WES Stock Analysis: Western Midstream | NYSE
Oil & Gas Midstream | NYSE, USA | Market Cap: 18.539m USD | 12M Return: 23.9% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 37.6M
EPS Trend: 78.0%
Qual. Beats: 0
Rev. Trend: 97.7%
Qual. Beats: 1
Warnings
No concerns identified
Tailwinds
Seasonality 10.5 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 that provides gathering, compression, treating, processing, and transportation services for natural gas, as well as gathering, stabilization, and transportation of condensate, natural gas liquids (NGLs), and crude oil. The company also handles produced water gathering and disposal, and trades residue gas, NGLs, and condensates.
The company operates in three core regions: Texas, New Mexico, and the Rocky Mountains. It offers integrated water handling solutions in addition to its hydrocarbon midstream services, and is headquartered in The Woodlands, Texas. Western Midstream was incorporated in 2007 and IPOd in May 2008, originally operating under the name Western Gas Equity Partners, LP before rebranding in February 2019.
As a midstream operator, Western Midstream sits in the value chain between upstream production and downstream refining or end markets, typically earning fee-based revenue for moving and processing hydrocarbons and water on behalf of producers. The stock is classified within the GICS Energy sector, specifically the Oil & Gas Storage & Transportation sub-industry, and is a large-cap security with a market capitalization of roughly $17.75 billion.
- Permian basin production growth drives throughput volumes
- Occidental midstream merger expands scale and captures synergies
- NGL price exposure pressures percent-of-proceeds contract margins
- Distribution coverage strengthens as fee-based revenue mix grows
| 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 (8.14b) to EBITDA (2.19b): 3.71 < 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 77.15%; Δ -8.37% > 0.5%) |
| Asset Turnover: 29.58% > 50% (prev 29.18%; Δ 0.40% > 0%) |
| Interest Coverage Ratio: 7.94 > 6 (EBIT TTM 1.45b / Interest Expense TTM 183.0m) |
| DSRI: 1.10 (Receivables 848.6m/694.7m, Revenue 4.05b/3.63b) |
| GMI: 1.12 (GM 77.15% / 68.78%) |
| 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 14.9b) |
| Beneish M = -2.68 (Cap -4..+1) = A |
As of July 16, 2026, the stock is trading at USD 45.37 with a total of 618,622 shares traded. Over the past week, the price has changed by +0.18%, over one month by +3.21%, over three months by +14.73% and over the past year by +23.87%.
Current recommended Stop Loss: 44.00 (which is 3% or 1.4 ATR below the current price).
Western Midstream has received a consensus analysts rating of 3.23. Therefore, it is recommended to hold WES.
- StrongBuy: 3
- Buy: 0
- Hold: 8
- Sell: 1
- StrongSell: 1
| Analysts Target Price | 45.3 | -0.3% |
P/E Trailing = 14.907
P/E Forward = 15.0602
P/S = 4.5777
P/B = 5.5081
P/EG = 5.48
Revenue TTM = 4.05b USD
EBIT TTM = 1.45b USD
EBITDA TTM = 2.19b USD
Long Term Debt = 8.18b USD (from longTermDebt, last quarter)
Short Term Debt = 513.3m USD (from shortTermDebt, last quarter)
Debt = 8.79b USD (from shortLongTermDebtTotal, last quarter) + Leases 84.1m
Net Debt = 8.14b USD (calculated: Debt 8.79b - CCE 647.5m)
Enterprise Value = 26.7b USD (18.5b + Debt 8.79b - CCE 647.5m)
Interest Coverage Ratio = 7.94 (Ebit TTM 1.45b / Interest Expense TTM 183.0m)
EV/FCF = 19.47x (Enterprise Value 26.7b / FCF TTM 1.37b)
FCF Yield = 5.14% (FCF TTM 1.37b / Enterprise Value 26.7b)
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 = 1.79 (Enterprise Value 26.7b / Total Assets 14.9b)
Interest Expense / Debt = 2.08% (Interest Expense 183.0m / Debt 8.79b)
Taxrate = 1.19% (15.2m / 1.27b)
NOPAT = 1.44b (EBIT 1.45b * (1 - 1.19%))
Current Ratio = 1.09 (Total Current Assets 1.54b / Total Current Liabilities 1.41b)
Debt / Equity = 2.61 (Debt 8.79b / totalStockholderEquity, last quarter 3.37b)
Debt / EBITDA = 3.71 (Net Debt 8.14b / EBITDA 2.19b)
Debt / FCF = 5.94 (Net Debt 8.14b / FCF TTM 1.37b)
Total Stockholder Equity = 3.44b (last 4 quarters mean from totalStockholderEquity)
RoA = 8.79% (Net Income 1.20b / Total Assets 14.9b)
RoE = 34.98% (Net Income TTM 1.20b / Total Stockholder Equity 3.44b)
RoCE = 12.50% (EBIT 1.45b / Capital Employed (Equity 3.44b + L.T.Debt 8.18b))
RoIC = 10.38% (NOPAT 1.44b / Invested Capital 13.8b)
WACC = 5.59% (E(18.5b)/V(27.3b) * Re(7.27%) + D(8.79b)/V(27.3b) * Rd(2.08%) * (1-Tc(0.01)))
Discount Rate = 7.27% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 72.57 | Cagr: 2.23%
[DCF] Terminal Value 74.42% ; FCFF base≈1.41b ; Y1≈1.33b ; Y5≈1.25b
[DCF] Fair Price = 28.00 (EV 19.7b - Net Debt 8.14b = Equity 11.6b / Shares 413.2m; r=8.35% [WACC [floored]]; 5y FCF grow -7.08% → 2.50% )
EPS Correlation: 78.04 | EPS CAGR: 8.20% | SUE: 0.57 | # QB: 0
Revenue Correlation: 97.75 | Revenue CAGR: 10.62% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-06-30): EPS=0.84 | Chg30d=+10.86% | Revisions=+57% | Analysts=4
EPS next Quarter (2026-09-30): EPS=0.87 | Chg30d=+11.15% | Revisions=+57% | Analysts=4
EPS current Year (2026-12-31): EPS=4.10 | Chg30d=-0.27% | Revisions=+57% | GrowthEPS=+34.8% | GrowthRev=+16.0%
EPS next Year (2027-12-31): EPS=3.77 | Chg30d=+11.25% | Revisions=+57% | GrowthEPS=+7.5% | GrowthRev=+3.6%
[Analyst] Revisions Ratio: +84% (up=16, down=0)