WMBWILLIAMS COMPANIES, INC.

Natural Gas Transmission

Revenue: $14.9B; 18% YoY
Operating margin: 28.2%; 6.5% YoY
EBITDA: $6.5B; 18% YoY
Market cap: $90.9B
Employees: 5,987; $2M revenue each
Net debt / EBITDA: 4.1×; $26.6B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
225% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
41% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 66th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 11th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$90.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$12.8B	$17.8B	$12.0B	$12.6B	$14.9B	18%
Operating income	$2.6B	$3.0B	$4.3B	$3.3B	$4.2B	26%
Net income	$1.5B	$2.0B	$3.2B	$2.2B	$2.6B	18%
Operating cash flow	$3.9B	$4.9B	$5.9B	$5.0B	$5.9B	19%
Capex	$1.2B	$2.3B	$2.5B	$2.6B	$4.9B	90%
Stock-based comp	$81M	$73M	$77M	$99M	$93M	6.1%
Buybacks	$0	$9M	$130M	$0	$0
Dividends	$2.0B	$2.1B	$2.2B	$2.3B	$2.4B	5.4%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $11M · 22
Net: −$11M

Pay vs performance

No pay-versus-performance disclosure yet.