A Business at a Glance
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Western Midstream Partners, LP
WES
$18.7B
Mkt Cap
$47.47
-0.96%
Western Midstream Partners, LP (WES) has a current P/E ratio of 15.7, compared to its historical median P/E of 8.9. The stock is currently considered Expensive based on its historical valuation range.
Western Midstream Partners, LP (WES) has a 5-year average return on invested capital (ROIC) of 15.3%. This indicates strong capital allocation and a potential competitive advantage.
Western Midstream Partners, LP (WES) has a market capitalization of $18.7B. It is classified as a large-cap stock.
Yes, Western Midstream Partners, LP (WES) pays a dividend with a trailing twelve-month yield of 7.86%.
Based on historical P/E analysis, Western Midstream Partners, LP (WES) appears expensive. The current P/E of 15.7 is 77% above its historical median of 8.9. The estimated fair value CAGR (P/E method) is 1.2%.
Western Midstream Partners, LP (WES) operates in the Natural Gas Transmission industry, within the Utilities sector.
Western Midstream Partners, LP (WES) reported annual revenue of $3.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Items 1 and 2. Business and Properties GENERAL OVERVIEW WES and WES Operating. WES is a Delaware master limited partnership formed in September 2012. Our common units are publicly traded on the NYSE under the symbol “WES.” Our general partner is a wholly owned subsidiary of Occidental. WES Operating is a Delaware limited partnership formed by Anadarko in 2007 to acquire, own, develop, and operate midstream assets. As of December 31, 2025, WES owns, directly and indirectly, a 98.1% limited partner interest in WES Operating, and directly owns all of the outstanding equity interests of WES Operating GP, which holds the entire non-economic general partner interest in WES Operating. WES’s assets include assets owned and ownership interests accounted for by us under the equity method of accounting, through our partnership interest in WES Operating (see Note 7—Equity Investments in the Notes to Consolidated Financial Statements under Part II, Item 8 of this Form 10-K).
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.0B | 3.8B | 3.6B | 3.1B | 3.3B | 2.9B |
| Net Income | 1.2B | 1.2B | 1.6B | 1.0B | 1.2B | 916M |
| EPS | $3.10 | $3.00 | $4.00 | $2.68 | $3.20 | - |
| Free Cash Flow | 2.1B | 1.5B | 1.3B | 926M | 1.2B | 1.5B |
| ROIC | 14.4% | 14.7% | 18.7% | 13.3% | 16.5% | 13.4% |
| Gross Margin | - | 78.8% | 79.4% | 77.8% | 74.1% | 78.4% |
| Debt/Equity | 2.57 | 2.19 | 2.33 | 2.96 | 2.30 | 2.35 |
| Dividends/Share | $3.73 | $3.64 | $3.17 | $2.57 | $1.93 | - |
| Operating Income | 1.7B | 1.6B | 2.0B | 1.4B | 1.6B | 1.3B |
| Operating Margin | 41.0% | 41.7% | 54.7% | 44.4% | 48.8% | 46.4% |
| ROE | 36.3% | 32.5% | 51.3% | 34.8% | 41.1% | 32.0% |
| Shares Outstanding | 394M | 394M | 394M | 381M | 380M | - |
Western Midstream Partners, LP passes 4 of 9 quality checks, suggesting mixed fundamentals.
Western Midstream Partners, LP trades at 15.7x trailing earnings, compared to its 15-year median P/E of 8.9x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 8.7x vs a median of 10.0x. The company's 5-year average ROIC is 15.3% with a gross margin of 77.7%. Total shareholder yield (dividends) is 7.9%. At current prices, the estimated annualized return to fair value is +3.0%.
Western Midstream Partners, LP (WES) has a net profit margin of 30.7%. This is a strong margin indicating high profitability.
Western Midstream Partners, LP (WES) generated $1.5 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Western Midstream Partners, LP (WES) has a debt-to-equity ratio of 2.19. This indicates higher leverage, which may increase financial risk.
Western Midstream Partners, LP (WES) reported earnings per share (EPS) of $3.00 in its most recent fiscal year.
Western Midstream Partners, LP (WES) has a return on equity (ROE) of 32.5%. This indicates the company generates strong returns for shareholders.
Western Midstream Partners, LP (WES) has a 5-year average gross margin of 77.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 15 years of financial data for Western Midstream Partners, LP (WES), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Western Midstream Partners, LP (WES) has a book value per share of $10.21, based on its most recent annual SEC filing.