Oneok (OKE) Return on Invested Capital [ROIC] (2009 - 2026)
Oneok's Return on Invested Capital [ROIC] came in at 8.77% for Q3 2026, up 0.77 percentage points from 8.00% a year earlier and up 0.41 percentage points from the prior quarter.
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Analysis
Oneok (OKE) Return on Invested Capital [ROIC] (2009 - 2026) Analysis & Trends
For FY2025, Oneok's Return on Invested Capital [ROIC] was 8.08%, down 0.10 percentage points from FY2024.
- Return on Invested Capital [ROIC] has declined in each of the last three years, though with a five-year change of +2.77 percentage points (FY2020 to FY2025).
- Going back by year, Return on Invested Capital [ROIC] was 8.18% in FY2024 (-2.45 pp), 10.63% in FY2023 (-0.17 pp), 10.80% in FY2022 (+0.97 pp) and 9.83% in FY2021 (+4.53 pp).
- The Q3 2026 figure represents the highest quarterly Return on Invested Capital [ROIC] since Q3 2023.
- Year-over-year, Return on Invested Capital [ROIC] has increased for four consecutive quarters, with an average year-over-year change of +0.20 percentage points over the last eight quarters.
- The fastest year-over-year change in Return on Invested Capital [ROIC] over five years came in Q4 2021 (a gain of 4.78 percentage points), and the weakest in Q1 2024 (a drop of 6.54 percentage points).
- Business Quant data shows OKE's Return on Invested Capital [ROIC] at 8.35% (Q2 2026), 8.19% (Q1 2026) and 7.96% (Q4 2025) in the three quarters before Q3 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROIC (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 102.29 Bn | 97.89 Bn | 4.84 Bn | 5.02% |
| 2 | Enterprise Products Partners | 79.85 Bn | 78.21 Bn | - | 12.57% |
| 3 | Williams Companies | 79.33 Bn | 76.36 Bn | 2.59 Bn | - |
| 4 | Kinder Morgan | 66.78 Bn | 65.63 Bn | 2.97 Bn | 6.34% |
| 5 | Energy Transfer | 65.10 Bn | 60.93 Bn | 6.57 Bn | 8.84% |
| 6 | Tc Energy | 64.42 Bn | 61.18 Bn | - | 10.22% |
| 7 | Cheniere Energy | 58.11 Bn | 52.26 Bn | 2.97 Bn | 15.49% |
| 8 | Targa Resources | 56.77 Bn | 56.23 Bn | 2.02 Bn | 13.71% |
| 9 | Mplx | 56.70 Bn | 50.73 Bn | 3.19 Bn | 13.59% |
| 10 | Oneok | 53.74 Bn | 53.15 Bn | 2.84 Bn | 8.77% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 8.77% |
| Jun 30, 2026 | 8.35% |
| Mar 31, 2026 | 8.19% |
| Dec 31, 2025 | 7.96% |
| Sep 30, 2025 | 8.00% |
| Jun 30, 2025 | 7.52% |
| Mar 31, 2025 | 7.24% |
| Dec 31, 2024 | 7.61% |
| Sep 30, 2024 | 8.20% |
| Jun 30, 2024 | 8.14% |
| Mar 31, 2024 | 7.21% |
| Dec 31, 2023 | 8.11% |
| Sep 30, 2023 | 9.79% |
| Jun 30, 2023 | 13.99% |
| Mar 31, 2023 | 13.75% |
| Dec 31, 2022 | 10.69% |
| Sep 30, 2022 | 10.26% |
| Jun 30, 2022 | 10.22% |
| Mar 31, 2022 | 9.97% |
| Dec 31, 2021 | 9.89% |
API Access
Oneok Return on Invested Capital [ROIC] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=OKE&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-invested-capital-[roic]", "ticker": "OKE", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-invested-capital-%5Broic%5D&ticker=OKE&period=max&api_key=YOUR_API_KEY");
const data = await res.json();