Last 48 quarters of trend data · Energy · Oil & Gas Midstream
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Western Midstream Partners, LP's quarterly P/E stands at 11.8x, down 8.7% year-over-year. EV/EBITDA has compressed 5.7% YoY to 9.2x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 14.32 | 11.83 | 21.01 | 11.29 | 11.12 | 12.96 | 11.30 | 12.93 | 10.24 | 6.05 | 9.89 | 9.73 | 10.36 |
| — | -8.7% | +85.9% | -12.7% | +8.6% | +114.4% | +14.3% | +32.9% | -1.2% | -52.3% | +25.2% | +2.0% | +26.1% | |
| P/S Ratio | 4.40 | 3.67 | 3.85 | 3.95 | 3.93 | 4.27 | 3.96 | 4.14 | 4.19 | 3.82 | 3.25 | 3.38 | 3.46 |
| — | -14.1% | -2.8% | -4.7% | -6.4% | +11.8% | +22.0% | +22.7% | +21.1% | +10.3% | -2.4% | +15.2% | +23.5% | |
| P/B Ratio | 4.15 | 4.70 | 3.82 | 4.52 | 4.44 | 4.70 | 4.36 | 4.33 | 4.44 | 4.02 | 3.68 | 3.55 | 3.38 |
| — | +0.1% | -12.4% | +4.2% | +0.1% | +17.0% | +18.4% | +22.2% | +31.1% | +22.5% | +10.3% | +8.5% | +13.8% | |
| P/FCF | 11.55 | 16.89 | 11.66 | 9.46 | 9.52 | 10.61 | 11.52 | 10.11 | 8.94 | 18.15 | 10.15 | 13.58 | 7.76 |
| — | +59.2% | +1.2% | -6.5% | +6.6% | -41.5% | +13.5% | -25.5% | +15.2% | -7.7% | +34.4% | +76.2% | +13.6% | |
| EV / EBITDA | 10.90 | 9.17 | 12.31 | 8.93 | 8.78 | 9.72 | 9.24 | 9.54 | 8.68 | 6.17 | 8.45 | 8.49 | 8.77 |
| — | -5.7% | +33.2% | -6.4% | +1.2% | +57.6% | +9.3% | +12.5% | -1.0% | -36.0% | +16.0% | +4.5% | +14.8% | |
| EV / EBIT | 15.78 | — | 20.71 | 12.33 | 12.17 | 13.62 | 12.42 | 13.33 | 11.40 | 7.60 | 12.03 | 11.81 | 12.27 |
| — | — | +66.7% | -7.5% | +6.8% | +79.1% | +3.3% | +12.9% | -7.2% | -47.6% | +21.4% | +0.2% | +18.2% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Western Midstream Partners, LP's operating margin was 41.8% in Q1 2026, up 13.7 pp QoQ and down 2.9 pp YoY.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 68.5% | 76.5% | 49.4% | 72.3% | 77.2% | 76.9% | 78.2% | 77.5% | 76.0% | 77.0% | 76.0% | 77.5% | 74.5% |
| — | -0.5% | -36.8% | -6.7% | +1.6% | -0.2% | +2.9% | +0.0% | +2.0% | +5.1% | +10.7% | +13.0% | +10.9% | |
| Operating Margin | 41.3% | 41.8% | 28.1% | 46.4% | 47.2% | 44.7% | 45.9% | 44.8% | 51.9% | 76.5% | 45.7% | 46.5% | 45.6% |
| — | -6.5% | -38.7% | +3.4% | -9.1% | -41.6% | +0.4% | -3.6% | +13.7% | +93.6% | -17.0% | +9.1% | +0.6% | |
| Net Margin | 30.4% | 31.2% | 18.1% | 34.8% | 36.3% | 33.7% | 35.9% | 32.7% | 41.8% | 64.5% | 33.6% | 35.7% | 34.3% |
| — | -7.5% | -49.5% | +6.6% | -13.3% | -47.8% | +6.9% | -8.6% | +22.0% | +132.6% | -22.1% | +12.6% | -2.0% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 31.0% | 9.1% | 5.0% | 10.0% | 10.2% | 9.2% | 9.9% | 8.5% | 11.1% | 17.9% | 9.6% | 9.3% | 8.3% |
| — | -0.9% | -49.4% | +17.4% | -8.0% | -48.5% | +2.5% | -8.6% | +34.8% | +172.7% | -12.4% | +10.2% | -11.3% | |
| ROA | 8.3% | 2.3% | 1.4% | 2.7% | 2.8% | 2.4% | 2.6% | 2.3% | 3.1% | 4.6% | 2.4% | 2.4% | 2.3% |
| — | -3.0% | -46.0% | +19.1% | -10.4% | -47.9% | +6.7% | -5.5% | +36.8% | +154.5% | -19.1% | +4.4% | -15.6% | |
| ROIC | 10.5% | 3.0% | 1.9% | 3.3% | 3.3% | 3.0% | 3.1% | 2.9% | 3.4% | 4.8% | 2.9% | 2.8% | 2.6% |
| — | -0.9% | -37.4% | +11.9% | -4.2% | -38.1% | +7.7% | +4.1% | +30.3% | +113.7% | -12.7% | +3.0% | -13.2% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Western Midstream Partners, LP's Debt/EBITDA ratio is 13.0x, down from 18.3x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 7.1% YoY to 1.09x, tightening the short-term liquidity position. Debt/Equity has risen for 4 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.14 | 2.48 | 2.14 | 2.10 | 2.10 | 2.20 | 2.41 | 2.35 | 2.09 | 2.19 | 2.63 | 2.46 | 2.26 |
| — | +12.8% | -11.1% | -10.5% | +0.6% | +0.7% | -8.2% | -4.4% | -7.6% | +1.2% | +19.6% | +5.1% | +12.1% | |
| Debt / EBITDA | 3.89 | 13.00 | 18.31 | 11.44 | 11.35 | 12.64 | 13.83 | 14.13 | 11.29 | 8.81 | 14.29 | 14.29 | 14.22 |
| — | +2.9% | +32.4% | -19.0% | +0.6% | +43.4% | -3.2% | -1.2% | -20.6% | -42.8% | +21.5% | +4.5% | +14.5% | |
| Current Ratio | 1.34 | 1.09 | 1.34 | 1.43 | 1.30 | 1.18 | 1.09 | 1.11 | 1.68 | 1.51 | 0.76 | 1.79 | 1.28 |
| — | -7.1% | +22.7% | +28.6% | -22.7% | -21.8% | +43.5% | -37.7% | +31.3% | +19.1% | -23.6% | +48.6% | +12.1% | |
| Quick Ratio | 1.33 | 1.08 | 1.33 | 1.41 | 1.29 | 1.17 | 1.09 | 1.11 | 1.68 | 1.50 | 0.76 | 1.78 | 1.28 |
| — | -7.1% | +21.9% | +26.9% | -23.5% | -22.4% | +43.7% | -37.6% | +31.4% | +19.2% | -23.5% | +48.7% | +12.0% | |
| Interest Coverage | 4.08 | 4.14 | 2.59 | 4.80 | 4.83 | 4.40 | 4.56 | 4.42 | 5.13 | 7.19 | 4.01 | 4.41 | 3.98 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Quick answers to the most common questions about buying WES stock.
Western Midstream Partners, LP's current P/E is 14.3x. The average P/E over the last 4 quarters is 13.8x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Western Midstream Partners, LP's current operating margin is 41.3%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Western Midstream Partners, LP's business trajectory between earnings reports.