WMB
WILLIAMS COMPANIES, INC.
Next earnings Aug 3, 2026 (before open) · consensus $0.51 EPS, $2.84B rev
Last earnings -0.2% on 2026-05-04
$73.14
▼ -2.56%$73.14▲ +20.41%
over 1Y
L $54.78H $78.82
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-2.6%
1W-5.7%
1M+3.3%
3M+2.3%
YTD+22.0%
1Y+20.4%
Hold
Conviction
Horizon
Long (>12mo)
Street · 29 analysts
Buy
High-quality, FERC-regulated pipeline compounding ~18% with a huge LNG/data-center growth runway — but priced full at 34x with thin cash.
Revenue (FY2025) $14.9B · FY2025
The read
Fundamentals and price both look middling — no strong edge either way.
Williams is a durable, toll-road-style natural gas infrastructure business, and the FY2025 numbers show it firing on all cylinders: revenue +17.9% to $14.9B, operating income +25.7% to $4.20B, net income +17.7% to $2.62B, and EPS +17.6% to $2.14. Margins are strong for the sector (28.2% operating, 17.6% net) and ROE of 20.4% is excellent. Critically, the MD&A confirms the business model that makes this quality real: interstate transmission revenue is recovered through 'firm capacity reservation charges,' so 'changes in commodity prices and volumes transported have limited near-term impact.' That fee-based insulation is why net income has ground steadily higher even as headline revenue swung ($17.8B in 2022, $12.0B in 2023) on marketing/commodity pass-through — the volatility is in the top line, not the earnings.
The forward story is genuinely attractive. The filing lays out a stacked backlog of FERC-sanctioned Transco expansions — Southeast Supply Enhancement (+1,597 Mdth/d, in service 2027, already FERC-approved in Jan 2026), Northeast Supply Enhancement (+400 Mdth/d, fully subscribed under precedent agreements), plus Gillis West, Power Express and Dalton Lateral II reaching into 2030. Layer on the newly closed 10% stake in Louisiana LNG and 80% of Driftwood Pipeline, and explicit 'Power Innovation' deals to feed data-center/industrial load in grid-constrained markets, and Williams has one of the clearest multi-year volume-growth pipelines in midstream. The just-approved Transco rate-case settlement (effective March 2026) removes a regulatory overhang and adds rate certainty.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 2, 2026, 10:04 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $12.8B | $17.8B | $12.0B | $12.6B | $14.9B |
| Gross profit | — | — | — | — | — |
| Operating income | $2.63B | $3.02B | $4.31B | $3.34B | $4.20B |
| Net income | $1.52B | $2.05B | $3.18B | $2.23B | $2.62B |
| Diluted EPS | $1.24 | $1.67 | $2.60 | $1.82 | $2.14 |
| Net margin | 11.9% | 11.5% | 26.5% | 17.6% | 17.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$89.9B
EV / EBITDA13.7
EV / Sales6.0
EV / FCF89.4
P / FCF89.0
PEG (trailing)1.93
Earnings yield2.9%
FCF yield1.1%
Quality & risk
ROIC (est.)24.9%
Free cash flow$1.00B
Total debt$508M
Net cash-$445M
Piotroski F-Score6/7
Capital returns
Buyback yield0.0%
Dividend yield (est.)2.7%
Shareholder yield2.7%
Shares Δ YoY+0.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Officer / director change2026-07-01
Executive/board leadership change announced with Reg FD update; no financial impact
- 8-K Material agreement2026-05-20
New credit/debt agreement adds financial obligation, likely funding record capex
- 8-K Earnings results2026-05-04
Q1 2026 detail; Transco rate settlement effective Mar 1, S. Mansfield sale gain
- 8-K Officer / director change2026-05-04
Q1 2026 detail; Transco rate settlement effective Mar 1, S. Mansfield sale gain
- 10-Q Quarterly report2026-05-04
Q1 2026 detail; Transco rate settlement effective Mar 1, S. Mansfield sale gain
- 8-K Officer / director change2026-03-26
Officer/director appointment or departure disclosed; no earnings impact
- DEF 14A Proxy statement2026-03-18
2026 proxy: director slate, exec pay, say-on-pay for annual meeting
- 10-K Annual report2026-02-24
FY25 record results, LNG/Driftwood 10%/80% stakes, big expansion backlog, +5% dividend
- 8-K Earnings results2026-02-10
FY2025 results: revenue $14.9B (+18%), net income $2.62B (+18%), EPS $2.14
Recent filings
all on EDGAR ↗4Period ending 2026-07-012026-07-02open ↗8-KPeriod ending 2026-07-012026-07-01open ↗144Filing2026-07-01open ↗4Period ending 2026-06-252026-06-26open ↗4Period ending 2026-06-012026-06-02open ↗144Filing2026-06-01open ↗8-KPeriod ending 2026-05-202026-05-20open ↗4Period ending 2026-05-192026-05-20open ↗S-8Filing2026-05-20open ↗4Period ending 2026-05-152026-05-18open ↗144Filing2026-05-15open ↗4Period ending 2026-05-142026-05-15open ↗
Frequently asked
- Is WILLIAMS COMPANIES, INC. (WMB) a buy?
- WMB currently carries a Hold rating with 4/5 conviction, derived from its latest SEC filings. High-quality, FERC-regulated pipeline compounding ~18% with a huge LNG/data-center growth runway — but priced full at 34x with thin cash.
- What is WMB's fair value?
- A Modified-Graham model based on WMB's SEC fundamentals estimates a fair value of about $81.32. It is an estimate from reported earnings, not a price target.
- Is WMB overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, WMB currently appears fairly valued relative to its SEC-grounded earnings power.
- What is WILLIAMS COMPANIES, INC.'s quality score?
- WMB scores 74.50256922769324/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000107263, latest 10-Q filed 2026-05-04) · EODHD · Proprietary analysis · as of 7/3/2026, 2:04:11 AM.
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