Williams Companies, Inc. (The) (WMB) Stock Analysis

Thesis

Key Metrics

Quality Signals

Options Flow

Concentration Risks(10-K Item 1A)

• HIGHCustomertop ten G&P customers55%
  10-K Item 1: 'The top ten customers accounted for approximately 55 percent of gathering and processing fee revenues and NGL margins from noncash commodity-based agreements.'
• HIGHCustomerNWP three largest customers52%
  10-K Item 1: 'NWP's three largest customers in 2025 accounted for approximately 52 percent of NWP total operating revenues.'
• MEDIUMCustomertop ten interstate pipeline customers44%
  10-K Item 1: 'The top ten customers of the interstate natural gas pipelines in 2025 accounted for approximately 44 percent of Williams' regulated interstate natural gas transportation and storage revenues.'
• MEDIUMCustomerthree largest NGL marketing customers42%
  10-K Item 1: 'the three largest NGL marketing customers accounted for approximately 42 percent of Williams' NGL marketing sales'
• HIGHSuppliersingle or a limited number of suppliers
  10-K Item 1A: 'Some of Williams', Transco's, and NWP's businesses are exposed to supplier concentration risks arising from dependence on a single or a limited number of suppliers.'

Material Events(8-K, last 90d)

• 2026-05-04Item 5.02LOW
  At the 2026 Annual Meeting on April 28, 2026, stockholders approved an amendment to the 2007 Incentive Plan increasing authorized shares from 50,000,000 to 85,000,000, removing the plan expiration date, and making other changes. No officer departure.
  SEC filing →
• 2026-03-26Item 5.02MEDIUM
  Alan S. Armstrong resigned from the Board effective March 23, 2026 to serve as U.S. Senator for Oklahoma. Stephen W. Bergstrom elected Chairman; Board reduced from 12 to 11 directors. Compensation committee modified Armstrong's outstanding equity awards.
  SEC filing →