WES Stock Analysis: Western Midstream | NYSE
Oil & Gas Midstream | NYSE, USA | Market Cap: 18.849m USD | 12M Return: 31.4% | US9586691035 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 37.6M
EPS Trend: 70.1%
Qual. Beats: 0
Rev. Trend: 97.7%
Qual. Beats: 2
Warnings
Tailwinds
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Western Midstream Partners, LP (NYSE: WES) is a U.S.-based midstream energy company headquartered in The Woodlands, Texas. The partnership was incorporated in 2007, went public in 2008, and was formerly known as Western Gas Equity Partners, LP before adopting its current name in February 2019. It is classified under the GICS Energy sector, specifically within the Oil & Gas Storage & Transportation sub-industry, and operates with a large-cap market profile.
The companys core business covers the full midstream value chain for hydrocarbons and associated water. It gathers, compresses, treats, processes, and transports natural gas; gathers, stabilizes, and transports condensate, natural gas liquids (NGLs), and crude oil; and handles the gathering and disposal of produced water. It also markets residue gas, NGLs, and condensates through buy-and-sell activities, and offers dedicated water-handling solutions to producers.
WESs assets are concentrated in three key U.S. producing regions: Texas, New Mexico, and the Rocky Mountains. As a master limited partnership (MLP), the company typically generates revenue through fee-based contracts for gathering, processing, and transportation services, which generally provide more stable cash flows than direct commodity exposure. Its integrated natural gas, NGL, crude oil, and water services position it as a one-stop midstream provider for upstream operators in the Permian and Rockies basins.
- Permian basin throughput growth drives natural gas volume gains
- Oil price volatility pressures crude oil and NGL margins
- Capital allocation shifts toward debt reduction and partnership distributions
- Produced water handling demand rises with Delaware basin activity
| Net Income: 1.26b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.14 > 0.02 and ΔFCF/TA 1.95 > 1.0 |
| NWC/Revenue: -2.55% < 20% (prev 5.73%; Δ -8.28% < -1%) |
| CFO/TA 0.13 > 3% & CFO 2.15b > Net Income 1.26b |
| Net Debt (9.12b) to EBITDA (2.31b): 3.95 < 3 |
| Current Ratio: 0.91 > 1.5 & < 3 |
| Outstanding Shares: last quarter (399.4m) vs 12m ago 4.46% < -2% |
| Gross Margin: 66.47% > 18% (prev 77.45%; Δ -10.98% > 0.5%) |
| Asset Turnover: 30.43% > 50% (prev 30.19%; Δ 0.23% > 0%) |
| Interest Coverage Ratio: 3.59 > 6 (EBIT TTM 1.53b / Interest Expense TTM 426.6m) |
| DSRI: 1.14 (Receivables 982.0m/728.8m, Revenue 4.33b/3.67b) |
| GMI: 1.17 (GM 77.45% / 66.47%) |
| AQI: 1.30 (AQ_t 0.16 / AQ_t-1 0.12) |
| SGI: 1.18 (Revenue 4.33b / 3.67b) |
| TATA: -0.05 (NI 1.26b - CFO 2.15b) / TA 16.3b) |
| Beneish M = -2.46 (Cap -4..+1) = BBB |
As of October 14, 2026, the stock is trading at USD 45.32 with a total of 1,408,786 shares traded. Over the past week, the price has changed by -1.86%, over one month by -5.35%, over three months by +1.06% and over the past year by +31.38%.
Current recommended Stop Loss: 43.90 (which is 3.1% or 1.5 ATR below the current price).
Western Midstream has received a consensus analysts rating of 3.60. Therefore, it is recommended to hold WES.
- StrongBuy: 5
- Buy: 0
- Hold: 9
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 49.7 | 9.6% |
P/E Trailing = 14.4367
P/E Forward = 11.2994
P/S = 4.3508
P/B = 4.4293
P/EG = 5.48
Revenue TTM = 4.33b USD
EBIT TTM = 1.53b USD
EBITDA TTM = 2.31b USD
Long Term Debt = 8.87b USD (from longTermDebt, last quarter)
Short Term Debt = 244.0m USD (from shortTermDebt, last quarter)
Debt = 9.22b USD (from shortLongTermDebtTotal, last quarter) + Leases 91.2m
Net Debt = 9.12b USD (calculated: Debt 9.22b - CCE 104.8m)
Enterprise Value = 28.0b USD (18.8b + Debt 9.22b - CCE 104.8m)
Interest Coverage Ratio = 3.59 (Ebit TTM 1.53b / Interest Expense TTM 426.6m)
EV/FCF = 12.43x (Enterprise Value 28.0b / FCF TTM 2.25b)
FCF Yield = 8.04% (FCF TTM 2.25b / Enterprise Value 28.0b)
FCF Margin = 51.91% (FCF TTM 2.25b / Revenue TTM 4.33b)
Net Margin = 29.20% (Net Income TTM 1.26b / Revenue TTM 4.33b)
Gross Margin = 66.47% ((Revenue TTM 4.33b - Cost of Revenue TTM 1.45b) / Revenue TTM)
Gross Margin QoQ = 67.11% (prev 76.48%)
Tobins Q-Ratio = 1.71 (Enterprise Value 28.0b / Total Assets 16.3b)
Interest Expense / Debt = 4.63% (Interest Expense 426.6m / Debt 9.22b)
Taxrate = 1.35% (18.1m / 1.34b)
NOPAT = 1.51b (EBIT 1.53b * (1 - 1.35%))
Current Ratio = 0.91 (Total Current Assets 1.14b / Total Current Liabilities 1.25b)
Debt / Equity = 2.17 (Debt 9.22b / totalStockholderEquity, last quarter 4.26b)
Debt / EBITDA = 3.95 (Net Debt 9.12b / EBITDA 2.31b)
Debt / FCF = 4.05 (Net Debt 9.12b / FCF TTM 2.25b)
Total Stockholder Equity = 3.71b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.88% (Net Income 1.26b / Total Assets 16.3b)
RoE = 34.12% (Net Income TTM 1.26b / Total Stockholder Equity 3.71b)
RoCE = 12.18% (EBIT 1.53b / Capital Employed (Equity 3.71b + L.T.Debt 8.87b))
RoIC = 9.94% (NOPAT 1.51b / Invested Capital 15.2b)
WACC = 6.44% (E(18.8b)/V(28.1b) * Re(7.36%) + D(9.22b)/V(28.1b) * Rd(4.63%) * (1-Tc(0.01)))
Discount Rate = 7.36% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 79.61 | Cagr: 2.04%
[DCF] Terminal Value 77.97% ; FCFF base≈1.92b ; Y1≈2.21b ; Y5≈3.25b
[DCF] Fair Price = 96.21 (EV 48.9b - Net Debt 9.12b = Equity 39.8b / Shares 413.2m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 70.08 | EPS CAGR: 6.73% | SUE: 0.55 | # QB: 0
Revenue Correlation: 97.66 | Revenue CAGR: 11.90% | SUE: 1.74 | # QB: 2
EPS current Quarter (2026-09-30): EPS=0.91 | Chg30d=-0.04% | Revisions=+50% | Analysts=4
EPS current Year (2026-12-31): EPS=3.70 | Chg30d=-0.60% | Revisions=+57% | GrowthEPS=+21.6% | GrowthRev=+23.6%
EPS next Year (2027-12-31): EPS=3.83 | Chg30d=-0.51% | Revisions=+57% | GrowthEPS=+3.5% | GrowthRev=+3.7%
[Analyst] Revisions Ratio: +79% (up=11, down=0)