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WESWestern Midstream Partners, LP
$45.65$18.9B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
WES logo

Western Midstream Partners, LP

WES
NYSE · Midstream Oil & Gas
$45.65
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$18.86B
P/E15.2x
52W High$50.07
Volume920.99K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Volume-Led Growth Offsets Cost Volatility and Leverage

Western Midstream Partners is executing an aggressive growth strategy, evidenced by 30% year-over-year revenue growth in 2026Q2 to $1.2B, driven by volume expansion and a $818.7M acquisition that boosted total assets 33% to $16.3B. The company maintains robust...

GrowthAccelerating
ProfitabilityStrong
ValuationReview
TechnicalsMixed
Explore valuation models
MARKET ACTION

WES price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

7/12 Beats

EPS beat 7 of last 12 quarters

02

Valuation risk

-28% Peers

P/E is 28% below peer median

03

Market leadership

RS 67 · Avg

Average momentum (RS Rating: 67)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Nov 5
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue accelerated 30% year-over-year to $1.2B in 2026Q2 with operating margin expanding to 43.0%, though gross margin volatility (49.4% in 2025Q4 vs. 76% average) and a 44.7% EPS decline in 2025Q4 highlight cost and commodity exposure.

Analyst Consensus+8.9% target
Hold(13 analysts)
4 Buy8 Hold1 Sell

The Bull Case

Upside Catalysts

Durable high yield

Western Midstream offers a ~9.2% yield that appears sustainable with potential for growth, making it attractive for income-focused investors.

Fundamental improvement

Despite trading flat for two years, the company's underlying fundamentals have shown improvement, suggesting potential for future performance.

Undervalued stock potential

Analysts suggest the stock may be undervalued with a consensus target price implying a +4.2% upside, supported by DCF valuation analysis.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
WES+21.90%
S&P 500 (^GSPC)+12.39%
1-Year Return
WES+28.00%
S&P 500 (^GSPC)+15.77%
3-Year Return
WES+106.97%
S&P 500 (^GSPC)+74.61%
5-Year Return
WES+194.19%
S&P 500 (^GSPC)+65.60%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
15.2x
Forward P/EExpansion
12.3x
EV/EBITDA100th %ile
11.7x
FCF YieldCash Flow
7.8%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
15.2x
10.2x
100th· High
EV/EBITDA
11.7x
8.4x
100th· High
Price/FCF
12.9x
10.9x
100th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$61.94+35.7%
Base (Fair)$109.71+132.0%
Bull$198.76+335.4%
$61.94 Bear$109.71 Base$198.76 Bull
Current Market Price: $45.65
Trades at a 58.4% discount to Base DCF ($109.71)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$3.84B+6.6% YoY
Net income
$1.17B-25.7% YoY
Free cash flow
$1.46B+14.9% YoY
Operating margin
41.3%-13.4 pts YoY
ROIC (TTM)10.5%
Avg ROIC 5Y-
ROE (TTM)31%
Piotroski Score5 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate7/12 (58%)
Revenue Beat Rate7/12 (58%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
$0.99+9.2%
vs $0.91
$1.2B+8.6%
vs $1.1B
Q2 2026
May 6, 2026
$0.85+14.6%
vs $0.74
$1.1B+11.0%
vs $1.0B
Q1 2026
Feb 18, 2026
$0.47-44.4%
vs $0.84
$1.0B+0.2%
vs $1.0B
Q4 2025
Nov 4, 2025
$0.87-1.1%
vs $0.88
$952M-0.9%
vs $961M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Seeking Alpha·Sep 12, 2026
5 Relatively Secure And Cheap Dividend Stocks, Yields Up To 8% (September 2026)

This article is part of our monthly series where we highlight five large-cap, relatively safe, dividend-paying companies offering significant discounts to their historical norms. We go over our filtering process to select just five conservative DGI stocks from more than 7,500 companies that are traded on U.S. exchanges, including OTC networks. In addition to the primary list that yields 4.6%, we present two other groups of five DGI stocks each, from moderate to high yields of up to 8%.

Zacks Investment Research·Sep 11, 2026
Western Midstream (WES) Outpaces Stock Market Gains: What You Should Know

In the latest trading session, Western Midstream (WES) closed at $49.03, marking a +1.74% move from the previous day.

Zacks Investment Research·Sep 10, 2026
Western Midstream (WES) Falls More Steeply Than Broader Market: What Investors Need to Know

Western Midstream (WES) reached $48.19 at the closing of the latest trading day, reflecting a -2.23% change compared to its last close.

Seeking Alpha·Sep 8, 2026
Big Yields And Growth: 2 Of My Best Investments Ever

Some of my biggest winners in the past remain very attractive opportunities today. I detail why these names combine high yield, strong growth, and sound fundamentals. I also discuss the risks they face.

Filtered for Western Midstream Partners, LPMore Headlines
04

Compare before deciding

Benchmark WES against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Western Midstream Partners, LP (WES)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
WES logoWESWestern Midstream Partners, LPCurrent
$45.65$18.86B15.226.61%30.43%31.03%7.79%
EPD logoEPDEnterprise Products Partners L.P.
$37.57$81.28B14.12-6.44%10.77%20.63%—
ET logoETEnergy Transfer LP
$20.49$70.51B15.18-0.05%5.57%11.82%—
MPLX logoMPLXMPLX Lp
$58.81$59.68B12.208.37%36.75%32.9%—
PAA logoPAAPlains All American Pipeline, L.P.
$24.44$17.24B14.72-11.61%5.3%20.8%—
HESM logoHESMHess Midstream LP
$38.78$8.01B13.568.4%23.29%92.18%—

Compare WES vs Peers

Western Midstream Partners, LP (WES) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EPD

Most directly comparable listed peer for WES.

Scale Benchmark

vs CVX

Larger-name benchmark to compare WES against a more recognizable public peer.

Peer Set

Compare Top 5

vs EPD, ET, MPLX, PAA

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

WES SEC Filings & Documents

Western Midstream Partners, LP (WES) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Aug 5, 2026·SEC

Material company update

Jun 25, 2026·SEC

Material company update

Jun 12, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Aug 5, 2026·SEC

FY 2026

May 6, 2026·SEC

FY 2025

Nov 4, 2025·SEC

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WES Frequently Asked Questions

Western Midstream Partners, LP (WES) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Western Midstream Partners, LP's revenue?

Western Midstream Partners, LP (WES) reported $4.33B in revenue for fiscal year 2025. This represents a 528% increase from $689.5M in 2008.

How fast is Western Midstream Partners, LP growing?

Western Midstream Partners, LP (WES) grew revenue by 6.6% over the past year. This is steady growth.

Is WES profitable?

Yes, Western Midstream Partners, LP (WES) is profitable, generating $1.26B in net income for fiscal year 2025 (30.4% net margin).

Dividend & Returns
Does WES pay dividends?

Yes, Western Midstream Partners, LP (WES) pays a dividend with a yield of 7.79%. This makes it attractive for income-focused investors.

What is WES's return on equity?

Western Midstream Partners, LP (WES) has a return on equity (ROE) of 31.0%. This is excellent, indicating efficient use of shareholder capital.

What is Western Midstream Partners, LP's free cash flow?

Western Midstream Partners, LP (WES) generated $2.49B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in WES back in 2008?

Total return calculator · dividends reinvested · 18+ years of data

See returns →