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US natural gas pipeline and processing company that gathers, processes and transports roughly a third of US gas.
US natural gas pipeline and processing company that gathers, processes and transports roughly a third of US gas.
Charges fees for moving and processing other companies' gas, mostly under long-term contracts that reserve capacity, so revenue depends less on the gas price than on volumes. The Transco pipeline, which links Gulf Coast and Appalachian supply to the Northeast and Southeast, is the core asset.
Moat: wide (scale, regulatory licence, installed base). Transco, the biggest US gas pipeline, has irreplaceable rights-of-way feeding major demand centers.
Headquarters: Tulsa, Oklahoma, US · Founded: 1908 · Employees: 5,987
Size Williams Companies (WMB) is a United States Energy company (Oil & Gas Pipelines) with a market value of $80.1B, the 170th largest of 3,117 United States companies the cockpit tracks. Shares closed at $64.08 on 6 Nov 2026.
Performance Over six months the shares fell 10.3%, against -0.4% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 10 in its peer set.
Growth Revenue grew 9.7% over the last twelve months (peer median +22.1%); the operating margin is 36.8% (peer median 30.7%).
Valuation It trades at 24.9× forward earnings against a peer median of 13.0× (most expensive of 10).
Capital Return on invested capital runs 0.6 points below its cost of capital (7.3% WACC).
Backlog Backlog (remaining performance obligations) was $30.7B at 30 Jun 2026, down 4% on a year earlier — 2.0 years of trailing revenue. Backlog detail →
Credit Williams Companies has 31 bonds outstanding ($25.8B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 92 bp.
Short interest Short interest is 2.2% of the free float (15 Oct 2026).
Next results Next results expected around 22 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $12.7B | $11.8B | $10.8B | $9.95B | $11.4B |
| Revenue growth | — | +10% | +8% | -12% | — |
| Gross profit | $5.50B | $4.91B | $4.17B | $3.85B | $3.96B |
| EBITDA | $7.15B | $6.63B | $5.78B | $5.34B | $5.39B |
| Net income | $3.13B | $2.62B | $2.23B | $3.18B | $2.05B |
| Free cash flow | -$1.68B | $899M | $2.30B | $3.37B | $2.61B |
| Capital expenditure | $7.74B | $5.00B | $2.68B | $2.57B | $2.28B |
| Total debt | $33.9B | $29.5B | $27.1B | $26.6B | $23.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Williams Companies WMB | $80.1B | -10% | +10% | 37% | 24.9× | n/a |
| Kinder Morgan KMI | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
| Oneok OKE | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% |
| TC Energy TRP.TO | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | WMB | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.4% | 0.0% | 2nd lowest of 10 |
| 6-month return | -10.3% | -0.4% | lowest of 10 |
| Distance from 52-week high | -19.4% | -13.4% | 2nd lowest of 10 |
| Revenue growth (TTM) | +9.7% | +22.1% | 4th lowest of 10 |
| Operating margin | 36.8% | 30.7% | 4th highest of 10 |
| Forward P/E | 24.9× | 13.0× | most expensive of 10 |
| ROIC minus cost of capital | -0.6 pp | +0.5 pp | 4th lowest of 10 |
| EV / EBITDA | 16.5× | 12.7× | most expensive of 10 |
| Net debt / EBITDA | 4.5× | 4.1× | 4th most indebted of 10 |
| Bond spread | 92 bp | 94 bp | 4th tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Williams Companies WMB | United States | $80.1B | -10% | +10% | 37% | 24.9× | n/a | n/a |
| Enterprise Products Partners L.P EPD | United States | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% | +14.3% |
| Kinder Morgan KMI | United States | $66.7B | -5% | +12% | 29% | 19.6× | 7.7% | +7.9% |
| Energy Transfer LP ET | United States | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% | +17.0% |
| TC Energy TRP.TO | Canada | $65.1B | -1% | +6% | 46% | 23.0× | 11.4% | +3.4% |
| Enbridge ENB.TO | Canada | $107B | -10% | +29% | 13% | 22.1× | 12.6% | +10.9% |
| Cheniere Energy LNG | United States | $56.8B | +16% | +28% | 31% | 13.0× | -8.6% | +15.9% |
| Mplx LP MPLX | United States | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% | +6.8% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
Williams Companies has 31 bonds outstanding with $25.8B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.78%, a spread of 92 bp over government bonds.
Williams Companies reported $30.7B of remaining performance obligations at 30 Jun 2026, down 4% from a year earlier and down 3% from the previous quarter. That is 2.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.73.