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Western Midstream Partners, LP(WES)Earnings, Financials & Key Ratios
WES•NYSE
14.3× P/E·Price updated Jun 19, 2026
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$3.84B+6.6%
- EBITDA$2.3B-12.4%
- Net Income$1.17B-25.7%
- EPS (Diluted)3.00-25.4%
- Gross Margin68.46%-11.3%
- EBITDA Margin59.75%-17.8%
- Operating Margin41.26%-24.5%
- Net Margin30.43%-30.3%
- ROE31.03%-36.9%
WES Key Insights
Western Midstream Partners, LP (WES) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Excellent 3Y average ROE of 37.8%
- ✓Strong 5Y profit CAGR of 17.3%
- ✓FCF machine: 38.1% free cash flow margin
- ✓High quality earnings: Operating CF exceeds net income
- ✓Healthy 5Y average net margin of 35.3%
✗Weaknesses
- ✗High debt to equity ratio of 2.1x
- ✗Dividend payout exceeds 100% of earnings
- ✗Low asset turnover indicates capital-intensive operations
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
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WES Price & Volume
Western Midstream Partners, LP (WES) stock price & volume — 10-year historical chart
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WES Growth Metrics
Western Midstream Partners, LP (WES) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years9.43%
5 Years6.75%
3 Years5.73%
TTM11.43%
Profit CAGR
10 Years29.55%
5 Years17.29%
3 Years-1.32%
TTM-7.55%
EPS CAGR
10 Years22.63%
5 Years20.52%
3 Years0%
TTM-8.06%
Return on Capital
10 Years11.79%
5 Years14.21%
3 Years14.27%
Last Year12.58%
WES Recent Earnings
Western Midstream Partners, LP (WES) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 6/12 qtrs (50%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
May 6, 2026Metric
Actual
Est
EPS
$0.85+14.6%
$0.74
Rev
$1.1B+11.0%
$1.0B
Q1 2026
Feb 18, 2026Metric
Actual
Est
EPS
$0.47-44.4%
$0.84
Rev
$1.0B+0.2%
$1.0B
Q4 2025
Nov 4, 2025Metric
Actual
Est
EPS
$0.87-1.1%
$0.88
Rev
$952M-0.9%
$961M
Q3 2025
Aug 6, 2025Metric
Actual
Est
EPS
$0.87+4.9%
$0.83
Rev
$942M+0.2%
$940M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | May 6, 2026 | $0.85vs $0.74+14.6% | $1.1Bvs $1.0B+11.0% |
| Q1 2026 | Feb 18, 2026 | $0.47vs $0.84-44.4% | $1.0Bvs $1.0B+0.2% |
| Q4 2025 | Nov 4, 2025 | $0.87vs $0.88-1.1% | $952Mvs $961M-0.9% |
| Q3 2025 | Aug 6, 2025 | $0.87vs $0.83+4.9% | $942Mvs $940M+0.2% |
Based on last 12 quarters of dataView full earnings history →
WES Peer Comparison
Western Midstream Partners, LP (WES) competitors in Gas Gathering, Processing and NGLs — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 EPD | 79.12B | 36.60 | 13.76 | -6.44% | 11.03% | 19.29% | 1.14 | |
 ET | 64.51B | 18.75 | 13.89 | -0.05% | 6.21% | 11.56% | 1.45 | |
 MPLX | 57.7B | 56.84 | 11.79 | 8.37% | 37.54% | 32.81% | 1.80 | |
 PAA | 15.06B | 21.34 | 12.86 | -11.61% | 2.54% | 8.84% | 0.86 | |
 HESM | 7.67B | 36.79 | 12.86 | 8.67% | 21.79% | 74.89% | 8.61 | |
 KMI | 70.28B | 31.59 | 23.06 | 12.45% | 18.92% | 10.27% | 1.00 | |
 WMB | 89.43B | 73.12 | 34.17 | 13.78% | 23.82% | 18.98% | 1.96 | |
 OKE | 53.57B | 85.03 | 15.69 | 55.42% | 10.04% | 15.86% | 1.45 |
Compare WES vs Peers
Western Midstream Partners, LP (WES) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
WES Income Statement
Western Midstream Partners, LP (WES) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Sales/Revenue | 2.25B | 1.99B | 2.75B | 2.77B | 2.88B | 3.25B | 3.11B | 3.61B | 3.84B | 4.05B |
Revenue Growth % | 24.61% | -11.48% | 37.98% | 0.96% | 3.77% | 13.02% | -4.47% | 16.06% | 6.61% | 11.43% |
Cost of Goods Sold | 1.2B | 769.46M | 927.5M | 679.17M | 873.91M | 1B | 765.27M | 822.68M | 1.21B | 1.26B |
COGS % of Revenue | 53.35% | 38.66% | 33.77% | 24.5% | 30.37% | 30.85% | 24.63% | 22.82% | 31.54% | - |
Gross Profit | 1.05B▲ 0% | 1.22B▲ 16.4% | 1.82B▲ 49.0% | 2.09B▲ 15.1% | 2B▼ 4.3% | 2.25B▲ 12.2% | 2.34B▲ 4.1% | 2.78B▲ 18.9% | 2.63B▼ 5.4% | 2.79B▲ 0% |
Gross Margin % | 46.65% | 61.34% | 66.23% | 75.5% | 69.63% | 69.15% | 75.37% | 77.18% | 68.46% | 68.78% |
Gross Profit Growth % | 1.12% | 16.4% | 48.97% | 15.11% | -4.31% | 12.24% | 4.13% | 18.85% | -5.44% | - |
Operating Expenses | 413.48M | 521.45M | 587.33M | 1.21B | 666.97M | 660.57M | 961.65M | 811.81M | 1.05B | 1.15B |
OpEx % of Revenue | 18.39% | 26.2% | 21.39% | 43.8% | 23.18% | 20.31% | 30.96% | 22.52% | 27.21% | - |
Selling, General & Admin | 50.67M | 63.73M | 114.59M | 155.77M | 195.55M | 194.02M | 232.63M | 271.53M | 398.92M | 407.29M |
SG&A % of Revenue | 2.25% | 3.2% | 4.17% | 5.62% | 6.8% | 5.97% | 7.49% | 7.53% | 10.38% | - |
Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
Other Operating Expenses | 1.38M | -4.76M | 472.74M | 1.06B | 471.42M | 466.55M | 729.01M | 540.29M | 646.7M | 4M |
Operating Income | 704.4M▲ 0% | 625.36M▼ 11.2% | 1.23B▲ 96.9% | 878.91M▼ 28.6% | 1.34B▲ 52.0% | 1.59B▲ 18.8% | 1.38B▼ 13.1% | 1.97B▲ 42.9% | 1.59B▼ 19.5% | 1.64B▲ 0% |
Operating Margin % | 31.33% | 31.42% | 44.84% | 31.7% | 46.44% | 48.83% | 44.41% | 54.66% | 41.26% | 40.62% |
Operating Income Growth % | -0.02% | -11.22% | 96.9% | -28.62% | 52.04% | 18.83% | -13.12% | 42.85% | -19.54% | - |
EBITDA | 995.27M | 1.01B | 1.71B | 1.37B | 1.89B | 2.17B | 1.98B | 2.62B | 2.3B | 2.39B |
EBITDA Margin % | 44.27% | 50.97% | 62.44% | 49.41% | 65.62% | 66.74% | 63.75% | 72.7% | 59.75% | 58.91% |
EBITDA Growth % | 1.82% | 1.93% | 69% | -20.1% | 37.8% | 14.96% | -8.76% | 32.37% | -12.39% | 0.92% |
D&A (Non-Cash Add-back) | 290.87M | 389.16M | 483.25M | 491.09M | 551.63M | 582.37M | 600.67M | 650.43M | 710.78M | 740.74M |
EBIT | 812.01M | 864.31M | 1.11B | 889.41M | 1.3B | 1.58B | 1.39B | 1.99B | 1.59B | 1.18B |
Net Interest Income | -127.72M | -166.93M | -286.39M | -368.32M | -363.81M | -321.73M | -335.83M | -365.21M | -390.49M | -183.01M |
Interest Income | 16.9M | 16.9M | 16.9M | 11.74M | 0 | 0 | 0 | 0 | 0 | 0 |
Interest Expense | 144.62M | 183.83M | 303.29M | 380.06M | 363.81M | 321.73M | 335.83M | 365.21M | 390.49M | 183.01M |
Other Income/Expense | -223.63M | -171.69M | -410.17M | -356.06M | -402.08M | -332.25M | -327.17M | -341.37M | -358.06M | -374.9M |
Pretax Income | 578.07M▲ 0% | 451.46M▼ 21.9% | 821.17M▲ 81.9% | 522.85M▼ 36.3% | 934.19M▲ 78.7% | 1.26B▲ 34.4% | 1.05B▼ 16.2% | 1.63B▲ 54.8% | 1.23B▼ 24.7% | 1.27B▲ 0% |
Pretax Margin % | 25.71% | 22.68% | 29.9% | 18.86% | 32.47% | 38.61% | 33.88% | 45.19% | 31.94% | 31.36% |
Income Tax | 4.87M | 2.95M | 13.47M | 6M | -9.81M | 4.19M | 4.38M | 18.11M | 15.09M | 15.15M |
Effective Tax Rate % | 0.84% | 0.65% | 1.64% | 1.15% | -1.05% | 0.33% | 0.42% | 1.11% | 1.23% | 1.19% |
Net Income | 376.61M▲ 0% | 369.43M▼ 1.9% | 697.24M▲ 88.7% | 527.01M▼ 24.4% | 916.29M▲ 73.9% | 1.22B▲ 32.8% | 1.02B▼ 16.0% | 1.57B▲ 53.9% | 1.17B▼ 25.7% | 1.21B▲ 0% |
Net Margin % | 16.75% | 18.56% | 25.39% | 19.01% | 31.85% | 37.43% | 32.91% | 43.65% | 30.43% | 29.9% |
Net Income Growth % | 8.92% | -1.91% | 88.73% | -24.41% | 73.87% | 32.83% | -16.01% | 53.94% | -25.67% | -7.55% |
Net Income (Continuing) | 573.2M | 448.51M | 807.7M | 516.85M | 944M | 1.25B | 1.05B | 1.61B | 1.21B | 1.25B |
Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 2.88B | 2.55B | 149.57M | 134.08M | 137.69M | 136.41M | 131.71M | 139.56M | 141.89M | 141.2M |
EPS (Diluted) | 1.72▲ 0% | 1.69▼ 1.7% | 1.68▼ 0.6% | 1.18▼ 29.8% | 2.18▲ 84.7% | 3.00▲ 37.6% | 2.60▼ 13.3% | 4.02▲ 54.6% | 3.00▼ 25.4% | 3.02▲ 0% |
EPS Growth % | 12.42% | -1.74% | -0.59% | -29.76% | 84.75% | 37.61% | -13.33% | 54.62% | -25.37% | -8.06% |
EPS (Basic) | 1.72 | 1.69 | 1.68 | 1.18 | 2.18 | 3.01 | 2.61 | 4.04 | 3.01 | - |
Diluted Shares Outstanding | 218.93M | 218.94M | 415.79M | 435.55M | 412.02M | 396.24M | 384.41M | 382.45M | 402.46M | 400.57M |
Basic Shares Outstanding | 218.93M | 218.94M | 415.79M | 435.55M | 411.31M | 394.95M | 383.03M | 380.4M | 400.49M | 399.1M |
Dividend Payout Ratio | 117.36% | 136.01% | 138.99% | 146.4% | 58.25% | 60.45% | 111.74% | 80.84% | 122.35% | - |
WES Balance Sheet
Western Midstream Partners, LP (WES) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Current Assets | 255.21M | 335.82M | 402.41M | 943.06M | 684.76M | 900.42M | 992.41M | 1.85B | 1.66B | 1.54B |
Cash & Short-Term Investments | 79.59M | 92.14M | 99.96M | 444.92M | 202M | 286.66M | 272.79M | 1.09B | 819.49M | 647.5M |
Cash Only | 79.59M | 92.14M | 99.96M | 444.92M | 202M | 286.66M | 272.79M | 1.09B | 819.49M | 647.5M |
Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts Receivable | 161.88M | 235.6M | 272.33M | 471.19M | 467.13M | 590.3M | 681.29M | 721.45M | 788.8M | 848.59M |
Days Sales Outstanding | 26.28 | 43.21 | 36.2 | 62.03 | 59.26 | 66.26 | 80.05 | 73.04 | 74.91 | 69.23 |
Inventory | 10.79M | 10.87M | 24.35M | 882K | 3.37M | 3.8M | 2.56M | 2.51M | 12.84M | 14.8M |
Days Inventory Outstanding | 3.28 | 5.16 | 9.58 | 0.47 | 1.41 | 1.38 | 1.22 | 1.12 | 3.87 | 3.79 |
Other Current Assets | 0 | 4.18M | 93K | 17.93M | 1.9M | 6.41M | 14.71M | 17.34M | 19.7M | 17.44M |
Total Non-Current Assets | 7.76B | 11.11B | 11.94B | 10.89B | 10.59B | 10.37B | 11.48B | 11.3B | 13.34B | 13.39B |
Property, Plant & Equipment | 5.73B | 8.41B | 9.07B | 8.75B | 8.58B | 8.61B | 9.74B | 9.93B | 11.41B | 11.29B |
Fixed Asset Turnover | 0.39x | 0.24x | 0.30x | 0.32x | 0.34x | 0.38x | 0.32x | 0.36x | 0.34x | 0.38x |
Goodwill | 416.16M | 416.16M | 445.8M | 4.78M | 4.78M | 4.78M | 4.78M | 4.78M | 353.26M | 347.64M |
Intangible Assets | 775.27M | 746.8M | 809.39M | 776.41M | 744.74M | 713.08M | 681.41M | 649.74M | 913.76M | 901.9M |
Long-Term Investments | 826.21M | 1.35B | 1.61B | 1.28B | 1.18B | 963.88M | 934.23M | 572.26M | 511.99M | 2.04B |
Other Non-Current Assets | 12.57M | 62.79M | 13.99M | 81.02M | 69.72M | 80.78M | 119.48M | 136.7M | 153.65M | 345.1M |
Total Assets | 8.02B▲ 0% | 9.24B▲ 15.2% | 12.35B▲ 33.6% | 11.83B▼ 4.2% | 11.27B▼ 4.7% | 11.27B▼ 0.0% | 12.47B▲ 10.6% | 13.14B▲ 5.4% | 15B▲ 14.1% | 14.92B▲ 0% |
Asset Turnover | 0.28x | 0.22x | 0.22x | 0.23x | 0.26x | 0.29x | 0.25x | 0.27x | 0.26x | 0.30x |
Asset Growth % | 3.62% | 15.25% | 33.64% | -4.18% | -4.71% | -0.01% | 10.65% | 5.4% | 14.1% | 27.15% |
Total Current Liabilities | 424.43M | 536.86M | 485.95M | 960.93M | 1.14B | 903.86M | 1.3B | 1.69B | 1.24B | 1.41B |
Accounts Payable | 349.8M | 443.34M | 293.13M | 210.69M | 326.06M | 360.56M | 362.45M | 312.94M | 319.17M | 413.81M |
Days Payables Outstanding | 106.44 | 210.3 | 115.35 | 113.23 | 136.18 | 131.18 | 172.87 | 138.85 | 96.1 | 100.1 |
Short-Term Debt | 350M | 28M | 9.68M | 442.83M | 516.49M | 226.12M | 629.01M | 1.07B | 514.12M | 513.28M |
Deferred Revenue (Current) | -350M | 16.4M | 19.66M | 31.48M | 27.76M | 20.9M | 16.87M | 11.05M | 22.88M | 230.64M |
Other Current Liabilities | 72.13M | 149.51M | 162.79M | 272.54M | 268.37M | 248.99M | 237.59M | 226.62M | 301.26M | 243.29M |
Current Ratio | 0.60x | 0.63x | 0.83x | 0.98x | 0.60x | 1.00x | 0.76x | 1.09x | 1.34x | 1.09x |
Quick Ratio | 0.58x | 0.61x | 0.78x | 0.98x | 0.60x | 0.99x | 0.76x | 1.09x | 1.33x | 1.08x |
Cash Conversion Cycle | -76.87 | -161.94 | -69.58 | -50.72 | -75.51 | -63.54 | -91.61 | -64.69 | -17.33 | -27.07 |
Total Non-Current Liabilities | 3.65B | 5.93B | 8.52B | 7.97B | 7.04B | 7.26B | 8.14B | 8.08B | 9.6B | 10.01B |
Long-Term Debt | 3.49B | 5.21B | 7.95B | 7.39B | 6.4B | 6.57B | 7.25B | 6.9B | 8.29B | 8.18B |
Capital Lease Obligations | 0 | 0 | 3.04M | 58.49M | 36.98M | 37.48M | 77.13M | 167.13M | 122.55M | 167.76M |
Deferred Tax Liabilities | 7.41M | 280.02M | 18.9M | 22.2M | 12.43M | 14.42M | 15.47M | 29.68M | 111.28M | 286.78M |
Other Non-Current Liabilities | 146.88M | 417.39M | 510.33M | 265.55M | 303.26M | 293.95M | 362.31M | 378.28M | 327.85M | 1.7B |
Total Liabilities | 4.07B | 6.56B | 9B | 8.93B | 8.18B | 8.16B | 9.44B | 9.77B | 10.84B | 11.42B |
Total Debt | 3.49B | 5.24B | 7.96B | 7.89B | 6.95B | 6.83B | 7.96B | 8.14B | 8.93B | 8.71B |
Net Debt | 3.41B | 5.15B | 7.86B | 7.45B | 6.75B | 6.54B | 7.69B | 7.05B | 8.11B | 8.06B |
Debt / Equity | 0.89x | 1.07x | 2.38x | 2.73x | 2.25x | 2.20x | 2.63x | 2.41x | 2.14x | 2.48x |
Debt / EBITDA | 3.51x | 5.17x | 4.64x | 5.76x | 3.68x | 3.15x | 4.02x | 3.11x | 3.89x | 3.65x |
Net Debt / EBITDA | 3.43x | 5.08x | 4.59x | 5.44x | 3.58x | 3.01x | 3.88x | 2.69x | 3.53x | 3.38x |
Interest Coverage | 5.61x | 4.70x | 3.67x | 2.34x | 3.57x | 4.90x | 4.13x | 5.46x | 4.08x | 6.44x |
Total Equity | 3.94B▲ 0% | 4.89B▲ 24.0% | 3.35B▼ 31.6% | 2.9B▼ 13.5% | 3.1B▲ 6.9% | 3.11B▲ 0.4% | 3.03B▼ 2.5% | 3.38B▲ 11.4% | 4.16B▲ 23.3% | 3.51B▲ 0% |
Equity Growth % | -4.04% | 24.03% | -31.63% | -13.45% | 6.93% | 0.4% | -2.54% | 11.42% | 23.35% | 24.46% |
Book Value per Share | 18.02 | 22.35 | 8.05 | 6.65 | 7.51 | 7.84 | 7.88 | 8.83 | 10.34 | 8.76 |
Total Shareholders' Equity | 1.06B | 2.34B | 3.2B | 2.76B | 2.96B | 2.97B | 2.9B | 3.24B | 4.02B | 3.37B |
Common Stock | 1.06B | 951.89M | 3.2B | 2.76B | 2.96B | 2.97B | 2.9B | 3.24B | 4.02B | 3.37B |
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 | 0 | 1.39B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Minority Interest | 2.88B | 2.55B | 149.57M | 134.08M | 137.69M | 136.41M | 131.71M | 139.56M | 141.89M | 141.2M |
WES Cash Flow Statement
Western Midstream Partners, LP (WES) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 897.41M | 1.02B | 1.32B | 1.64B | 1.77B | 1.7B | 1.65B | 2.11B | 2.19B | 2.19B |
Operating CF Margin % | 39.91% | 51.08% | 48.22% | 59.17% | 61.41% | 52.32% | 53.06% | 58.49% | 57.05% | - |
Operating CF Growth % | -1.72% | 13.29% | 30.24% | 23.91% | 7.69% | -3.7% | -3.13% | 27.94% | 3.98% | -10.58% |
Net Income | 573.2M | 448.51M | 807.7M | 520.39M | 944M | 1.25B | 1.05B | 1.61B | 1.22B | 1.21B |
Depreciation & Amortization | 290.87M | 337.54M | 483.25M | 491.09M | 551.63M | 582.37M | 600.67M | 650.43M | 710.78M | 542.86M |
Stock-Based Compensation | 5.17M | 6.43M | 15.49M | 14.6M | 27.68M | 27.78M | 31.42M | 37.41M | 50.2M | 0 |
Deferred Taxes | 2.46M | 2.47M | 7.61M | 3.3M | -9.77M | 2M | 1.04M | 14.21M | 1.21M | 1.14M |
Other Non-Cash Items | 53.25M | 218.13M | 2.23M | 628.15M | 72.21M | -112.96M | 58.41M | -287.48M | 8.65M | -648.03M |
Working Capital Changes | -27.54M | 3.62M | 7.81M | -16.87M | 181.11M | -49.21M | -94.03M | 81.26M | 206.34M | 72.61M |
Change in Receivables | -16.2M | -56.71M | -45.03M | -147.04M | 16.37M | -116.3M | -78.32M | -42.8M | 36.03M | -42.84M |
Change in Inventory | 145K | 752K | 236K | 0 | 0 | -9.47M | 0 | 0 | 0 | 0 |
Change in Payables | -6.92M | 31.9M | -30.87M | 0 | 0 | -7.81M | 0 | 0 | -3.97M | 14.4M |
Cash from Investing | -763.6M | -1.46B | -3.39B | -448.25M | -257.54M | -218.24M | -1.61B | -39.17M | -1.09B | -1.21B |
Capital Expenditures | -675.02M | -1.19B | -1.19B | -423.6M | -313.67M | -487.23M | -735.08M | -833.86M | -727.99M | -376.9M |
CapEx % of Revenue | 30.02% | 59.99% | 43.29% | 15.28% | 10.9% | 14.98% | 23.66% | 23.13% | 18.94% | 9.31% |
Acquisitions | -159.59M | -295.45M | -2.23B | -19.39M | -4.43M | -49.76M | -878.9M | -10.13M | 0 | 143K |
Investments | - | - | - | - | - | - | - | - | - | - |
Other Investing | 71.01M | 29.55M | 30.6M | -5.26M | 60.57M | 328.38M | 6.69M | 804.82M | -357.21M | -831.04M |
Cash from Financing | -413.29M | 455.66M | 2.07B | -871.98M | -1.75B | -1.4B | -58.83M | -1.25B | -1.38B | -783.39M |
Debt Issued (Net) | 375.58M | 1.63B | 2.73B | -136.92M | -952.97M | -129.54M | 1.09B | 34.88M | 95.73M | 773M |
Equity Issued (Net) | -183K | 0 | -855K | 0 | -217.47M | -487.59M | -134.6M | 0 | 0 | 0 |
Dividends Paid | -441.97M | -502.46M | -969.07M | -771.55M | -533.76M | -735.75M | -1.14B | -1.27B | -1.43B | -1.47B |
Share Repurchases | -183K | 0 | 855K | 0 | -217.47M | -487.59M | -134.6M | 0 | 0 | 0 |
Other Financing | -346.72M | -258.55M | 311.91M | 36.49M | -48.05M | -45.65M | 127.27M | -16.01M | -48.29M | -86.69M |
Net Change in Cash | -279.48M▲ 0% | 12.55M▲ 104.5% | 7.82M▼ 37.7% | 320.42M▲ 3997.4% | -242.92M▼ 175.8% | 84.66M▲ 134.8% | -17.92M▼ 121.2% | 816.26M▲ 4655.8% | -276.07M▼ 133.8% | 199.05M▲ 0% |
Free Cash Flow | 222.39M▲ 0% | -177.2M▼ 179.7% | 135.27M▲ 176.3% | 1.22B▲ 799.7% | 1.45B▲ 19.4% | 1.21B▼ 16.4% | 913.12M▼ 24.8% | 1.27B▲ 39.6% | 1.46B▲ 14.9% | 1.37B▲ 0% |
FCF Margin % | 9.89% | -8.9% | 4.93% | 43.9% | 50.51% | 37.34% | 29.39% | 35.36% | 38.11% | 33.85% |
FCF Growth % | -48.65% | -179.68% | 176.34% | 799.71% | 19.4% | -16.45% | -24.8% | 39.62% | 14.89% | -7.08% |
FCF per Share | 1.02 | -0.81 | 0.33 | 2.79 | 3.53 | 3.06 | 2.38 | 3.33 | 3.64 | 3.42 |
FCF Conversion (FCF/Net Income) | 2.38x | 2.75x | 1.90x | 3.11x | 1.93x | 1.40x | 1.61x | 1.34x | 1.87x | 1.13x |
Interest Paid | 136.62M | 139.48M | 293.56M | 349.91M | 375.01M | 355.36M | 326.95M | 360.85M | 0 | 0 |
Taxes Paid | 1.19M | 2.41M | 96K | 0 | 938K | 912K | 4.13M | 2.23M | 0 | 0 |
WES Key Ratios
Western Midstream Partners, LP (WES) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Return on Equity (ROE) | 9.35% | 8.36% | 16.93% | 16.89% | 30.59% | 39.24% | 33.31% | 49.14% | 31.03% | 33.79% |
Return on Invested Capital (ROIC) | 7.43% | 5.39% | 8.69% | 6.12% | 9.93% | 12.22% | 10.16% | 13.98% | 10.48% | 11.17% |
Gross Margin | 46.65% | 61.34% | 66.23% | 75.5% | 69.63% | 69.15% | 75.37% | 77.18% | 68.46% | 68.78% |
Net Margin | 16.75% | 18.56% | 25.39% | 19.01% | 31.85% | 37.43% | 32.91% | 43.65% | 30.43% | 29.9% |
Debt / Equity | 0.89x | 1.07x | 2.38x | 2.73x | 2.25x | 2.20x | 2.63x | 2.41x | 2.14x | 2.48x |
Interest Coverage | 5.61x | 4.70x | 3.67x | 2.34x | 3.57x | 4.90x | 4.13x | 5.46x | 4.08x | 6.44x |
FCF Conversion | 2.38x | 2.75x | 1.90x | 3.11x | 1.93x | 1.40x | 1.61x | 1.34x | 1.87x | 1.13x |
Revenue Growth | 24.61% | -11.48% | 37.98% | 0.96% | 3.77% | 13.02% | -4.47% | 16.06% | 6.61% | 11.43% |
Related:WES Dividend History·WES Revenue History·WES Price History·WES P/E History·WES Financial Ratios·WES Institutional Holders
WES SEC Filings & Documents
Western Midstream Partners, LP (WES) SEC filings — annual & quarterly reports (10-K, 10-Q)
WES Frequently Asked Questions
Western Midstream Partners, LP (WES) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
Western Midstream Partners, LP (WES) reported $4.05B in revenue for fiscal year 2025. This represents a 487% increase from $689.5M in 2008.
Western Midstream Partners, LP (WES) grew revenue by 6.6% over the past year. This is steady growth.
Yes, Western Midstream Partners, LP (WES) is profitable, generating $1.21B in net income for fiscal year 2025 (30.4% net margin).
Dividend & Returns
Yes, Western Midstream Partners, LP (WES) pays a dividend with a yield of 8.28%. This makes it attractive for income-focused investors.
Western Midstream Partners, LP (WES) has a return on equity (ROE) of 31.0%. This is excellent, indicating efficient use of shareholder capital.
Western Midstream Partners, LP (WES) generated $1.37B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.