Williams Companies Inc (WMB) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Williams Companies Inc stock $11.72, price $64.25, that is 81.8% below the price, quality 51 out of 100. Rating: strongly overvalued. Calculated from audited financials with 23 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $18.86 – $78.25 · fair‑value band $11.72 – $22.29 · the $64.25 price screens above the $11.72 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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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.
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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.
Stock analysis
Williams Companies Inc (WMB) currently trades at $64.25, while our model-based Fair Value estimate is $11.72, 82% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $30.43 per share, and 0 of the 20 models we run sit above the $64.25 price.
Bear case: the Asset-Based group reads lowest at $3.06, and 20 of the 20 models stay below the price. Data coverage for this calculation is low.
Scenario range: $11.72 (bear) to $22.29 (bull), the price of $64.25 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 51/100 (solid quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Williams Companies Inc reported revenue of $12.0B in FY2025 versus $10.6B in FY2021, a compound +3.0%/yr. Reported net income was $2.6B in FY2025, compounding +14.6%/yr from FY2021.
Key figures
Market cap $77.2B Large · P/E ratio 25.3 · P/S ratio 6.27 · EPS (TTM) $2.54 · Dividend yield 3.2% · Net margin 24.9% · Return on equity 21.5% · Return on assets (EBIT) 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 76 out of 100 (medium confidence).
What moves the price
The share trades about 18% below its 52-week high and 15% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −21% fair-value upside, at −82%, WMB screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($3.06 to $40.11). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear$11.72Fair Value $11.72Bull$22.29
Price $64.25 · Downside -81.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.4162 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 3 officers or directors sold shares worth $3.0M and none bought.
SaleTerrance Lane WilsonSVP & General Counsel15× since Nov 12, 2025: 68,000 shares, avg. $71.69$4.9MNov 2, 2026
SaleGlen G. JasekSenior Vice President2,500 shares at $78.16$195,392May 15, 2026
SaleLarry C LarsenExecutive Vice President & COO12,000 shares at $76.49$917,880May 14, 2026
SaleJohn Dean PorterEVP & CFO50,000 shares at $75.37$3.8MMay 6, 2026
SalePayvand FazelSenior Vice President2,898 shares at $73.15$211,989Mar 13, 2026
SaleTodd J. RinkeSenior Vice President7,364 shares at $74.39$547,808Mar 11, 2026
SaleMary A. HausmanVP Chief Accounting Officer10,107 shares at $74.91$757,115Feb 26, 2026
Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+13.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.1%
Start year 2020 (pandemic). Over 10 years: +5.0% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+17.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+14.0%
Dividend (yield on the price)3.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.25.1% vs −2.7%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.29% → 37%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.1%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+37.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +34.4% a year for the price and +7.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Extensive fee-based midstream assets deliver stable cash flows from US natural gas volumes, yet elevated debt and acquisition integration demands constrain resilience.
Main risk: Court rulings or environmental opposition could delay or block projects such as the Northeast Supply Enhancement pipeline, limiting new capacity and associated cash flows from contracted volumes.
Bull case: By leveraging its existing pipeline network and permitting expertise Williams could accelerate brownfield expansions and secure additional long-term contracts for data-center power supply.
Bear case: Repeated permitting setbacks on major projects combined with volume shortfalls from concentrated producers might constrain growth and strain cash flows from the expanded asset base.
Williams moves a third of US natural gas through its fee-based midstream assets, giving it steady exposure to power demand from data centers and LNG exports. The recent Momentum acquisition expands reach in the Haynesville basin, yet adds integration and financing demands at a time when our models view the business as overvalued. Will the new capacity generate enough long-term contracted flows to strengthen the overall platform, or will added leverage and execution challenges weigh on returns?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Midstream · 81 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score51 · Below median
Fair Value upside−81.8% · Bottom 25%
Profitability
Return on equity (12 months)21.5% · Above median
Return on assets4.5% · Above median
Net margin (12 months)24.9% · Above median
Operating margin (12 months)39.5% · Above median
Growth and dividend
Revenue growth (quarter YoY)7.8% · Below median
Dividend yield (12 months)3.2% · Below median
Balance sheet
Debt / equity2.13× · Highest 25%
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
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Is Williams Companies Inc (WMB) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $11.72 versus a price of $64.25, about 82% lower (overvalued).
What is the fair value of WMB?
Our model-based fair value for Williams Companies Inc is $11.72 (as of Nov 6, 2026), built from audited fundamentals. The current price: $64.25.
What is the quality score of WMB?
Williams Companies Inc has a Quality Score of 51/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Williams Companies Inc (WMB)?
Our model-based price target is the fair value of $11.72 (as of Nov 6, 2026) from 23 valuation models. Cautious scenario $11.72, optimistic scenario $22.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Williams Companies Inc stock forecast for 2026?
Our models put fair value at $11.72, about 82% lower versus a price of $64.25 (overvalued). Cautious scenario $11.72, optimistic scenario $22.29. The calculation is refreshed regularly with new filings.
What is the revenue of Williams Companies Inc (WMB)?
Williams Companies Inc reported trailing-twelve-month revenue of about $12.3B (latest available figure, as of Nov 6, 2026).
Does Williams Companies Inc pay a dividend?
Williams Companies Inc currently shows a dividend yield of 3.19% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Williams Companies Inc (WMB)?
For today's price to be fair in a discounted-cash-flow model, Williams Companies Inc would have to grow free cash flow by +37.6 % per year for five years (discount rate 8.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +9.1 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of WMB use?
Our models discount Williams Companies Inc at 8.4 %: a base by market capitalisation (large), damped by beta 0.63, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Williams Companies Inc that is +37.6 % per year a year over ten years, using the same discount rate (8.4 %) and the same formula as our fair value.
How much growth has Williams Companies Inc (WMB) delivered so far?
Over the past 5 years revenue at Williams Companies Inc grew +9.1 % a year. The price currently implies +37.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Williams Companies Inc (WMB) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into Williams Companies Inc (+37.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Williams Companies Inc (WMB)?
The free-cash-flow yield on the price is 1.28 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Williams Companies Inc produces per unit of market value. When it exceeds the discount rate of our models (8.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Williams Companies Inc (WMB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Williams Companies Inc it is $11.72 per share (as of Nov 6, 2026), against a price of $64.25. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Williams Companies Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, WMB trades above its calculated fair value: price $64.25, fair value $11.72, a gap of about −82% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WMB?
No. The price is what the market pays today ($64.25); the fair value is what the company's own numbers justify ($11.72). For Williams Companies Inc the two are $52.53 per share apart. That gap is exactly why we show both numbers side by side.
How much is Williams Companies Inc worth?
The market values Williams Companies Inc at about $77.2B (market capitalisation, as of Nov 6, 2026). Per share that is $64.25; our models calculate a fair value of $11.72 per share.
What do the bullish and bearish scenarios say about WMB?
Our models span a range for Williams Companies Inc: cautious scenario $11.72, base $11.72, optimistic $22.29 per share (as of Nov 6, 2026, price $64.25). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of WMB?
Williams Companies Inc trades at a price-to-earnings ratio of 25.3 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $11.72 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 8 of the years ex one-offs: 20.0. Other multiples: PEG 2.1, P/B 6.0, P/S 6.3, EV/EBITDA 14.9.
What is the PEG ratio of WMB?
The PEG ratio of Williams Companies Inc is 2.14 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Williams Companies Inc (WMB)?
Balance-sheet figures for Williams Companies Inc (as of Nov 6, 2026): return on equity 21.5%, debt of 2.13 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is WMB from its 52-week high?
Williams Companies Inc trades at $64.25, about 18% below its 52-week high of $78.25 and 15% above the low of $55.84 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $11.72 is for.
Which stocks are comparable to Williams Companies Inc?
From the same area (Energy) we also value Enbridge Inc, Enterprise Products Partners L.P., Kinder Morgan, Inc, Cheniere Energy, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Williams Companies Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $64.25, calculated fair value $11.72 (−82%), Quality Score 51/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of WMB calculated?
We run Williams Companies Inc through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $11.72, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Williams Companies Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Williams Companies Inc (WMB)?
The closing price on Nov 5, 2026 was $64.25. Our model-based fair value is $11.72, about 82% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Williams Companies Inc right now?
The price sits above even our optimistic bull case ($22.29). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($11.72 to $22.29) leaves room in how you read the outcome.
Key figures of Williams Companies Inc
How large is the market capitalisation of Williams Companies Inc (WMB)?
The market capitalisation of Williams Companies Inc is $77.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Williams Companies Inc (WMB)?
The price-to-sales ratio of Williams Companies Inc is 6.27 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Williams Companies Inc (WMB)?
Earnings per share at Williams Companies Inc are $2.54 (price ÷ EPS = P/E 25.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Williams Companies Inc (WMB)?
The dividend yield of Williams Companies Inc is 3.2% (payout 80.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Williams Companies Inc (WMB)?
The net margin of Williams Companies Inc is 24.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Williams Companies Inc (WMB)?
The return on equity (ROE) of Williams Companies Inc is 21.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Williams Companies Inc (WMB)?
On an EBIT basis the return on assets of Williams Companies Inc is 6.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Williams Companies Inc (WMB)?
The operating margin of Williams Companies Inc is 39.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Williams Companies Inc (WMB)?
Revenue at Williams Companies Inc is growing +7.8% versus a year earlier (3y avg +2.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Williams Companies Inc (WMB)?
Earnings per share at Williams Companies Inc are growing +51.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Williams Companies Inc (WMB) carry?
The net debt of Williams Companies Inc is $29.3B (fiscal year 2025, ≈ 29.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 6, 2026