Western Midstream Partners, LP(WES)Earnings, Financials & Key Ratios

WES•NYSE

$41.25

$16.83B mkt cap·13.8× P/E·Price updated May 6, 2026

SectorEnergy IndustryMidstream Oil & Gas Sub-IndustryGas Gathering, Processing and NGLs

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%
ROIC10.48%-25.1%
Debt/Equity2.14-11.1%
Interest Coverage4.08-25.3%

Analysis→Technical→

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.

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

Full history →

●Beat EPS 5/12 qtrs (42%)●Beat Revenue 5/12 qtrs (42%)

Q1 2026Latest

Feb 18, 2026

EPS

$0.47

Est $0.84

-44.4%

Revenue

$1.0B

Est $1.0B

+0.2%

Q4 2025

Nov 4, 2025

EPS

$0.87

Est $0.88

-1.1%

Revenue

$952M

Est $961M

-0.9%

Q3 2025

Aug 6, 2025

EPS

$0.87

Est $0.83

+4.9%

Revenue

$942M

Est $940M

+0.2%

Q2 2025

May 7, 2025

EPS

$0.79

Est $0.83

-5.2%

Revenue

$917M

Est $920M

-0.3%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q1 2026Latest	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%
Q2 2025	May 7, 2025	$0.79vs $0.83-5.2%	$917Mvs $920M-0.3%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
EPDEnterprise Products Partners L.P.Direct Competitor	81.2B	37.56	14.12	-6.44%	11.03%	19.29%	1.14
ETEnergy Transfer LPDirect Competitor	68.36B	19.87	14.72	-0.05%	5.93%	10.38%	1.45
MPLXMPLX LpDirect Competitor	56.51B	55.66	11.55	8.37%	37.54%	32.81%	1.80
PAAPlains All American Pipeline, L.P.Direct Competitor	15.64B	22.17	30.37	2.79%	3.24%	6.27%	0.61
HESMHess Midstream LPDirect Competitor	7.96B	38.22	13.36	8.67%	21.79%	74.89%	8.61
KMIKinder Morgan, Inc.Product Competitor	70.26B	31.58	23.05	12.45%	18.92%	10.27%	1.00
WMBThe Williams Companies, Inc.Product Competitor	90.21B	73.76	34.47	13.78%	23.82%	18.98%	1.96
OKEONEOK, Inc.Product Competitor	53.93B	85.60	15.79	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.

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

WES Income Statement

Western Midstream Partners, LP (WES) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	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	-296.4M
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

Line item	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	822.75M
Days Sales Outstanding	26.28	43.21	36.2	62.03	59.26	66.26	80.05	73.04	74.91	68.65
Inventory	10.79M	10.87M	24.35M	882K	3.37M	3.8M	2.56M	2.51M	12.84M	0
Days Inventory Outstanding	3.28	5.16	9.58	0.47	1.41	1.38	1.22	1.12	3.87	2.72
Other Current Assets	0	4.18M	93K	17.93M	1.9M	6.41M	14.71M	17.34M	19.7M	69.17M
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	1.19B
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	0
Days Payables Outstanding	106.44	210.3	115.35	113.23	136.18	131.18	172.87	138.85	96.1	70.23
Short-Term Debt	350M	28M	9.68M	442.83M	516.49M	226.12M	629.01M	1.07B	514.12M	445.6M
Deferred Revenue (Current)	-350M	16.4M	19.66M	31.48M	27.76M	20.9M	16.87M	11.05M	22.88M	44.7M
Other Current Liabilities	72.13M	149.51M	162.79M	272.54M	268.37M	248.99M	237.59M	226.62M	301.26M	961.55M
Current Ratio	0.60x	0.63x	0.83x	0.98x	0.60x	1.00x	0.76x	1.09x	1.34x	1.34x
Quick Ratio	0.58x	0.61x	0.78x	0.98x	0.60x	0.99x	0.76x	1.09x	1.33x	1.33x
Cash Conversion Cycle	-76.87	-161.94	-69.58	-50.72	-75.51	-63.54	-91.61	-64.69	-17.33	1.14
Total Non-Current Liabilities	3.65B	5.93B	8.52B	7.97B	7.04B	7.26B	8.14B	8.08B	9.6B	8.6B
Long-Term Debt	3.49B	5.21B	7.95B	7.39B	6.4B	6.57B	7.25B	6.9B	8.29B	0
Capital Lease Obligations	0	0	3.04M	58.49M	36.98M	37.48M	77.13M	167.13M	122.55M	156.62M
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	11.19B
Total Liabilities	4.07B	6.56B	9B	8.93B	8.18B	8.16B	9.44B	9.77B	10.84B	10.01B
Total Debt	3.49B	5.24B	7.96B	7.89B	6.95B	6.83B	7.96B	8.14B	8.93B	445.6M
Net Debt	3.41B	5.15B	7.86B	7.45B	6.75B	6.54B	7.69B	7.05B	8.11B	-201.89M
Debt / Equity	0.89x	1.07x	2.38x	2.73x	2.25x	2.20x	2.63x	2.41x	2.14x	2.14x
Debt / EBITDA	3.51x	5.17x	4.64x	5.76x	3.68x	3.15x	4.02x	3.11x	3.89x	0.19x
Net Debt / EBITDA	3.43x	5.08x	4.59x	5.44x	3.58x	3.01x	3.88x	2.69x	3.53x	3.53x
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%	3.65B▲ 0%
Equity Growth %	-4.04%	24.03%	-31.63%	-13.45%	6.93%	0.4%	-2.54%	11.42%	23.35%	28.69%
Book Value per Share	18.02	22.35	8.05	6.65	7.51	7.84	7.88	8.83	10.34	9.11
Total Shareholders' Equity	1.06B	2.34B	3.2B	2.76B	2.96B	2.97B	2.9B	3.24B	4.02B	3.51B
Common Stock	1.06B	951.89M	3.2B	2.76B	2.96B	2.97B	2.9B	3.24B	4.02B	0
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

Line item	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%	-12.52%
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	10.85M
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	-795.29M
Working Capital Changes	-27.54M	3.62M	7.81M	-16.87M	181.11M	-49.21M	-94.03M	81.26M	206.34M	182.48M
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	-7.27M
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	-1.2B
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%	-
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	-821.15M
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	759.67M
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	-1.09B
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	-453.04M
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%	1.36B▲ 0%
FCF Margin %	9.89%	-8.9%	4.93%	43.9%	50.51%	37.34%	29.39%	35.36%	38.11%	33.6%
FCF Growth %	-48.65%	-179.68%	176.34%	799.71%	19.4%	-16.45%	-24.8%	39.62%	14.89%	-7.75%
FCF per Share	1.02	-0.81	0.33	2.79	3.53	3.06	2.38	3.33	3.64	3.64
FCF Conversion (FCF/Net Income)	2.38x	2.75x	1.90x	3.11x	1.93x	1.40x	1.61x	1.34x	1.87x	1.12x
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%	33.46%
Return on Invested Capital (ROIC)	7.43%	5.39%	8.69%	6.12%	9.93%	12.22%	10.16%	13.98%	10.48%	10.48%
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	2.14x
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	1.12x
Revenue Growth	24.61%	-11.48%	37.98%	0.96%	3.77%	13.02%	-4.47%	16.06%	6.61%	11.43%

WES SEC Filings & Documents

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

8-K Announcements

Material company update

May 6, 2026·SEC

Material company update

Feb 18, 2026·SEC

Material company update

Jan 22, 2026·SEC

10-K Annual Reports

FY 2026

Feb 18, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

FY 2026

May 6, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 6, 2025·SEC

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 8.62%. 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 $1.36B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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