Oneok vs Williams Companies
Add, change or remove companies; up to four.
The short version
- Oneok is the larger business, with $33.6B of revenue in fiscal 2025 against $12.0B for Williams Companies, about 2.8 times as much.
- Oneok grew revenue faster (55.0%, against 13.8%).
- Williams Companies kept more of each dollar of sales as operating profit (35.1% operating margin, against 17.1%).
- Williams Companies turned more of its sales into free cash flow (8.4% FCF margin, against 7.3%).
- Oneok earned a higher return on the capital invested in it (8.1%, against 7.5%).
- Investors pay more for each dollar of Williams Companies’s earnings: a P/E of 28.6x against 16.5x for Oneok.
| Latest fiscal year | OKE · FY25 | WMB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $60.6B | $87.8B |
| Revenue | $33.6B | $12.0B |
| Free cash flow | $2.4B | $1.0B |
| Net income | $3.4B | $2.6B |
| Growth | ||
| Revenue growth | 55.0% | 13.8% |
| 5-year growth | 31.5% | 9.1% |
| Share count change | 6.7% | 0.2% |
| Profitability | ||
| Gross margin | 30.5% | — |
| Operating margin | 17.1% | 35.1% |
| Net margin | 10.1% | 21.9% |
| FCF margin | 7.3% | 8.4% |
| Return on capital | 8.1% | 7.5% |
| Return on equity | 17.2% | 20.7% |
| Balance sheet | ||
| Net debt | $32.7B | $29.3B |
| Net debt / EBITDA | 4.5x | 4.5x |
| Dividends and buybacks | $2.7B | $2.4B |
| Valuation & quality | ||
| P/E | 16.5x | 28.6x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
OKE $8.9B
WMB $7.5B
FY17
OKE $12.2B
WMB $8.0B
FY18
OKE $12.6B
WMB $8.7B
FY19
OKE $10.2B
WMB $8.2B
FY20
OKE $8.5B
WMB $7.7B
FY21
OKE $16.5B
WMB $10.6B
FY22
OKE $22.4B
WMB $11.0B
FY23
OKE $17.7B
WMB $10.9B
FY24
OKE $21.7B
WMB $10.5B
FY25
OKE $33.6B
WMB $12.0B
OKE
WMB
Operating margin
FY16
OKE 14.5%
WMB 9.2%
FY17
OKE 11.4%
WMB 11.5%
FY18
OKE 14.6%
WMB 8.8%
FY19
OKE 18.8%
WMB 23.4%
FY20
OKE 15.9%
WMB 28.5%
FY21
OKE 15.7%
WMB 24.8%
FY22
OKE 12.5%
WMB 27.5%
FY23
OKE 23.0%
WMB 39.5%
FY24
OKE 23.0%
WMB 31.8%
FY25
OKE 17.1%
WMB 35.1%
OKE
WMB
Free cash flow
FY16
OKE $729M
WMB $2.1B
FY17
OKE $803M
WMB $690M
FY18
OKE $45.2M
WMB $37.0M
FY19
OKE −$1.9B
WMB $1.6B
FY20
OKE −$296M
WMB $2.3B
FY21
OKE $1.8B
WMB $2.7B
FY22
OKE $1.7B
WMB $2.6B
FY23
OKE $2.8B
WMB $3.4B
FY24
OKE $2.9B
WMB $2.4B
FY25
OKE $2.4B
WMB $1.0B
OKE
WMB
Return on capital
FY16
OKE 8.0%
WMB 1.4%
FY17
OKE 5.8%
WMB 2.5%
FY18
OKE 9.1%
WMB 1.2%
FY19
OKE 8.5%
WMB 3.4%
FY20
OKE 5.4%
WMB 4.2%
FY21
OKE 10.0%
WMB 5.4%
FY22
OKE 10.9%
WMB 6.9%
FY23
OKE 10.7%
WMB 8.8%
FY24
OKE 8.3%
WMB 6.5%
FY25
OKE 8.1%
WMB 7.5%
OKE
WMB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.