The Williams Companies, Inc.WMB
NYSE•Energy•Oil & Gas Midstream
The Williams Companies, Inc., together with its subsidiaries, operates as an energy infrastructure company primarily in the United States. It operates through Transmission, Power & Gulf, Northeast G&P, West, and Gas & NGL Marketing Services segments. The Transmission, Power & Gulf segment comprises Transco, NWP, and Mountain West interstate natural gas pipelines, and their related natural gas storage facilities, as well as natural gas gathering and processing; and crude oil production handling and transportation assets in the Gulf Coast region. The Northeast G&P segment engages in the midstream gathering, processing, and fractionation activities in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio. The West segment consists of gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of South Texas, the Haynesville Shale region of northwest Louisiana, the Mid-Continent region that includes the Anadarko and Permian basins, and the DJ Basin of Colorado; and operates natural gas liquid (NGL) fractionation and storage assets in central Kansas near Conway. The Gas & NGL Marketing Services segment provides wholesale marketing, trading, storage, and transportation of natural gas for natural gas utilities, municipalities, power generators, and producers; asset management services; and transports and markets NGLs. The company owns and operates approximately 32,000 miles of pipelines. The Williams Companies, Inc. was founded in 1908 and is headquartered in Tulsa, Oklahoma.
Williams Companies, Inc. (The) (WMB) reported trailing twelve months revenue of $15.43B as of March 2026, a 14.5% increase year-over-year. Quarterly revenue reached $4.72B, reflecting continued top-line momentum.
Williams Companies, Inc. (The) generated $2.79B in TTM net income, with quarterly EBITDA of $1.91B. The operating margin expanded from 26.1% to 28.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (28.0%) and net margin (18.3%) indicates moderate non-operating costs. Net margin has improved from 16.5% a year ago, signaling stronger bottom-line efficiency.
WMB trades at a P/E of 31.7x (a premium multiple) and a P/S of 5.7x. The price-to-book ratio of 6.8x indicates a significant premium over book value.
The company generated $244.00M in free cash flow over the trailing twelve months, a 42.0% decrease year-over-year, indicating cash generation ability. The balance sheet shows $59.57B in total assets with $30.05B in long-term debt against $12.99B in stockholders equity for a debt-to-equity ratio of 2.3, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~27.1%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 20.3% suggests a durable competitive advantage and efficient capital allocation.
7 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~25.8% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~28.8% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio of 2.3 is elevated and rising. Monitor for further debt accumulation.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation