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Western Midstream Partners, LP logo

Western Midstream Partners, LP

WES

NYSEEnergyOil & Gas Midstream

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Previous close

$48.36

−$0.29 · -0.60%

Aug 21, 4:00 PM ET

WES company overview

Regular session · ET · Market data may be delayed.

GoAI snapshot

AI-powered factor overview

Jul 10, 2026

GoAI score

Buy

Favorable setup — positive multi-factor alignment

Valuation

90

Deep Value

Momentum

51

Neutral

Sentiment

61

Bullish

Risk resilience

81

Low Risk

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AI-generated, informational only, and not investment advice.

Company profile

Company website

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.

Industry
Oil & Gas Midstream
Sector
Energy
Headquarters
US
CEO
Oscar K. Brown
Listed since
Dec 10, 2012
Employees
1,704

Market position

Day range

Current $48.36

52-week range

Current $48.36

Open
$48.945
Previous close
$48.65
Volume
540.67K
0.45× average
Average volume
1.21M
Average daily volume
Market cap
19.98B USD
Beta
0.66
Market reference 1
50-day average
$45.8504
+5.47% above average
200-day average
$42.4247
+13.99% above average

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
23.93B USD
P/E (TTM)
15.07×
P/B (TTM)
4.52×
P/S (TTM)
4.61×
EV / EBITDA
10.39×
Earnings yield
7.39%
Free cash flow yield
9.26%
Dividend yield
7.61%

Profitability & efficiency

Gross margin
66.47%
Operating margin
39.69%
Net margin
29.20%
Return on equity
29.09%
Return on assets
7.80%
Return on invested capital
10.97%

Financial health

Debt / equity
2.14×
Current ratio
1.34×
Altman Z-score
1.57
Piotroski F-score
5 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends82%63%44%26%Gross margin, FY2021: 69.63%Gross margin, FY2022: 69.15%Gross margin, FY2023: 75.37%Gross margin, FY2024: 77.18%Gross margin, FY2025: 68.46%Operating margin, FY2021: 46.44%Operating margin, FY2022: 48.83%Operating margin, FY2023: 44.41%Operating margin, FY2024: 54.66%Operating margin, FY2025: 41.26%Net margin, FY2021: 31.85%Net margin, FY2022: 37.43%Net margin, FY2023: 32.91%Net margin, FY2024: 43.65%Net margin, FY2025: 30.43%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 69.63%. Gross margin FY2022 69.15%. Gross margin FY2023 75.37%. Gross margin FY2024 77.18%. Gross margin FY2025 68.46%. Operating margin FY2021 46.44%. Operating margin FY2022 48.83%. Operating margin FY2023 44.41%. Operating margin FY2024 54.66%. Operating margin FY2025 41.26%. Net margin FY2021 31.85%. Net margin FY2022 37.43%. Net margin FY2023 32.91%. Net margin FY2024 43.65%. Net margin FY2025 30.43%.

Income trends

Revenue

3.84B USD+6.61%

Operating income

1.59B USD-19.54%

Net income

1.17B USD-25.67%
Income trends across reported periods4.14B USD2.97B USD1.79B USD623.58M USDRevenue, FY2021: 2.88B USDRevenue, FY2022: 3.25B USDRevenue, FY2023: 3.11B USDRevenue, FY2024: 3.61B USDRevenue, FY2025: 3.84B USDOperating income, FY2021: 1.34B USDOperating income, FY2022: 1.59B USDOperating income, FY2023: 1.38B USDOperating income, FY2024: 1.97B USDOperating income, FY2025: 1.59B USDNet income, FY2021: 916.29M USDNet income, FY2022: 1.22B USDNet income, FY2023: 1.02B USDNet income, FY2024: 1.57B USDNet income, FY2025: 1.17B USDFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 2.88B USD. Revenue FY2022 3.25B USD. Revenue FY2023 3.11B USD. Revenue FY2024 3.61B USD. Revenue FY2025 3.84B USD. Operating income FY2021 1.34B USD. Operating income FY2022 1.59B USD. Operating income FY2023 1.38B USD. Operating income FY2024 1.97B USD. Operating income FY2025 1.59B USD. Net income FY2021 916.29M USD. Net income FY2022 1.22B USD. Net income FY2023 1.02B USD. Net income FY2024 1.57B USD. Net income FY2025 1.17B USD.
Metric (USD)FY2025FY2024FY2023FY2022FY2021
Revenue3.84B USD3.61B USD3.11B USD3.25B USD2.88B USD
Cost of goods sold1.21B USD822.68M USD765.27M USD1B USD873.91M USD
Gross profit2.63B USD2.78B USD2.34B USD2.25B USD2B USD
Selling, general, and administrative398.92M USD271.53M USD232.63M USD194.02M USD195.55M USD
Operating expenses1.05B USD811.81M USD961.65M USD660.57M USD666.97M USD
Interest expense390.49M USD365.21M USD335.83M USD321.73M USD363.81M USD
Depreciation and amortization710.78M USD650.43M USD600.67M USD582.37M USD551.63M USD
Operating income1.59B USD1.97B USD1.38B USD1.59B USD1.34B USD
Net income1.17B USD1.57B USD1.02B USD1.22B USD916.29M USD

Company facts updated Aug 24, 2026.

Earnings

Latest fiscal-year EPS
3
FY2025 · -25.37% year over year
Latest fiscal-year revenue
3.84B USD
FY2025 · +6.61% year over year
Next fiscal-year EPS consensus
3.7
FY2026 · 5 analysts
Next fiscal-year revenue consensus
4.67B USD
FY2026 · 4 analysts

Annual EPS trend

Reported history and fiscal-year consensus

ReportedConsensus forecast
Annual EPS trend5.344.193.041.89FY21FY22FY23FY24FY25FY26FY27FY28

Annual revenue trend

Reported history and fiscal-year consensus

ReportedConsensus forecast
Annual revenue trend5.4B4.48B3.57B2.65BFY21FY22FY23FY24FY25FY26FY27FY28

Analyst ratings

Third-party consensus; not a GoAI recommendation.

Analyst price target

Average target

$49.20

1.74% upside
Past 12 months12-month forecastHigh $55.00Average $49.20Low $46.00

Rating distribution

13 ratings
Strong buy00%
Buy431%
Hold862%
Sell18%
Strong sell00%

Recent analyst actions

11 institutions

WES news

seekingalpha.com

Western Midstream Is Now As Expensive As EPD - Think About That

I reiterate my Strong Buy on Western Midstream: the April call worked, returning ~25%, but the growth-led thesis ahead still stands. The rerating to EPD's multiple is largely done, so returns from here rely on 7-8%…

Read source
seekingalpha.com

Western Midstream: A Recession-Resistant Growth Story

Western Midstream offers above-average growth potential. WES prioritizes opportunistic acquisitions, exemplified by the Aris Water and Brazos deals. Take-or-pay contracts and long-lived agreements provide WES with…

Read source
defenseworld.net

Western Midstream Partners (NYSE:WES) Hits New 52-Week High – Here’s What Happened

Western Midstream Partners, LP (NYSE: WES - Get Free Report)'s share price reached a new 52-week high on Tuesday. The stock traded as high as $49.17 and last traded at $48.61, with a volume of 656029 shares. The stock…

Read source
zacks.com

WES Raises 2026 Guidance as Brazos Adds Scale and Throughput Growth

Western Midstream raises 2026 guidance after record EBITDA, higher throughput and early Brazos gains strengthen its growth outlook.

Read source
fool.com

This New Pipeline Could Unlock Years of Growth for 4 Energy Stocks. Here's Why That's a Win for All of Them.

These energy companies are moving forward with an important new pipeline system.

Read source
prnewswire.com

Western Midstream Announces Participation in the Solitude Pipeline System

WES holds a 7.5% equity interest in the Solitude Pipeline System joint venture which has reached a positive Final Investment Decision to construct two 48-inch natural gas pipelines running from the Permian Basin to Katy,…

Read source

Corporate actions

Annual dividends per share

Cash distributions grouped by calendar year; partial years are marked.

$3.605

2025 complete year+184.3% since 2021

2026 partial: $2.77

* Partial calendar year in the available dividend history.

Corporate action history

Dividend

Ex-dividend Jul 31, 2026

$0.93

Quarterly

Record Jul 31, 2026 · Payment Aug 14, 2026

Dividend

Ex-dividend May 1, 2026

$0.93

Quarterly

Record May 1, 2026 · Payment May 15, 2026

Dividend

Ex-dividend Feb 2, 2026

$0.91

Quarterly

Record Feb 2, 2026 · Payment Feb 13, 2026

Dividend

Ex-dividend Oct 31, 2025

$0.91

Quarterly

Record Oct 31, 2025 · Payment Nov 14, 2025

Dividend

Ex-dividend Aug 1, 2025

$0.91

Quarterly

Record Aug 1, 2025 · Payment Aug 14, 2025

Dividend

Ex-dividend May 2, 2025

$0.91

Quarterly

Record May 2, 2025 · Payment May 15, 2025

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ETFs holding WES

Funds reporting this stock among their holdings, ordered by reported position size.

Alerian MLP ETF logoAlerian MLP ETFAMLP
Market value
1.79B
Weight
12.37%
AUM
13.27B USD
Expense ratio
1.01%
Price / 1D
$54.75-0.29%
Global X - MLP ETF logoGlobal X - MLP ETFMLPA
Market value
248.1M
Weight
10.56%
AUM
2.35B USD
Expense ratio
0.77%
Price / 1D
$56.38-0.14%
Global X - MLP & Energy Infrastructure ETF logoGlobal X - MLP & Energy Infrastructure ETFMLPX
Market value
142.72M
Weight
3.97%
AUM
3.6B USD
Expense ratio
0.45%
Price / 1D
$74.36-1.35%
InfraCap MLP ETF logoInfraCap MLP ETFAMZA
Market value
62.13M
Weight
13.01%
AUM
477.66M USD
Expense ratio
1.72%
Price / 1D
$49.87+0.14%
First Trust Natural Gas ETF logoFirst Trust Natural Gas ETFFCG
Market value
32.02M
Weight
4.61%
AUM
690.73M USD
Expense ratio
0.59%
Price / 1D
$31.50-0.38%
Alerian Energy Infrastructure ETF logoAlerian Energy Infrastructure ETFENFR
Market value
21.12M
Weight
3.99%
AUM
529.42M USD
Expense ratio
0.35%
Price / 1D
$39.40-0.83%
USCF Midstream Energy Income Fund logoUSCF Midstream Energy Income FundUMI
Market value
18.02M
Weight
3.51%
AUM
512.75M USD
Expense ratio
0.85%
Price / 1D
$61.07-0.94%
Global X - SuperDividend U.S. ETF logoGlobal X - SuperDividend U.S. ETFDIV
Market value
17.08M
Weight
2.16%
AUM
790.81M USD
Expense ratio
0.45%
Price / 1D
$19.77-0.15%

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