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Western Midstream Partners, LP

WES Energy Oil & Gas Midstream

Western Midstream Partners, LP’s revenue for fiscal 2025 (year ended December 2025) was $3.8 billion, up 6.61% from fiscal 2024.

Revenue
+25.4%
EPS
−9.20%
Free cash flow
+44.5%
Total debt
+32.0%

Quarter to September 2026, against a year earlier

39.99 2.55 −5.99%
Market cap
$16.5B
P/E
12.9×
Fwd P/E
12.5×
Dividend yield
9.25%
F-score
4/9
Altman Z
n/a
Beneish M
−2.62
Dividend safety
26/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Service Revenues - Fee Based
  • Product Sales
  • Service Revenues - Product Based
  • Other

Every year since 2018 →

Insider Decisions last twelve months

Bought, $m 0.30
Sold, $m 0.25
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — 1 — — —
Sell — — 1 — — — — — — — — —
Insider Ownership 37.73%

Capital & Financial Ratios $m

Size
Market Cap 16,470.00
Revenue ttm 4,574.00
Net income ttm 1,309.53
Free cash flow ttm 2,087.15
Net debt Q 9,110.02
Valuation
P/E 12.86
Forward P/E 12.50
Price / sales 3.61
Forward P/S Powerpack
Price / FCF 14.07
Price / book 3.80
Financial health
Current ratio Q 0.81 (below 1: weak)
Debt / equity Q 2.11 (above 2: weak)
Interest coverage Q 3.96
Growth
Revenue growth Q +25.38% (above 0%: growing)
Operating income growth Q +4.53% (above 0%: growing)
EPS, this year +24.33% (at or above 15%: strong)
EPS, next year A +8.66%
Revenue, next year A −12.89% (below 0%: weak)
EPS, past 5 yrs +20.36% (at or above 15%: strong)
EPS, next 5 yrs A +13.63%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.6×, against a ten-year median of 5.8×; over the ten years it ranged from 3.3× in 2020 to 7.4× in 2019.
P/E against its own 10 years 51.34%
10-year low 10-year high
P/S against its own 10 years 49.83%
10-year low 10-year high
P/B against its own 10 years 74.84%
10-year low 10-year high
EV/Sales against its own 10 years 37.66%
10-year low 10-year high
EV/FCF against its own 10 years 63.15%
10-year low 10-year high

Dividends raised 4 years running

Yield
9.25%
Annual rate
3.70
Payout ratio
119.7%
Growth, 2017–25
+7.52%/yr
  1. 2.02 ’17
  2. 2.30 ’18 +14
  3. 2.45 ’19 +7
  4. 1.56 ’20 −37
  5. 1.27 ’21 −18
  6. 1.83 ’22 +44
  7. 2.14 ’23 +17
  8. 3.20 ’24 +50
  9. 3.61 ’25 +13
  10. 2.62 ’26e −27
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 273 1,090 819 45
Receivables 667 702 773 1,074
Inventory — — — —
Other 53 55 64 65
992 1,847 1,657 1,183
2023 2024 2025 Q'26
Payables 362 313 319 556
ST’ Debt 618 1,011 449 271
Other — — — —
1,304 1,692 1,236 1,453

Compound Annual Growth %

10y 5y 3y
Sales 8.17% 6.75% 5.73%
Cash Flow 11.00% 6.30% 9.32%
Earnings 29.64% 17.48% (0.99%)
Book Value 0.60% 7.53% 10.23%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.89 Actual 0.78

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.91 0.47 Miss by 0.44
Q1 FY26 0.74 0.85 Beat by 0.11
Q2 FY26 0.90 0.99 Beat by 0.09
Q3 FY26 0.89 0.78 Miss by 0.11
Q4 FY26 0.92 — Reports 17 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.85 0.99 0.78 — —
’25 0.79 0.87 0.87 0.47 2.98
’24 1.47 0.97 0.74 0.85 4.02
’23 0.52 0.64 0.70 0.74 2.60
’22 0.75 0.74 0.66 0.85 3.00
’21 0.44 0.55 0.61 0.58 2.18
’20 (0.57) 0.60 0.55 0.62 1.18
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,124 1,225 1,194 — —
’25 917 942 952 1,031 3,843
’24 888 906 883 929 3,605
’23 734 738 776 858 3,106
’22 758 876 838 779 3,252
’21 675 719 764 719 2,877
’20 774 672 679 647 2,773
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 470 535 568 — —
’25 531 564 570 558 2,223
’24 400 631 551 554 2,137
’23 302 491 395 473 1,661
’22 276 467 469 489 1,701
’21 262 452 391 662 1,767
’20 393 346 393 506 1,637
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 227 247 573 — —
’25 379 387 397 312 1,475
’24 778 611 357 331 2,077
’23 111 329 179 275 894
’22 197 355 313 604 1,469
’21 203 386 302 581 1,472
’20 220 166 316 474 1,176
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −0.7% a year for ten years. It grew 18.3% a year over the last ten.

Implied
−0.7%
10 years, reported
18.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,804 2,430 2,300 2,746 2,773 2,877 3,252 3,106 3,605 3,843 4,574 +8.8% 3,348 3,474 3,643 (1.8%)
Gross margin, % 72.61 60.74 81.93 83.82 93.22 88.80 87.06 94.70 95.22 94.61 90.96 +22.0 pt
EBT 605 677 690 821 523 934 1,256 1,052 1,629 1,228 1,332 +8.2%
EBT margin, % 33.55 27.88 29.99 29.90 18.86 32.47 38.61 33.88 45.19 31.94 29.13 (1.6) pt
Net income 597 737 631 808 517 944 1,251 1,048 1,611 1,212 1,310 +8.2%
Per share, $
Per share, $ Revenue 8.24 11.10 10.50 6.60 6.37 7.00 8.23 8.11 9.48 9.96 11.07 +2.1%
Earnings 1.53 1.72 1.69 1.59 1.18 2.18 3.01 2.61 4.04 2.99 3.11 +7.7%
Cash flow 4.17 4.76 6.16 3.18 3.76 4.30 4.31 4.34 5.62 5.76 5.15 +3.6%
Capex (1.98) (4.59) (8.88) (2.86) (1.06) (0.72) (0.59) (2.00) (0.16) (1.94) (0.10) (0.3%)
Free cash flow 2.19 0.17 (2.72) 0.33 2.70 3.58 3.72 2.33 5.46 3.82 5.05 +6.4%
Book value 18.78 18.02 22.35 8.05 6.65 7.53 7.87 7.91 8.87 10.78 10.52 (6.0%)
Shares, m 219 219 219 416 436 411 395 383 380 386 399 +6.5%
Valuation, ×
Valuation, × P/E 28.73 22.71 16.41 12.62 11.52 10.22 8.56 11.03 9.51 13.12 12.86 14.4
P/S 5.33 3.52 2.64 2.98 2.17 3.18 3.13 3.55 4.05 3.97 3.61 3.5
P/B 2.34 2.17 1.24 2.45 2.08 2.96 3.27 3.64 4.33 3.66 3.80 2.8
EV/Sales 6.89 4.92 4.88 5.84 4.84 5.51 5.13 6.00 5.95 6.00 5.60 5.6
EV/FCF 25.93 315.22 (18.81) 118.70 10.88 10.77 11.35 20.87 10.34 15.65 21.83 52.1
Cash, $m
Cash, $m Operating cash flow 913 1,043 1,348 1,324 1,637 1,767 1,701 1,661 2,137 2,223 2,130 +10.4%
Capex (434) (1,005) (1,945) (1,189) (461) (294) (232) (767) (60) (748) (43) +6.2%
Free cash flow 479 38 (596) 135 1,176 1,472 1,469 894 2,077 1,475 2,087 +13.3%
Balance, $m
Balance, $m Working capital 280 (169) (293) (84) (18) (455) (3) (312) 155 420 (270) +4.6%
Net debt 2,802 3,413 5,151 7,859 7,410 6,705 6,499 7,629 6,847 7,825 9,110 +12.1%
Shareholders’ equity 4,111 3,945 4,893 3,345 2,895 3,096 3,108 3,029 3,375 4,163 4,348 +0.1%
Returns, %
Returns, % ROA 4.45 4.78 3.79 5.56 4.27 7.76 10.55 8.41 12.00 8.20 0.00 +3.8 pt
ROIC 6.37 6.81 5.36 6.87 5.33 8.52 10.33 8.09 12.05 8.35 8.19 +2.0 pt
ROE 8.33 9.35 8.36 16.08 16.53 29.93 38.35 32.54 48.00 30.63 0.00 +22.3 pt
People
People Employees — — — 19 1,045 1,127 1,217 1,377 1,511 1,704 — +111.6%
Revenue/emp, $m 0.00 0.00 0.00 144.54 2.65 2.55 2.67 2.26 2.39 2.26 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Business profile

Updated

Western Midstream Partners is a publicly traded energy infrastructure partnership. It was formed in September 2012, has its principal executive office in The Woodlands, Texas, and is led by Chief Executive Officer Oscar Brown.

Western Midstream provides services to oil and gas producers between their wells and the pipelines, facilities and markets that take their output. It gathers natural gas from wells, compresses it, removes contaminants and processes it into pipeline-quality gas and a stream of natural gas liquids, or NGLs. It also gathers and treats crude oil and condensate before delivery to terminals, pipelines, storage facilities or refineries.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Service Revenues - Fee Based 3,453 89.84%
Product Sales 195 5.07%
Service Revenues - Product Based 194 5.04%
Other 2 0.05%
Gross margin 94.61%
Operating margin 41.67%
Pre-tax margin 31.94%

Revenue by segment since 2018

Western Midstream Partners, LP vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VG Venture Global, Inc. $28.8B 8.6× 8.5× +47.63% (above 0%: growing) +260.00% (above 0%: growing) −8.21% (below 0%: shrinking) 63.74% 47.79% Compare
CQP Cheniere Energy Partners, L.P. $27.7B 9.3× 14.7× +7.07% (above 0%: growing) +65.03% (above 0%: growing) +16.72% (above 0%: growing) 39.59% 31.66% Compare
PBA Pembina Pipeline Corp. $27.7B 23.3× 23.2× +19.97% (above 0%: growing) +27.66% (above 0%: growing) +8.94% (above 0%: growing) 43.36% 37.45% Compare
PAGP Plains Group Holdings, L.P. $20.1B 9.4× 9.6× +66.26% (above 0%: growing) +1,213.33% (above 0%: growing) +50.93% (above 0%: growing) 4.57% 2.24% Compare
PAA Plains All American Pipeline, L.P. $17.3B 6.8× 7.2× +66.26% (above 0%: growing) +1,095.24% (above 0%: growing) +50.92% (above 0%: growing) 4.57% 2.25% Compare
WES Western Midstream Partners, LP $16.5B 12.9× 12.5× +25.38% (above 0%: growing) −9.20% (below 0%: shrinking) +44.45% (above 0%: growing) 89.81% 38.65%
VNOM Viper Energy Inc. $14.4B 18.1× 16.7× +58.13% (above 0%: growing) n/m +57.25% (above 0%: growing) 100.00% 60.36% Compare
DTM DT Midstream, Inc. $11.5B 24.4× 26.7× +7.01% (above 0%: growing) +4.92% (above 0%: growing) +40.46% (above 0%: growing) 100.00% 48.51% Compare
FRO Frontline PLC $10.0B 6.7× 5.4× +112.25% (above 0%: growing) +745.71% (above 0%: growing) +155.42% (above 0%: growing) 74.15% 65.92% Compare
Median of peers $18.7B 9.3× 12.1× +52.88% +260.00% +45.69% 53.55% 42.62%

All 57 Oil & Gas Midstream stocks →

From the latest earnings call

Updated

  • CEO Oscar Brown said the Brazos acquisition expanded Western Midstream’s Delaware Basin footprint, and the company expects to connect the acquired system to its existing network by year-end.
  • CFO Kristen Shults said the company raised its 2026 cash-flow outlook, citing the Brazos acquisition and higher commodity prices.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 42.68%
Held by the ten largest 31.86%
Holder Shares Stake Change
ALPS ADVISORS INC 36.63m 8.87% −2.01m
Invesco 24.12m 5.84% +74.73k
Morgan Stanley 21.23m 5.14% +16.68m
Blackstone Inc. 10.37m 2.51% +1.61m
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 8.64m 2.09% −232.25k
Goldman Sachs 8.53m 2.06% −230.95k
TORTOISE CAPITAL ADVISORS, L.L.C. 6.51m 1.57% −2.27m
Neuberger Berman 6.19m 1.50% −93.34k
CHICKASAW CAPITAL MANAGEMENT LLC 5.51m 1.33% −69.37k
KAYNE ANDERSON CAPITAL ADVISORS LP 3.93m 0.95% +10.11k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Western Midstream Partners, LP (WES) Latest News

5 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

4 Nov

Impact 3 · · PR Newswire

29 Oct

Impact 3 · · Zacks

23 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · 24/7 Wall St.

16 Oct

Impact 3 · · Proactive Investors

15 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

14 Oct

Impact 3 · · Zacks

1 Oct

Impact 3 · · MT Newswires
Impact 3 ·

30 Sep

Impact 3 ·

22 Sep

Impact 3 · · Zacks
Impact 3 · · Zacks

21 Sep

Impact 3 · · Zacks

20 Sep

Impact 4 · · Simply Wall St.
Impact 3 · · The Motley Fool

18 Aug

Impact 4 · · offshore-technology.com

17 Aug

Impact 4 ·
Impact 4 ·
Impact 3 ·

14 Aug

Impact 3 ·

9 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 4 ·
Impact 3 ·

5 Aug

Impact 4 ·
Impact 3 ·

13 Jul

Impact 4 · · 24/7 Wall St.

1 Jul

Impact 3 ·

WES metrics, ten years each

stockrow.com/WES · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com