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WES stock logo

WES

Western Midstream Partners, LP

$48.08
-0.46
 (-0.94%)
Exchange:  NYSE
Market Cap:  19.863B
Shares Outstanding:  67.823M
Delayed data
Calculate WES Intrinsic Value
5-year outlook →
Overview
Earnings
Financials
Valuation
Chart

About The Company

Sector:  Energy
Industry:  Oil & Gas Midstream
   
CEO:  Oscar K. Brown
Full Time Employees:  1704
Address: 
9950 Woodloch Forest Drive
The Woodlands
TX
77380
US
Website:  https://www.westernmidstream.com
Western Midstream Partners, LP, an energy infrastructure company operating with its subsidiaries, primarily acquires, owns, develops, and manages assets across the United States. Its core functions include the collection, compression, treatment, processing, and transportation of natural gas. The firm also handles the gathering, stabilization, and conveyance of condensate, natural gas liquids (NGLs), and crude oil, alongside the collection and disposal of water generated during production. Additionally, it engages in the buying and selling of natural gas, NGLs, and condensate. Western Midstream maintains operations in significant regions such as Texas, New Mexico, the Rocky Mountains, and north-central Pennsylvania. Western Midstream Holdings, LLC functions as its general partner. Formed in 2007, the company is headquartered in The Woodlands, Texas, and rebranded from Western Gas Equity Partners, LP to its current name in February 2019.

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Revenue Segmentation

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EPS

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Earnings Call

Full text

Earnings transcript

Read the complete earnings call transcript.

AI summary

Key takeaways

Short, structured highlights from the call so you can focus on what matters.

2026/05/09 — Q1 quarter 2026

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Income Statement
Balance Sheet
Cash Flow Statement
Analyst Estimates

Income Statement

Year202320242025
Revenue3,106,4763,605,2233,843,403
Gross Profit2,341,2102,782,5442,631,217
EBITDA1,988,8932,644,9992,303,053
Operating Income1,379,5631,970,7321,585,598
Net Income1,022,2161,573,5711,169,598

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(* All numbers are in thousands)

Balance Sheet

Year202320242025
Total Assets12,471,60713,144,78514,998,420
Total Liabilities9,442,4779,769,6159,598,814
Total Stockholders Equity2,897,4243,235,6054,163,122
Total Debt7,961,0228,140,377448,825
Cash and Cash Equivalents272,7871,090,464819,491

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(* All numbers are in thousands)

Cash Flow Statement

Year202320242025
Operating Cash Flow1,661,3342,108,7122,192,722
Capital Expenditure-735,1670-727,991
Free Cash Flow926,2542,108,7121,464,731
Net Income998,5321,612,8831,215,550
Net Change in Cash-13,869816,262-276,074

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(* All numbers are in thousands)

Analyst Estimates

Fiscal Year2030Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Low)4,429,600.588Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (High)5,052,905.394Research AccessResearch AccessResearch AccessResearch Access
Estimated Revenue (Avg)4,795,978.031Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Low)2,655,370.763Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (High)3,029,017.399Research AccessResearch AccessResearch AccessResearch Access
Estimated Ebitda (Avg)2,874,999.583Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Low)1,874,101.793Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (High)2,225,646.048Research AccessResearch AccessResearch AccessResearch Access
Estimated Net Income (Avg)2,080,738.885Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Low)338,090.822Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (High)385,664.780Research AccessResearch AccessResearch AccessResearch Access
Estimated SGA Expense (Avg)366,054.709Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Avg)5.170Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (High)5.530Research AccessResearch AccessResearch AccessResearch Access
Estimated EPS (Low)4.660Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated Revenue)2Research AccessResearch AccessResearch AccessResearch Access
Number of Analysts (Estimated EPS)1Research AccessResearch AccessResearch AccessResearch Access

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(* All numbers are in thousands)

Current Key Metrics

?Revenue
 (TTM)
: 
3.605B  ?P/S
 (TTM)
: 
4.61
?Net Income
 (TTM)
: 
1.537B  ?P/E
 (TTM)
: 
15.07
?Enterprise Value
 (TTM)
: 
29.005B  ?EV/FCF
 (TTM)
: 
12.9
?Dividend Yield
 (TTM)
: 
7.61%  ?Payout Ratio
 (TTM)
: 
117.73%
?ROE
 (TTM)
: 
34.12%  ?ROIC
 (TTM)
: 
11.08%
?Net Debt
 (TTM)
: 
7.05B  ?Debt/Equity
 (TTM)
: 
2.14
?P/B
 (TTM)
: 
4.52  ?Current Ratio
 (TTM)
: 
0.91

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Forward P/E Ratios

?

Forward P/E (Avg EPS estimate) — log in with Research Access for high/low estimates and the interactive table.

Forward P/E 1YResearch AccessResearch AccessResearch AccessResearch Access
12.99Research AccessResearch AccessResearch AccessResearch Access

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SWOT Analysis

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At what price to buy it? -
Intrinsic Value Calculator

Based on current fundamentals and analyst forecasts, MARKETSnap estimates WES intrinsic value between $50.20 – $81.13 per share. This depends on revenue growth, margins, and discount rate.

This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.

[intrinsic_calculator]

Common questions about WES valuation

Is Western Midstream Partners, LP (WES) overvalued or undervalued right now?

MARKETSnap estimates intrinsic value for Western Midstream Partners, LP (WES) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.

Is WES a buy, hold, or sell for long-term investors?

MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether WES trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.

What is WES’s P/E ratio?

You can see WES’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.

How is intrinsic value calculated for WES?

MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.

Is WES a good long-term investment?

Whether WES fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.

WES

1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.

Daily snapshot

-0.94
MARKETSnap

Trading Metrics:

Open: 48.28   Previous Close: 48.53
Day Low: 47.62   Day High: 48.49
Year Low: 36.9   Year High: 50.07
Price Avg 50: 46.1   Price Avg 200: 42.58
Volume: 336603   Average Volume: 1.206M

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See in Nexus

Relevant news

Western Midstream: A Recession-Resistant Growth Story
20-08-2026 10:26
Western Midstream: A Recession-Resistant Growth Story
Western Midstream (WES) Is Up 0.11% in One Week: What You Should Know
14-08-2026 13:01
Western Midstream (WES) Is Up 0.11% in One Week: What You Should Know
All You Need to Know About Western Midstream (WES) Rating Upgrade to Strong Buy
14-08-2026 13:01
All You Need to Know About Western Midstream (WES) Rating Upgrade to Strong Buy
Western Midstream Partners, LP Common Units (WES) Discusses Second Quarter Performance Drivers and Updated Full-Year Guidance Transcript
11-08-2026 17:27
Western Midstream Partners, LP Common Units (WES) Discusses Second Quarter Performance Drivers and Updated Full-Year Guidance Transcript
WES Q2 Earnings Beat Estimates on Record Throughput & Pricing
07-08-2026 13:11
WES Q2 Earnings Beat Estimates on Record Throughput & Pricing
Ahead of Western Midstream (WES) Q2 Earnings: Get Ready With Wall Street Estimates for Key Metrics
04-08-2026 10:15
Ahead of Western Midstream (WES) Q2 Earnings: Get Ready With Wall Street Estimates for Key Metrics

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