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This report includes information for multiple registrants, specifically The Williams Companies, Inc. (Williams), as well as Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (NWP) both of which are wholly owned subsidiaries of Williams (collectively, the Registrants). References to subsidiaries by name, including equity-method investees, Transco, and NWP, refer ex…
35.11% operating margin is above average. ROIC at 8.16%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue up 13.8% YoY with margins expanding 3.3pp. However, free cash flow softened 58%, worth monitoring whether this is timing or structural.
Free cash flow declined 58% versus the prior year, cash generation momentum has weakened. Net debt of $29.48B represents 29.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$11.93B
▲ +13.8% YoY
Net Income (TTM)
$2.79B
▲ +17.7% YoY
Op. Margin
37.07%
▲ +3.3pp YoY
ROIC
8.41%
▲ +1.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$828M
▼ -58.1% YoY
Op. Cash Flow (TTM)
$6.07B
▲ +18.6% YoY
Net Debt
$29.35B
Cash & Equiv.
$950M
5Y CAGR: +9.1%
5Y CAGR: -14.9%
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