WILLIAMS COMPANIES, INC. (WMB)

Natural Gas Transmission

Latest Price

$71.54

TTM P/E

31.38

Normalized P/E

35.51

Div Yield

2.83%

Book Value

10.59

P/B Ratio

6.75

Valuation metrics

EPS: $2.14

Book value / share: $10.45

Formula: √(22.5 × EPS × BVPS)

Graham Number

$22.44

69% downside

Base FCF: $2.6B (median of recent 5yr)

Growth: 9%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$25.87

64% downside

EPS: $2.14

Target P/E: 36×

Formula: EPS × P/E

P/E Fair Value

$77.04

+8% upside

81.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	112.41M	$8.18B	9.19%	+4.57M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	79.36M	$5.78B	6.49%	--	2026-03-31
STATE STREET CORP	72.99M	$5.31B	5.97%	+5.01M	2026-03-31
BANK OF AMERICA CORP /DE/	44.46M	$3.23B	3.64%	-1.59M	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	43.27M	$3.15B	3.54%	--	2026-03-31
MORGAN STANLEY	33.74M	$2.46B	2.76%	+168.1K	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	29.59M	$2.14B	2.42%	+965.1K	2026-03-31
Clearbridge Investments, LLC	23.24M	$1.69B	1.90%	+1.91M	2026-03-31
WELLINGTON MANAGEMENT GROUP LLP	23.08M	$1.68B	1.89%	-14.03M	2026-03-31
DEUTSCHE BANK AG\	18.97M	$1.38B	1.55%	-1.07M	2026-03-31