Western Midstream Partners (WES) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Western Midstream Partners

NYSE•Energy•Oil & Gas Midstream

$49.54+0.35(0.01%)Pre-market

Market Cap

$18.86B

P/E

14.7x

P/S

4.4x

P/B

4.4x

Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water. It also buys and sells residue, NGLs, and condensates. The company operates assets located in Texas, New Mexico, and the Rocky Mountains. It also provides water handling solutions. The company was formerly known as Western Gas Equity Partners, LP and changed its name to Western Midstream Partners, LP in February 2019. Western Midstream Partners, LP was incorporated in 2007 and is based in The Woodlands, Texas.

How this company scores

GoodMetricSide Score: 66/100

Strongest: Profitability (20/25); weakest: Balance Sheet & Red Flags (11/25).

Profitability20/25

Growth19/25

Balance Sheet & Red Flags11/25

Cash & Earnings Quality16/25

Strengths

Growing revenueStrong marginsHigh ROECash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 14.7x5y range 8.5x – 14.7x

Currently above its 20-quarter median.

P/S · 4.4x5y range 3.0x – 4.4x

Currently near its 20-quarter median.

P/B · 4.4x5y range 2.9x – 4.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 11.9% — watch for continued compression, which may signal competitive or cost pressure.

Leverage Risk

Watch

D/E ratio of 2.1 is elevated. Watch for further debt accumulation.

Price & Volume

Market Cap $18.86B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $4.33B
Q. Revenue: $1.22B
TTM EBITDA: $2.52B
TTM Op. Income: $1.74B
Q. Op. Income: $526.70M
TTM Net Income: $1.28B
Q. Net Income: $403.55M
EPS: $0.99
Shares Out.: $398.87M

$4.33B in TTM revenue grew 18.0% YoY, reaching $1.22B last quarter. TTM EBITDA of $2.52B and TTM operating income of $1.74B show growth is flowing through to the bottom line. TTM net income of $1.28B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 59.8%
Op. Margin: 43.0%
Net Margin: 33.0%

Op. margin of 43.0% is down 4.2% YoY — costs are rising relative to revenue. Net margin at 33.0% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 14.7x
P/S Ratio: 4.4x
P/B Ratio: 4.4x

At 14.7x P/E, the stock trades below typical market levels. P/S of 4.4x and P/B of 4.4x provide additional context. P/E sits below typical market levels while revenue is growing. Across the last 8 quarters, P/E has risen for 3 consecutive quarters — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $16.32B
Cash: $104.77M
Long-Term Debt: $8.88B
Book Value: $4.26B
D/E Ratio: 2.1
Debt/EBITDA: 12.1

With $16.32B in assets and $8.88B in long-term debt, D/E is 2.1and book value is $4.26B — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is down 4% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $534.74M
TTM Free Cash Flow: $1.22B
FCF Margin: 28.1%
FCF / Net Income: 0.9

TTM FCF of $1.22B on $534.74M in operating cash flow. The FCF / Net Income ratio of 0.9x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 2 consecutive quarters — a weakening trend.