Energy · Oil & Gas Storage & Transportation · US stock · price as of 16 Oct 2026
Key indicators
Price
$71.28
52-week range
$54.53 – $78.92
Market cap
$87.3B
P/E (trailing)
28.4×
EV / EBITDA
16.9×
Free-cash-flow yield
−0.1%
Dividend yield
2.9%
Revenue (last 12 months)
$15.4B
Revenue growth (3y a year)
−5.7%
Operating margin
30.2%
Return on invested capital
8.1%
Net debt / EBITDA
4.4×
Fair value
Blended fair value$40.00 range $35 – $46
Versus priceOvervalued−44% to fair value
Peer multiples
$27.92
Fundamentals-adjusted multiple
$42.93
10-year DCF (market-scaled)
$49.14
Earnings power value (floor, not blended)
$8.92
Model uncertainty
Medium
X-Ray Score
39/ 100 · Medium confidence · ahead of 10% of sector peers
Valuation15
Growth63
Profitability40
Financial health26
Dividends75
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Williams is a Tulsa-based energy infrastructure company focused on natural gas. It operates pipelines that move gas from producing regions to utilities, power generators, industrial users and export facilities, along with gathering and processing assets that clean and prepare gas near the wellhead. Its customers are gas producers, utilities and other shippers, and its Transco pipeline carries gas to the eastern United States.
Williams earns money from fees for gathering, processing, transporting and storing gas, mostly under long-term contracts. Revenue is $15.4 billion over the last twelve months, while revenue growth over three years is -5.7% a year. The operating margin is 30.2%, and the business earns a profit of 8% on the capital invested in it. It has net debt of 4.4 times EBITDA, and the dividend yield is 2.9%.
StocksXray gives Williams Companies, Inc. an X-Ray Score of 39 out of 100 (medium confidence), ahead of 10% of the S&P 500 stocks in its sector. Its strongest lens is dividends (75) and its weakest is valuation (15).
Our fair value blend is $40.00 (range $34.77 to $46.27). At $71.28 the stock trades 78% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Williams Companies, Inc. (WMB)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$21.22
$28.18
$31.53
$51.18
$58.82
$71.28
Market cap
$25.9B
$34.5B
$38.6B
$62.6B
$72.1B
$87.3B
P/E
17.1×
16.9×
12.1×
28.1×
27.5×
28.4×
EV / revenue
4.0×
3.4×
5.4×
7.3×
6.9×
7.8×
EV / EBITDA
11.3×
11.9×
10.2×
16.5×
15.8×
17.2×
Price / free cash flow
9.6×
13.1×
11.3×
26.1×
71.7×
–
Free-cash-flow yield
10.5%
7.7%
8.9%
3.8%
1.4%
−0.1%
Price / book
2.3×
3.0×
3.1×
5.0×
5.6×
6.6×
Dividend yield
7.73%
6.03%
5.68%
3.71%
3.40%
2.91%
Fundamentals checklist ● 4 Good · ● 1 Average · ● 10 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−4.8%Bad
Free-cash-flow yield−0.1%Bad
Risk models
Altman Z score-0.2×Bad
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)8.6%Good
Free-cash-flow growth (3y)−27.5%Bad
Revenue growth (3y)−5.7%Average
Growth consistency90%Good
Balance sheet
Current ratio0.5×Bad
Net debt / EBITDA4.4×Bad
Interest cover3.1×Bad
Valuation
Fair value vs price0.6×Bad
EBIT / EV yield3.9%Bad
Profitability
Return on invested capital8.1%Bad
Operating margin30.2%Good
XStocksXray
Williams Companies, Inc. (WMB)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
12,784
17,773
11,996
12,632
14,899
15,431
Gross profit
–
–
–
–
–
–
Operating income
2,631
3,018
4,311
3,339
4,196
4,660
Net income
1,517
2,049
3,179
2,225
2,618
3,073
Diluted EPS ($)
1.24
1.67
2.60
1.82
2.14
2.51
Free cash flow
2,706
2,636
3,422
2,401
1,005
-108
Gross margin
–
–
–
–
–
–
Operating margin
20.6%
17.0%
35.9%
26.4%
28.2%
30.2%
Net margin
11.9%
11.5%
26.5%
17.6%
17.6%
19.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
47,612
48,433
52,627
54,532
58,573
60,610
Cash
1,680
152
2,150
60
63
203
Total debt
23,675
22,904
26,438
26,911
29,361
30,793
Equity
11,423
11,485
12,402
12,436
12,807
13,190
Dividend per share ($)
1.64
1.70
1.79
1.90
2.00
2.05
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.