| Stage | KMI | % of rev | WMB | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $4.5B | 100.00% | $3.1B | 100.00% | KMI ×1.48 |
| Gross profit | $2.8B | 62.77% | $2.5B | 83.13% | WMB +20.4pp |
| Operating income | $1.2B | 25.60% | $1.2B | 38.72% | WMB +13.1pp |
| Pre-tax income | $980M | 21.63% | $1.1B | 37.21% | WMB +15.6pp |
| Net income | $790M | 17.44% | $876M | 28.69% | WMB +11.3pp |
| Stage | KMI | WMB | Gap · A − B |
|---|---|---|---|
| Revenue | $4.5B100.00% | $3.1B100.00% | KMI ×1.48 |
| Gross profit | 62.77%$2.8B | 83.13%$2.5B | WMB +20.4pp |
| Operating income | 25.60%$1.2B | 38.72%$1.2B | WMB +13.1pp |
| Pre-tax income | 21.63%$980M | 37.21%$1.1B | WMB +15.6pp |
| Net income |
| 17.44%$790M |
| 28.69%$876M |
| WMB +11.3pp |
None
No disclosed counterparties: KMI.