | 15.9 | 15.7 | 12.5 | 23.0 | 23.0 | 17.1 |
| Income Tax | 2.9 | 3.7 | 2.2 | 2.9 | 2.4 | 4.7 | 4.6 | 3.1 |
| Net Income | 9.1 | 12.6 | 7.2 | 9.1 | 7.7 | 15.0 | 14.0 | 10.1 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on OKE: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $524.5M covers the $7.7M due within a year 68.1× over. Scheduled principal only (excludes interest & revolver draws). As of 2020-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.6% on $31.57B of debt.
Cash of $78.0M is below short-term debt of $820.0M — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
Earns 0.77pts above its cost of capital, but margins are compressing.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 7.7% | 7.3% (today's — no rate published for this year) | 0.4pts |
| FY2020 | 5.2% | 7.3% (today's — no rate published for this year) | -2.1pts |
| FY2021 | 10.0% | 7.6% | 2.4pts |
| FY2022 | 10.6% | 7.8% | 2.8pts |
| FY2023 | 8.1% | 7.4% | 0.7pts |
| FY2024 | 7.8% | 7.9% | -0.1pts |
| FY2025 | 8.1% | 7.6% | 0.5pts |
| Now | 6.3% | 7.3% | -1.0pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 27.2% | 14.5% | 3.9% |
| FY2017 | 21.7% | 11.4% | 3.2% |
| FY2018 | 25.2% | 14.6% | 9.1% |
| FY2019 | 33.2% | 18.8% | 12.6% |
| FY2020 | 40.2% | 15.9% | 7.2% |
| FY2021 | 25.9% | 15.7% | 9.1% |
| FY2022 | 20.0% | 12.5% | 7.7% |
| FY2023 | 32.5% | 23.0% | 15.0% |
| FY2024 | 38.7% | 23.0% | 14.0% |
| FY2025 | 30.5% | 17.1% | 10.1% |
Leverage and buybacks account for 9 points of the 15% return on equity in FY2025. The business earns 6% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$8.1B of goodwill — 15% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread is 0.77pts and would invert under a ±2% move in WACC, so the verdict rests on the cost-of-capital assumption rather than on the business.
Converts 0.99x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 52% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Covers interest 2.3x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 3.22x |
| 5% | 3.06x |
| 10% | 2.90x |
| 15% | 2.74x |
| 20% | 2.58x |
| 25% | 2.41x |
| 30% | 2.25x |
| 35% | 2.09x |
| 40% | 1.93x |
| 45% | 1.77x |
| 50% | 1.61x |
| 55% | 1.45x |
| 60% | 1.29x |
This schedule comes from a filing dated 2020-12-31, 2130 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2020-12-31 (10-K); cash from the 2020-12-31 balance sheet; FCF from FY2020. Free cash flow is negative, so projected resources fall rather than accumulate.
Balance sheet at 2020-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 4.4x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $97.07, free cash flow must compound 8.32%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2022 | −7.8% | 8.3% |
| FY2023 | 65.8% | 8.3% |
| FY2024 | 1.5% | 8.3% |
| FY2025 | −14.6% | 8.3% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The implied rate has been matched or beaten in 1 of the last 4 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $3.39B | $3.39B |
| Share-based comp | $92M | $3.48B |
| Other non-cash & working capital | $2.11B | $5.60B |
| Operating cash flow | $5.60B | $5.60B |
| Capex | −$3.15B | $2.45B |
| Free cash flow | $2.45B | $2.45B |
| FCF after SBC | $2.35B | $2.35B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -16.0% | not reported | not reported |
| FY2021 | 93.6% | not reported | not reported |
| FY2022 | 35.4% | not reported | not reported |
| FY2023 | -21.0% | not reported | not reported |
| FY2024 | 22.8% | not reported | not reported |
| FY2025 | 55.0% | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -3.1 percent |
| FY2020 | -5.6 percent |
| FY2021 | -4.4 percent |
| FY2022 | -4.9 percent |
| FY2023 | -4.0 percent |
| FY2024 | -2.9 percent |
| FY2025 | -3.3 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.