ET vs WMB: Energy Transfer LP and Williams Companies compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Williams Companies is the larger company, worth $91.4B, about 1.3 times Energy Transfer LP.
- Energy Transfer LP grew revenue faster over the last year (+78.4% vs +9.8%).
- Williams Companies keeps more of each dollar of revenue as operating profit (38.2% vs 10.0%).
- On earnings, Energy Transfer LP is the cheaper stock (17.5x vs 32.8x).
- Williams Companies's price assumes faster free cash flow growth: about 25% a year, against 4% for Energy Transfer LP (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ET | WMB |
|---|---|---|
| Market cap | $72.4B | $91.4B |
| Share price | $20.74 | $72.67 |
| Revenue (last fiscal year) | $85.5B | $11.9B |
| Free cash flow (last fiscal year) | $3.8B | $1.0B |
| Revenue growth, last year | +78.4% | +9.8% |
| Revenue growth per year, last 5 fiscal years | +6.1% | +3.0% |
| Operating margin | 10.0% | 38.2% |
| Net margin | 4.9% | 25.2% |
| Return on equity | — | 23.3% |
| P/E (trailing) | 17.5x | 32.8x |
| Price / free cash flow | 18.8x | 91.0x |
| EV / EBITDA | 8.76x | 15.0x |
| FCF growth the price implies | 4.2% | 25.1% |
| Dividend yield | 6.4% | 2.7% |
| Debt / equity | — | 3.43x |
| Fundamental grade | C | C |
| Superinvestors holding it | 7 | 0 |
| Insider purchases, last 12 months | 1 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Energy Transfer LP
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $67.4B | $8.3B | 13.0% |
| 2022 | $89.9B | $5.7B | 8.6% |
| 2023 | $78.6B | $6.4B | 10.6% |
| 2024 | $82.7B | $7.3B | 11.1% |
| 2025 | $85.5B | $3.8B | 10.6% |
Williams Companies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $10.6B | $2.7B | 24.8% |
| 2022 | $11.0B | $2.6B | 27.5% |
| 2023 | $10.9B | $3.4B | 39.5% |
| 2024 | $10.5B | $2.4B | 31.8% |
| 2025 | $11.9B | $1.0B | 35.1% |
Where the revenue comes from
Energy Transfer LP · by segments, 2024
Crude Oil Transportation and Services$28.5B40%
Investment in Sunoco LP$22.7B32%
Midstream$11.2B16%
Intrastate Transportation and Storage$3.1B4%
Interstate Transportation and Storage$2.3B3%
All Other$1.7B2%
Williams Companies · by segments, 2025
Transmission, Power & Gulf$5.4B43%
West$2.8B23%
Gas & NGL Marketing Services$2.2B17%
Northeast G & P$2.2B17%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ET in InvestinglyQuestions
Which is bigger, Energy Transfer LP or Williams Companies?
Williams Companies (WMB), at $91.4B against $72.4B.
Is ET or WMB cheaper?
By trailing P/E, Energy Transfer LP (17.5x) is cheaper than Williams Companies (32.8x). A lower multiple can also mean the market expects less growth.
Which grows faster, ET or WMB?
Energy Transfer LP: revenue grew +78.4% over the last year, against +9.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.