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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. In the quarter to June 2026, revenue grew 30.0%, EPS grew 12.5%, free cash flow fell 36.2% and total debt rose 30.5%, each against the same quarter a year earlier. Dividend growth for five consecutive years; insiders bought in the last twelve months.

44.60 0.46 +1.04%
Market cap
$18.2B
P/E
14.0×
Fwd P/E
12.6×
Dividend yield
8.25%
F-score
4/9
Altman Z
n/a
Beneish M
−2.62
Dividend safety
26/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.30
Total sells 0.25
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — 1 — — — — 1 — —
Sell — — — 1 — — — — — — — —
Insider Ownership 35.37%

Capital & Financial Ratios $m

Market Cap 18,240.00
Revenue 4,332.26
Net Income 1,319.42
Free Cash Flow 1,182.52
Net Debt 8,948.32
Current Ratio 0.91 (below 1: weak)
Debt/Equity 2.06 (above 2: weak)
P/E ratio 13.98
Fwd P/E 12.60
P/S ratio 4.10
P/B ratio 4.03
Past 5Y EPS Growth 20.36% (at or above 15%: strong)
This Y EPS Growth 25.13% (at or above 15%: strong)
Next Y EPS Growth 8.46%
Next Y revenue growth (14.17%) (below 0%: weak)
Next 5Y EPS Growth 13.72%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 6.2×, 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 57.83%
10-year low 10-year high
P/S against its own 10 years 67.16%
10-year low 10-year high
P/B against its own 10 years 78.36%
10-year low 10-year high
EV/Sales against its own 10 years 69.22%
10-year low 10-year high
EV/FCF against its own 10 years 65.41%
10-year low 10-year high

Dividends

Payout Ratio 1.16
Annual Dividend Rate 3.68
Annual Dividend Yield 8.25%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.77
0.91
0.93
0.93
2025 2.60
0.88
0.91
0.91
0.91
2024 3.20
0.58
0.88
0.88
0.88
2023 2.14
0.50
0.50
0.56
0.58
2022 1.83
0.33
0.50
0.50
0.50
2021 1.27
0.31
0.32
0.32
0.32
2020 1.56
0.62
0.31
0.31
0.31
2019 2.45
0.60
0.61
0.62
0.62
2018 2.30
0.55
0.57
0.58
0.60
2017 2.02
0.46
0.49
0.53
0.54
2016 1.71
0.40
0.42
0.43
0.45
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 273 1,090 819 105
Receivables 667 702 773 955
Inventory — — — —
Other 53 55 64 79
992 1,847 1,657 1,139
2023 2024 2025 Q'26
Payables 362 313 319 510
ST’ Debt 618 1,011 449 168
Other — — — —
1,304 1,692 1,236 1,249

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%

Revenue $m

Mar Jun Sep Dec Year
’26 1,124 1,225 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.85 0.99 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 19.21 33.92 25.89 17.46 2.90 13.88 21.69 23.79 27.49 33.60

Analyst estimates 2026–2028

Powerpack
High 46.38 47.82 42.92 35.75 22.11 23.79 29.50 30.20 42.80 43.33
People
People Employees — — — 19 1,045 1,127 1,217 1,377 1,511 1,704
Revenue/emp, $m 0.00 0.00 0.00 144.54 2.65 2.55 2.67 2.26 2.39 2.26
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
Gross margin, % 72.61 60.74 81.93 83.82 93.22 88.80 87.06 94.70 95.22 94.61
EBT 605 677 690 821 523 934 1,256 1,052 1,629 1,228
EBT margin, % 33.55 27.88 29.99 29.90 18.86 32.47 38.61 33.88 45.19 31.94
Net income 597 737 631 808 517 944 1,251 1,048 1,611 1,212
Depreciation 270 324 395 492 941 559 590 609 660 718
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
Earnings 1.53 1.72 1.69 1.59 1.18 2.18 3.01 2.61 4.04 2.99
Cash flow 4.17 4.76 6.16 3.18 3.76 4.30 4.31 4.34 5.62 5.76
Capex (1.98) (4.59) (8.88) (2.86) (1.06) (0.72) (0.59) (2.00) (0.16) (1.94)
Free cash flow 2.19 0.17 (2.72) 0.33 2.70 3.58 3.72 2.33 5.46 3.82
Book value 18.78 18.02 22.35 8.05 6.65 7.53 7.87 7.91 8.87 10.78
Shares, m 219 219 219 416 436 411 395 383 380 386
Valuation, ×
Valuation, × P/E 28.73 22.71 16.41 12.62 11.52 10.22 8.56 11.03 9.51 13.12
P/S 5.33 3.52 2.64 2.98 2.17 3.18 3.13 3.55 4.05 3.97
P/B 2.34 2.17 1.24 2.45 2.08 2.96 3.27 3.64 4.33 3.66
EV/Sales 6.89 4.92 4.88 5.84 4.84 5.51 5.13 6.00 5.95 6.00
EV/FCF 25.93 315.22 (18.81) 118.70 10.88 10.77 11.35 20.87 10.34 15.65
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
Capex (434) (1,005) (1,945) (1,189) (461) (294) (232) (767) (60) (748)
Free cash flow 479 38 (596) 135 1,176 1,472 1,469 894 2,077 1,475
Balance, $m
Balance, $m Working capital 280 (169) (293) (84) (18) (455) (3) (312) 155 420
Total debt 3,161 3,493 5,243 7,959 7,855 6,907 6,785 7,901 7,938 8,644
Net debt 2,802 3,413 5,151 7,859 7,410 6,705 6,499 7,629 6,847 7,825
Shareholders’ equity 4,111 3,945 4,893 3,345 2,895 3,096 3,108 3,029 3,375 4,163
Returns, %
Returns, % ROA 4.45 4.78 3.79 5.56 4.27 7.76 10.55 8.41 12.00 8.20
ROIC 6.37 6.81 5.36 6.87 5.33 8.52 10.33 8.09 12.05 8.35
ROE 8.33 9.35 8.36 16.08 16.53 29.93 38.35 32.54 48.00 30.63
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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. $31.3B 9.4× 8.8× +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. $30.1B 11.1× 16.9× +5.21% (above 0%: growing) +135.16% (above 0%: growing) −11.63% (below 0%: shrinking) 59.74% 51.88% Compare
PBA Pembina Pipeline Corp. $28.0B 24.4× 22.9× +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. $20.7B 9.8× 15.6× +66.26% (above 0%: growing) +1,213.33% (above 0%: growing) +50.93% (above 0%: growing) 4.57% 2.24% Compare
WES Western Midstream Partners, LP $18.2B 14.0× 12.6× +29.97% (above 0%: growing) +12.50% (above 0%: growing) −36.19% (below 0%: shrinking) 90.41% 43.01%
PAA Plains All American Pipeline, L.P. $17.7B 7.0× 13.5× +66.26% (above 0%: growing) +1,095.24% (above 0%: growing) +50.92% (above 0%: growing) 4.57% 2.25% Compare
VNOM Viper Energy Inc. $15.7B 322× 18.4× +127.95% (above 0%: growing) +160.71% (above 0%: growing) +146.15% (above 0%: growing) 100.00% 63.22% Compare
DTM DT Midstream, Inc. $12.1B 26.9× 29.8× +11.00% (above 0%: growing) +4.76% (above 0%: growing) +12.50% (above 0%: growing) 100.00% 50.44% Compare
FRO Frontline PLC $11.7B 7.9× 4.6× +112.25% (above 0%: growing) +745.71% (above 0%: growing) +155.42% (above 0%: growing) 74.15% 65.92% Compare
Median of peers $19.2B 10.5× 16.3× +56.95% +210.36% +31.71% 61.74% 49.12%

All 58 Oil & Gas Midstream stocks →

Western Midstream Partners, LP (WES) key facts

  • Strength: Western Midstream Partners, LP’s revenue for fiscal 2025 (year ended December 2025) was $3.8 billion, up 6.61% from fiscal 2024.
  • Western Midstream Partners, LP (WES) is an Oil & Gas Midstream company in the Energy sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, WES traded at $44.60, a market capitalization of $18.2 billion.
  • Western Midstream Partners, LP pays an annual dividend of $3.68 per share, a yield of 8.25%, with a payout ratio of 115.7%.
  • Return on equity was 30.6% and debt-to-equity 2.06.
  • Its Piotroski F-score is 4 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Western Midstream Partners, LP (WES) Latest News

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stockrow.com/WES · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com