Oneok vs Williams Companies
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KIRA’s take AI analyst
I put Oneok and Williams Companies side by side, using each one’s latest annual report. Here is what stands out:
- 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 16.6x for Oneok.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Oneok
OKE
3/10
Revenue growth5-year growthReturn on capital
Williams Companies
WMB
7/10
Operating marginNet marginFCF marginReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | OKE FY25 | WMB FY25 |
|---|---|---|
| Size | ||
| Market cap | $60.9B | $87.9B |
| 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 | 16.6x | 28.6x |
| Piotroski F-score | 5 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.