Kinder Morgan vs Williams Companies
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The short version
- Kinder Morgan is the larger business, with $16.9B of revenue in fiscal 2025 against $12.0B for Williams Companies.
- Williams Companies grew revenue faster (13.8%, against 12.2%).
- Williams Companies kept more of each dollar of sales as operating profit (35.1% operating margin, against 27.9%).
- Kinder Morgan turned more of its sales into free cash flow (17.1% FCF margin, against 8.4%).
- Williams Companies earned a higher return on the capital invested in it (7.5%, against 5.8%).
- Investors pay more for each dollar of Williams Companies’s earnings: a P/E of 28.6x against 21.3x for Kinder Morgan.
| Latest fiscal year | KMI · FY25 | WMB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $76.7B | $87.8B |
| Revenue | $16.9B | $12.0B |
| Free cash flow | $2.9B | $1.0B |
| Net income | $3.1B | $2.6B |
| Growth | ||
| Revenue growth | 12.2% | 13.8% |
| 5-year growth | 7.7% | 9.1% |
| Share count change | 0.1% | 0.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 27.9% | 35.1% |
| Net margin | 18.0% | 21.9% |
| FCF margin | 17.1% | 8.4% |
| Return on capital | 5.8% | 7.5% |
| Return on equity | 9.9% | 20.7% |
| Balance sheet | ||
| Net debt | $31.9B | $29.3B |
| Net debt / EBITDA | 4.5x | 4.5x |
| Dividends and buybacks | $2.6B | $2.4B |
| Valuation & quality | ||
| P/E | 21.3x | 28.6x |
| Piotroski F-score | 7 | 6 |
FY16
KMI $13.1B
WMB $7.5B
FY17
KMI $13.7B
WMB $8.0B
FY18
KMI $14.1B
WMB $8.7B
FY19
KMI $13.2B
WMB $8.2B
FY20
KMI $11.7B
WMB $7.7B
FY21
KMI $16.6B
WMB $10.6B
FY22
KMI $19.2B
WMB $11.0B
FY23
KMI $15.3B
WMB $10.9B
FY24
KMI $15.1B
WMB $10.5B
FY25
KMI $16.9B
WMB $12.0B
KMI
WMB
FY16
KMI 27.1%
WMB 9.2%
FY17
KMI 25.8%
WMB 11.5%
FY18
KMI 26.8%
WMB 8.8%
FY19
KMI 36.9%
WMB 23.4%
FY20
KMI 13.3%
WMB 28.5%
FY21
KMI 17.6%
WMB 24.8%
FY22
KMI 21.2%
WMB 27.5%
FY23
KMI 27.8%
WMB 39.5%
FY24
KMI 29.0%
WMB 31.8%
FY25
KMI 27.9%
WMB 35.1%
KMI
WMB
FY16
KMI $1.9B
WMB $2.1B
FY17
KMI $1.4B
WMB $690M
FY18
KMI $2.1B
WMB $37.0M
FY19
KMI $2.5B
WMB $1.6B
FY20
KMI $2.8B
WMB $2.3B
FY21
KMI $4.4B
WMB $2.7B
FY22
KMI $3.3B
WMB $2.6B
FY23
KMI $4.2B
WMB $3.4B
FY24
KMI $3.0B
WMB $2.4B
FY25
KMI $2.9B
WMB $1.0B
KMI
WMB
FY16
KMI 2.3%
WMB 1.4%
FY17
KMI 2.4%
WMB 2.5%
FY18
KMI 4.1%
WMB 1.2%
FY19
KMI 5.1%
WMB 3.4%
FY20
KMI 1.2%
WMB 4.2%
FY21
KMI 3.8%
WMB 5.4%
FY22
KMI 5.0%
WMB 6.9%
FY23
KMI 5.2%
WMB 8.8%
FY24
KMI 5.5%
WMB 6.5%
FY25
KMI 5.8%
WMB 7.5%
KMI
WMB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.