ONEOK, Inc. — Earnings Quality Grade F
OKE · Energy
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 33 days, change -6 days YoY
AR growth 29.4% vs revenue growth 55.0%
Revenue grew 55.0% but CFFO only 14.5%
Expense Quality
Inventory 26.7% vs COGS 72.3%. Normal
CapEx growth 56.0% vs revenue 55.0%. Normal
Insufficient data
Gross margin swung -7.4pp (33.4% → 26.0%)
Cash Flow Quality
CFFO/NI = 1.65. Profits backed by cash
FCF $2.4B, FCF/NI = 0.72
Accruals ratio = -3.3%. Low accruals
Cash $0.1B covers only 0% of debt $32.8B
Balance Sheet Health
Goodwill+Intangibles $11.0B = 49% of equity
Debt/EBITDA = 4.2x (>4x). Financial stress
Other assets -1.3% vs revenue 55.0%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
Insufficient data
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10