image
Western Midstream Partners, LP WES
Energy - Oil & Gas Midstream - NYSE - US
Watchlist
$ 38.04
0.186 %
$ 14.5 B
Market Cap
11.28
P/E
1. INTRINSIC VALUE

This DCF valuation model was last updated on Jun, 6, 2025.

The intrinsic value of one WES stock under the worst case scenario is HIDDEN Compared to the current market price of 38 USD, Western Midstream Partners, LP is HIDDEN

WES Intrinsic Value
HIDDEN
SHOW

This DCF valuation model was last updated on Jun, 6, 2025.

The intrinsic value of one WES stock under the base case scenario is HIDDEN Compared to the current market price of 38 USD, Western Midstream Partners, LP is HIDDEN

WES Intrinsic Value
HIDDEN
SHOW

This DCF valuation model was last updated on Jun, 6, 2025.

The intrinsic value of one WES stock under the best case scenario is HIDDEN Compared to the current market price of 38 USD, Western Midstream Partners, LP is HIDDEN

WES Intrinsic Value
HIDDEN
SHOW
2. FUNDAMENTAL ANALYSIS

Price Chart WES

image
1M -3%
6M 0%
1Y 10%
3Y 113.0%
5Y 391%
All
$41.0$41.0$40.0$40.0$39.0$39.0$38.0$38.0$37.0$37.0$36.0$36.0$35.0$35.0$34.0$34.015 Dec15 DecJan '25Jan '2515 Jan15 JanFeb '25Feb '2515 Feb15 FebMar '25Mar '2515 Mar15 MarApr '25Apr '2515 Apr15 AprMay '25May '2515 May15 MayJun '25Jun '25
FINANCIALS
3.61 B REVENUE
16.06%
Growth Rates
1Year 16.06%
3Years 7.81%
5Years 5.59%
7Years 6.98%
10Years 10.96%
1.97 B OPERATING INCOME
42.85%
Growth Rates
1Year 42.85%
3Years 13.83%
5Years 9.86%
7Years 15.83%
10Years 15.96%
1.61 B NET INCOME
61.53%
Growth Rates
1Year 61.53%
3Years 19.55%
5Years 14.83%
7Years 15.93%
10Years 15.33%
2.11 B OPERATING CASH FLOW
26.93%
Growth Rates
1Year 26.93%
3Years 6.07%
5Years 9.75%
7Years 12.98%
10Years 14.79%
-39.2 M INVESTING CASH FLOW
97.56%
Growth Rates
1Year 97.56%
3Years 46.62%
5Years 59.02%
7Years 34.58%
10Years 34.32%
-1.25 B FINANCING CASH FLOW
-1745.45%
Growth Rates
1Year -1745.45%
3Years 10.57%
5Years -9.92%
7Years -17.17%
10Years -4.90%
917 M REVENUE
-1.23%
Growth Rates
1Year 16.06%
3Years 7.81%
5Years 5.59%
7Years 6.98%
10Years 10.96%
410 M OPERATING INCOME
-3.74%
Growth Rates
1Year 42.85%
3Years 13.83%
5Years 9.86%
7Years 15.83%
10Years 15.96%
317 M NET INCOME
-2.85%
Growth Rates
1Year 61.53%
3Years 19.55%
5Years 14.83%
7Years 15.93%
10Years 15.33%
511 M OPERATING CASH FLOW
-2.82%
Growth Rates
1Year 26.93%
3Years 6.07%
5Years 9.75%
7Years 12.98%
10Years 14.79%
-141 M INVESTING CASH FLOW
38.87%
Growth Rates
1Year 97.56%
3Years 46.62%
5Years 59.02%
7Years 34.58%
10Years 34.32%
-1.01 B FINANCING CASH FLOW
-205.42%
Growth Rates
1Year -1745.45%
3Years 10.57%
5Years -9.92%
7Years -17.17%
10Years -4.90%
Balance Sheet Western Midstream Partners, LP
image
Current Assets 1.85 B
Cash & Short-Term Investments 1.09 B
Receivables 721 M
Other Current Assets 35.3 M
Non-Current Assets 11.3 B
Long-Term Investments 572 M
PP&E 9.93 B
Other Non-Current Assets 791 M
8.30 %5.49 %4.35 %75.57 %6.02 %Total Assets$13.1b
Current Liabilities 1.69 B
Accounts Payable 313 M
Short-Term Debt 1.07 B
Other Current Liabilities 309 M
Non-Current Liabilities 8.08 B
Long-Term Debt 7.07 B
Other Non-Current Liabilities 1.01 B
3.20 %10.95 %3.16 %72.37 %10.31 %Total Liabilities$9.8b
EFFICIENCY
Earnings Waterfall Western Midstream Partners, LP
image
Revenue 3.61 B
Cost Of Revenue 823 M
Gross Profit 2.78 B
Operating Expenses 812 M
Operating Income 1.97 B
Other Expenses 358 M
Net Income 1.61 B
4b4b4b4b3b3b3b3b2b2b2b2b1b1b500m500m004b(823m)3b(812m)2b(358m)2bRevenueRevenueCost Of RevenueCost Of RevenueGross ProfitGross ProfitOperating ExpensesOperating ExpensesOperating IncomeOperating IncomeOther ExpensesOther ExpensesNet IncomeNet Income
RATIOS
77.18% GROSS MARGIN
77.18%
Averages
1Year 77.18%
3Years 72.16%
5Years 72.32%
7Years 69.88%
10Years 64.38%
54.66% OPERATING MARGIN
54.66%
Averages
1Year 54.66%
3Years 49.30%
5Years 49.89%
7Years 46.53%
10Years 39.83%
43.65% NET MARGIN
43.65%
Averages
1Year 43.65%
3Years 37.74%
5Years 32.82%
7Years 29.72%
10Years 24.96%
48.63% ROE
48.63%
Averages
1Year 48.63%
3Years 40.75%
5Years 34.01%
7Years 25.42%
10Years 19.84%
11.97% ROA
11.97%
Averages
1Year 11.97%
3Years 10.26%
5Years 8.67%
7Years 7.57%
10Years 6.35%
15.56% ROIC
15.56%
Averages
1Year 15.56%
3Years 14.05%
5Years 13.64%
7Years 12.22%
10Years 10.46%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis Western Midstream Partners, LP
image
2b2b1b1b1b1b1b1b800m800m600m600m400m400m200m200m00(200m)(200m)20162016201720172018201820192019202020202021202120222022202320232024202420252025
Net Income 1.61 B
Depreciation & Amortization 650 M
Capital Expenditures -834 M
Stock-Based Compensation 37.4 M
Change in Working Capital 0
Others -206 M
Free Cash Flow 1.27 B
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets Western Midstream Partners, LP
image
Wall Street analysts predict an average 1-year price target for WES of $39.3 , with forecasts ranging from a low of $38 to a high of $41 .
WES Lowest Price Target Wall Street Target
38 USD -0.11%
WES Average Price Target Wall Street Target
39.3 USD 3.40%
WES Highest Price Target Wall Street Target
41 USD 7.78%
Price
Max Price Target
Min Price Target
Average Price Target
41414040393938383737363635353434Jul '24Jul '24Aug '24Aug '24Oct '24Oct '24Nov '24Nov '2420252025Feb '25Feb '25Apr '25Apr '25Jun '25Jun '25Jul '25Jul '25Aug '25Aug '25Oct '25Oct '25Nov '25Nov '2520262026Feb '26Feb '26Apr '26Apr '26Jun '26Jun '26
4. DIVIDEND ANALYSIS
2.23% DIVIDEND YIELD
0.91 USD DIVIDEND PER SHARE
Q1
Q2
Q3
Q4
3.500003.500003.000003.000002.500002.500002.000002.000001.500001.500001.000001.000000.500000.500000.000000.000000.31250.403750.46250.548750.60250.6220.3110.3270.50.5750.8750.34250.423750.491250.568750.610.3110.3150.50.8560.8750.910.363750.433750.52750.58250.6180.3110.3190.50.56250.8750.381251.400.44751.710.53752.020.5952.300.622.450.3111.560.3231.270.51.830.5752.490.8753.201.792015201520162016201720172018201820192019202020202021202120222022202320232024202420252025
Download SVG
Download PNG
Download CSV
5. COMPETITION
slide 2 of 8
6. Ownership
Insider Ownership Western Midstream Partners, LP
image
Sold
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
697 M USD 1
Bought
0 USD 0
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
7. News
Western Midstream Partners: Inflation-Protected Contracts Drive Strong Buy Thesis We initiate on Western Midstream Partners at Strong Buy, with inflation-protected, contractually secured cash flows with rare downside protection+visible growth in the midstream sector. Our $51 PT (6.3x EV/Sales on our FY26E revenues estimate) values WES at a premium multiple based on its contract structure + growth profile. A downside risk includes any CPI inflation erosion that could decrease annual tariff escalators. We see a risk to WES' upside for any unfavorable developments in major customer contracts,. seekingalpha.com - 2 weeks ago
Two 9%+ Yielding MLPs To Buy Before They Get Arbitraged Away The midstream sector is under pressure. The YTD valuations have dropped across the board. Some, however, have been punished more than others. seekingalpha.com - 2 weeks ago
Here Are My Top 3 High-Yield Pipeline Stocks to Buy Now If you're looking for stocks with high dividend yields that are safe, the midstream energy sector is a great place to start your search. The energy industry has transformed itself since the last big energy bust. fool.com - 2 weeks ago
3 High-Yield Dividend Stocks to Buy Right Now to Boost Your Passive Income Buying dividend stocks is one of many ways to generate passive income. Many companies offer attractive yields that are much higher than the S&P 500's average, which is currently below 1.5%. fool.com - 3 weeks ago
Incredible Income, Outrageous Returns: Western Midstream Moving commodities is a valuable business to collect income from. The market has multiple strong options, but this one keeps smoking the market in total returns. Collect incredible income and outrageous, outsized returns. seekingalpha.com - 4 weeks ago
WESTERN MIDSTREAM ANNOUNCES FIRST-QUARTER POST-EARNINGS INTERVIEW WITH CFO, KRISTEN SHULTS AND PARTICIPATION IN UPCOMING INVESTOR CONFERENCES HOUSTON , May 12, 2025 /PRNewswire/ --Today Western Midstream Partners, LP (NYSE: WES) ("WES" or the "Partnership") announced that tomorrow before the market open it will make available on its website at www.westernmidstream.com a post-earnings interview with Kristen Shults, Senior Vice President and Chief Financial Officer that provides additional insights related to WES's first-quarter 2025 results. In addition, WES intends to participate in the following investor conferences during the second and third quarters of 2025: TPH&Co. Hotter 'N Hell 2025 in Houston, Texas May 14 - 15, 2025 The 22nd Annual Energy Infrastructure CEO & Investor Conference in Aventura, Florida on May 21 – 22, 2025 Citi's 2025 Natural Resources Conference in Las Vegas, Nevada on August 12 – 13, 2025 ABOUT WESTERN MIDSTREAM Western Midstream Partners, LP ("WES") is a master limited partnership formed to develop, acquire, own, and operate midstream assets. prnewswire.com - 1 month ago
10% Yields Every Retiree Should Own These 10% yielders combine safety, growth, and big upside potential—perfect for living off dividends in retirement. Both are fully covering their dividends with cash flow and trade at attractive valuations—grab them while they're cheap. We also look at the risks facing each of them. seekingalpha.com - 1 month ago
Western Midstream Partners Q1 Earnings Miss on Higher Expenses Lower crude oil and NGLs throughput and higher total operating expenses hurt WES' first-quarter earnings. zacks.com - 1 month ago
Western Midstream Partners, LP Common Units (WES) Q1 2025 Earnings Call Transcript Western Midstream Partners, LP Common Units. (NYSE:WES ) Q1 2025 Earnings Conference Call May 8, 2025 10:00 AM ET Company Participants Daniel Jenkins - Director of Investor Relations Oscar Brown - Chief Executive Officer Danny Holderman - Chief Operating Officer Kristen Shults - Chief Financial Officer Conference Call Participants Spiro Dounis - Citi Keith Stanley - Wolfe Research Jeremy Tonet - JPMorgan Sumantra Banerjee - UBS Zack Van Everen - TPH Ned Baramov - Wells Fargo Operator Good Morning. seekingalpha.com - 1 month ago
High Yield And Stress-Free Investing, 2 Picks To Get Both 10%+ yields and stress-free investing tend to be mutually exclusive. Yet, when the base rates are this high and the uncertainty levels in the system are elevated, it becomes more possible to capture both aspects. While there will be more value traps than sustainable income-producers, by doing a proper fundamental analysis we can avoid some of these unpleasant risks. seekingalpha.com - 1 month ago
Here's What Key Metrics Tell Us About Western Midstream (WES) Q1 Earnings While the top- and bottom-line numbers for Western Midstream (WES) give a sense of how the business performed in the quarter ended March 2025, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values. zacks.com - 1 month ago
WESTERN MIDSTREAM ANNOUNCES FIRST-QUARTER 2025 RESULTS Reported first-quarter 2025 Net income attributable to limited partners of $301.8 million, generating first-quarter Adjusted EBITDA(1) of $593.6 million. Reported first-quarter 2025 Cash flows provided by operating activities of $530.8 million, generating first-quarter Free Cash Flow(1) of $399.4 million. prnewswire.com - 1 month ago
8. Profile Summary

Western Midstream Partners, LP WES

image
COUNTRY US
INDUSTRY Oil & Gas Midstream
MARKET CAP $ 14.5 B
Dividend Yield 2.23%
Description Western Midstream Partners, LP, a midstream energy company, together with its subsidiaries, acquires, owns, develops, and operates primarily in the United States. It 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 produced water. It also buys and sells natural gas, NGLs, and condensate. The company operates assets located in Texas, New Mexico, the Rocky Mountains, and North-central Pennsylvania. Western Midstream Holdings, LLC operates as the general partner of the company. 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.
Contact 9950 Woodloch Forest Drive, The Woodlands, TX, 77380 https://www.westernmidstream.com
IPO Date Dec. 10, 2012
Employees 1511
Officers Ms. Kristen S. Shults CPA Senior Vice President & Chief Financial Officer - Western Midstream Holdings LLC Mr. Daniel Edwards Jenkins IV Director of Investor Relations - Western Midstream Holdings LLC Mr. Oscar K. Brown President, Chief Executive Officer & Director - Western Midstream Holdings LLC Ms. Catherine A. Green Senior Vice President & Chief Accounting Officer of Western Midstream Holdings, LLC Ms. Crystal J. Sled Chief Human Resources Officer & Senior Vice President Mr. Jonathon E. VandenBrand Senior Vice President of Commercial Mr. Christopher B. Dial J.D. Senior Vice President, General Counsel & Corporate Secretary of Western Midstream Holdings, LLC Mr. Daniel P. Holderman Senior Vice President & Chief Operating Officer of Western Midstream Holdings, LLC Mr. Keith Herndon Vice President & Chief Information Officer Mr. Jonathan A. Greenberg Vice President, Head of Corporate Development & New Business Ventures