Western Midstream Partners, LP (WES) 10-Year Financial Performance & Capital Metrics

WES • • Industrial / General

EnergyMidstream Oil & GasPipeline & Gathering SystemsNatural Gas Pipeline Operators

AboutWestern Midstream Partners, LP, a midstream energy company, together with its subsidiaries, acquires, owns, develops, and operates primarily in the United States. It is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing produced water. It also buys and sells natural gas, NGLs, and condensate. The company operates assets located in Texas, New Mexico, the Rocky Mountains, and North-central Pennsylvania. Western Midstream Holdings, LLC operates as the general partner of the company. The company was formerly known as Western Gas Equity Partners, LP and changed its name to Western Midstream Partners, LP in February 2019. Western Midstream Partners, LP was incorporated in 2007 and is based in The Woodlands, Texas.Show more

Revenue $3.61B +16.1%
EBITDA $2.62B +32.4%
Net Income $1.57B +53.9%
EPS (Diluted) 4.02 +54.6%
Gross Margin 77.18% +2.4%
EBITDA Margin 72.7% +14.1%
Operating Margin 54.66% +23.1%
Net Margin 43.65% +32.6%
ROE 49.14% +47.5%
ROIC 13.98% +37.6%
Debt/Equity 2.41 -8.2%
Interest Coverage 5.40 +31.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 40.6%
✓Strong 5Y profit CAGR of 17.7%
✓Strong Piotroski F-Score: 9/9
✓FCF machine: 35.4% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 33.0%

✗Weaknesses

✗High debt to equity ratio of 2.4x
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.96%

5Y5.59%

3Y7.81%

TTM5.81%

Profit (Net Income) CAGR

10Y21.64%

5Y17.68%

3Y19.75%

TTM-13.89%

EPS CAGR

10Y14.7%

5Y19.06%

3Y22.63%

TTM-13.78%

ROCE

10Y Avg10.59%

5Y Avg13.24%

3Y Avg15.24%

Latest17.42%

Peer Comparison

Natural Gas Pipeline Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNTKKinetik Holdings Inc.	2.4B	37.54	36.80	18.03%	7.29%	4.78%	15.04%	1.19
DTMDT Midstream, Inc.	11.9B	117.03	32.51	6.4%	34.3%	8.32%	3.47%	0.74
AMAntero Midstream Corporation	8.5B	17.84	21.49	5.79%	37.81%	22.87%	7.08%	1.47
HESMHess Midstream LP	4.51B	34.89	14.01	10.83%	18.56%	57.31%	14.05%	7.46
WESWestern Midstream Partners, LP	17B	41.67	10.37	16.06%	35.18%	39.54%	7.5%	2.41
VNOMViper Energy, Inc.	6.29B	37.32	9.77	3.99%	21.25%	2.24%		0.28
SMCSummit Midstream Corp.	324.7M	26.48	-2.07	-6.38%	-2.82%	-1.35%	2.51%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.56B	1.8B	2.25B	1.99B	2.75B	2.77B	2.88B	3.25B	3.11B	3.61B
Revenue Growth %	0.23%	0.16%	0.25%	-0.11%	0.38%	0.01%	0.04%	0.13%	-0.04%	0.16%
Cost of Goods Sold+	772.6M	767.13M	1.2B	769.46M	927.5M	679.17M	873.91M	1B	765.27M	822.68M
COGS % of Revenue	0.49%	0.43%	0.53%	0.39%	0.34%	0.24%	0.3%	0.31%	0.25%	0.23%
Gross Profit+	788.77M	1.04B	1.05B	1.22B	1.82B	2.09B	2B	2.25B	2.34B	2.78B
Gross Margin %	0.51%	0.57%	0.47%	0.61%	0.66%	0.76%	0.7%	0.69%	0.75%	0.77%
Gross Profit Growth %	0.21%	0.31%	0.01%	0.16%	0.49%	0.15%	-0.04%	0.12%	0.04%	0.19%
Operating Expenses+	368.56M	397.42M	413.48M	521.45M	587.33M	1.21B	666.97M	660.57M	961.65M	811.81M
OpEx % of Revenue	0.24%	0.22%	0.18%	0.26%	0.21%	0.44%	0.23%	0.2%	0.31%	0.23%
Selling, General & Admin	41.22M	49.25M	50.67M	63.73M	114.59M	155.77M	195.55M	194.02M	232.63M	271.53M
SG&A % of Revenue	0.03%	0.03%	0.02%	0.03%	0.04%	0.06%	0.07%	0.06%	0.07%	0.08%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-578K	545K	1.38M	-4.76M	472.74M	1.06B	471.42M	466.55M	729.01M	540.29M
Operating Income+	34.39M	704.53M	704.4M	625.36M	1.23B	878.91M	1.34B	1.59B	1.38B	1.97B
Operating Margin %	0.02%	0.39%	0.31%	0.31%	0.45%	0.32%	0.46%	0.49%	0.44%	0.55%
Operating Income Growth %	-0.92%	19.49%	-0%	-0.11%	0.97%	-0.29%	0.52%	0.19%	-0.13%	0.43%
EBITDA+	278.55M	977.47M	995.27M	1.01B	1.71B	1.37B	1.89B	2.17B	1.98B	2.62B
EBITDA Margin %	0.18%	0.54%	0.44%	0.51%	0.62%	0.49%	0.66%	0.67%	0.64%	0.73%
EBITDA Growth %	-0.56%	2.51%	0.02%	0.02%	0.69%	-0.2%	0.38%	0.15%	-0.09%	0.32%
D&A (Non-Cash Add-back)	244.16M	272.93M	290.87M	389.16M	483.25M	491.09M	551.63M	582.37M	600.67M	650.43M
EBIT	164.77M	714.47M	812.01M	864.31M	1.11B	889.41M	1.3B	1.58B	1.39B	1.99B
Net Interest Income+	-96.97M	-99.73M	-127.72M	-166.93M	-286.39M	-368.32M	-363.81M	-321.73M	-335.83M	-365.21M
Interest Income	16.9M	16.9M	16.9M	16.9M	16.9M	11.74M	0	0	0	0
Interest Expense	113.87M	116.63M	144.62M	183.83M	303.29M	380.06M	363.81M	321.73M	335.83M	365.21M
Other Income/Expense	-97.55M	-99.18M	-223.63M	-171.69M	-410.17M	-356.06M	-402.08M	-332.25M	-327.17M	-341.37M
Pretax Income+	-63.17M	605.35M	578.07M	451.46M	821.17M	522.85M	934.19M	1.26B	1.05B	1.63B
Pretax Margin %	-0.04%	0.34%	0.26%	0.23%	0.3%	0.19%	0.32%	0.39%	0.34%	0.45%
Income Tax+	3.38M	8.37M	4.87M	2.95M	13.47M	6M	-9.81M	4.19M	4.38M	18.11M
Effective Tax Rate %	-1.39%	0.57%	0.65%	0.82%	0.85%	1.01%	0.98%	0.97%	0.97%	0.97%
Net Income+	87.86M	345.77M	376.61M	369.43M	697.24M	527.01M	916.29M	1.22B	1.02B	1.57B
Net Margin %	0.06%	0.19%	0.17%	0.19%	0.25%	0.19%	0.32%	0.37%	0.33%	0.44%
Net Income Growth %	-0.6%	2.94%	0.09%	-0.02%	0.89%	-0.24%	0.74%	0.33%	-0.16%	0.54%
Net Income (Continuing)	-68.29M	596.98M	573.2M	448.51M	807.7M	516.85M	944M	1.25B	1.05B	1.61B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	2.43B	3.06B	2.88B	2.55B	149.57M	134.08M	137.69M	136.41M	131.71M	139.56M
EPS (Diluted)+	0.39	1.53	1.72	1.69	1.68	1.18	2.18	3.00	2.60	4.02
EPS Growth %	-0.62%	2.92%	0.12%	-0.02%	-0.01%	-0.3%	0.85%	0.38%	-0.13%	0.55%
EPS (Basic)	0.39	1.53	1.72	1.69	1.68	1.18	2.18	3.01	2.61	4.04
Diluted Shares Outstanding	218.91M	218.92M	218.93M	218.94M	415.79M	435.55M	412.02M	396.24M	384.41M	382.45M
Basic Shares Outstanding	218.91M	218.92M	218.93M	218.94M	415.79M	435.55M	411.31M	394.95M	383.03M	380.4M
Dividend Payout Ratio	3.49%	1.08%	1.17%	1.36%	1.39%	1.46%	0.58%	0.6%	1.12%	0.81%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	289.03M	595.59M	255.21M	335.82M	402.41M	943.06M	684.76M	900.42M	992.41M	1.85B
Cash & Short-Term Investments	99.69M	359.07M	79.59M	92.14M	99.96M	444.92M	202M	286.66M	272.79M	1.09B
Cash Only	99.69M	359.07M	79.59M	92.14M	99.96M	444.92M	202M	286.66M	272.79M	1.09B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	195.24M	226.5M	161.88M	235.6M	272.33M	471.19M	467.13M	590.3M	681.29M	721.45M
Days Sales Outstanding	45.64	45.82	26.28	43.21	36.2	62.03	59.26	66.26	80.05	73.04
Inventory	2.4M	7.13M	10.79M	10.87M	24.35M	882K	3.37M	3.8M	2.56M	2.51M
Days Inventory Outstanding	1.14	3.39	3.28	5.16	9.58	0.47	1.41	1.38	1.22	1.12
Other Current Assets	1.03M	0	0	4.18M	93K	17.93M	1.9M	6.41M	14.71M	17.34M
Total Non-Current Assets+	7B	7.14B	7.76B	11.11B	11.94B	10.89B	10.59B	10.37B	11.48B	11.3B
Property, Plant & Equipment	4.86B	5.05B	5.73B	8.41B	9.07B	8.75B	8.58B	8.61B	9.74B	9.93B
Fixed Asset Turnover	0.32x	0.36x	0.39x	0.24x	0.30x	0.32x	0.34x	0.38x	0.32x	0.36x
Goodwill	389.69M	417.61M	416.16M	416.16M	445.8M	4.78M	4.78M	4.78M	4.78M	4.78M
Intangible Assets	832.13M	803.7M	775.27M	746.8M	809.39M	776.41M	744.74M	713.08M	681.41M	649.74M
Long-Term Investments	878.89M	854.21M	826.21M	1.35B	1.61B	1.28B	1.18B	963.88M	934.23M	572.26M
Other Non-Current Assets	13M	15.06M	12.57M	62.79M	13.99M	81.02M	69.72M	80.78M	119.48M	136.7M
Total Assets+	6.71B	7.74B	8.02B	9.24B	12.35B	11.83B	11.27B	11.27B	12.47B	13.14B
Asset Turnover	0.23x	0.23x	0.28x	0.22x	0.22x	0.23x	0.26x	0.29x	0.25x	0.27x
Asset Growth %	-0.01%	0.15%	0.04%	0.15%	0.34%	-0.04%	-0.05%	-0%	0.11%	0.05%
Total Current Liabilities+	199.31M	315.39M	424.43M	536.86M	485.95M	960.93M	1.14B	903.86M	1.3B	1.69B
Accounts Payable	98.66M	247.08M	349.8M	443.34M	293.13M	210.69M	326.06M	360.56M	362.45M	312.94M
Days Payables Outstanding	46.61	117.56	106.44	210.3	115.35	113.23	136.18	131.18	172.87	138.85
Short-Term Debt	0	0	350M	28M	9.68M	442.83M	516.49M	226.12M	629.01M	1.07B
Deferred Revenue (Current)	0	0	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	136.13M	191.1M	72.13M	149.51M	162.79M	272.54M	268.37M	248.99M	237.59M	226.62M
Current Ratio	1.45x	1.89x	0.60x	0.63x	0.83x	0.98x	0.60x	1.00x	0.76x	1.09x
Quick Ratio	1.44x	1.87x	0.58x	0.61x	0.78x	0.98x	0.60x	0.99x	0.76x	1.09x
Cash Conversion Cycle	0.16	-68.35	-76.87	-161.94	-69.58	-50.72	-75.51	-63.54	-91.61	-64.69
Total Non-Current Liabilities+	3.15B	3.31B	3.65B	5.93B	8.52B	7.97B	7.04B	7.26B	8.14B	8.08B
Long-Term Debt	2.69B	3.12B	3.49B	5.21B	7.95B	7.39B	6.4B	6.57B	7.25B	6.9B
Capital Lease Obligations	0	0	0	0	3.04M	58.49M	36.98M	37.48M	77.13M	167.13M
Deferred Tax Liabilities	139.7M	6.4M	7.41M	280.02M	18.9M	22.2M	12.43M	14.42M	15.47M	29.68M
Other Non-Current Liabilities	317.33M	184.08M	146.88M	417.39M	510.33M	265.55M	303.26M	293.95M	362.31M	378.28M
Total Liabilities	3.38B	3.63B	4.07B	6.56B	9B	8.93B	8.18B	8.16B	9.44B	9.77B
Total Debt+	2.69B	3.12B	3.49B	5.24B	7.96B	7.89B	6.95B	6.83B	7.96B	8.14B
Net Debt	2.59B	2.76B	3.41B	5.15B	7.86B	7.45B	6.75B	6.54B	7.69B	7.05B
Debt / Equity	0.69x	0.76x	0.89x	1.07x	2.38x	2.73x	2.25x	2.20x	2.63x	2.41x
Debt / EBITDA	9.66x	3.19x	3.51x	5.17x	4.64x	5.76x	3.68x	3.15x	4.02x	3.11x
Net Debt / EBITDA	9.30x	2.82x	3.43x	5.08x	4.59x	5.44x	3.58x	3.01x	3.88x	2.69x
Interest Coverage	0.30x	6.04x	4.87x	3.40x	4.06x	2.31x	3.67x	4.94x	4.11x	5.40x
Total Equity+	3.92B	4.11B	3.94B	4.89B	3.35B	2.9B	3.1B	3.11B	3.03B	3.38B
Equity Growth %	-0.02%	0.05%	-0.04%	0.24%	-0.32%	-0.13%	0.07%	0%	-0.03%	0.11%
Book Value per Share	17.91	18.78	18.02	22.35	8.05	6.65	7.51	7.84	7.88	8.83
Total Shareholders' Equity	1.49B	1.05B	1.06B	2.34B	3.2B	2.76B	2.96B	2.97B	2.9B	3.24B
Common Stock	1.06B	1.05B	1.06B	951.89M	3.2B	2.76B	2.96B	2.97B	2.9B	3.24B
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	430.6M	0	0	1.39B	0	0	0	0	0	0
Minority Interest	2.43B	3.06B	2.88B	2.55B	149.57M	134.08M	137.69M	136.41M	131.71M	139.56M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	666.77M	913.08M	897.41M	1.02B	1.32B	1.64B	1.77B	1.7B	1.65B	2.11B
Operating CF Margin %	0.43%	0.51%	0.4%	0.51%	0.48%	0.59%	0.61%	0.52%	0.53%	0.58%
Operating CF Growth %	0.26%	0.37%	-0.02%	0.13%	0.3%	0.24%	0.08%	-0.04%	-0.03%	0.28%
Net Income	-66.55M	596.98M	573.2M	448.51M	807.7M	520.39M	944M	1.25B	1.05B	1.61B
Depreciation & Amortization	244.16M	272.93M	290.87M	337.54M	483.25M	491.09M	551.63M	582.37M	600.67M	650.43M
Stock-Based Compensation	4.45M	4.99M	5.17M	6.43M	15.49M	14.6M	27.68M	27.78M	31.42M	37.41M
Deferred Taxes	1.93M	2.56M	2.46M	2.47M	7.61M	3.3M	-9.77M	2M	1.04M	14.21M
Other Non-Cash Items	486.02M	30.55M	53.25M	218.13M	2.23M	628.15M	72.21M	-112.96M	58.41M	-287.48M
Working Capital Changes	-3.24M	5.07M	-27.54M	3.62M	7.81M	-16.87M	181.11M	-49.21M	-94.03M	81.26M
Change in Receivables	-5.67M	-49M	-16.2M	-56.71M	-45.03M	-147.04M	16.37M	-116.3M	-78.32M	-42.8M
Change in Inventory	443K	168K	145K	752K	236K	0	0	-9.47M	0	0
Change in Payables	3.15M	58.37M	-6.92M	31.9M	-30.87M	0	0	-7.81M	0	0
Cash from Investing+	-466.42M	-1.11B	-763.6M	-1.46B	-3.39B	-448.25M	-257.54M	-218.24M	-1.61B	-39.17M
Capital Expenditures	-602.29M	-479.99M	-675.02M	-1.19B	-1.19B	-423.6M	-313.67M	-487.23M	-735.08M	-833.86M
CapEx % of Revenue	0.39%	0.27%	0.3%	0.6%	0.43%	0.15%	0.11%	0.15%	0.24%	0.23%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	146.32M	69.09M	71.01M	29.55M	30.6M	-5.26M	60.57M	328.38M	6.69M	804.82M
Cash from Financing+	-167.87M	451.84M	-413.29M	455.66M	2.07B	-871.98M	-1.75B	-1.4B	-58.83M	-1.25B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-306.48M	-374.08M	-441.97M	-502.46M	-969.07M	-771.55M	-533.76M	-735.75M	-1.14B	-1.27B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-279.38M	426.21M	-346.72M	-258.55M	311.91M	36.49M	-48.05M	-45.65M	127.27M	-16.01M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	64.48M	433.08M	222.39M	-177.2M	135.27M	1.22B	1.45B	1.21B	913.12M	1.27B
FCF Margin %	0.04%	0.24%	0.1%	-0.09%	0.05%	0.44%	0.51%	0.37%	0.29%	0.35%
FCF Growth %	1.45%	5.72%	-0.49%	-1.8%	1.76%	8%	0.19%	-0.16%	-0.25%	0.4%
FCF per Share	0.29	1.98	1.02	-0.81	0.33	2.79	3.53	3.06	2.38	3.33
FCF Conversion (FCF/Net Income)	7.59x	2.64x	2.38x	2.75x	1.90x	3.11x	1.93x	1.40x	1.61x	1.34x
Interest Paid	0	107.66M	136.62M	139.48M	293.56M	349.91M	375.01M	355.36M	326.95M	360.85M
Taxes Paid	0	838K	1.19M	2.41M	96K	0	938K	912K	4.13M	2.23M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	2.22%	8.61%	9.35%	8.36%	16.93%	16.89%	30.59%	39.24%	33.31%	49.14%
Return on Invested Capital (ROIC)	0.4%	7.9%	7.43%	5.39%	8.69%	6.12%	9.93%	12.22%	10.16%	13.98%
Gross Margin	50.52%	57.48%	46.65%	61.34%	66.23%	75.5%	69.63%	69.15%	75.37%	77.18%
Net Margin	5.63%	19.16%	16.75%	18.56%	25.39%	19.01%	31.85%	37.43%	32.91%	43.65%
Debt / Equity	0.69x	0.76x	0.89x	1.07x	2.38x	2.73x	2.25x	2.20x	2.63x	2.41x
Interest Coverage	0.30x	6.04x	4.87x	3.40x	4.06x	2.31x	3.67x	4.94x	4.11x	5.40x
FCF Conversion	7.59x	2.64x	2.38x	2.75x	1.90x	3.11x	1.93x	1.40x	1.61x	1.34x
Revenue Growth	22.58%	15.56%	24.61%	-11.48%	37.98%	0.96%	3.77%	13.02%	-4.47%	16.06%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Service Fee Based	1.61B	-	2.58B	2.46B	2.6B	2.77B	3.25B
Service Fee Based Growth	-	-	-	-4.70%	5.65%	6.41%	17.32%
Service Product Based	85.55M	-	48.37M	122.58M	249.69M	191.73M	215.78M
Service Product Based Growth	-	-	-	153.44%	103.69%	-23.21%	12.54%
Product	301.87M	287.06M	138.56M	290.95M	399.02M	145.02M	140.1M
Product Growth	-	-4.91%	-51.73%	109.98%	37.15%	-63.66%	-3.40%
Product and Service, Other	1.49M	-	1.34M	789K	953K	968K	1.08M
Product and Service, Other Growth	-	-	-	-41.16%	20.79%	1.57%	12.09%

Frequently Asked Questions

Valuation & Price

Western Midstream Partners, LP (WES) has a price-to-earnings (P/E) ratio of 10.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Western Midstream Partners, LP (WES) reported $3.74B in revenue for fiscal year 2024. This represents a 362% increase from $809.7M in 2011.

Western Midstream Partners, LP (WES) grew revenue by 16.1% over the past year. This is strong growth.

Yes, Western Midstream Partners, LP (WES) is profitable, generating $1.32B in net income for fiscal year 2024 (43.6% net margin).

Dividend & Returns

Yes, Western Midstream Partners, LP (WES) pays a dividend with a yield of 7.98%. This makes it attractive for income-focused investors.

Western Midstream Partners, LP (WES) has a return on equity (ROE) of 49.1%. This is excellent, indicating efficient use of shareholder capital.

Western Midstream Partners, LP (WES) generated $1.47B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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