The Williams Companies, Inc. (WMB) 10-Year Financial Performance & Capital Metrics

WMB • • Industrial / General

EnergyMidstream Oil & GasIntegrated Midstream ServicesDiversified Midstream Operators

AboutThe Williams Companies, Inc., together with its subsidiaries, operates as an energy infrastructure company primarily in the United States. It operates through Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services segments. The Transmission & Gulf of Mexico segment comprises Transco and Northwest natural gas pipelines; and natural gas gathering and processing, and crude oil production handling and transportation assets in the Gulf Coast region, as well as various petrochemical and feedstock pipelines. The Northeast G&P segment engages in the midstream gathering, processing, and fractionation activities in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio. The West segment comprises gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of South Texas, the Haynesville Shale region of northwest Louisiana, and the Mid-Continent region, which includes the Anadarko, Arkoma, and Permian basins; and operates natural gas liquid (NGL) fractionation and storage facilities in central Kansas near Conway. The Gas & NGL Marketing Services segment provides wholesale marketing, trading, storage, and transportation of natural gas for natural gas utilities, municipalities, power generators, and producers; risk and asset management; and NGL marketing services. The company owns and operates 30,000 miles of pipelines, 29 processing facilities, 7 fractionation facilities, and approximately 23 million barrels of NGL storage capacity. The Williams Companies, Inc. was founded in 1908 and is headquartered in Tulsa, Oklahoma.Show more

Revenue $10.5B -3.7%
EBITDA $5.56B -12.9%
Net Income $2.23B -30.0%
EPS (Diluted) 1.82 -30.0%
Gross Margin 58.71% -5.8%
EBITDA Margin 52.92% -9.6%
Operating Margin 31.79% -19.6%
Net Margin 21.18% -27.3%
ROE 14.97% -31.9%
ROIC 6.18% -27.4%
Debt/Equity 1.82 +2.7%
Interest Coverage 2.45 -29.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 21.2%
✓FCF machine: 22.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 17.2%
✓Healthy dividend yield of 3.1%
✓Healthy 5Y average net margin of 17.2%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y3.24%

5Y5.07%

3Y-0.39%

TTM8.91%

Profit (Net Income) CAGR

10Y0.51%

5Y21.22%

3Y13.62%

TTM-17.62%

EPS CAGR

10Y-4.32%

5Y21.06%

3Y13.64%

TTM-17.37%

ROCE

10Y Avg4.53%

5Y Avg7%

3Y Avg7.83%

Latest6.96%

Peer Comparison

Diversified Midstream Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
WMBThe Williams Companies, Inc.	73.63B	60.29	33.13	-3.7%	20.64%	15.95%	3.26%	1.82
KMIKinder Morgan, Inc.	60.98B	27.41	23.43	-0.55%	16.62%	8.51%	4.93%	0.99
ENBEnbridge Inc.	102.19B	46.81	20.00	22.51%	9.38%	12.2%	5.55%	1.48
DKLDelek Logistics Partners, LP	2.59B	48.41	16.19	-7.82%	17%	9.41%	2.88%	53.11
ETEnergy Transfer LP	59.95B	17.46	13.64	5.2%	5.66%	9.58%	12.25%	1.30
MPLXMPLX Lp	56.93B	55.97	13.29	4.5%	39.71%	33.17%	8.59%	1.53
PBAPembina Pipeline Corporation	22.35B	38.47	12.82	16.63%	22.1%	10.45%	10.11%	0.76
TRPTC Energy Corporation	56.56B	54.33	12.26	3.8%	28.18%	9.32%	2.37%	1.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	7.36B	7.5B	8.03B	8.69B	8.2B	7.72B	10.63B	10.96B	10.91B	10.5B
Revenue Growth %	-0.04%	0.02%	0.07%	0.08%	-0.06%	-0.06%	0.38%	0.03%	-0.01%	-0.04%
Cost of Goods Sold+	3.52B	3.49B	4.04B	4.57B	3.78B	3.33B	5.87B	5.47B	4.11B	4.34B
COGS % of Revenue	0.48%	0.47%	0.5%	0.53%	0.46%	0.43%	0.55%	0.5%	0.38%	0.41%
Gross Profit+	3.84B	4.01B	4B	4.12B	4.42B	4.38B	4.75B	5.5B	6.8B	6.17B
Gross Margin %	0.52%	0.53%	0.5%	0.47%	0.54%	0.57%	0.45%	0.5%	0.62%	0.59%
Gross Profit Growth %	0.12%	0.04%	-0%	0.03%	0.07%	-0.01%	0.08%	0.16%	0.24%	-0.09%
Operating Expenses+	3.62B	3.32B	3.07B	3.35B	2.5B	2.18B	2.12B	2.48B	2.49B	2.83B
OpEx % of Revenue	0.49%	0.44%	0.38%	0.39%	0.3%	0.28%	0.2%	0.23%	0.23%	0.27%
Selling, General & Admin	741M	722M	594M	569M	558M	466M	558M	636M	665M	708M
SG&A % of Revenue	0.1%	0.1%	0.07%	0.07%	0.07%	0.06%	0.05%	0.06%	0.06%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	2.88B	2.6B	2.47B	2.78B	1.94B	1.72B	1.56B	1.84B	1.82B	2.12B
Operating Income+	226M	689M	927M	768M	1.92B	2.2B	2.63B	3.02B	4.31B	3.34B
Operating Margin %	0.03%	0.09%	0.12%	0.09%	0.23%	0.29%	0.25%	0.28%	0.4%	0.32%
Operating Income Growth %	-0.86%	2.05%	0.35%	-0.17%	1.5%	0.15%	0.19%	0.15%	0.43%	-0.23%
EBITDA+	1.96B	2.45B	2.66B	2.49B	3.63B	3.92B	4.47B	5.03B	6.38B	5.56B
EBITDA Margin %	0.27%	0.33%	0.33%	0.29%	0.44%	0.51%	0.42%	0.46%	0.59%	0.53%
EBITDA Growth %	-0.28%	0.25%	0.09%	-0.06%	0.46%	0.08%	0.14%	0.12%	0.27%	-0.13%
D&A (Non-Cash Add-back)	1.74B	1.76B	1.74B	1.73B	1.71B	1.72B	1.84B	2.01B	2.07B	2.22B
EBIT	-669M	804M	1.62B	1.44B	2.25B	1.45B	3.25B	3.69B	5.64B	4.35B
Net Interest Income+	-1.04B	-1.18B	-1.08B	-1.11B	-1.19B	-1.17B	-1.17B	-1.13B	-1.16B	-1.3B
Interest Income	0	0	0	0	0	0	7M	15M	79M	67M
Interest Expense	1.04B	1.18B	1.08B	1.11B	1.19B	1.17B	1.18B	1.15B	1.24B	1.36B
Other Income/Expense	-1.94B	-1.06B	-392M	-437M	-857M	-1.93B	-558M	-476M	94M	-353M
Pretax Income+	-1.71B	-375M	535M	331M	1.06B	277M	2.07B	2.54B	4.41B	2.99B
Pretax Margin %	-0.23%	-0.05%	0.07%	0.04%	0.13%	0.04%	0.2%	0.23%	0.4%	0.28%
Income Tax+	-399M	-25M	-1.97B	138M	335M	79M	511M	425M	1B	640M
Effective Tax Rate %	0.33%	1.13%	4.06%	-0.47%	0.8%	0.76%	0.73%	0.81%	0.72%	0.75%
Net Income+	-571M	-424M	2.17B	-155M	850M	211M	1.52B	2.05B	3.18B	2.23B
Net Margin %	-0.08%	-0.06%	0.27%	-0.02%	0.1%	0.03%	0.14%	0.19%	0.29%	0.21%
Net Income Growth %	-1.27%	0.26%	6.13%	-1.07%	6.48%	-0.75%	6.19%	0.35%	0.55%	-0.3%
Net Income (Continuing)	-1.31B	-350M	2.51B	193M	729M	198M	1.56B	2.12B	3.4B	2.35B
Discontinued Operations	0	0	0	0	-15M	0	0	0	-97M	0
Minority Interest	10.08B	9.4B	6.52B	1.34B	3B	2.81B	2.68B	2.56B	2.49B	2.4B
EPS (Diluted)+	-0.74	-0.56	2.62	-0.16	0.70	0.17	1.24	1.67	2.60	1.82
EPS Growth %	-1.26%	0.24%	5.68%	-1.06%	5.38%	-0.76%	6.29%	0.35%	0.56%	-0.3%
EPS (Basic)	-0.74	-0.57	2.63	-0.16	0.70	0.17	1.25	1.68	2.61	1.82
Diluted Shares Outstanding	749.27M	750.67M	828.52M	973.63M	1.21B	1.22B	1.22B	1.22B	1.22B	1.22B
Basic Shares Outstanding	749M	750M	826M	973.63M	1.21B	1.21B	1.22B	1.22B	1.22B	1.22B
Dividend Payout Ratio	-	-	0.46%	-	2.17%	9.2%	1.31%	1.01%	0.69%	1.04%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.53B	1.46B	2.18B	1.46B	1.58B	1.43B	4.55B	3.8B	4.51B	2.66B
Cash & Short-Term Investments	100M	170M	899M	168M	289M	142M	1.68B	152M	2.15B	60M
Cash Only	100M	170M	899M	168M	289M	142M	1.68B	152M	2.15B	60M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.04B	938M	976M	992M	996M	999M	1.98B	2.72B	1.66B	1.86B
Days Sales Outstanding	51.63	45.66	44.36	41.69	44.33	47.24	67.94	90.64	55.38	64.74
Inventory	127M	138M	113M	130M	125M	136M	379M	320M	274M	279M
Days Inventory Outstanding	13.18	14.44	10.22	10.39	12.07	14.89	23.55	21.37	24.36	23.48
Other Current Assets	259M	216M	191M	174M	170M	152M	512M	602M	434M	459M
Total Non-Current Assets+	47.49B	45.37B	44.17B	43.84B	44.46B	42.74B	43.06B	44.64B	48.11B	51.87B
Property, Plant & Equipment	29.58B	28.43B	28.21B	27.5B	29.2B	28.93B	29.26B	30.89B	34.31B	38.69B
Fixed Asset Turnover	0.25x	0.26x	0.28x	0.32x	0.28x	0.27x	0.36x	0.35x	0.32x	0.27x
Goodwill	47M	47M	47M	0	188M	0	0	0	463M	466M
Intangible Assets	9.97B	9.62B	8.74B	7.77B	7.77B	7.44B	7.4B	7.36B	7.13B	6.74B
Long-Term Investments	7.34B	6.7B	6.55B	7.82B	6.24B	5.16B	5.13B	5.07B	4.64B	4.14B
Other Non-Current Assets	561M	581M	619M	746M	1.07B	1.2B	1.28B	1.32B	1.57B	1.83B
Total Assets+	49.02B	46.84B	46.35B	45.3B	46.04B	44.16B	47.61B	48.43B	52.63B	54.53B
Asset Turnover	0.15x	0.16x	0.17x	0.19x	0.18x	0.17x	0.22x	0.23x	0.21x	0.19x
Asset Growth %	-0.03%	-0.04%	-0.01%	-0.02%	0.02%	-0.04%	0.08%	0.02%	0.09%	0.04%
Total Current Liabilities+	2.5B	2.95B	2.65B	1.81B	3.97B	2.32B	4.97B	4.89B	5.83B	5.31B
Accounts Payable	744M	623M	978M	662M	552M	482M	1.75B	2.33B	1.38B	1.61B
Days Payables Outstanding	77.21	65.19	88.45	52.88	53.3	52.77	108.49	155.39	122.59	135.75
Short-Term Debt	675M	878M	501M	47M	2.14B	893M	2.02B	977M	3.06B	2.17B
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	336M	362M	337M	371M	394M	367M	553M	907M	884M	978M
Current Ratio	0.61x	0.50x	0.82x	0.81x	0.40x	0.62x	0.91x	0.78x	0.77x	0.50x
Quick Ratio	0.56x	0.45x	0.78x	0.74x	0.37x	0.56x	0.84x	0.71x	0.73x	0.45x
Cash Conversion Cycle	-12.41	-5.1	-33.87	-0.81	3.1	9.36	-17.01	-43.38	-42.84	-47.53
Total Non-Current Liabilities+	30.3B	29.84B	27.53B	27.49B	25.71B	27.26B	28.54B	29.5B	31.91B	34.38B
Long-Term Debt	23.81B	22.62B	20.43B	22.37B	20.15B	21.45B	21.65B	21.93B	23.38B	24.74B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	142M
Deferred Tax Liabilities	4.22B	4.24B	3.15B	1.52B	1.78B	1.92B	2.45B	2.89B	3.85B	4.38B
Other Non-Current Liabilities	2.27B	2.98B	3.95B	3.6B	3.78B	3.89B	4.44B	4.68B	4.68B	5.13B
Total Liabilities	32.8B	32.79B	30.18B	29.3B	29.68B	29.58B	33.51B	34.39B	37.74B	39.69B
Total Debt+	24.49B	23.5B	20.93B	22.41B	22.29B	22.34B	23.68B	22.9B	26.46B	27.08B
Net Debt	24.39B	23.33B	20.04B	22.25B	22B	22.2B	22B	22.75B	24.31B	27.02B
Debt / Equity	1.51x	1.67x	1.29x	1.40x	1.36x	1.53x	1.68x	1.63x	1.78x	1.82x
Debt / EBITDA	12.47x	9.58x	7.86x	8.99x	6.13x	5.70x	5.29x	4.56x	4.15x	4.87x
Net Debt / EBITDA	12.42x	9.52x	7.52x	8.92x	6.05x	5.66x	4.92x	4.53x	3.81x	4.86x
Interest Coverage	0.22x	0.58x	0.86x	0.69x	1.62x	1.88x	2.23x	2.63x	3.49x	2.45x
Total Equity+	16.23B	14.05B	16.18B	16B	16.36B	14.58B	14.1B	14.04B	14.89B	14.84B
Equity Growth %	-0.2%	-0.13%	0.15%	-0.01%	0.02%	-0.11%	-0.03%	-0%	0.06%	-0%
Book Value per Share	21.65	18.71	19.52	16.43	13.48	12.00	11.58	11.49	12.18	12.13
Total Shareholders' Equity	6.15B	4.64B	9.66B	14.66B	13.36B	11.77B	11.42B	11.48B	12.4B	12.44B
Common Stock	784M	785M	861M	1.25B	1.25B	1.25B	1.25B	1.25B	1.26B	1.26B
Retained Earnings	-7.96B	-9.65B	-8.43B	-10B	-11B	-12.75B	-13.24B	-13.27B	-12.29B	-12.4B
Treasury Stock	-1.04B	-1.04B	-1.04B	-1.04B	-1.04B	-1.04B	-1.04B	-1.05B	-1.18B	-1.18B
Accumulated OCI	-442M	-339M	-238M	-270M	-199M	-96M	-33M	-24M	0	76M
Minority Interest	10.08B	9.4B	6.52B	1.34B	3B	2.81B	2.68B	2.56B	2.49B	2.4B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.68B	3.66B	2.56B	3.29B	3.69B	3.5B	3.94B	4.89B	5.94B	4.97B
Operating CF Margin %	0.36%	0.49%	0.32%	0.38%	0.45%	0.45%	0.37%	0.45%	0.54%	0.47%
Operating CF Growth %	0.27%	0.37%	-0.3%	0.29%	0.12%	-0.05%	0.13%	0.24%	0.21%	-0.16%
Net Income	-1.31B	-350M	2.51B	-155M	714M	198M	1.56B	2.12B	3.28B	2.35B
Depreciation & Amortization	1.74B	1.76B	1.74B	1.76B	1.71B	1.72B	1.84B	2.01B	2.07B	2.22B
Stock-Based Compensation	82M	73M	78M	55M	57M	52M	81M	73M	77M	99M
Deferred Taxes	-337M	-26M	-2.01B	220M	376M	108M	509M	431M	951M	506M
Other Non-Cash Items	2.67B	1.35B	661M	1.65B	841M	1.74B	260M	638M	-525M	330M
Working Capital Changes	-163M	856M	-416M	-234M	-9M	-323M	-309M	-379M	88M	-526M
Change in Receivables	69M	584M	-201M	-36M	208M	-2M	-545M	-733M	1.09B	-169M
Change in Inventory	105M	-25M	8M	-16M	5M	-11M	-124M	-110M	13M	-9M
Change in Payables	-90M	25M	118M	-93M	-46M	-7M	643M	410M	-1.01B	139M
Cash from Investing+	-3.3B	-416M	633M	-2.71B	-2.83B	-1.56B	-1.47B	-3.38B	-3.89B	-4.86B
Capital Expenditures	-3.17B	-2.05B	-2.44B	-3.26B	-2.15B	-1.27B	-1.25B	-2.28B	-2.57B	-2.68B
CapEx % of Revenue	0.43%	0.27%	0.3%	0.38%	0.26%	0.17%	0.12%	0.21%	0.24%	0.25%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	572M	290M	870M	374M	-12M	42M	161M	173M	39M	12M
Cash from Financing+	481M	-3.19B	-2.46B	-1.31B	-745M	-2.08B	-942M	-3.04B	-49M	-2.2B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.84B	-1.26B	-992M	-1.39B	-1.84B	-1.94B	-1.99B	-2.07B	-2.18B	-2.32B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-749M	-1.08B	-914M	-650M	1.23B	-211M	-220M	-240M	-239M	-274M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-489M	1.61B	116M	30M	1.54B	2.22B	2.7B	2.61B	3.37B	2.4B
FCF Margin %	-0.07%	0.22%	0.01%	0%	0.19%	0.29%	0.25%	0.24%	0.31%	0.23%
FCF Growth %	0.74%	4.3%	-0.93%	-0.74%	50.47%	0.44%	0.21%	-0.03%	0.29%	-0.29%
FCF per Share	-0.65	2.15	0.14	0.03	1.27	1.83	2.21	2.13	2.76	1.96
FCF Conversion (FCF/Net Income)	-4.69x	-8.64x	1.18x	-21.25x	4.34x	16.57x	2.60x	2.39x	1.87x	2.24x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-3.14%	-2.8%	14.39%	-0.96%	5.25%	1.36%	10.58%	14.56%	21.97%	14.97%
Return on Invested Capital (ROIC)	0.41%	1.33%	1.89%	1.55%	3.76%	4.4%	5.42%	6.21%	8.51%	6.18%
Gross Margin	52.21%	53.49%	49.74%	47.4%	53.91%	56.81%	44.73%	50.15%	62.35%	58.71%
Net Margin	-7.76%	-5.65%	27.07%	-1.78%	10.36%	2.73%	14.27%	18.69%	29.15%	21.18%
Debt / Equity	1.51x	1.67x	1.29x	1.40x	1.36x	1.53x	1.68x	1.63x	1.78x	1.82x
Interest Coverage	0.22x	0.58x	0.86x	0.69x	1.62x	1.88x	2.23x	2.63x	3.49x	2.45x
FCF Conversion	-4.69x	-8.64x	1.18x	-21.25x	4.34x	16.57x	2.60x	2.39x	1.87x	2.24x
Revenue Growth	-3.63%	1.89%	7.09%	8.16%	-5.58%	-5.88%	37.67%	3.18%	-0.53%	-3.7%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Gas & NGL Marketing Services	-	-	-	-	-	-	-	4.05B	2.88B	4.98B
Gas & NGL Marketing Services Growth	-	-	-	-	-	-	-	-	-28.97%	72.93%
Transmission And Gulf Of America	-	-	-	-	-	-	-	-	-	4.63B
Transmission And Gulf Of America Growth	-	-	-	-	-	-	-	-	-	-
West	-	-	-	4.85B	3.76B	2.94B	5.64B	2.56B	2.13B	2.67B
West Growth	-	-	-	-	-22.54%	-21.73%	91.81%	-54.63%	-16.63%	25.01%
Northeast G And P	-	-	-	1.28B	1.5B	1.53B	1.63B	1.8B	2.03B	2.02B
Northeast G And P Growth	-	-	-	-	16.91%	1.93%	6.87%	10.28%	12.82%	-0.39%
Atlantic Gulf	-	-	-	3B	-	-	-	-	-	-
Atlantic Gulf Growth	-	-	-	-	-	-	-	-	-	-
Corporate and Other	-	125M	88M	22M	-	-	-	-	-	-
Corporate and Other Growth	-	-	-29.60%	-75.00%	-	-	-	-	-	-
Williams Partners	-	22.61B	24.03B	-	-	-	-	-	-	-
Williams Partners Growth	-	-	6.26%	-	-	-	-	-	-	-
Williams Ngl And Petchem Services	-	68M	-	-	-	-	-	-	-	-
Williams Ngl And Petchem Services Growth	-	-	-	-	-	-	-	-	-	-
Service	5.16B	-	-	-	-	-	-	-	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Product	2.2B	-	-	-	-	-	-	-	-	-
Product Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

The Williams Companies, Inc. (WMB) has a price-to-earnings (P/E) ratio of 33.1x. This suggests investors expect higher future growth.

Growth & Financials

The Williams Companies, Inc. (WMB) reported $11.48B in revenue for fiscal year 2024. This represents a 45% increase from $7.93B in 2011.

The Williams Companies, Inc. (WMB) saw revenue decline by 3.7% over the past year.

Yes, The Williams Companies, Inc. (WMB) is profitable, generating $2.37B in net income for fiscal year 2024 (21.2% net margin).

Dividend & Returns

Yes, The Williams Companies, Inc. (WMB) pays a dividend with a yield of 3.14%. This makes it attractive for income-focused investors.

The Williams Companies, Inc. (WMB) has a return on equity (ROE) of 15.0%. This is reasonable for most industries.

The Williams Companies, Inc. (WMB) generated $1.80B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

...