ONEOK, Inc.

The scores point in different directions, so no single score settles the question. The Beneish M-Score is -2.032, below the -1.78 threshold and therefore not in the elevated manipulation-risk zone. It is a statistical screen built from receivables, margins, asset quality, depreciation, leverage and accruals, and a non-elevated reading is not a clean bill of health. The Altman Z″-Score is 1.04, in the distress zone. It blends working capital, retained earnings, operating profitability, equity relative to liabilities and asset turnover. For a company carrying roughly $30.75 billion of long-term debt, it signals balance-sheet pressure the screen is designed to flag, not a forecast of default. The Piotroski F-Score is 7 of 8 computable signals, a checklist of profitability, leverage and efficiency tests, and the company passed most of the tests it could be scored on. The Fog Index of 16.24 falls in the hard-to-read band, meaning the MD&A requires college-level reading. The operating cash flow to net income ratio of 1.65 means cash generation ran ahead of accounting profit in 2025. The profit picture is more mixed than revenue growth suggests. Operating margin fell from about 23.0% in 2024 to about 17.1% in 2025, and net margin fell from about 14.0% to about 10.1%. The 10-Q excerpt contains exhibits and certifications rather than Q1 2026 financial statements, so the most recent quarter cannot be assessed from this data. Readers may want to look at Note B on acquisition accounting, Note G on debt, and Note R on segments in the 10-K, where the EnLink and Medallion effects can be traced.

Catalyst.The 2025 results reflect a larger consolidated footprint. Revenues rose to $33.63 billion from $21.7 billion, and operating income reached $5.74 billion versus $4.99 billion in 2024, a 15.0% increase. The Executive Summary ties the scale-up to the EnLink Acquisition, completed January 31, 2025, in which ONEOK issued 41 million shares with a fair value of $4.0 billion. Other 2025 deals named in the filing include the Delaware Basin JV Acquisition (May 28, 2025) and the BridgeTex Additional Interest Acquisition (July 22, 2025). The excerpted MD&A text does not break out organic growth, so the share of the increase from acquisitions versus existing operations cannot be quantified from this data.

Hidden risk.Leverage is the tension a casual reader could miss. Long-term debt was $30.75 billion at December 31, 2025, against equity of $22.48 billion, a debt-to-equity ratio of about 1.37. At December 31, 2024, the figures were $31.02 billion against $17.04 billion, about 1.82. The Altman Z″-Score of 1.04 sits in the distress zone. That label is a screening output for a capital-intensive company with heavy borrowing, not a prediction of default. Debt instruments named in the filing include the $3.5 Billion Credit Agreement, the $120 million Guardian Term Loan Agreement, and the $60 million Viking Term Loan Agreement. The Fog Index of 16.24 is in the hard-to-read band, which may make the MD&A harder to check against the numbers.