WMB
The Williams Companies, Inc.
WMB's fundamentals are mixed: its operating margin rose 3 points to 37%, but free cash flow turned negative. Its PE of 27x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect earnings growth, though they disagree widely on how much.
WMB Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Weak | |
| Weak |
WMB's revenue and profitability are currently healthy, but its cash flow and balance sheet are weak.
WMB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $43.66 | -37% |
| Current | 27x | $69.44 | — |
| Forward | 27x | $69.44 | — |
| Fair | 28x | $70.36 | +1.3% |
| Expensive | 35x | $89.65 | +29% |
Historical ranges are pointers, not guarantees.
WMB's PE is in its fair range at 27.3x, but its recent earnings include one-off gains. On analysts' estimates for next year's earnings, today's price would be 26.9x.
WMB Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for WMB, but weaker profitability. However, they disagree widely on these estimates.
WMB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.58 | +1.5% |
| Q3 2026 | $2.54 | +32% |
| Q2 2026 | $2.51 | +27% |
| Q1 2026 | $2.28 | +23% |
| Q4 2025 | $2.14 | +18% |
| Q3 2025 | $1.93 | -18% |
| Q2 2025 | $1.98 | -14% |
| Q1 2025 | $1.86 | -21% |
| Q4 2024 | $1.82 | -30% |
WMB earned $2.54 per share over the past year, up 32% from the year before. Its recent earnings include one-off gains.
WMB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.2B | +10% |
| Q2 2026 | $3.1B | +9.8% |
| Q1 2026 | $3B | -0.6% |
| Q4 2025 | $3.2B | +17% |
| Q3 2025 | $2.9B | +10% |
| Q2 2025 | $2.8B | +19% |
| Q1 2025 | $3B | +10% |
| Q4 2024 | $2.7B | -1.5% |
WMB's revenue is growing: $3.2B last quarter, up 10% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 35% | -2.7 points |
| Q2 2026 | 39% | +4.7 points |
| Q1 2026 | 44% | +7.7 points |
| Q4 2025 | 33% | +3.9 points |
| Q3 2025 | 38% | +6.3 points |
| Q2 2025 | 34% | +4.2 points |
| Q1 2025 | 36% | -0.6 points |
| Q4 2024 | 29% | -10 points |
WMB's operating margin was 35% last quarter, down 2.7 points from the same quarter a year ago.
WMB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$984M | -303% |
| Q2 2026 | -$458M | -196% |
| Q1 2026 | $244M | -42% |
| Q4 2025 | -$379M | -184% |
| Q3 2025 | $485M | -14% |
| Q2 2025 | $478M | -32% |
| Q1 2025 | $421M | -39% |
| Q4 2024 | $450M | -61% |
WMB's free cash flow has turned negative after years in the green: −$1.6B over the past year.
WMB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.1% | +14M shares |
| 1 year | +1.1% | +14M shares |
| 3 years | +1.6% | +18.9M shares |
| 5 years | +1.7% | +21M shares |
| Available history | +2.1% | +25M shares |
WMB has 1.2B diluted shares, up 1.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | — |
| Q2 2023 | $56M |
| Q1 2023 | $74M |
WMB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.6x | High |
| Q2 2026 | 4.4x | High |
| Q1 2026 | 4.3x | High |
| Q4 2025 | 4.5x | High |
| Q3 2025 | 4.5x | High |
| Q2 2025 | 4.6x | High |
| Q1 2025 | 4.8x | High |
| Q4 2024 | 4.8x | High |
WMB's net debt is about 4.5 years of its operating earnings (EBITDA), about the same as a year ago.
WMB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.5 | Neutral |
| Stochastic | 39.8 | Neutral |
WMB's weekly RSI is 47 (neutral) and its Stochastic is 40 (neutral).
WMB PE vs Energy Sector
| Metric | WMB | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 13x | 108% above |
| PE % | 48 | 61 | 13 pts below |
WMB is trading at 27x earnings, a 108% premium to the Energy sector's median of 13x, though its recent earnings include one-off gains.
WMB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $70.4 | 1.4% below |
| 20 week MA | $72.0 | 3.5% below |
| 50 week MA | $70.7 | 1.7% below |
| 100 week MA | $64.7 | 7.4% above |
| 200 week MA | $51.3 | 35% above |
WMB has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 35% above its 200-week average.
WMB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $23.6 | $20.7 | -12% |
| 2021 | $20.7 | $25.9 | +25% |
| 2022 | $25.9 | $33.3 | +29% |
| 2023 | $33.3 | $34.8 | +4.5% |
| 2024 | $34.8 | $53.9 | +55% |
| 2025 | $53.9 | $59.5 | +10% |
| 2026 YTD | $59.5 | $69.4 | +17% |
WMB has finished higher in five of the last six years. It's up 17% so far in 2026.