{"slug":"williams","name":"Williams","name_en":"Williams Companies","ticker":"WMB","updated_at":"2026-07-12T04:03:03.208341+00:00","canonical":"https://valuechain.wiki/williams","same_as":["https://finance.yahoo.com/quote/WMB","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=107263"],"citable":"밸류체인 그래프 기준 Williams의 직접 연결 기업은 2곳(관계 기준 공급 0·매출 2)이고, 사슬을 2차까지 넓히면 5곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Williams Companies is directly linked to 2 companies (0 supply, 2 revenue relationships) and reaches 5 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"천연가스 파이프라인(가스발전 연료)","kicker_en":"Natural-gas pipelines","lead":"미국 최대급 천연가스 파이프라인 기업(트랜스코 등 3만 마일). 생산지에서 가스발전소·LNG·산업으로 가스를 수송하며, 데이터센터 가스발전용 전력 프로젝트에 $50억+를 약정했다. 2025년 매출 $118.3억(+10%). 가스터빈 발전의 연료를 대는 미드스트림 축.","lead_en":"A top US natural-gas pipeline company (Transco and others, 30,000 miles). It moves gas from basins to gas-fired plants, LNG and industry, and committed $5B+ to power projects for datacenter gas generation. 2025 revenue $11.83B (+10%). The midstream axis fueling gas-turbine generation.","segments":{"fy":2025,"parts":[{"desc":"트랜스코 등 3만 마일 간선망 — 생산지에서 발전·LNG·산업으로 가스를 나르는 규제형 수송 매출의 본체.","name":"가스 수송(Transco)"},{"desc":"데이터센터 가스발전 등 전력 프로젝트($5B+ 약정) — AI 전력 수요에 직접 노출된 성장 축.","name":"발전·걸프"},{"desc":"수집·처리·가스 마케팅 — 상류 생산량에 연동되는 물량 축.","name":"G&P·마케팅"}],"total":"2025 매출 $11.83B (+10%)","concentration":"데이터센터 발전 $5B+. 가스관 3만 마일."},"segments_en":{"fy":2025,"parts":[{"desc":"The 30,000-mile trunk network (Transco) — the core of regulated transport revenue moving gas from basins to power, LNG and industry.","name":"Transmission (Transco)"},{"desc":"Power projects including datacenter gas generation ($5B+ committed) — the growth axis directly exposed to AI power demand.","name":"Power & Gulf"},{"desc":"Gathering, processing and gas marketing — a volume axis tied to upstream production.","name":"G&P/marketing"}],"total":"2025 revenue $11.83B (+10%)","concentration":"$5B+ datacenter power; 30,000-mile network."},"returns_yearly":{"2021":38.4,"2022":32.8,"2023":11.9,"2024":62.3,"2025":14.9,"2026":26.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"datadog","name":"Datadog","name_en":"Datadog","tier":3,"returns_yearly":{"2021":80.9,"2022":-58.7,"2023":65.1,"2024":17.7,"2025":-4.8,"2026":89.4}},{"slug":"palo-alto-networks","name":"팔로알토 네트웍스","name_en":"Palo Alto Networks","tier":3,"returns_yearly":{"2021":56.7,"2022":-24.8,"2023":111.3,"2024":23.4,"2025":1.2,"2026":76.9}},{"slug":"crowdstrike","name":"CrowdStrike","name_en":"CrowdStrike","tier":3,"returns_yearly":{"2021":-3.3,"2022":-48.6,"2023":142.5,"2024":34,"2025":37,"2026":59.7}},{"slug":"illumina","name":"Illumina","name_en":"Illumina","tier":3,"returns_yearly":{"2021":2.8,"2022":-46.9,"2023":-31.1,"2024":-1.3,"2025":-1.8,"2026":45}},{"slug":"planet-labs","name":"플래닛랩스","name_en":"Planet Labs","tier":3,"returns_yearly":{"2022":-29.3,"2023":-43.2,"2024":63.6,"2025":388.1,"2026":32.1}},{"slug":"snowflake","name":"Snowflake","name_en":"Snowflake","tier":3,"returns_yearly":{"2021":20.4,"2022":-57.6,"2023":38.6,"2024":-22.4,"2025":42.1,"2026":19.2}},{"slug":"airbnb","name":"Airbnb Inc","name_en":"Airbnb Inc","tier":3,"returns_yearly":{"2022":-48.6,"2023":59.2,"2024":-3.5,"2025":3.3,"2026":9.5}},{"slug":"costco","name":"Costco Wholesale","name_en":"Costco Wholesale","tier":3,"returns_yearly":{"2021":51.8,"2022":-19,"2023":49,"2024":39.6,"2025":-5.4,"2026":6.6}},{"slug":"procter-gamble","name":"Procter & Gamble","name_en":"Procter & Gamble","tier":3,"returns_yearly":{"2021":20.5,"2022":-5,"2023":-0.9,"2024":17.3,"2025":-12.3,"2026":4.1}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":3,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":2.6}},{"slug":"schrodinger","name":"Schrödinger","name_en":"Schrodinger","tier":3,"returns_yearly":{"2021":-56,"2022":-46.3,"2023":91.5,"2024":-46.1,"2025":-7.3,"2026":-7.8}},{"slug":"mercadolibre","name":"MercadoLibre","name_en":"MercadoLibre, Inc.","tier":3,"returns_yearly":{"2021":-19.5,"2022":-37.2,"2023":85.7,"2024":8.2,"2025":18.5,"2026":-8}},{"slug":"uber","name":"Uber","name_en":"Uber","tier":3,"returns_yearly":{"2021":-17.8,"2022":-41,"2023":149,"2024":-2,"2025":35.5,"2026":-8.8}},{"slug":"mcdonalds","name":"McDonald's","name_en":"McDonald's","tier":3,"returns_yearly":{"2021":27.8,"2022":0.5,"2023":15.1,"2024":0.1,"2025":7.9,"2026":-9}},{"slug":"lvmh","name":"LVMH","name_en":"LVMH Moet Hennessy Louis Vuitton","tier":3,"returns_yearly":{"2021":46.6,"2022":12.7,"2023":-1.8,"2024":-7.3,"2025":-20.4,"2026":-9}},{"slug":"recursion","name":"Recursion Pharmaceuticals","name_en":"Recursion Pharmaceuticals","tier":3,"returns_yearly":{"2022":-55,"2023":27.9,"2024":-31.4,"2025":-39.5,"2026":-13}},{"slug":"disney","name":"Disney","name_en":"The Walt Disney Company","tier":3,"returns_yearly":{"2021":-14.5,"2022":-43.9,"2023":4.3,"2024":24.4,"2025":3.3,"2026":-15.3}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":3,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-20.3}},{"slug":"netflix","name":"Netflix","name_en":"Netflix","tier":3,"returns_yearly":{"2021":11.4,"2022":-51.1,"2023":65.1,"2024":83.1,"2025":5.2,"2026":-21.7}},{"slug":"shopify","name":"Shopify","name_en":"Shopify","tier":3,"returns_yearly":{"2021":21.7,"2022":-74.8,"2023":124.4,"2024":36.5,"2025":51.4,"2026":-23.9}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":3,"returns_yearly":null},{"slug":"alphabet","name":"알파벳 (구글)","name_en":"Alphabet (Google)","tier":2,"returns_yearly":{"2021":65.3,"2022":-39.1,"2023":58.3,"2024":36,"2025":66,"2026":14.3}},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":2,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":6.3}},{"slug":"meta","name":"메타 플랫폼스","name_en":"Meta Platforms","tier":2,"returns_yearly":{"2021":23.1,"2022":-64.2,"2023":194.1,"2024":66,"2025":13.1,"2026":1.6}},{"slug":"nextera-energy","name":"NextEra Energy","name_en":"NextEra Energy","tier":1,"returns_yearly":{"2021":23.4,"2022":-8.5,"2023":-25.3,"2024":21.5,"2025":15.5,"2026":11.1}},{"slug":"vistra","name":"Vistra","name_en":"Vistra","tier":1,"returns_yearly":{"2021":19.6,"2022":5.1,"2023":70.7,"2024":261.5,"2025":17.7,"2026":-1.3}}],"benefiting":[],"analysis":"윌리엄스의 논지는 AI 데이터센터 전력 붐의 연료를 대는 미드스트림 병목이다. 트랜스코 등 3만 마일 간선망으로 생산지에서 가스발전·LNG·산업으로 가스를 수송하는 규제형·수수료 기반 매출이 안정판이고, 여기에 데이터센터 가스발전 전력 프로젝트에 $50억+를 약정하며 성장 옵션을 얹었다 — 전력망이 AI 수요를 못 따라가는 국면에서 가스터빈 발전이 브리지가 되고, 그 연료·수송을 윌리엄스가 쥔다. 2025년 매출 $118.3억(+10%). 수요단은 비스트라·넥스트에라 같은 발전사와 LNG·산업으로, 발전 캐파 증설이 곧 수송 물량이다. 원가단은 파이프라인 건설·압축·증설·인수에 노출된다. 재평가 트리거는 데이터센터 전력 프로젝트 가동, 가스 수요 사이클, 그리고 신규 파이프라인 승인이다.","analysis_en":"Williams's thesis is a midstream bottleneck fueling the AI-datacenter power boom. Regulated, fee-based revenue from moving gas across its 30,000-mile trunk network (Transco) from basins to gas-fired power, LNG and industry is the stabilizer, on top of which it layered a growth option by committing $5B+ to datacenter gas-generation power projects — with the grid unable to keep pace with AI demand, gas-turbine generation is the bridge, and Williams holds its fuel and transport. 2025 revenue was $11.83B (+10%). Demand comes from generators like Vistra and NextEra and from LNG/industry, where generation capacity build-out is transport volume. On the cost side it is exposed to pipeline construction, compression, capacity and acquisitions. Re-rating triggers are datacenter power projects coming online, the gas-demand cycle, and new pipeline approvals.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"LNG·발전·산업 (가스 수송)","counterparty_slug":null,"confidence":"high","metric":null,"note":"LNG 수출·발전소·산업·데이터센터 가스발전에 수송($5B+ 전력 프로젝트).","note_en":"Gas transport to LNG, power plants, industry and datacenter gas generation ($5B+ power projects).","sources":[{"stance":"confirms","publisher":"BeyondSPX","publisher_en":"BeyondSPX","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://everyticker.com/quote/WMB/analysis/williams-companies-the-natural-gas-superhighway-entering-its-golden-age-nyse-wmb","title":"Williams, 가스 슈퍼하이웨이(가스발전→데이터센터)","title_en":"Williams, the gas superhighway to datacenter power","excerpt":"LNG 수출·발전소·산업·데이터센터 가스발전에 수송($5B+ 전력 프로젝트).","excerpt_en":"Gas transport to LNG, power plants, industry and datacenter gas generation ($5B+ power projects)."},{"stance":"confirms","publisher":"Nasdaq","publisher_en":"Nasdaq","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.nasdaq.com/articles/williams-invest-31b-power-projects-data-centers","title":"Williams, 데이터센터 전력 프로젝트 투자","title_en":"Williams to invest in power projects for datacenters","excerpt":"LNG 수출·발전소·산업·데이터센터 가스발전에 수송($5B+ 전력 프로젝트).","excerpt_en":"Gas transport to LNG, power plants, industry and datacenter gas generation ($5B+ power projects)."}]},{"direction":"revenue","counterparty":"Vistra","counterparty_slug":"vistra","confidence":"mid","metric":null,"note":"비스트라 가스발전소에 천연가스 수송 — 발전 가동률에 연동되는 수송 물량 축.","note_en":"Transports natural gas to Vistra's gas-fired plants — a transport-volume axis tied to generation utilization.","sources":[{"stance":"confirms","publisher":"Nasdaq","publisher_en":"Nasdaq","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.nasdaq.com/articles/williams-invest-31b-power-projects-data-centers","title":"Williams, 데이터센터 전력 프로젝트 투자","title_en":"Williams to invest in power projects for datacenters","excerpt":"비스트라 가스발전에 천연가스 수송.","excerpt_en":"Transports natural gas to Vistra gas generation."}]},{"direction":"revenue","counterparty":"NextEra Energy","counterparty_slug":"nextera-energy","confidence":"mid","metric":null,"note":"넥스트에라 가스발전·유틸리티에 천연가스 수송 — 발전·전력 수요에 연동.","note_en":"Transports natural gas to NextEra's gas plants and utilities — tied to generation and power demand.","sources":[{"stance":"confirms","publisher":"StockAnalysis","publisher_en":"StockAnalysis","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://stockanalysis.com/stocks/wmb/","title":"Williams 2025 매출 $11.83B(+10%)","title_en":"Williams 2025 revenue $11.83B (+10%)","excerpt":"가스발전소·유틸리티에 천연가스 수송.","excerpt_en":"Transports natural gas to gas plants and utilities."},{"stance":"confirms","publisher":"BeyondSPX","publisher_en":"BeyondSPX","kind":"research","lang":"en","published_at":"2026-01-01","url":"https://everyticker.com/quote/WMB/analysis/williams-companies-the-natural-gas-superhighway-entering-its-golden-age-nyse-wmb","title":"Williams, 가스 슈퍼하이웨이(가스발전→데이터센터)","title_en":"Williams, the gas superhighway to datacenter power","excerpt":"가스발전소·유틸리티에 천연가스 수송.","excerpt_en":"Transports natural gas to gas plants and utilities."}]},{"direction":"cost","counterparty":"증설·인수 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"전력 프로젝트 증설·인수 — 데이터센터 발전 수요 대응 투자(비공개).","note_en":"Power-project capacity and acquisitions — investment to meet datacenter generation demand (undisclosed).","sources":[{"stance":"confirms","publisher":"Nasdaq","publisher_en":"Nasdaq","kind":"news","lang":"en","published_at":"2025-01-01","url":"https://www.nasdaq.com/articles/williams-invest-31b-power-projects-data-centers","title":"Williams, 데이터센터 전력 프로젝트 투자","title_en":"Williams to invest in power projects for datacenters","excerpt":"전력 프로젝트 증설·인수.","excerpt_en":"Power-project capacity and acquisitions."}]},{"direction":"cost","counterparty":"파이프라인·건설·운영 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"파이프라인 건설·압축·운영 — 규제형 수송 캐파의 자본집약 원가 축(비공개).","note_en":"Pipeline construction, compression and operations — the capital-intensive cost axis of regulated transport capacity (undisclosed).","sources":[{"stance":"confirms","publisher":"StockAnalysis","publisher_en":"StockAnalysis","kind":"filing","lang":"en","published_at":"2026-02-01","url":"https://stockanalysis.com/stocks/wmb/","title":"Williams 2025 매출 $11.83B(+10%)","title_en":"Williams 2025 revenue $11.83B (+10%)","excerpt":"파이프라인 건설·압축·운영.","excerpt_en":"Pipeline construction, compression and operations."}]}]}