Kinder Morgan vs Williams Companies (KMI vs WMB)

Side by side from their SEC filings: revenue, margins, growth, returns and valuation, plus short interest, insider activity and institutional ownership.

Kinder Morgan is the larger company by revenue ($15.2B vs $11.9B). Williams Companies carries the larger market value ($92.9B vs $71.7B). Williams Companies has grown revenue faster over the last 4 fiscal years (+12.4% cumulative vs -5.9%). Williams Companies runs the higher operating margin (35.1% vs 31.1%). Kinder Morgan trades at the lower trailing P/E (21.6x vs 32.8x).

About Williams Companies

Williams Companies, Inc. is an energy company that provides infrastructure for gathering, processing, transmitting, storing, and marketing natural gas and natural gas liquids (NGLs) in the United States. It operates over 32,000 miles of pipelines, natural gas processing and fractionation facilities, and storage capacity serving approximately 800 customers including utilities, municipalities, industrial users, and producers. Its subsidiaries, Transcontinental Gas Pipe Line Company and Northwest Pipeline, operate interstate natural gas pipeline systems regulated by the Federal Energy Regulatory Commission.

Head to head (KMI FY2025 vs WMB FY2025)

Metric	KMIFY2025	WMBFY2025
Revenue	$15.20B	$11.95B
Revenue growth (YoY)	12.7%	13.8%
Gross margin	—	—
Operating margin	31.1%	35.1%
Net margin	20.1%	21.9%
Net income	$3.06B	$2.62B
Diluted EPS	$1.37	$2.14
FCF margin	19.0%	8.4%
ROE	9.4%	17.5%
Debt / equity	0.9×	1.8×
Market cap	$71.73B	$92.92B
P/E (TTM)	21.6×	32.8×

Fundamentals are from each company’s SEC filings (KMI FY2025, WMB FY2025). P/E and market cap are derived from recent market prices and update daily.

Five-year trend (as reported)

Revenue	FY2021	FY2022	FY2023	FY2024	FY2025
KMI	$16.15B	$18.13B	$13.65B	$13.48B	$15.20B
WMB	$10.63B	$17.77B	$10.91B	$10.50B	$11.95B

Net income	FY2021	FY2022	FY2023	FY2024	FY2025
KMI	$1.78B	$2.55B	$2.39B	$2.61B	$3.06B
WMB	$1.52B	$2.05B	$3.18B	$2.23B	$2.62B

Operating margin	FY2021	FY2022	FY2023	FY2024	FY2025
KMI	18.1%	22.4%	31.2%	32.5%	31.1%
WMB	24.8%	17.0%	39.5%	31.8%	35.1%

Peer standing

Where each company ranks among the 125 Energy companies, on the same scale. Each figure is ranked only against peers that report it. Percentiles describe position in the distribution, not a rating.

Metric	KMI	WMB
Operating margin	31.1%85th percentile of 104	35.1%91st percentile of 104
Net margin	20.1%83rd percentile of 120	21.9%87th percentile of 120
FCF margin	19.0%91st percentile of 69	8.4%66th percentile of 69
Revenue growth (YoY)	+12.7%71st percentile of 122	+13.8%74th percentile of 122
ROE	9.4%62nd percentile of 100	17.5%88th percentile of 100
P/E (TTM)	21.6×60th percentile of 85	32.8×79th percentile of 85
Debt / equity	0.95×78th percentile of 83	1.82×90th percentile of 83
Short interest (days to cover)	3.48d46th percentile of 123	2.50d30th percentile of 123

Short interest

FINRA settlement data	KMI	WMB
Shares sold short	44.2M	24.5M
Change vs prior settlement	+9.6%	+4.0%
Days to cover	3.48	2.50
As of settlement	2026-06-30	2026-06-30

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data; republishing or redistributing it is not permitted. Not presented as a percentage of float. No FINRA endorsement of this product is implied.

Insider activity (last 90 days)

Form 4 open-market activity	KMI	WMB
Buys	0	0
Sells	5 ($693,702)	7 ($5.3M)

Open-market purchases and sales reported on SEC Form 4 (grants, exercises and tax withholding excluded). For context, about 16% of covered companies saw any open-market insider buy in a 90-day window.

Held by the same investors

7 tracked 13F managers hold both Kinder Morgan and Williams Companies as of their latest quarterly filings: AQR Capital Management, Bridgewater Associates, Citadel Advisors, D. E. Shaw, Gotham Asset Management, Millennium Management, Two Sigma Investments. See which superinvestors hold your own portfolio with the smart money checker.

Go deeper

KINDER MORGAN, INC. (KMI)

Full statements, filings, ownership and peer ranks →

WILLIAMS COMPANIES, INC. (WMB)

Full statements, filings, ownership and peer ranks →

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Data sourced from SEC EDGAR (public domain). Figures are as-reported and may be unaudited or restated; verify against the source filings before relying on them. Comparisons are descriptive (higher or lower on a reported figure), not a rating or a recommendation. Informational only. Not investment advice.