Is the business good?
How good a business is WMB?
Williams Companies earns 8.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
8.4%
Return on invested capital · cost of capital 9.0% · 0.59 points below what the capital costs: growth destroys value
- Operating margin
- 38%
Operating margin · Oil & Gas Midstream median 36% · 12 months to Q2 2026
- Cash conversion
- −0.04×
Cash conversion · 0.79× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +0.08%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 29% |
| FY2021 | 25% |
| FY2022 | 28% |
| FY2023 | 40% |
| FY2024 | 32% |
| FY2025 | 35% |
Details›
- Operating margin12 months to Q2 2026
- 38%
- Net margin12 months to Q2 2026
- 25%
- Free cash flow margin
- −0.88%
- Revenue, trailing twelve months
- $12.2B
- Free cash flow, trailing twelve months
- −$108M
- Net income, trailing twelve months
- $3.07B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 8.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Oil & Gas Midstream
Ranks #14 of 27 by Smart Score