Western Midstream Partners, LP (WES) Financial Ratios
18 years of historical data (2008–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↑
10.90
↑+22% vs avg
5yr avg: 8.93
30Y Low7.9·High37.8
P/FCF
↑
11.55
+16% vs avg
5yr avg: 9.96
30Y Low4.9·High123.2
P/B Ratio
↑
4.15
+14% vs avg
5yr avg: 3.65
30Y Low1.2·High4.4
ROE
↑
31.0%
-15% vs avg
5yr avg: 36.7%
30Y Low0%·High49%
Debt/EBITDA
↑
3.89
+9% vs avg
5yr avg: 3.57
30Y Low2.1·High9.7
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
WES Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Western Midstream Partners, LP trades at 14.3x earnings, 35% above its 5-year average of 10.6x, sitting at the 54th percentile of its historical range. Compared to the Energy sector median P/E of 15.4x, the stock trades at a discount of 7%. On a free-cash-flow basis, the stock trades at 11.5x P/FCF, 16% above the 5-year average of 10.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.9B | $15.9B | $14.7B | $11.2B | $10.6B | $9.2B | $6.0B | $8.2B | $6.1B | $8.1B | $9.3B |
| Enterprise Value | $25.0B | $24.0B | $21.7B | $18.9B | $17.2B | $15.9B | $13.5B | $16.1B | $11.2B | $11.5B | $12.0B |
| P/E Ratio → | 14.32 | 13.17 | 9.56 | 11.25 | 8.95 | 10.22 | 11.71 | 11.72 | 16.41 | 21.60 | 27.68 |
| P/S Ratio | 4.40 | 4.14 | 4.08 | 3.62 | 3.27 | 3.19 | 2.17 | 2.98 | 3.05 | 3.62 | 5.14 |
| P/B Ratio | 4.15 | 3.82 | 4.35 | 3.71 | 3.42 | 2.96 | 2.08 | 2.45 | 1.24 | 2.06 | 2.26 |
| P/FCF | 11.55 | 10.85 | 11.53 | 12.32 | 8.76 | 6.31 | 4.95 | 60.52 | — | 36.58 | 21.41 |
| P/OCF | 7.71 | 7.25 | 6.97 | 6.82 | 6.25 | 5.19 | 3.67 | 6.18 | 5.97 | 9.07 | 10.15 |
P/E links to full P/E history page with 30-year chart
WES EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Western Midstream Partners, LP's enterprise value stands at 10.9x EBITDA, 22% above its 5-year average of 8.9x. The Energy sector median is 7.8x, placing the stock at a 39% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.25 | 6.03 | 6.10 | 5.28 | 5.54 | 4.86 | 5.84 | 5.64 | 5.14 | 6.67 |
| EV / EBITDA | 10.90 | 10.45 | 8.30 | 9.56 | 7.92 | 8.44 | 9.83 | 9.36 | 11.06 | 11.60 | 12.31 |
| EV / EBIT | 15.78 | 15.08 | 10.90 | 13.64 | 10.89 | 12.27 | 15.14 | 14.43 | 12.98 | 14.22 | 16.84 |
| EV / FCF | — | 16.39 | 17.06 | 20.74 | 14.15 | 10.96 | 11.07 | 118.66 | — | 51.93 | 27.78 |
WES Profitability
Margins and return-on-capital ratios measuring operating efficiency
Western Midstream Partners, LP earns an operating margin of 41.3%, significantly above the Energy sector average of 13.8%. Operating margins have compressed from 44.4% to 41.3% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 31.0% is exceptionally high — well above the sector median of 7.2%. ROIC of 10.5% represents solid returns on invested capital versus a sector median of 6.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.5% | 68.5% | 77.2% | 75.4% | 69.1% | 69.6% | 75.5% | 66.2% | 61.3% | 46.6% | 57.5% |
| Operating Margin | 41.3% | 41.3% | 54.7% | 44.4% | 48.8% | 46.4% | 31.7% | 44.8% | 31.4% | 31.3% | 39.0% |
| Net Profit Margin | 30.4% | 30.4% | 43.6% | 32.9% | 37.4% | 31.8% | 19.0% | 25.4% | 18.6% | 16.8% | 19.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.0% | 31.0% | 49.1% | 33.3% | 39.2% | 30.6% | 16.9% | 16.9% | 8.4% | 9.4% | 8.6% |
| ROA | 8.3% | 8.3% | 12.3% | 8.6% | 10.8% | 7.9% | 4.4% | 6.5% | 4.3% | 4.8% | 4.8% |
| ROIC | 10.5% | 10.5% | 14.0% | 10.2% | 12.2% | 9.9% | 6.1% | 8.7% | 5.4% | 7.4% | 7.9% |
| ROCE | 12.6% | 12.6% | 17.4% | 12.8% | 15.5% | 12.7% | 7.7% | 12.0% | 7.7% | 9.4% | 10.1% |
WES Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Western Midstream Partners, LP carries a Debt/EBITDA ratio of 3.9x, which is moderately leveraged (49% above the sector average of 2.6x). Net debt stands at $8.1B ($8.9B total debt minus $819M cash). Interest coverage of 4.1x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.14 | 2.14 | 2.41 | 2.63 | 2.20 | 2.25 | 2.73 | 2.38 | 1.07 | 0.89 | 0.76 |
| Debt / EBITDA | 3.89 | 3.89 | 3.11 | 4.02 | 3.15 | 3.68 | 5.76 | 4.64 | 5.17 | 3.51 | 3.19 |
| Net Debt / Equity | — | 1.95 | 2.09 | 2.54 | 2.10 | 2.18 | 2.57 | 2.35 | 1.05 | 0.87 | 0.67 |
| Net Debt / EBITDA | 3.53 | 3.53 | 2.69 | 3.88 | 3.01 | 3.58 | 5.44 | 4.59 | 5.08 | 3.43 | 2.82 |
| Debt / FCF | — | 5.54 | 5.53 | 8.42 | 5.39 | 4.65 | 6.12 | 58.14 | — | 15.35 | 6.37 |
| Interest Coverage | 4.08 | 4.08 | 5.46 | 4.13 | 4.90 | 3.57 | 2.34 | 3.67 | 4.70 | 5.61 | 6.13 |
WES Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.34x means Western Midstream Partners, LP can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.76x to 1.34x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.34 | 1.34 | 1.09 | 0.76 | 1.00 | 0.60 | 0.98 | 0.83 | 0.63 | 0.60 | 1.89 |
| Quick Ratio | 1.33 | 1.33 | 1.09 | 0.76 | 0.99 | 0.60 | 0.98 | 0.78 | 0.61 | 0.58 | 1.87 |
| Cash Ratio | 0.66 | 0.66 | 0.64 | 0.21 | 0.32 | 0.18 | 0.46 | 0.21 | 0.17 | 0.19 | 1.14 |
| Asset Turnover | — | 0.26 | 0.27 | 0.25 | 0.29 | 0.26 | 0.23 | 0.22 | 0.22 | 0.28 | 0.23 |
| Inventory Turnover | 94.44 | 94.44 | 327.24 | 299.28 | 264.23 | 259.32 | 770.04 | 38.09 | 70.80 | 111.19 | 107.65 |
| Days Sales Outstanding | — | 74.91 | 73.04 | 80.05 | 66.26 | 59.26 | 62.03 | 36.20 | 43.21 | 26.28 | 45.82 |
WES Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Western Midstream Partners, LP returns 8.3% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 122.4%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 7.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.3% | 9.0% | 8.7% | 10.2% | 6.9% | 5.8% | 12.8% | 11.8% | 8.3% | 5.4% | 4.0% |
| Payout Ratio | 122.4% | 122.4% | 80.8% | 111.7% | 60.5% | 58.3% | 146.4% | 139.0% | 136.0% | 117.4% | 108.2% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 7.6% | 10.5% | 8.9% | 11.2% | 9.8% | 8.5% | 8.5% | 6.1% | 4.6% | 3.6% |
| FCF Yield | 8.7% | 9.2% | 8.7% | 8.1% | 11.4% | 15.8% | 20.2% | 1.7% | — | 2.7% | 4.7% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 1.2% | 4.6% | 2.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.3% |
| Total Shareholder Yield | 8.3% | 9.0% | 8.7% | 11.4% | 11.5% | 8.2% | 12.8% | 11.8% | 8.3% | 5.4% | 4.3% |
| Shares Outstanding | — | $402M | $382M | $384M | $396M | $412M | $436M | $416M | $219M | $219M | $219M |
Peer Comparison
Compare WES with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 WESYou | $17B | 14.3 | 10.9 | 11.5 | 68.5% | 41.3% | 31.0% | 10.5% | 3.9 |
 EPD | $79B | 13.8 | 11.8 | 26.7 | 13.6% | 13.1% | 19.3% | 8.3% | 3.7 |
 ET | $65B | 13.9 | 9.1 | 16.8 | 21.8% | 11.4% | 10.2% | 6.3% | 4.9 |
 MPLX | $58B | 11.8 | 13.4 | 14.1 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
 PAA | $15B | 12.9 | 9.1 | 6.6 | 6.0% | 3.2% | 11.0% | 5.3% | 4.7 |
 HESM | $8B | 12.9 | 9.4 | 10.5 | 63.9% | 62.2% | 78.1% | 18.6% | 3.1 |
 KMI | $70B | 23.1 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 WMB | $89B | 34.2 | 17.6 | 89.0 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 OKE | $54B | 15.7 | 10.2 | 21.9 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 TRGP | $56B | 30.3 | 14.7 | 95.0 | 26.5% | 20.1% | 48.4% | 13.2% | 3.5 |
 AM | $10B | 25.2 | 15.7 | 13.4 | 65.3% | 51.2% | 20.2% | 9.4% | 3.8 |
| Energy Median | — | 15.4 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 18 years · Updated daily
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WES — Frequently Asked Questions
Quick answers to the most common questions about buying WES stock.
What is Western Midstream Partners, LP's P/E ratio?
Western Midstream Partners, LP's current P/E ratio is 14.3x. The historical average is 26.9x. This places it at the 54th percentile of its historical range.
What is Western Midstream Partners, LP's EV/EBITDA?
Western Midstream Partners, LP's current EV/EBITDA is 10.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
What is Western Midstream Partners, LP's ROE?
Western Midstream Partners, LP's return on equity (ROE) is 31.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 17.2%.
Is WES stock overvalued?
Based on historical data, Western Midstream Partners, LP is trading at a P/E of 14.3x. This is at the 54th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Western Midstream Partners, LP's dividend yield?
Western Midstream Partners, LP's current dividend yield is 8.28% with a payout ratio of 122.4%.
What are Western Midstream Partners, LP's profit margins?
Western Midstream Partners, LP has 68.5% gross margin and 41.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Western Midstream Partners, LP have?
Western Midstream Partners, LP's Debt/EBITDA ratio is 3.9x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.