What changed
$WMB — AVOID 📊 | 6 MONTHS THESIS
🎯 Q1 2026 | Rev $3.0B | EPS $0.73 vs $0.63 🟢 | Margin 43.6%
💡 The market is pricing in continued strong growth and sustained premium multiples (P/E ~31x, EV/EBITDA ~15.4x) despite sector norms (peer P/E median 13x). The recent EPS beat was likely already priced in, and the market underestimates the risk of multiple compression if growth moderates or interest rate pressures resurface.
📉 Reward/risk: 2.7:1
🏢 Business Quality: 8/10 - Dominant natural gas infrastructure footprint, fee-based and contracted revenue streams, strong project execution, but elevated leverage (net debt/EBITDA ~3.8x) and negative free cash flow after dividends raise refinancing and dividend sustainability risks.
📊 Our read: AVOID. Full analysis →
https://stockduty.xyz/s/WMB0611