Oil & Gas Midstream
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ENB vs WMB vs KMI vs ET
Revenue, margins, valuation, and 5-year total return — side by side.
Oil & Gas Midstream
Oil & Gas Midstream
Oil & Gas Midstream
ENB vs WMB vs KMI vs ET — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | ||||
|---|---|---|---|---|
| Industry | Oil & Gas Midstream | Oil & Gas Midstream | Oil & Gas Midstream | Oil & Gas Midstream |
| Market Cap | $117.81B | $89.22B | $70.10B | $68.53B |
| Revenue (TTM) | $65.19B | $11.92B | $17.52B | $89.38B |
| Net Income (TTM) | $11.80B | $2.84B | $3.31B | $5.55B |
| Gross Margin | — | 62.8% | 46.9% | 22.9% |
| Operating Margin | 16.8% | 38.8% | 28.6% | 11.1% |
| Forward P/E | 17.9x | 31.2x | 22.3x | 12.3x |
| Total Debt | $6.06B | $29.36B | $32.39B | $71.61B |
| Cash & Equiv. | $1.09B | $63M | $109M | $1.27B |
ENB vs WMB vs KMI vs ET — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Enbridge Inc. (ENB) | 100 | 166.4 | +66.4% |
| The Williams Compan… (WMB) | 100 | 357.1 | +257.1% |
| Kinder Morgan, Inc. (KMI) | 100 | 199.4 | +99.4% |
| Energy Transfer LP (ET) | 100 | 244.1 | +144.1% |
Price return only. Dividends and distributions are not included.
Quick Verdict: ENB vs WMB vs KMI vs ET
Each card shows where this stock fits in a portfolio — not just who wins on paper.
ENB has the current edge in this matchup, primarily because of its strength in growth exposure.
- Rev growth 21.9%, EPS growth 37.6%, 3Y rev CAGR 6.9%
- 21.9% revenue growth vs ET's -0.1%
- 5.4% ROA vs ET's 4.1%, ROIC 6.9% vs 6.3%
WMB is the #2 pick in this set and the best alternative if long-term compounding is your priority.
- 371.1% 10Y total return vs ET's 142.6%
- 23.8% margin vs ET's 6.2%
- +27.2% vs KMI's +18.3%
KMI is the clearest fit if your priority is income & stability and sleep-well-at-night.
- Dividend streak 9 yrs, beta 0.10, yield 3.7%
- Lower volatility, beta 0.10, Low D/E 99.8%, current ratio 0.64x
- PEG 0.23 vs ENB's 1.06
- Beta 0.10, yield 3.7%, current ratio 0.64x
ET is the clearest fit if your priority is value and dividends.
- Lower P/E (12.3x vs 31.2x)
- 6.5% yield, vs KMI's 3.7%
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | 21.9% revenue growth vs ET's -0.1% | |
| Value | Lower P/E (12.3x vs 31.2x) | |
| Quality / Margins | 23.8% margin vs ET's 6.2% | |
| Stability / Safety | Beta 0.10 vs ET's 0.19, lower leverage | |
| Dividends | 6.5% yield, vs KMI's 3.7% | |
| Momentum (1Y) | +27.2% vs KMI's +18.3% | |
| Efficiency (ROA) | 5.4% ROA vs ET's 4.1%, ROIC 6.9% vs 6.3% |
ENB vs WMB vs KMI vs ET — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
ENB vs WMB vs KMI vs ET — Financial Metrics
Side-by-side numbers across 4 stocks — who leads on profitability, valuation, growth, and risk.
Who Leads Where
WMB leads in 2 of 6 categories
ET leads 1 • ENB leads 1 • KMI leads 0 • 2 tied
Explore the data ↓Income & Cash Flow (Last 12 Months)
WMB leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
ET is the larger business by revenue, generating $89.4B annually — 7.5x WMB's $11.9B. WMB is the more profitable business, keeping 23.8% of every revenue dollar as net income compared to ET's 6.2%. On growth, ET holds the edge at +32.1% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ||||
|---|---|---|---|---|
| RevenueTrailing 12 months | $65.2B | $11.9B | $17.5B | $89.4B |
| EBITDAEarnings before interest/tax | $16.6B | $6.8B | $7.5B | $15.5B |
| Net IncomeAfter-tax profit | $11.8B | $2.8B | $3.3B | $5.6B |
| Free Cash FlowCash after capex | $3.3B | $722M | $3.9B | $5.5B |
| Gross MarginGross profit ÷ Revenue | — | +62.8% | +46.9% | +22.9% |
| Operating MarginEBIT ÷ Revenue | +16.8% | +38.8% | +28.6% | +11.1% |
| Net MarginNet income ÷ Revenue | +18.1% | +23.8% | +18.9% | +6.2% |
| FCF MarginFCF ÷ Revenue | +5.1% | +6.1% | +22.2% | +6.2% |
| Rev. Growth (YoY)Latest quarter vs prior year | +5.9% | -0.6% | +13.5% | +32.1% |
| EPS Growth (YoY)Latest quarter vs prior year | +3.0% | +24.6% | +37.5% | -2.8% |
Valuation Metrics
ET leads this category, winning 5 of 7 comparable metrics.
Valuation Metrics
At 14.8x trailing earnings, ET trades at a 57% valuation discount to WMB's 34.1x P/E. Adjusting for growth (PEG ratio), KMI offers better value at 0.24x vs ENB's 1.00x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | ||||
|---|---|---|---|---|
| Market CapShares × price | $117.8B | $89.2B | $70.1B | $68.5B |
| Enterprise ValueMkt cap + debt − cash | $122.8B | $118.5B | $102.4B | $138.9B |
| Trailing P/EPrice ÷ TTM EPS | 16.77x | 34.09x | 23.00x | 14.76x |
| Forward P/EPrice ÷ next-FY EPS est. | 17.89x | 31.23x | 22.29x | 12.33x |
| PEG RatioP/E ÷ EPS growth rate | 1.00x | 0.52x | 0.24x | — |
| EV / EBITDAEnterprise value multiple | 7.39x | 17.56x | 14.09x | 9.41x |
| Price / SalesMarket cap ÷ Revenue | 1.81x | 7.47x | 4.14x | 0.83x |
| Price / BookPrice ÷ Book value/share | 1.87x | 5.94x | 2.16x | 1.48x |
| Price / FCFMarket cap ÷ FCF | 35.73x | 88.77x | 21.76x | 17.82x |
Profitability & Efficiency
Evenly matched — ENB and WMB each lead in 4 of 9 comparable metrics.
Profitability & Efficiency
WMB delivers a 19.0% return on equity — every $100 of shareholder capital generates $19 in annual profit, vs $10 for KMI. ENB carries lower financial leverage with a 0.10x debt-to-equity ratio, signaling a more conservative balance sheet compared to WMB's 1.96x. On the Piotroski fundamental quality scale (0–9), KMI scores 8/9 vs ET's 5/9, reflecting strong financial health.
| Metric | ||||
|---|---|---|---|---|
| ROE (TTM)Return on equity | +18.7% | +19.0% | +10.3% | +11.6% |
| ROA (TTM)Return on assets | +5.4% | +4.9% | +4.5% | +4.1% |
| ROICReturn on invested capital | +6.9% | +7.7% | +5.6% | +6.3% |
| ROCEReturn on capital employed | +5.4% | +8.7% | +7.0% | +7.9% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 7 | 8 | 5 |
| Debt / EquityFinancial leverage | 0.10x | 1.96x | 1.00x | 1.45x |
| Net DebtTotal debt minus cash | $5.0B | $29.3B | $32.3B | $70.3B |
| Cash & Equiv.Liquid assets | $1.1B | $63M | $109M | $1.3B |
| Total DebtShort + long-term debt | $6.1B | $29.4B | $32.4B | $71.6B |
| Interest CoverageEBIT ÷ Interest expense | — | 3.37x | 2.86x | 2.64x |
Total Returns (Dividends Reinvested)
WMB leads this category, winning 5 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in WMB five years ago would be worth $32,449 today (with dividends reinvested), compared to $16,985 for ENB. Over the past 12 months, WMB leads with a +27.2% total return vs KMI's +18.3%. The 3-year compound annual growth rate (CAGR) favors WMB at 38.6% vs ENB's 16.1% — a key indicator of consistent wealth creation.
| Metric | ||||
|---|---|---|---|---|
| YTD ReturnYear-to-date | +13.7% | +20.7% | +15.9% | +22.1% |
| 1-Year ReturnPast 12 months | +21.5% | +27.2% | +18.3% | +25.8% |
| 3-Year ReturnCumulative with dividends | +56.4% | +166.3% | +107.0% | +90.3% |
| 5-Year ReturnCumulative with dividends | +69.8% | +224.5% | +108.4% | +158.2% |
| 10-Year ReturnCumulative with dividends | +101.9% | +371.1% | +142.1% | +142.6% |
| CAGR (3Y)Annualised 3-year return | +16.1% | +38.6% | +27.4% | +23.9% |
Risk & Volatility
ENB leads this category, winning 2 of 2 comparable metrics.
Risk & Volatility
ENB is the less volatile stock with a -0.10 beta — it tends to amplify market swings less than ET's 0.19 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. ENB currently trades 97.3% from its 52-week high vs KMI's 90.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ||||
|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | -0.10x | 0.17x | 0.10x | 0.19x |
| 52-Week HighHighest price in past year | $55.48 | $77.41 | $34.73 | $20.66 |
| 52-Week LowLowest price in past year | $43.59 | $55.82 | $25.60 | $16.18 |
| % of 52W HighCurrent price vs 52-week peak | +97.3% | +94.2% | +90.7% | +96.4% |
| RSI (14)Momentum oscillator 0–100 | 54.5 | 52.8 | 42.5 | 59.5 |
| Avg Volume (50D)Average daily shares traded | 4.2M | 5.8M | 12.4M | 14.8M |
Analyst Outlook
Evenly matched — KMI and ET each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: ENB as "Buy", WMB as "Buy", KMI as "Hold", ET as "Buy". Consensus price targets imply 11.1% upside for KMI (target: $35) vs -13.2% for ENB (target: $47). For income investors, ET offers the higher dividend yield at 6.50% vs ENB's 0.36%.
| Metric | ||||
|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Hold | Buy |
| Price TargetConsensus 12-month target | $46.86 | $79.00 | $35.00 | $19.00 |
| # AnalystsCovering analysts | 25 | 34 | 34 | 32 |
| Dividend YieldAnnual dividend ÷ price | +0.4% | +2.7% | +3.7% | +6.5% |
| Dividend StreakConsecutive years of raises | 0 | 8 | 9 | 0 |
| Dividend / ShareAnnual DPS | $0.19 | $2.00 | $1.17 | $1.29 |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% | 0.0% | 0.0% |
WMB leads in 2 of 6 categories (Income & Cash Flow, Total Returns). ET leads in 1 (Valuation Metrics). 2 tied.
ENB vs WMB vs KMI vs ET: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is ENB or WMB or KMI or ET a better buy right now?
For growth investors, Enbridge Inc.
(ENB) is the stronger pick with 21. 9% revenue growth year-over-year, versus -0. 1% for Energy Transfer LP (ET). Energy Transfer LP (ET) offers the better valuation at 14. 8x trailing P/E (12. 3x forward), making it the more compelling value choice. Analysts rate Enbridge Inc. (ENB) a "Buy" — based on 25 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — ENB or WMB or KMI or ET?
On trailing P/E, Energy Transfer LP (ET) is the cheapest at 14.
8x versus The Williams Companies, Inc. at 34. 1x. On forward P/E, Energy Transfer LP is actually cheaper at 12. 3x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Kinder Morgan, Inc. wins at 0. 23x versus Enbridge Inc. 's 1. 06x — a PEG below 1. 0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — ENB or WMB or KMI or ET?
Over the past 5 years, The Williams Companies, Inc.
(WMB) delivered a total return of +224. 5%, compared to +69. 8% for Enbridge Inc. (ENB). Over 10 years, the gap is even starker: WMB returned +371. 1% versus ENB's +101. 9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — ENB or WMB or KMI or ET?
By beta (market sensitivity over 5 years), Enbridge Inc.
(ENB) is the lower-risk stock at -0. 10β versus Energy Transfer LP's 0. 19β — meaning ET is approximately -282% more volatile than ENB relative to the S&P 500. On balance sheet safety, Enbridge Inc. (ENB) carries a lower debt/equity ratio of 10% versus 196% for The Williams Companies, Inc. — giving it more financial flexibility in a downturn.
05Which is growing faster — ENB or WMB or KMI or ET?
By revenue growth (latest reported year), Enbridge Inc.
(ENB) is pulling ahead at 21. 9% versus -0. 1% for Energy Transfer LP (ET). On earnings-per-share growth, the picture is similar: Enbridge Inc. grew EPS 37. 6% year-over-year, compared to 5. 5% for Energy Transfer LP. Over a 3-year CAGR, ENB leads at 6. 9% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — ENB or WMB or KMI or ET?
The Williams Companies, Inc.
(WMB) is the more profitable company, earning 21. 9% net margin versus 5. 9% for Energy Transfer LP — meaning it keeps 21. 9% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WMB leads at 36. 8% versus 11. 4% for ET. At the gross margin level — before operating expenses — KMI leads at 43. 7%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is ENB or WMB or KMI or ET more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.
By this metric, Kinder Morgan, Inc. (KMI) is the more undervalued stock at a PEG of 0. 23x versus Enbridge Inc. 's 1. 06x. A PEG below 1. 0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Energy Transfer LP (ET) trades at 12. 3x forward P/E versus 31. 2x for The Williams Companies, Inc. — 18. 9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for KMI: 11. 1% to $35. 00.
08Which pays a better dividend — ENB or WMB or KMI or ET?
All stocks in this comparison pay dividends.
Energy Transfer LP (ET) offers the highest yield at 6. 5%, versus 0. 4% for Enbridge Inc. (ENB).
09Is ENB or WMB or KMI or ET better for a retirement portfolio?
For long-horizon retirement investors, The Williams Companies, Inc.
(WMB) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 17), 2. 7% yield, +371. 1% 10Y return). Both have compounded well over 10 years (WMB: +371. 1%, ENB: +101. 9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between ENB and WMB and KMI and ET?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: ENB is a mid-cap high-growth stock; WMB is a mid-cap quality compounder stock; KMI is a mid-cap income-oriented stock; ET is a mid-cap deep-value stock. WMB, KMI, ET pay a dividend while ENB does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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