Is ONEOK, Inc. overvalued or undervalued?

As of 8 September 2025, the valuation grade for ONEOK, Inc. moved from expensive to very attractive, indicating a significant shift in its perceived value. The company is currently undervalued, supported by a P/E ratio of 16, a PEG ratio of 0.58, and an EV to EBITDA of 13.10. In comparison to its peers, ONEOK, Inc. has a more favorable valuation profile, with The Williams Cos., Inc. exhibiting a much higher P/E of 26.53 and Kinder Morgan, Inc. at 20.69, both categorized as expensive.
Despite recent stock performance lagging behind the S&P 500, with a year-to-date return of -26.71% compared to the index's 12.22%, the long-term outlook remains positive, as evidenced by a 5-year return of 167.18% versus the S&P 500's 96.61%. This suggests that while short-term fluctuations may be concerning, the underlying value of ONEOK, Inc. is compelling relative to its peers.