(WES) Western Midstream Partners - Overview

Sector: Energy | Industry: Oil & Gas Midstream | Exchange: NYSE (USA) | Market Cap: 18.329m USD | Total Return: 27.4% in 12m

Natural Gas, Crude Oil, Natural Gas Liquids, Produced Water
Total Rating 60
Safety 51
Buy Signal 0.35
Oil & Gas Midstream
Industry Rotation: +22.0
Market Cap: 18.3B
Avg Turnover: 75.5M
Risk 3d forecast
Volatility22.3%
VaR 5th Pctl4.00%
VaR vs Median8.72%
Reward TTM
Sharpe Ratio1.12
Rel. Str. IBD69.7
Rel. Str. Peer Group31.6
Character TTM
Beta0.393
Beta Downside0.328
Hurst Exponent0.445
Drawdowns 3y
Max DD16.65%
CAGR/Max DD1.88
CAGR/Mean DD7.83
EPS (Earnings per Share) EPS (Earnings per Share) of WES over the last years for every Quarter: "2021-03": 0.44, "2021-06": 0.55, "2021-09": 0.61, "2021-12": 0.58, "2022-03": 0.75, "2022-06": 0.74, "2022-09": 0.66, "2022-12": 0.85, "2023-03": 0.52, "2023-06": 0.64, "2023-09": 0.7, "2023-12": 0.74, "2024-03": 1.47, "2024-06": 0.97, "2024-09": 0.74, "2024-12": 0.8782, "2025-03": 0.82, "2025-06": 0.87, "2025-09": 0.87, "2025-12": 0.4784, "2026-03": 0.872,
EPS CAGR: 4.47%
EPS Trend: 15.2%
Last SUE: -0.07
Qual. Beats: 0
Revenue Revenue of WES over the last years for every Quarter: 2021-03: 674.974, 2021-06: 719.131, 2021-09: 763.84, 2021-12: 719.21, 2022-03: 758.297, 2022-06: 876.419, 2022-09: 837.568, 2022-12: 779.437, 2023-03: 733.982, 2023-06: 738.273, 2023-09: 776.013, 2023-12: 858.208, 2024-03: 887.729, 2024-06: 905.629, 2024-09: 883.362, 2024-12: 928.503, 2025-03: 917.116, 2025-06: 942.322, 2025-09: 952.484, 2025-12: 1031.481, 2026-03: 1123.579,
Rev. CAGR: 6.85%
Rev. Trend: 81.4%
Last SUE: 4.00
Qual. Beats: 1

Warnings

No concerns identified

Tailwinds

Tailwind

Description: WES Western Midstream Partners

Western Midstream Partners, LP (WES) is a midstream energy infrastructure provider operating primarily in the Delaware Basin of West Texas and New Mexico, as well as the Rocky Mountains. The company manages a comprehensive suite of midstream services, including the gathering, processing, and transportation of natural gas, natural gas liquids (NGLs), crude oil, and produced water.

As a midstream entity, WES functions as a critical link between upstream extraction and downstream demand, typically generating revenue through fee-based contracts that reduce direct exposure to commodity price volatility. The company’s integrated business model includes water handling solutions, which are increasingly vital for unconventional oil and gas production where large volumes of water must be managed during the extraction process.

To better understand the companys distribution history and valuation metrics, consider reviewing the detailed data available on ValueRay.

Headlines to Watch Out For
  • Natural gas and crude oil throughput volumes in the Delaware Basin
  • Commodity price fluctuations impact processing margins and natural gas liquid sales
  • Strategic divestitures and asset optimization drive debt reduction and distribution growth
  • Producer activity levels in the Rocky Mountains affect gathering and transportation revenue
  • Regulatory changes in Texas and New Mexico influence infrastructure expansion and permitting
Piotroski VR‑10 (Strict) 5.5
Net Income: 1.20b TTM > 0 and > 6% of Revenue
FCF/TA: 0.09 > 0.02 and ΔFCF/TA -2.66 > 1.0
NWC/Revenue: 3.27% < 20% (prev 4.92%; Δ -1.66% < -1%)
CFO/TA 0.15 > 3% & CFO 2.19b > Net Income 1.20b
Net Debt (8.06b) to EBITDA (2.38b): 3.39 < 3
Current Ratio: 1.09 > 1.5 & < 3
Outstanding Shares: last quarter (400.6m) vs 12m ago 4.73% < -2%
Gross Margin: 68.78% > 18% (prev 0.77%; Δ 6.80k% > 0.5%)
Asset Turnover: 29.58% > 50% (prev 29.18%; Δ 0.40% > 0%)
Interest Coverage Ratio: 8.96 > 6 (EBITDA TTM 2.38b / Interest Expense TTM 183.0m)
Beneish M -2.74
DSRI: 1.10 (Receivables 848.6m/694.7m, Revenue 4.05b/3.63b)
GMI: 1.12 (GM 68.78% / 77.15%)
AQI: 1.13 (AQ_t 0.14 / AQ_t-1 0.12)
SGI: 1.11 (Revenue 4.05b / 3.63b)
TATA: -0.07 (NI 1.20b - CFO 2.19b) / TA 14.92b)
Beneish M-Score: -2.74 (Cap -4..+1) = A
What is the price of WES shares? As of May 16, 2026, the stock is trading at USD 46.03 with a total of 4,055,792 shares traded.
Over the past week, the price has changed by +5.84%, over one month by +16.40%, over three months by +7.56% and over the past year by +27.39%.
Is WES a buy, sell or hold? Western Midstream Partners has received a consensus analysts rating of 3.15. Therefor, it is recommend to hold WES.
  • StrongBuy: 2
  • Buy: 1
  • Hold: 8
  • Sell: 1
  • StrongSell: 1
What are the forecasts/targets for the WES price?
Analysts Target Price 42.8 -7%
Western Midstream Partners (WES) - Fundamental Data Overview as of 16 May 2026
P/E Trailing = 15.3109
P/E Forward = 14.5985
P/S = 4.5257
P/B = 5.0881
P/EG = 5.48
Revenue TTM = 4.05b USD
EBIT TTM = 1.64b USD
EBITDA TTM = 2.38b USD
Long Term Debt = 8.18b USD (from longTermDebt, last fiscal year)
Short Term Debt = 513.3m USD (from shortTermDebt, last quarter)
Debt = 8.71b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 8.06b USD (from netDebt column, last quarter)
Enterprise Value = 26.39b USD (18.33b + Debt 8.71b - CCE 647.5m)
Interest Coverage Ratio = 8.96 (Ebit TTM 1.64b / Interest Expense TTM 183.0m)
EV/FCF = 19.25x (Enterprise Value 26.39b / FCF TTM 1.37b)
FCF Yield = 5.19% (FCF TTM 1.37b / Enterprise Value 26.39b)
FCF Margin = 33.85% (FCF TTM 1.37b / Revenue TTM 4.05b)
Net Margin = 29.70% (Net Income TTM 1.20b / Revenue TTM 4.05b)
Gross Margin = 68.78% ((Revenue TTM 4.05b - Cost of Revenue TTM 1.26b) / Revenue TTM)
Gross Margin QoQ = 76.48% (prev 49.41%)
Tobins Q-Ratio = 1.77 (Enterprise Value 26.39b / Total Assets 14.92b)
Interest Expense / Debt = 2.10% (Interest Expense 183.0m / Debt 8.71b)
Taxrate = 0.97% (3.50m / 362.5m)
NOPAT = 1.62b (EBIT 1.64b * (1 - 0.97%))
Current Ratio = 1.09 (Total Current Assets 1.54b / Total Current Liabilities 1.41b)
Debt / Equity = 2.59 (Debt 8.71b / totalStockholderEquity, last quarter 3.37b)
Debt / EBITDA = 3.39 (Net Debt 8.06b / EBITDA 2.38b)
Debt / FCF = 5.88 (Net Debt 8.06b / FCF TTM 1.37b)
Total Stockholder Equity = 3.44b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.79% (Net Income 1.20b / Total Assets 14.92b)
RoE = 34.98% (Net Income TTM 1.20b / Total Stockholder Equity 3.44b)
RoCE = 14.11% (EBIT 1.64b / Capital Employed (Equity 3.44b + L.T.Debt 8.18b))
RoIC = 14.84% (NOPAT 1.62b / Invested Capital 10.94b)
WACC = 5.67% (E(18.33b)/V(27.04b) * Re(7.37%) + D(8.71b)/V(27.04b) * Rd(2.10%) * (1-Tc(0.01)))
Discount Rate = 7.37% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.92%
Shares Correlation 3-Years: 33.33 | Cagr: 2.28%
[DCF] Terminal Value 86.85% ; FCFF base≈1.41b ; Y1≈1.49b ; Y5≈1.76b
[DCF] Fair Price = 111.5 (EV 51.95b - Net Debt 8.06b = Equity 43.89b / Shares 393.8m; r=6.0% [WACC]; 5y FCF grow 5.99% → 3.0% )
EPS Correlation: 15.24 | EPS CAGR: 4.47% | SUE: -0.07 | # QB: 0
Revenue Correlation: 81.43 | Revenue CAGR: 6.85% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.89 | Chg30d=+7.43% | Revisions=-14% | Analysts=1
EPS next Quarter (2026-09-30): EPS=0.86 | Chg30d=-0.37% | Revisions=-14% | Analysts=1
EPS current Year (2026-12-31): EPS=3.58 | Chg30d=+6.19% | Revisions=-25% | GrowthEPS=+17.5% | GrowthRev=+7.8%
EPS next Year (2027-12-31): EPS=3.66 | Chg30d=-1.67% | Revisions=-50% | GrowthEPS=+2.5% | GrowthRev=+4.6%
[Analyst] Revisions Ratio: -50%