ET vs OKE: Energy Transfer LP and ONEOK compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Energy Transfer LP is the larger company, worth $72.4B, close to ONEOK's $60.7B.
- Energy Transfer LP grew revenue faster over the last year (+78.4% vs +52.8%).
- ONEOK keeps more of each dollar of revenue as operating profit (15.5% vs 10.0%).
- On earnings, ONEOK is the cheaper stock (17.2x vs 17.5x).
- ONEOK's price assumes faster free cash flow growth: about 8% a year, against 4% for Energy Transfer LP (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ET | OKE |
|---|---|---|
| Market cap | $72.4B | $60.7B |
| Share price | $20.74 | $89.80 |
| Revenue (last fiscal year) | $85.5B | $33.6B |
| Free cash flow (last fiscal year) | $3.8B | $2.4B |
| Revenue growth, last year | +78.4% | +52.8% |
| Revenue growth per year, last 5 fiscal years | +6.1% | +19.4% |
| Operating margin | 10.0% | 15.5% |
| Net margin | 4.9% | 9.3% |
| Return on equity | — | 15.9% |
| P/E (trailing) | 17.5x | 17.2x |
| Price / free cash flow | 18.8x | 24.8x |
| EV / EBITDA | 8.76x | 10.9x |
| FCF growth the price implies | 4.2% | 7.8% |
| Dividend yield | 6.4% | 4.4% |
| Debt / equity | — | 1.98x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 0 |
| Insider purchases, last 12 months | 1 | 5 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Energy Transfer LP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $67.4B | $8.3B | 13.0% |
| 2022 | $89.9B | $5.7B | 8.6% |
| 2023 | $78.6B | $6.4B | 10.6% |
| 2024 | $82.7B | $7.3B | 11.1% |
| 2025 | $85.5B | $3.8B | 10.6% |
ONEOK
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $16.5B | $1.8B | 15.7% |
| 2022 | $22.4B | $1.7B | 12.5% |
| 2023 | $17.7B | $2.8B | 23.0% |
| 2024 | $21.7B | $2.9B | 23.0% |
| 2025 | $33.6B | $2.4B | 17.1% |
Where the revenue comes from
Energy Transfer LP · by segments, 2024
Crude Oil Transportation and Services$28.5B40%
Investment in Sunoco LP$22.7B32%
Midstream$11.2B16%
Intrastate Transportation and Storage$3.1B4%
Interstate Transportation and Storage$2.3B3%
All Other$1.7B2%
ONEOK · by segments, 2025
Natural Gas Liquids$16.0B41%
Refined Products and Crude$13.0B34%
Natural Gas Gathering and Processing$7.7B20%
Natural Gas Pipelines$1.8B5%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ET in InvestinglyQuestions
Which is bigger, Energy Transfer LP or ONEOK?
Energy Transfer LP (ET), at $72.4B against $60.7B.
Is ET or OKE cheaper?
By trailing P/E, ONEOK (17.2x) is cheaper than Energy Transfer LP (17.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, ET or OKE?
Energy Transfer LP: revenue grew +78.4% over the last year, against +52.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.