— Know what they know.
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Not Investment Advice

WMB

NYSE · USD
The Williams Companies, Inc.
Energy · Oil & Gas Midstream
CEO Chad J. Zamarin Employees 5,987 R&D / revenue 0.0%
Last price
$71.28+2.98%last session
Market cap
$87.2B
P/E (TTM)
28.3x
From 52w high
−11.0%
From 52w low
+26.9%
1-year return
+14.9%
RSI 14 · vs SMA200
48.6 · −0.7%
IS score
45.2/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

WMB   SPY   XLE (sector ETF) · weekly closes
100120140160Jan 26Apr 26Jul 26Oct 26XLE 160SPY 116WMB 115

Score DNA

Each bar is a 0-100 score within the scored universe
84
Profitability
65
Growth
43
Value
90
Momentum
30
Risk (safety)
73
Quality
22
Balance sheet
74
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Altman distress zone▲ Negative free cash flow▲ Share count rising
Observations
Moat model: Narrow, Intangible AssetsPiotroski 7 / 9Altman Z 1.4Beta 0.623 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
12 open-market sales, $6.7M
Form 144 notices (12m): 20, $31.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
6
Last disclosed purchase 2026-08-20
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+15
160 new holders, 116 closed
1,838 filers hold 90.3% · 729 added, 665 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+264
1,093 funds adding shares
829 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
43.4%
20-day avg 42.3%, 50-day avg 44.0%
Latest 1.1 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$11.9B
Revenue growth YoY+13.8%
Gross margin42.9%
Operating income$4.4B
Operating margin36.8%
Net income$2.6B
Net margin21.9%
EPS (diluted)$2.14
Cash flow
Operating cash flow$5.9B
Capital expenditure$4.9B
Free cash flow$1.0B
FCF conversion (FCF / OCF)17.0%
Stock-based compensation$0
FCF less SBC$1.0B
Buybacks$0
Dividends$2.4B
Balance sheet & returns
Cash & short-term investments$63.0M
Total debt$29.4B
Net debt$29.3B
Shareholders' equity$15.0B
Goodwill & intangibles$6.8B
Debt / equity2.33
ROE (TTM)23.9%
ROIC (TTM)6.6%
Operating margin by fiscal year
24.8%FY202127.5%FY202239.5%FY202331.8%FY202436.8%FY2025
Revenue $10.6B (FY2021) to $11.9B (FY2025), a 3.0% CAGR.

Valuation

P/E (TTM)28.3x
EV / EBITDA15.3x
Price / sales7.14x
Price / FCFn/m
FCF yield-0.25%
Buyback yield0.00%
SBC / revenue-0.1%
Price / book6.61x
Forward P/E FY202628.9x
Forward P/E FY202727.1x
Forward P/E FY202823.3x
Forward multiples divide today's price by Street EPS estimates. Street mean target $91.43 across 7 analysts last quarter is theirs, not ours.

WMB vs industry median

102 companies in Oil & Gas Midstream
Gross margin 73.6% 47.9% Operating margin 40.3% 26.6% Net margin 25.2% 13.6% ROIC 6.6% 8.0%
WMB (TTM)Industry median Asset turnover 0.20 vs industry 0.33 · financial leverage 4.60

Earnings delivery

Next report 2026-11-02 · consensus EPS $0.54
58%
beat rate, 7 of 12 quarters
+4.2%
median EPS surprise
5
longest beat streak
+17+7+23+12+3+0+6-4-5-4+15-0
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-01 to 2026-08-03. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
WMB The Williams Companies, Inc. $87.2B28.3x23.9%25.2%+13.8% +14.9%
EPD Enterprise Products Partners $79.5B12.8x21.2%10.1%+6.8% +29.6%
KMI Kinder Morgan, Inc. $76.2B21.9x11.1%19.4%+12.7% +27.1%
ET Energy Transfer LP $69.7B12.6x16.6%6.1%+29.7% +23.9%
TRGP Targa Resources Corp. $63.2B28.0x72.5%17.2%−2.2% +102.8%
LNG Cheniere Energy, Inc. $59.8B21.4x45.2%53.5%+22.4% —
OKE ONEOK, Inc. $58.8B16.1x16.3%8.0%+40.8% —
ENBA Enbridge Inc. 6.375 SNT18 B $41.8B9.8x17.1%8.4%+20.3% —
12-month window: SPY +15.9%, sector ETF XLE +60.0%. Past returns describe history only.

Recent 8-K filings

2026-09-10Regulation FD; Other Events; Exhibits
2026-09-10Material Agreement; Exhibits
2026-09-03Other Events; Exhibits
2026-08-21Officer/Director Change; Exhibits
2026-08-03Earnings Release; Exhibits
2026-07-13Regulation FD; Exhibits

Context

Shares outstanding1,223,167,472
Free float99.4%
Institutional ownership90.3%
Beta0.62
Dividend yield2.91%
Last dividend$0.53 on 2026-09-11
50 / 200-day average$72.29 / $71.76
Large-cap Energy median P/E17.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where WMB sits among 30 scored companies in Oil & Gas Midstream (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureWMBIndustry medianIndustry percentileSector median
P/E (TTM) 28.4x 16.7x
89th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) 5.83 1.90
88th		 0.72
Price / sales 7.1x 2.7x
79th		 1.8x
Price / book 6.6x 3.3x
76th		 1.9x
Price / tangible book 13.8x 6.0x
83rd		 1.9x
Price / free cash flow —
Price / operating cash flow 14.5x 8.9x
96th		 6.9x
Enterprise value $117.8B $12.6B
100th		 $5.3B
EV / sales 9.7x 4.5x
83rd		 2.4x
EV / EBITDA 15.8x 10.7x
86th		 9.0x
EV / EBIT 22.0x 14.3x
90th		 14.1x
EV / free cash flow —
Earnings yield 3.5% 5.4%
17th		 4.6%
FCF yield -0.2% 5.0%
24th		 5.8%
Operating cash flow yield 6.9% 10.8%
10th		 13.6%
Graham number (per share) $24.67 $26.47
42nd		 $32.92

Profitability (TTM)

MeasureWMBIndustry medianIndustry percentileSector median
Gross margin 73.6% 49.8%
90th		 31.9%
EBITDA margin 61.1% 46.7%
69th		 26.7%
Operating margin 40.3% 35.0%
62nd		 15.2%
EBIT margin 43.9% 33.2%
66th		 13.3%
Net margin 25.2% 16.8%
62nd		 8.0%
NOPAT margin 30.9% 31.0%
48th		 12.4%
FCF margin -1.8% 6.7%
21st		 7.8%
Operating cash flow margin 49.1% 31.4%
76th		 21.8%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 6.0% 3.7%
64th		 6.7%
Stock comp / revenue —
Effective tax rate 23.5% 8.0%
90th		 21.0%

Returns on capital

MeasureWMBIndustry medianIndustry percentileSector median
ROE (on average equity) 24.0% 24.1%
48th		 12.2%
ROA 5.3% 5.9%
41st		 4.8%
ROIC 8.6% 10.0%
36th		 9.9%
ROCE 9.9% 10.7%
38th		 9.8%
Return on tangible assets 9.2% 10.1%
38th		 8.3%
Cash ROIC (OCF / invested capital) 13.7% 15.6%
31st		 18.4%
Gross profitability (GP / assets) 14.8% 13.1%
59th		 14.8%
ROIC, 3-yr average 6.4% 8.4%
32nd		 7.0%
ROIC, 5-yr average 7.0% 7.3%
47th		 10.1%
ROE, 5-yr average 20.5% 18.2%
65th		 14.8%
Incremental ROIC 64.1% 33.6%
68th		 14.8%

Growth

MeasureWMBIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 8.8% 14.8%
31st		 10.2%
Revenue growth (QoQ) 0.8% 16.4%
21st		 13.0%
Revenue CAGR, 3 yr 2.0% 4.1%
42nd		 2.0%
Revenue CAGR, 5 yr 6.5% 9.8%
33rd		 13.7%
Gross profit CAGR, 3 yr 10.3% 9.4%
54th		 1.7%
Operating income CAGR, 3 yr 6.1% 8.4%
38th		 -2.0%
Net income growth (TTM YoY) 26.5% 25.5%
52nd		 23.5%
Net income CAGR, 3 yr 5.0% 5.8%
36th		 -7.8%
EPS growth (TTM YoY) 26.3% 23.3%
56th		 19.9%
EPS CAGR, 3 yr 4.9% 5.1%
44th		 -9.8%
EPS CAGR, 5 yr 21.5% 15.7%
67th		 20.5%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 2.3% 5.6%
38th		 3.2%
Book value CAGR, 3 yr 4.0% 3.9%
52nd		 5.6%
Dividend CAGR, 3 yr 1.6% 1.0%
61st		 -0.1%
Sustainable growth rate 4.4% 5.1%
41st		 9.4%

Margin history & stability

MeasureWMBIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 62.7% 40.7%
81st		 31.0%
Operating margin, 3-yr average 36.3% 30.8%
58th		 15.4%
Net margin, 3-yr average 24.6% 18.5%
62nd		 8.7%
FCF margin, 3-yr average 14.7% 10.2%
54th		 7.2%
Revenue stability (0-1) 0.72 0.66
62nd		 0.64
Earnings stability (0-1) 0.76 0.57
73rd		 0.22
Margin stability (0-1) 0.85 0.83
58th		 0.73

Liquidity (latest quarter)

MeasureWMBIndustry medianIndustry percentileSector median
Cash & short-term investments $203.0M $166.5M
55th		 $248.6M
Net cash (− = net debt) −$30.6B −$3.6B
14th		 −$1.1B
Working capital −$3.4B $5.2M
0th		 $205.0M
Current ratio 0.48 1.12
4th		 1.41
Quick ratio 0.43 0.94
7th		 1.13
Cash ratio (cash + ST investments / current liabilities) 0.03 0.18
32nd		 0.36
Defensive interval (days) 195 days 799 days
4th		 768 days

Leverage & solvency (latest quarter)

MeasureWMBIndustry medianIndustry percentileSector median
Total debt $30.8B $3.6B
86th		 $1.3B
Debt / equity 2.33 1.85
72nd		 0.61
Net debt / equity 2.32 1.65
72nd		 0.45
Debt / assets 50.8% 50.2%
55th		 28.7%
Debt / capital 70.0% 65.0%
69th		 37.9%
Debt / EBITDA 4.13 3.62
62nd		 1.98
Net debt / EBITDA 4.10 3.43
66th		 1.43
Interest coverage (EBIT / interest) 3.6x 3.7x
37th		 4.1x
Cash interest coverage 4.0x 4.8x
37th		 6.7x
Debt payback (years of OCF) 5.1 yrs 4.6 yrs
59th		 2.3 yrs
Liabilities / assets 74.6% 66.6%
62nd		 54.6%
IS credit model rating B+ — —
Implied credit spread (bps) 650 400
76th		 275

Efficiency

MeasureWMBIndustry medianIndustry percentileSector median
Asset turnover 0.21 0.36
14th		 0.49
Fixed asset turnover 0.19 0.52
4th		 0.94
Inventory turnover 9.6 35.5
5th		 11.7
Receivables turnover 7.5 11.4
33rd		 7.8
Days sales outstanding 49 days 31 days
69th		 46 days
Days inventory outstanding 38 days 10 days
95th		 31 days
Days payables outstanding 206 days 26 days
97th		 41 days
Cash conversion cycle (days) −119 days 0 days
3rd		 18 days
Capex / revenue 50.9% 13.7%
84th		 11.9%
Capex / depreciation 2.95 1.22
83rd		 1.04
Operating expense ratio 44.6% 10.2%
100th		 16.5%

Cash flow & earnings quality

MeasureWMBIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.95 1.94
52nd		 2.02
FCF / net income −0.07 0.90
22nd		 0.96
FCF / operating cash flow -3.6% 43.6%
17th		 48.4%
Capex / operating cash flow 103.6% 56.4%
83rd		 51.6%
Accruals ratio -5.0% -5.8%
56th		 -7.7%
Sloan accruals ratio -4.7% -3.6%
34th		 -4.7%
Earnings quality score (0-1) 0.75 0.75
11th		 0.75

Dividends & buybacks

MeasureWMBIndustry medianIndustry percentileSector median
Dividend yield 2.9% 5.1%
31st		 1.7%
Dividend per share (TTM) $2.08 $2.14
48th		 $0.66
Payout ratio (dividends / net income) 81.5% 73.7%
63rd		 29.4%
Dividends / FCF —
Dividend growth (YoY) 5.1% 5.8%
44th		 0.5%
Buyback yield 0.0% 0.2%
0th		 0.2%
Shareholder yield (dividends + buybacks) 2.9% 6.2%
21st		 3.2%
Share count change (YoY) 0.2% 0.0%
66th		 0.2%
Buybacks, last 5 years $0 $45.9M
0th		 $38.8M

Scores & forensic checks

MeasureWMBIndustry medianIndustry percentileSector median
IS score 45 56
28th		 51
IS profitability 84 73
72nd		 50
IS growth 65 65
48th		 61
IS value 43 56
14th		 57
IS momentum 90 85
72nd		 77
IS risk (safety) 30 50
24th		 50
IS quality 73 68
69th		 68
IS balance sheet 22 36
17th		 55
IS earnings quality 74 72
62nd		 65
IS cash flow 25 51
3rd		 50
Piotroski F-score (0-9) 7 7
41st		 6
Altman Z-score 1.4 1.9
31st		 2.0
Beneish M-score −3.37 −2.39
0th		 −2.62
Ohlson O-score −7.11 −7.11
50th		 −7.87
IS credit score 32 49
17th		 58

Per share

MeasureWMBIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.51 $2.84
41st		 $1.88
Book value per share $10.78 $13.29
45th		 $14.22
Tangible book per share $7.18 $9.53
41st		 $12.86
Revenue per share $9.97 $15.78
24th		 $19.06
FCF per share −$0.17 $2.69
24th		 $2.05
Operating cash flow per share $4.90 $5.75
38th		 $4.95
Cash per share $0.17 $0.68
24th		 $1.70

Size (TTM)

MeasureWMBIndustry medianIndustry percentileSector median
Market cap $87.2B $6.8B
100th		 $4.1B
Revenue $12.2B $1.9B
66th		 $2.0B
EBITDA $7.5B $1.1B
86th		 $606.3M
Net income $3.1B $387.3M
79th		 $134.0M
Free cash flow −$214.0M $380.0M
14th		 $199.4M
Total assets $60.6B $8.7B
86th		 $4.4B
Shareholders' equity $13.2B $2.0B
86th		 $1.8B
Employees 5,987 1,710
88th		 1,717

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Wilson Terrance Lane
SVP & General Counsel
 Open-market sale 2,000$67.85$135,700262,259
2026-09-01Wilson Terrance Lane
SVP & General Counsel
 Open-market sale 2,000$75.56$151,120264,259
2026-08-14Wilson Terrance Lane
SVP & General Counsel
 Open-market sale 2,800$74.84$209,541278,359
2026-08-14Wilson Terrance Lane
SVP & General Counsel
 Open-market sale 10,200$74.88$763,776268,159
2026-08-14Wilson Terrance Lane
SVP & General Counsel
 Gift 1,900——266,259
2026-08-14Wilson Terrance Lane
SVP & General Counsel
 Gift 100——0
2026-08-06Wingo Robert R.
Executive Vice President
 Tax withholding 8,226$71.76$590,29848,343
2026-08-05Turner Robb E
Director
 Award / grant 2,785$71.81$199,9918,785
2026-08-05Helms Lloyd W Jr
Director
 Award / grant 2,785$71.81$199,9912,785
2026-08-03Wilson Terrance Lane
SVP & General Counsel
 Open-market sale 2,000$70.65$141,300281,159
2026-07-01Wilson Terrance Lane
SVP & General Counsel
 Open-market sale 2,000$74.16$148,320283,159
2026-06-25Porter John Dean
EVP & CFO
 Option exercise 1,899$24.98$47,437198,466

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1149,528$3.6M
GiftDisposed318,400—
Open-market saleDisposed1289,500$6.7M
Option exerciseAcquired34,399$119,376
Option exerciseDisposed34,399$119,376
Tax withholdingDisposed29,402$681,579
—Disposed80—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 20 notices · 458,607 shares · $31.2M
FiledFilerShares proposedEst. proceeds
2026-10-01Wilson Terrance Lane2,000$135,700
2026-09-01Wilson Terrance Lane2,000$151,120
2026-08-14Wilson Terrance Lane13,000$973,316
2026-08-05The Williams Companies Fndn, Inc145,000$10.4M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (2 purchases) · Senate 6 (6 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-20Alan ArmstrongSenatePurchase$15,001 - $50,0002026-09-17
2026-08-20Alan ArmstrongSenatePurchase$15,001 - $50,0002026-09-17
2026-08-20Alan ArmstrongSenatePurchase$15,001 - $50,0002026-09-16
2026-08-19Alan ArmstrongSenatePurchase$1,001 - $15,0002026-09-17
2026-02-10Gilbert CisnerosHousePurchase$1,001 - $15,0002026-03-10
2026-02-10Gilbert Ray CisnerosHousePurchase$1,001 - $15,0002026-03-10
2026-01-09Gilbert CisnerosHouseSale (Full)$1,001 - $15,0002026-02-13
2026-01-08Gilbert Ray CisnerosHouseSale (Full)$1,001 - $15,0002026-02-13
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.115,500,312$8.6B9.44%
VANGUARD CAPITAL MANAGEMENT LLC79,848,153$5.9B6.53%
STATE STREET CORP72,015,506$5.4B5.89%
BANK OF AMERICA CORP /DE/44,667,824$3.3B3.65%
VANGUARD PORTFOLIO MANAGEMENT LLC43,513,739$3.2B3.56%
WELLINGTON MANAGEMENT GROUP LLP33,097,208$2.5B2.71%
GEODE CAPITAL MANAGEMENT, LLC29,911,265$2.2B2.45%
Clearbridge Investments, LLC24,212,067$1.8B1.98%
Invesco Ltd.19,289,385$1.4B1.58%
DEUTSCHE BANK AG\17,615,045$1.3B1.44%
PRICE T ROWE ASSOCIATES INC /MD/14,897,067$1.1B1.22%
JPMORGAN CHASE & CO13,791,637$1.0B1.13%
ROYAL BANK OF CANADA12,802,134$951.7M1.05%
NORGES BANK12,060,202$896.6M0.99%
MORGAN STANLEY11,944,529$888.0M0.98%

Institutional ownership by quarter

2023-092026-0690.3%
% of shares held by 13F filers
2023-092026-061,838
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,83890.3%160729665116
2026-03-311,82386.0%243675655100
2025-12-311,70687.2%237649593114
2025-09-301,61485.4%127656584120
2025-06-301,63787.2%16769054784
2025-03-311,57487.2%184622565108
2024-12-311,52486.0%28047559076
2024-09-301,34786.8%14650049796
2024-06-301,31586.9%14646950970
2024-03-311,25486.8%12549744792
2023-12-311,23886.0%18142546376
2023-09-301,15086.6%8940048070

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-30SCHEDULE 13GVanguard Capital Management7.5%92,223,195
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-11-10SCHEDULE 13GSTATE STREET CORPORATION5.5%66,688,568
2025-04-24SCHEDULE 13G/ABlackRock, Inc.8.3%100,743,792
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.11%$2.6B
VTSAX0.11%$2.6B
VSMPX0.11%$2.6B
VTI0.11%$2.6B
VFFSX0.13%$2.2B
VFINX0.13%$2.2B

Share structure

Shares outstanding1,223,167,472
Float1,215,840,699
Free float99.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$10.6B$11.0B$10.9B$10.5B$11.9B
Cost of revenue$5.9B$5.5B$4.1B$4.3B$6.8B
Gross profit$4.8B$5.5B$6.8B$6.2B$5.1B
R&D$0$0$0$0$0
SG&A$558.0M$636.0M$665.0M$708.0M$721.0M
Operating income$2.6B$3.0B$4.3B$3.3B$4.4B
EBITDA$5.1B$5.7B$7.7B$6.6B$7.4B
Pretax income$2.1B$2.5B$4.4B$3.0B$3.6B
Income tax$511.0M$425.0M$1.0B$640.0M$857.0M
Net income$1.5B$2.0B$3.2B$2.2B$2.6B
EPS, diluted$1.24$1.67$2.60$1.82$2.14
Diluted shares1.2B1.2B1.2B1.2B1.2B

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.7B$152.0M$2.1B$60.0M$63.0M
Receivables$2.0B$2.7B$1.7B$1.9B$2.1B
Inventory$379.0M$320.0M$274.0M$279.0M$314.0M
Total current assets$4.5B$3.8B$4.5B$2.7B$3.2B
PP&E, net$29.3B$30.9B$34.3B$38.7B$42.0B
Goodwill & intangibles$7.4B$7.4B$7.6B$7.2B$6.8B
Total assets$47.6B$48.4B$52.6B$54.5B$58.6B
Accounts payable$1.7B$2.3B$1.4B$1.6B$2.2B
Total current liabilities$5.0B$4.9B$5.8B$5.3B$6.1B
Long-term debt$21.6B$21.9B$23.4B$24.7B$27.3B
Total liabilities$33.5B$34.4B$37.7B$39.7B$43.6B
Shareholders' equity$14.1B$14.0B$14.9B$14.8B$15.0B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.6B$2.1B$3.3B$2.3B$2.6B
Depreciation & amortization$1.8B$2.0B$2.1B$2.2B$2.3B
Stock-based compensation$81.0M$73.0M$77.0M$99.0M$0
Change in working capital−$309.0M−$379.0M$88.0M−$526.0M−$164.0M
Operating cash flow$3.9B$4.9B$5.9B$5.0B$5.9B
Capital expenditure−$1.2B−$2.3B−$2.6B−$2.6B−$4.9B
Free cash flow$2.7B$2.6B$3.4B$2.4B$1.0B
Investing cash flow−$1.5B−$3.4B−$3.9B−$4.9B−$5.5B
Net debt issued / repaid$1.3B−$776.0M$2.5B$379.0M$2.3B
Buybacks$0−$9.0M−$130.0M$0$0
Dividends paid−$2.0B−$2.1B−$2.2B−$2.3B−$2.4B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin44.7%50.2%62.4%58.7%57.2%
Operating margin24.8%27.5%39.5%31.8%36.8%
Net margin14.3%18.7%29.1%21.2%21.9%
FCF margin25.4%23.8%30.9%22.6%7.5%
ROE13.1%17.9%26.6%17.9%20.7%
ROIC5.9%7.3%9.1%6.6%8.0%
ROA3.3%4.3%6.3%4.2%4.6%
Debt / equity2.071.992.132.182.29
Interest coverage2.8x3.2x4.6x3.2x3.5x
Current ratio0.910.780.770.500.53
Revenue growth+37.7%+3.2%−0.5%−3.7%+13.7%
EPS growth+618.5%+34.4%+55.3%−30.1%+17.9%
P/E at year end17.4x17.2x12.4x28.8x28.1x
EV / EBITDA at year end9.5x10.2x8.3x13.9x13.9x
FCF yield at year end10.21%7.39%8.56%3.70%1.22%
Dividend payout131.3%101.1%68.5%104.1%93.3%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Gas & NGL Marketing Services—$4.1B$2.9B$5.0B$7.2B
West$5.6B$2.6B$2.1B$2.7B$2.8B
Transmission And Gulf Of America———$4.6B—
Northeast G And P$1.6B$1.8B$2.0B$2.0B—

Street estimates by fiscal year

Next report 2026-11-02 · consensus EPS $0.54 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$12.4B$11.6B – $13.1B$2.46$2.21 – $2.681128.9x
2027$14.4B$13.0B – $16.5B$2.63$2.03 – $3.071227.1x
2028$16.6B$15.8B – $17.8B$3.06$2.62 – $3.791123.3x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-03$0.50$0.50−0.4%$2.8B$3.1B+7.9%
2026-05-04$0.63$0.73+15.1%$3.3B$3.0B−7.6%
2026-02-10$0.57$0.55−4.0%$3.0B$3.2B+6.0%
2025-11-03$0.52$0.49−5.0%$2.9B$2.9B+1.4%
2025-08-04$0.48$0.46−4.2%$2.7B$2.8B+1.6%
2025-05-05$0.57$0.60+5.8%$2.9B$3.0B+3.6%
2025-02-12$0.47$0.470.0%$2.7B$2.7B+2.3%
2024-11-06$0.42$0.43+2.6%$2.5B$2.7B+5.1%
2024-08-05$0.38$0.43+12.2%$2.5B$2.5B+0.3%
2024-05-06$0.48$0.59+22.9%$2.7B$2.8B+3.5%
2024-02-14$0.45$0.48+6.7%$2.6B$2.8B+5.3%
2023-11-01$0.41$0.48+17.1%$2.6B$2.6B−1.0%
2023-08-02$0.39$0.45+15.4%$2.7B$2.5B−8.1%
2023-05-03$0.46$0.56+21.7%$2.6B$3.1B+18.0%
2023-02-20$0.49$0.55+12.2%$2.9B$2.9B+0.5%
2022-10-31$0.44$0.49+11.4%$2.9B$3.0B+4.1%
2022-08-01$0.37$0.33−10.8%$2.5B$2.5B+1.4%
2022-05-02$0.36$0.41+13.9%$2.6B$2.5B−4.2%
2022-02-21$0.34$0.39+14.7%$2.4B$3.0B+24.0%
2021-11-01$0.28$0.34+21.4%$2.1B$2.5B+19.9%
2021-08-02$0.28$0.27−3.6%$2.1B$2.3B+10.4%
2021-05-03$0.29$0.35+20.7%$1.9B$2.6B+37.4%
2021-02-22$0.32$0.31−3.1%$3.2B$2.1B−35.0%
2020-11-02$0.27$0.25−7.4%$2.1B$1.9B−7.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.706-220.706-290.407-060.707-130.507-200.707-270.708-030.308-100.508-170.608-240.608-31
Week ofNotionalSharesTrades
2026-08-31$649.2M8,689,200141,246
2026-08-24$643.9M8,815,660142,508
2026-08-17$545.7M7,474,101140,212
2026-08-10$322.4M4,409,31596,078
2026-08-03$712.4M10,000,865154,387
2026-07-27$651.2M9,204,107143,203

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1543.4%
DateShort shareShort volumeTotal volume
2026-10-1543.4%2,091,9754,816,017
2026-10-1464.2%2,864,7084,459,178
2026-10-1329.4%750,7392,550,345
2026-10-1264.8%2,144,6243,308,330
2026-10-0944.4%1,447,8243,260,118
2026-10-0850.2%1,850,3123,689,013
2026-10-0732.7%612,6251,873,317
2026-10-0640.0%785,6771,964,644
2026-10-0544.8%658,5761,469,026
2026-10-0242.0%987,2272,352,587
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.3Jan-0.0Feb+1.8Mar+6.5Apr+2.0May+2.0Jun+1.9Jul-0.8Aug-0.9Sep+2.5Oct+1.9Nov-1.2Dec
MonthAvg returnUp yearsYears
Jan+0.3%55%20
Feb−0.0%55%20
Mar+1.8%76%21
Apr+6.5%85%20
May+2.0%60%20
Jun+2.0%60%20
Jul+1.9%75%20
Aug−0.8%45%20
Sep−0.9%55%20
Oct+2.5%60%20
Nov+1.9%55%20
Dec−1.2%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1448.6
MFI60.3
ADX17.6
Stochastic %K / %D51.2 / 69.5
Williams %R-46.4
CCI-16
TSI / signal-0.0 / -3.7
Chaikin money flow0.05
ATR$1.99
Bollinger width9.9%
Volume vs 20-day avg1.12x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$71.03 (+0.4%)
SMA 50$72.20 (−1.3%)
SMA 200$71.75 (−0.7%)
EMA 21$71.65 (−0.5%)
EMA 50$72.01 (−1.0%)
EMA 200$70.34 (+1.3%)
Bollinger upper$74.55 (−4.4%)
Bollinger lower$67.51 (+5.6%)
Parabolic SAR$74.53 (−4.4%)
Open the live chart, 110+ indicators

About The Williams Companies, Inc.

The Williams Companies, Inc., alongside its subsidiaries, operates as a prominent energy infrastructure entity, primarily conducting business throughout the United States. The company’s operations are organized into four key segments: Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services. The Transmission & Gulf of Mexico division manages crucial natural gas pipelines such as Transco and Northwest, in addition to natural gas gathering and processing, and crude oil production handling and transportation assets situated in the Gulf Coast. This segment also oversees various petrochemical and feedstock pipelines. Focusing on midstream activities, the Northeast G&P segment handles gathering, processing, and fractionation within the Marcellus Shale region, predominantly in Pennsylvania and New York, and the Utica Shale region of eastern Ohio. The West segment delivers gas gathering, processing, and treating services across the Rocky Mountain areas of Colorado and Wyoming, the Barnett Shale in north-central Texas, the Eagle Ford Shale in South Texas, the Haynesville Shale in northwest Louisiana, and the expansive Mid-Continent region (including the Anadarko, Arkoma, and Permian basins). This segment also operates natural gas liquid (NGL) fractionation and storage facilities located near Conway in central Kansas. The Gas & NGL Marketing Services segment provides comprehensive wholesale marketing, trading, storage, and transportation of natural gas to utilities, municipalities, power generators, and producers, while also offering risk and asset management and NGL marketing services. The company possesses and operates an extensive network, including 30,000 miles of pipelines, 29 processing facilities, 7 fractionation facilities, and an approximate NGL storage capacity of 23 million barrels. The Williams Companies, Inc. was established in 1908 and maintains its headquarters in Tulsa, Oklahoma.

https://www.williams.com

Key executives

NameTitlePayBorn
Chad J. ZamarinChief Executive Officer, President & Director$2.4M1977
Robert R. WingoExecutive Vice President of Corporate Strategic Development$1.9M1979
John D. PorterExecutive VP & CFO$1.6M1970
Larry C. LarsenExecutive Vice President and Chief Operating Officer$1.6M1975
Judge Terence Lane WilsonSenior Vice President & General Counsel$1.4M1967
Debbie L. PickleSenior VP of Communications & Corporate Social Responsibility and Chief Human Resource Officer—1978
Donald R. Cravins Jr.Head of Government Affairs & Outreach——
Eric J. OrmondSenior Vice President of Project Execution—1987

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Alan S. Armstrong Executive Board Chair and Former President and Chief Executive Officer2025$1.1M$13.5M$2.3M$17.9M
Chad J. Zamarin President and Chief Executive Officer2025$829,788$6.0M$1.5M$8.7M
Robert R. Wingo EVP Corporate Strategic Development2025$253,846$4.2M$382,290$6.1M
Micheal G. Dunn Former EVP and Chief Operating Officer2025$339,471$4.2M$407,199$5.4M
John D. Porter EVP and Chief Financial Officer2025$629,231$2.9M$965,011$4.8M
Larry C. Larsen EVP and Chief Operating Officer2025$594,231$2.8M$955,895$4.5M

Employees

5k20185k20195k20205k20215k20226k20236k20246k2025

Dividends

Ex-dateAmountPaid
2026-09-11$0.5252026-09-28
2026-06-12$0.5252026-06-29
2026-03-13$0.5252026-03-30
2025-12-12$0.52025-12-29
2025-09-12$0.52025-09-29
2025-06-13$0.52025-06-30
2025-03-14$0.52025-03-31
2024-12-13$0.4752024-12-30

Moat model

Narrow · Intangible Assets · 2026-06-30
Cost advantage41
Intangibles76
Switching costs64
Network effect50
Efficient scale68
Our component scores (0-100) and overall 60.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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