NYSE Shariah screener · October 2026

Is ONEOK, Inc. (OKE) Halal?

FAIL

ONEOK, Inc. · NYSE: OKE · Energy

The short answer

No -- ONEOK, Inc. (OKE) fails this Shariah stock screen at the financial-leverage gate. Per its own FY2025 10-K, ONEOK carried $32,816M of interest-bearing debt at December 31, 2025 ($30,755M of long-term debt excluding current maturities, $1,241M of current maturities, and $820M of short-term borrowings), which is about 59.78% of its ~$54.89B market cap ($87.16, latest close retrieved October 2, 2026) -- above the ~33% ceiling. The business screen passes: its core business is midstream gathering, processing, fractionation, transportation and storage of natural gas, NGLs, refined products and crude oil through an approximately 60,000-mile network, with about 90% of 2025 earnings fee-based, and none of the prohibited activities apply. The non-compliant income screen also passes: disclosed FY2025 interest income of $33M is about 0.10% of $33,629M in total revenue, under the 5% ceiling. Both third-party screeners that cover OKE agree: Zoya flags it not Shariah-compliant and Musaffa rates it not halal (October 2026); no ShariaPortfolio page for OKE was found.

Gate 1 — Business activity: PASS

ONEOK, Inc. (NYSE: OKE), headquartered in Tulsa, Oklahoma, describes itself in its FY2025 10-K as a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services, operating an approximately 60,000-mile pipeline network. It reports four segments: Natural Gas Gathering and Processing, Natural Gas Liquids, Natural Gas Pipelines, and Refined Products and Crude; about 90% of 2025 consolidated earnings were fee-based. Business screen (factual, from the filing): ONEOK's core business is midstream energy transportation and processing -- none of the prohibited activities under the AAOIFI-style business screen (conventional banking/lending/insurance, alcohol, gambling, pork, tobacco, weapons). Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Per ONEOK's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $32,816M -- $30,755M long-term debt excluding current maturities, $1,241M current maturities of long-term debt, and $820M short-term borrowings. Finance lease liabilities are disclosed as not material and are not added. Against a market cap of about $54.89B ($87.16 latest close retrieved October 2, 2026; 629,783,634 shares outstanding per the 10-K cover dated February 16, 2026), debt divided by market cap is about 59.78%, well above the ~33% ceiling. Cash and cash equivalents of $78M are about 0.14% of market cap. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

ONEOK's FY2025 10-K discloses $33M of interest income for 2025 against total revenues of $33,629M -- about 0.10% of revenue, comfortably under the 5% non-compliant income ceiling. Gate 3 passes. Facts only.

Key figures used

Business: ONEOK, Inc. (Tulsa, Oklahoma); leading midstream service provider -- gathering, processing, fractionation, transportation, storage, marine export; ~60,000-mile pipeline network
Segments: Natural Gas Gathering and Processing; Natural Gas Liquids; Natural Gas Pipelines; Refined Products and Crude -- ~90% of 2025 earnings fee-based
Gate 1: midstream energy services -- none of the prohibited business activities under the AAOIFI-style screen
Debt: $32,816M ($30,755M long-term debt + $1,241M current maturities + $820M short-term borrowings; finance leases immaterial) -- debt / market cap = 59.78% of ~$54.89B, over the ~33% ceiling
Cash: $78M cash and equivalents = 0.14% of market cap
Interest income: $33M (FY2025) vs total revenue $33,629M -- = 0.10% of revenue, under the 5% ceiling
Market cap: $87.16 (latest close, retrieved Oct 2, 2026) x 629,783,634 shares outstanding (FY2025 10-K cover, Feb 16, 2026) = ~$54.89B
Zoya: "not Shariah-compliant" (assessment date blank, Oct 2026); Musaffa: "not halal" (Oct 2026, AAOIFI); ShariaPortfolio: no coverage found
Result: FAIL at Gate 2 (financial leverage) -- business and non-compliant income screens pass

Frequently asked questions

What does ONEOK do?

ONEOK, Inc. (NYSE: OKE), headquartered in Tulsa, Oklahoma, describes itself in its FY2025 10-K as a leading midstream service provider of gathering, processing, fractionation, transportation, storage and marine export services, operating an approximately 60,000-mile pipeline network that moves natural gas, NGLs, refined products and crude oil. It reports four segments: Natural Gas Gathering and Processing (wellhead gathering and gas processing in the Rocky Mountain, Mid-Continent and Permian regions), Natural Gas Liquids (NGL gathering pipelines and fractionators producing purity NGLs), Natural Gas Pipelines (interstate and intrastate gas transportation and storage, including under long-term firm fee-based contracts) and Refined Products and Crude (transportation, storage and distribution of refined products and crude oil, including the former Magellan pipeline system). About 90% of consolidated earnings in 2025 were fee-based. Its common stock is listed on the NYSE under the symbol OKE.

Why does ONEOK fail this Shariah stock screen?

ONEOK fails this screen at the financial-leverage gate. Its interest-bearing debt at December 31, 2025 was $32,816M ($30,755M long-term debt excluding current maturities, $1,241M current maturities and $820M short-term borrowings), against a market cap of about $54.89B ($87.16 latest close retrieved October 2, 2026; 629,783,634 shares outstanding per the 10-K cover) -- a debt-to-market-cap ratio of about 59.78%, well above the ~33% ceiling. The business-activity gate passes (midstream energy services -- none of the prohibited activities), and the non-compliant income gate passes: FY2025 interest income of $33M is about 0.10% of $33,629M in total revenue, under the 5% ceiling. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

What is ONEOK's interest-bearing debt ratio?

Per ONEOK's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $32,816M -- $30,755M of long-term debt excluding current maturities, $1,241M of current maturities of long-term debt, and $820M of short-term borrowings. Finance lease liabilities are disclosed as not material. Against a market cap of about $54.89B ($87.16 latest close retrieved October 2, 2026; 629,783,634 shares outstanding per the 10-K cover dated February 16, 2026), debt divided by market cap is about 59.78% -- well above the ~33% ceiling, so Gate 2 fails. Cash and cash equivalents of $78M are about 0.14% of market cap.

What is ONEOK's non-compliant income ratio?

ONEOK's FY2025 10-K discloses $33M of interest income for 2025 (reported in the MD&A alongside corporate net gains on extinguishment of debt and EnLink transaction costs) against total revenues of $33,629M -- about 0.10% of revenue, comfortably under the 5% non-compliant income ceiling. There is no separate large interest-income line on the income statement; interest income is a small disclosure within other items. Gate 3 passes.

Do Zoya, Musaffa, or ShariaPortfolio cover ONEOK?

Zoya covers OKE and flags it as not Shariah-compliant (assessment date blank when accessed in October 2026; its page also notes no separate interest income in the FY2025 report). Musaffa covers OKE and classifies it as not halal as of October 2026 under its AAOIFI methodology. A web search found no ShariaPortfolio screener page for OKE or ONEOK, so there is no ShariaPortfolio coverage to report. The two available coverage statements are consistent with this page's own FAIL outcome. This page applies the screen directly from ONEOK's own filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).