NYSE · Energy

The Williams Companies, Inc.

WMB · Oil & Gas Midstream

$75.57

▲ 0.03 (0.04%)

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Mr. Market is currently offering The Williams Companies, Inc. at $75.57.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 62.0%

Operating Margin 36.9%

Net Income Margin 21.9%

Fin. Health F

Years to Pay Off Debt 11.2 yrs

Working Capital vs Long-Term Debt -$30.2B

Working Capital -$2.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 7.24x

Cash Flow C

Free Cash Flow $899M

CapEx % of Net Income 190.9%

Owner Earnings $10.0B

3/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $92.4B

Enterprise Value $124.0B

P/E (TTM) 35.31

Dividend Yield 2.65%

Exchange NYSE

Key Margins

Gross Profit 62.0%

Operating Margin 36.9%

Net Margin 21.9%

Company Info

Sector Energy

Industry Oil & Gas Midstream

Employees 5987

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering The Williams Companies, Inc. at $75.57.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $75.57, the stock trades at a 237% premium to its Graham Number of $22.43. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About The Williams Companies, Inc.

The Williams Companies, Inc., together with its subsidiaries, operates as an energy infrastructure company primarily in the United States. It operates through Transmission, Power & Gulf, Northeast G&P, West, and Gas & NGL Marketing Services segments. The Transmission, Power & Gulf segment comprises Transco, NWP, and Mountain West interstate natural gas pipelines, and their related natural gas storage facilities, as well as natural gas gathering and processing; and crude oil production handling and transportation assets in the Gulf Coast region. 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 consists of 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, the Mid-Continent region that includes the Anadarko and Permian basins, and the DJ Basin of Colorado; and operates natural gas liquid (NGL) fractionation and storage assets 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; asset management services; and transports and markets NGLs. The company owns and operates approximately 32,000 miles of pipelines. The Williams Companies, Inc. was founded in 1908 and is headquartered in Tulsa, Oklahoma.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	62.0% ▲	58.7%	62.4%	50.2%	N/A
Operating Margin %	36.9% ▲	31.8%	38.4%	27.5%	N/A
Net Income %	21.9% ▲	21.2%	29.1%	18.7%	N/A
Diluted EPS	2.14 ▲	1.82	2.60	1.67	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$58.6B	$54.5B	$52.6B	$48.4B	N/A
Total Debt	$29.4B ↑	$26.9B	$26.5B	$22.9B	N/A
Working Capital	-$2.9B ▼	-$2.7B	-$1.3B	-$1.1B	N/A
Years to Pay Debt	11.23	12.11	8.32	11.19	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$899M ▼	$2.3B	$3.4B	$2.6B	N/A
Owner Earnings	$10.0B	$7.1B	$7.8B	$6.3B	N/A
CapEx % of Net Income	190.9%	120.4%	80.7%	111.4%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-49,770	59,064	156,178	167
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	7,624,000	6,293,000	7,030,000	5,697,000
Total Unusual Items	-210,000	276,000	682,000	1,000
Total Unusual Items Excluding Goodwill	-210,000	276,000	682,000	1,000
Net Income From Continuing Operation Net Minority Interest	2,618,000	2,225,000	3,276,000	2,049,000
Reconciled Depreciation	2,347,000	2,219,000	2,071,000	2,009,000
Reconciled Cost Of Revenue	4,546,000	4,337,000	4,106,000	5,466,000
EBITDA	7,414,000	6,569,000	7,712,000	5,698,000
EBIT	5,067,000	4,350,000	5,641,000	3,689,000
Net Interest Income	-1,402,000	-1,297,000	-1,157,000	-1,132,000
Interest Expense	1,442,000	1,364,000	1,236,000	1,147,000
Interest Income	40,000	67,000	79,000	15,000
Normalized Income	2,778,230	2,008,064	2,750,178	2,048,167
Net Income From Continuing And Discontinued Operation	2,618,000	2,225,000	3,179,000	2,049,000
Total Expenses	7,542,000	7,164,000	6,715,000	7,947,000
Total Operating Income As Reported	4,196,000	3,339,000	4,311,000	3,018,000
Diluted Average Shares	1,225,000	1,222,954	1,222,715	1,222,672
Basic Average Shares	1,221,000	1,219,184	1,217,784	1,218,362
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	2,615,000	2,222,000	3,176,000	2,046,000
Net Income Common Stockholders	2,615,000	2,222,000	3,176,000	2,046,000
Preferred Stock Dividends	3,000	3,000	3,000	3,000
Net Income	2,618,000	2,225,000	3,179,000	2,049,000
Minority Interests	-150,000	-121,000	-124,000	-68,000
Net Income Including Noncontrolling Interests	2,768,000	2,346,000	3,303,000	2,117,000
Net Income Discontinuous Operations	0	0	-97,000	0
Net Income Continuous Operations	2,768,000	2,346,000	3,400,000	2,117,000
Tax Provision	857,000	640,000	1,005,000	425,000
Pretax Income	3,625,000	2,986,000	4,405,000	2,542,000
Other Income Expense	619,000	944,000	1,370,000	656,000
Other Non Operating Income Expenses	69,000	108,000	99,000	18,000
Special Income Charges	-212,000	149,000	653,000	0
Gain On Sale Of Business	0	149,000	129,000	0
Other Special Charges			-534,000
Write Off	212,000	0	10,000	0
Impairment Of Capital Assets				0	2,000
Earnings From Equity Interest	760,000	560,000	589,000	637,000
Gain On Sale Of Security	2,000	127,000	29,000	1,000
Net Non Operating Interest Income Expense	-1,402,000	-1,297,000	-1,157,000	-1,132,000
Interest Expense Non Operating	1,442,000	1,364,000	1,236,000	1,147,000
Interest Income Non Operating	40,000	67,000	79,000	15,000
Operating Income	4,408,000	3,339,000	4,192,000	3,018,000
Operating Expense	2,996,000	2,827,000	2,609,000	2,481,000
Other Operating Expenses	-7,000	-60,000	-40,000	28,000
Selling General And Administration	721,000	708,000	665,000	636,000
Gross Profit	7,404,000	6,166,000	6,801,000	5,499,000
Cost Of Revenue	4,546,000	4,337,000	4,106,000	5,466,000
Total Revenue	11,950,000	10,503,000	10,907,000	10,965,000
Operating Revenue	11,830,000	10,753,000	9,951,000	11,352,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	39,000	39,000	39,000	35,000
Ordinary Shares Number	1,222,000	1,219,012	1,216,499	1,218,000
Share Issued	1,261,000	1,258,012	1,255,499	1,253,000
Net Debt	29,298,000	26,851,000	24,288,000	22,752,000
Total Debt	29,393,000	26,937,000	26,462,000	22,929,000
Tangible Book Value	6,009,000	5,192,000	4,774,000	4,087,000
Invested Capital	42,133,000	39,312,000	38,805,000	34,354,000
Working Capital	-2,862,000	-2,651,000	-1,317,000	-1,093,000
Net Tangible Assets	6,044,000	5,227,000	4,809,000	4,122,000
Capital Lease Obligations	32,000	26,000	24,000	25,000
Common Stock Equity	12,772,000	12,401,000	12,367,000	11,450,000
Preferred Stock Equity	35,000	35,000	35,000	35,000
Total Capitalization	40,123,000	37,172,000	35,778,000	33,412,000
Total Equity Gross Minority Interest	14,995,000	14,840,000	14,891,000	14,045,000
Minority Interest	2,188,000	2,404,000	2,489,000	2,560,000
Stockholders Equity	12,807,000	12,436,000	12,402,000	11,485,000
Gains Losses Not Affecting Retained Earnings	127,000	76,000	0	-24,000
Other Equity Adjustments	127,000	76,000		-24,000	-33,000
Treasury Stock	1,180,000	1,180,000	1,180,000	1,050,000
Retained Earnings	-12,237,000	-12,396,000	-12,287,000	-13,271,000
Additional Paid In Capital	24,801,000	24,643,000	24,578,000	24,542,000
Capital Stock	1,296,000	1,293,000	1,291,000	1,288,000
Common Stock	1,261,000	1,258,000	1,256,000	1,253,000
Preferred Stock	35,000	35,000	35,000	35,000
Total Liabilities Net Minority Interest	43,578,000	39,692,000	37,736,000	34,388,000
Total Non Current Liabilities Net Minority Interest	37,472,000	34,380,000	31,906,000	29,498,000
Other Non Current Liabilities	4,986,000	5,268,000	4,684,000	4,684,000
Non Current Deferred Liabilities	5,170,000	4,376,000	3,846,000	2,887,000
Non Current Deferred Taxes Liabilities	5,170,000	4,376,000	3,846,000	2,887,000
Long Term Debt And Capital Lease Obligation	27,316,000	24,736,000	23,376,000	21,927,000
Long Term Debt	27,316,000	24,736,000	23,376,000	21,927,000
Current Liabilities	6,106,000	5,312,000	5,830,000	4,890,000
Other Current Liabilities	912,000	602,000	581,000	820,000
Current Deferred Liabilities	165,000	170,000	159,000	141,000
Current Deferred Revenue	165,000	170,000	159,000	141,000
Current Debt And Capital Lease Obligation	2,077,000	2,201,000	3,086,000	1,002,000
Current Capital Lease Obligation	32,000	26,000	24,000	25,000
Current Debt	2,045,000	2,175,000	3,062,000	977,000
Other Current Borrowings	1,345,000	1,720,000	2,337,000	627,000
Commercial Paper	700,000	455,000	725,000	350,000
Pensionand Other Post Retirement Benefit Plans Current	283,000	285,000	197,000
Current Provisions	103,000	91,000	106,000	87,000
Payables And Accrued Expenses	2,566,000	1,963,000	1,701,000	2,840,000
Current Accrued Expenses	342,000	350,000	322,000	513,000
Interest Payable	342,000	350,000	322,000	274,000
Payables	2,224,000	1,613,000	1,379,000	2,327,000
Accounts Payable	2,224,000	1,613,000	1,379,000	2,327,000
Total Assets	58,573,000	54,532,000	52,627,000	48,433,000
Total Non Current Assets	55,329,000	51,871,000	48,114,000	44,636,000
Other Non Current Assets	2,011,000	1,830,000	1,573,000	1,319,000
Investments And Advances	4,559,000	4,140,000	4,637,000	5,065,000
Other Investments				17,000	6,000
Long Term Equity Investment				5,048,000	5,121,000
Investments In Other Ventures Under Equity Method				139,000	130,000
Investmentsin Associatesat Cost				1,384,000	1,381,000
Investmentsin Subsidiariesat Cost				3,525,000	3,610,000
Goodwill And Other Intangible Assets	6,763,000	7,209,000	7,593,000	7,363,000
Other Intangible Assets	6,297,000	6,743,000	7,130,000	7,363,000
Goodwill	466,000	466,000	463,000
Net PPE	41,996,000	38,692,000	34,311,000	30,889,000
Accumulated Depreciation	-20,014,000	-18,703,000	-17,531,000	-16,168,000
Gross PPE	62,010,000	57,395,000	51,842,000	47,057,000
Construction In Progress	3,604,000	2,085,000	2,262,000	1,705,000
Other Properties	9,738,000	9,413,000	7,140,000	6,668,000
Machinery Furniture Equipment	48,668,000	45,897,000	42,440,000	38,684,000
Current Assets	3,244,000	2,661,000	4,513,000	3,797,000
Other Current Assets	256,000	191,000	195,000	279,000
Hedging Assets Current	209,000	267,000	239,000	323,000
Assets Held For Sale Current	318,000	1,000
Inventory	314,000	279,000	274,000	320,000
Receivables	2,084,000	1,863,000	1,655,000	2,723,000
Other Receivables			363,000	952,000
Accounts Receivable	2,084,000	1,863,000	1,655,000	1,771,000
Allowance For Doubtful Accounts Receivable	-1,000	-1,000	-3,000	-6,000
Gross Accounts Receivable	2,085,000	1,864,000	1,658,000	2,729,000
Cash Cash Equivalents And Short Term Investments	63,000	60,000	2,150,000	152,000
Cash And Cash Equivalents	63,000	60,000	2,150,000	152,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	899,000	2,296,000	3,371,000	2,606,000
Repurchase Of Capital Stock	0	0	-130,000	-9,000
Repayment Of Debt	-2,827,000	-2,946,000	-634,000	-2,876,000
Issuance Of Debt	4,940,000	3,594,000	2,755,000	1,755,000
Issuance Of Capital Stock	9,000	10,000	6,000	54,000
Capital Expenditure	-4,999,000	-2,678,000	-2,567,000	-2,283,000
End Cash Position	63,000	60,000	2,150,000	152,000
Beginning Cash Position	60,000	2,150,000	152,000	1,680,000
Changes In Cash	3,000	-2,090,000	1,998,000	-1,528,000
Financing Cash Flow	-406,000	-2,201,000	-49,000	-3,042,000
Cash Flow From Continuing Financing Activities	-406,000	-2,201,000	-49,000	-3,042,000
Net Other Financing Charges	-331,000	-274,000	-239,000	-240,000
Cash Dividends Paid	-2,442,000	-2,316,000	-2,179,000	-2,071,000
Common Stock Dividend Paid	-2,442,000	-2,316,000	-2,179,000	-2,071,000
Net Common Stock Issuance	9,000	10,000	-124,000	45,000
Common Stock Payments	0	0	-130,000	-9,000
Common Stock Issuance	9,000	10,000	6,000	54,000
Net Issuance Payments Of Debt	2,358,000	379,000	2,493,000	-776,000
Net Short Term Debt Issuance	245,000	-269,000	372,000	345,000
Net Long Term Debt Issuance	2,113,000	648,000	2,121,000	-1,121,000
Long Term Debt Payments	-2,827,000	-2,946,000	-634,000	-2,876,000
Long Term Debt Issuance	4,940,000	3,594,000	2,755,000	1,755,000
Investing Cash Flow	-5,489,000	-4,863,000	-3,891,000	-3,375,000
Cash Flow From Continuing Investing Activities	-5,489,000	-4,863,000	-3,891,000	-3,375,000
Net Other Investing Changes	22,000	12,000	39,000	7,000
Net Business Purchase And Sale	-512,000	-2,197,000	-1,363,000	-1,099,000
Sale Of Business	0	161,000	346,000	0
Purchase Of Business	-512,000	-2,358,000	-1,709,000	-1,099,000
Net PPE Purchase And Sale	-106,000	-105,000	-51,000	-30,000
Capital Expenditure Reported	-4,893,000	-2,573,000	-2,516,000	-2,253,000
Operating Cash Flow	5,898,000	4,974,000	5,938,000	4,889,000
Cash Flow From Continuing Operating Activities	5,898,000	4,974,000	5,938,000	4,889,000
Dividend Received Cfo	800,000	789,000	796,000	865,000
Change In Working Capital	-164,000	-526,000	108,000	-379,000
Change In Other Working Capital	-114,000	-531,000	-26,000	-122,000
Change In Other Current Liabilities	170,000	35,000	-19,000	209,000
Change In Other Current Assets	-71,000	9,000	60,000	-33,000
Change In Payables And Accrued Expense	115,000	139,000	-1,009,000	410,000
Change In Accrued Expense			-19,000	209,000	58,000
Change In Payable	115,000	139,000	-1,009,000	410,000
Change In Account Payable	115,000	139,000	-1,009,000	410,000
Change In Inventory	-45,000	-9,000	13,000	-110,000
Change In Receivables	-219,000	-169,000	1,089,000	-733,000
Changes In Account Receivables	-219,000	-169,000	1,089,000	-733,000
Stock Based Compensation	93,000	99,000	77,000	73,000
Asset Impairment Charge	220,000	10,000	40,000	161,000
Deferred Tax	744,000	506,000	951,000	431,000
Deferred Income Tax	744,000	506,000	951,000	431,000
Depreciation Amortization Depletion	2,347,000	2,219,000	2,071,000	2,009,000
Depreciation And Amortization	2,347,000	2,219,000	2,071,000	2,009,000
Operating Gains Losses	-910,000	-469,000	-1,408,000	-388,000
Earnings Losses From Equity Investments	-760,000	-687,000	-619,000	-637,000
Gain Loss On Investment Securities	-150,000	367,000	-660,000	249,000
Gain Loss On Sale Of Business	0	-149,000	-129,000	0
Net Income From Continuing Operations	2,768,000	2,346,000	3,303,000	2,117,000

These metrics estimate what The Williams Companies, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$22.43

Margin of Safety

Market Cap ÷ Company Value

2.68

P/B Ratio

7.24

Warren's Owner Earnings

$10.0B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

3/7 — Speculative Investor

✅ Adequate Size

$11.9B

vs > $1.5B revenue

❌ Strong Financial Condition

0.53x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

2.65%

vs Uninterrupted dividends

❌ Earnings Growth

+28.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

35.3x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

7.24x P/B (P/E×P/B: 255.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-32.98

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$40.05

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	190.9%	120.4%	80.7%	111.4%	N/A
Repurchase of Capital Stock	$0M	$0M	-$130M	-$9M	N/A
Free Cash Flow	$899M ▼	$2.3B ▼	$3.4B ▲	$2.6B •	N/A •
Warren's Owner Earnings	$10.0B	$7.1B	$7.8B	$6.3B	N/A

Peers & Industry

No auto-detected peers for Oil & Gas Midstream. You can manually compare WMB against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.46%

Low — management has little skin in the game

Return on Equity (ROE)

20.5%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

4.5%

Fair — average asset utilization

Debt Trend YoY

+9.1% YoY

Debt is roughly stable

Leadership Team

Chad Zamarin

CEO, President & Director

Age 48

Pay: $2,351,960

0.090% of net income

John Porter CPA

Executive VP & CFO

Age 55

Pay: $1,649,221

0.063% of net income

Larry Larsen

Executive VP & COO

Age 50

Pay: $1,581,423

0.060% of net income

Robert Wingo

Executive Vice President of Corporate Strategic Development

Age 46

Pay: $1,925,077

0.074% of net income

Danilo Marcelo Juvane

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.97%	133,963,343
Blackrock Inc.	8.83%	107,831,958
State Street Corporation	5.57%	67,981,106
Bank of America Corporation	3.77%	46,053,873
Wellington Management Group, LLP	3.04%	37,115,697
Morgan Stanley	2.75%	33,572,067
Geode Capital Management, LLC	2.34%	28,628,767
JPMORGAN CHASE & CO	1.88%	22,938,244

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.63

Low volatility — more stable than the market

Short Interest

1.6% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.97x

Moderate leverage

Current Ratio