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Forensic Analysis · Midstream Pipelines · as of Nov 8, 2026

Williams Companies, Inc. (WMB)

A forensic read on Williams Companies, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.2
Distress distance
Clean
Earnings quality
2
Forensic signals
20.7%
ROE
13.8%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Williams Companies, Inc. earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads -0.2, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

6.2%
FY2025
Return on invested capital. Return on invested capital is 6.2% in the latest fiscal year, against 7.3% in FY2023, having run between 5.5% and 7.3% across FY2023–FY2025 with no direction held. After-tax operating profit was $3.3B in FY2023 and $3.2B in FY2025, with operating income at 39.5% of revenue in FY2023, 31.8% in FY2024 and 35.1% in FY2025. The capital base behind it grew +13% across FY2023–FY2025, from $45.4B to $51.4B, while the return fell 1.1 points, so the dollars added over that window earned less than the 7.3% the older base was already earning.
515% of FCF
FY2025
Shareholder returns. Returned $2.4B to shareholders (buybacks + dividends) in FY2025 — 515% of free cash flow, but 41% of operating cash flow. Returns run ahead of free cash flow, with the gap funded by debt or cash reserves rather than the cash the business itself throws off; the payout itself is still covered by operating cash. Counting the $93M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 535%.

Key fundamentals

Latest Revenue$11.95B
Revenue Growth YoY+13.8%
Revenue CAGR (2yr)+4.7%
Net Margin21.9%
Free Cash Flow$474.0M
Return on Equity20.7%
Debt / Equity2.24x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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