Expand Energy Corporation (EXE)
Expand Energy is one of the largest US natural-gas producers, operating across major shale basins.
Energy stock comparison
EXE vs OKE: how the two businesses compare
- Bigger business: OKE, with $33.6B of yearly revenue, about 2.8× EXE's $12.1B.
- More profitable: EXE keeps 15 cents of each sales dollar as profit, against 10 cents at OKE.
- More cash from each sale: EXE turns 38 cents of each sales dollar into operating cash flow, against 17 cents at OKE.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
ONEOK (OKE) is the larger business by reported revenue: $33.6B in its fiscal year ended Dec 2025, about 2.8× EXE's $12.1B (fiscal year ended Dec 2025). EXE's net margin was 15.0% and OKE's 10.1%. The SEC classifies them differently (Crude Petroleum & Natural Gas; Natural Gas Transmisison & Distribution); what connects them is shared exposure to the Economic trends research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Energy
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- December 31
- Same calendar
- Reviewed
- Feb 24, 2026
EXE vs OKE: quick comparison
| Company fact | EXE | OKE |
|---|---|---|
| Company | Expand Energy Corporation | ONEOK, Inc. |
| Exchange | NASDAQ | NYSE |
| SEC industry | Crude Petroleum & Natural Gas | Natural Gas Transmisison & Distribution |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-18 | 10-K · 2026-02-24 |
EXE vs OKE: audited financials
- Scale: OKE's $33.6B of revenue is about 2.8× EXE's $12.1B.
- Net margin: EXE kept 15.0% of revenue as net income versus 10.1% at OKE.
- Cash conversion: operating cash flow equalled EXE 37.7% of revenue, or 2.52× net income; OKE 16.6% of revenue, or 1.65× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | EXE | OKE |
|---|---|---|
| Revenue | $12.1B2025-01-01 to 2025-12-31 · SEC filing | $33.6B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.8B2025-01-01 to 2025-12-31 · SEC filing | $3.4B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $4.6B2025-01-01 to 2025-12-31 · SEC filing | $5.6B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $7.572025-01-01 to 2025-12-31 · SEC filing | $5.422025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 15.0%2025-01-01 to 2025-12-31 · SEC filing | 10.1%2025-01-01 to 2025-12-31 · SEC filing |
EXE: FY ending 2025-12-31 · OKE: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where EXE and OKE overlap, and where they don't
Overlap
- Shared research theme: Economic trends.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: EXE files as Crude Petroleum & Natural Gas; OKE as Natural Gas Transmisison & Distribution.
- Scale: OKE reported about 2.8× the annual revenue of EXE.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
ONEOK, Inc. (OKE)
ONEOK gathers, processes, and transports natural gas and natural-gas liquids across pipelines.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves EXE
We have not yet published a company-specific driver list for EXE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-18.
What moves OKE
We have not yet published a company-specific driver list for OKE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-24.
The investment question
You now know OKE reports about 2.8× EXE's revenue, and EXE keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to economic trends, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 7 matched transaction rows for EXE and 11 matched transaction rows for OKE. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
EXE primary filings
OKE primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving EXE or OKE
EXE vs OKE FAQs
Are EXE and OKE direct competitors?
Not necessarily. Expand Energy files as Crude Petroleum & Natural Gas and ONEOK as Natural Gas Transmisison & Distribution. The pair is compared because both map to the Economic trends research theme, not because the filings show head-to-head competition.
Is EXE or OKE the bigger company by revenue?
ONEOK (OKE) is the larger business by reported revenue: $33.6B in its fiscal year ended Dec 2025, about 2.8× EXE's $12.1B (fiscal year ended Dec 2025). EXE's net margin was 15.0% and OKE's 10.1%. The SEC classifies them differently (Crude Petroleum & Natural Gas; Natural Gas Transmisison & Distribution); what connects them is shared exposure to the Economic trends research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, EXE or OKE?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this EXE vs OKE comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Expand Energy Corporation and ONEOK, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-03. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-03. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
EXE vs OKE compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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