Williams COMPANIES, Inc. (WMB) intrinsic value & 10-year financials
Williams COMPANIES, Inc. (WMB) has a Graham intrinsic value of $6.46 per share. At $71.28 on Oct 17, 2026, the stock trades 1003% above that value. Over the last 10 fiscal years revenue grew 7.9% a year to $14.9B, with an average return on invested capital of 5.6%.
- Graham intrinsic value
- $6.46
- Share price (Oct 17, 2026)
- $71.28
- Price vs Graham value
- 1003% above
- Market cap
- $87.3B
- Revenue (FY2025)
- $14.9B
- Revenue growth (10-yr CAGR)
- 7.9%
- ROIC (10-yr avg)
- 5.6%
- Free cash flow (FY2025)
- $1.0B
WMB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $14.9B | $2.6B | $2.14 | $1.0B | 28.2% | 8.2% |
| FY2024 | $12.6B | $2.2B | $1.82 | $2.4B | 26.4% | 7.3% |
| FY2023 | $12.0B | $3.2B | $2.60 | $3.4B | 35.9% | 9.8% |
| FY2022 | $17.8B | $2.0B | $1.67 | $2.6B | 17.0% | 7.7% |
| FY2021 | $12.8B | $1.5B | $1.24 | $2.7B | 20.6% | 6.1% |
| FY2020 | $7.7B | $211.0M | $0.17 | $2.3B | 28.8% | 4.8% |
| FY2019 | $8.1B | $850.0M | $0.70 | $1.6B | 23.6% | 3.9% |
| FY2018 | $8.6B | -$155.0M | -$0.16 | $37.0M | 8.9% | 2.3% |
| FY2017 | $8.0B | $2.2B | $2.62 | $157.0M | 11.3% | 3.2% |
| FY2016 | $7.5B | -$424.0M | -$0.57 | $1.6B | 9.3% | 2.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Williams Companies has demonstrated mature, steady growth, with revenue compounding at 7.9% annually over the past decade.
Williams Companies has historically struggled to out-earn its cost of capital, averaging just 5.6% ROIC.
Williams Companies has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Williams Companies is modeled at -2.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $6.46 per share.