Western Midstream
WES
45.55
-0.63
-1.36%
Western Midstream
US · WES
#980 by market cap
Listed 1970
45.55
-0.63
-1.36%
Live - 5344 symbols - heartbeat 310s ago
· 2026-10-08 08:30
Pre-market
45.70
+0.33%
After-hours
45.74
+0.42%
- Market cap
- 18.82B
- P/E (TTM)i
- 14.41
- P/Bi
- 4.42
- EPSi
- 2.98
- Div yieldi
- 8.04%
- 52W posi
- 72%
Reader sentiment
Are you bullish or bearish on WES?
Anonymous reader poll. Unscientific, not investment advice.
Revenue annual, last 8 years
Latest year +6.61% YoY
Margins
- Gross margin
- 76.12%
- Operating margin
- 40.11%
- Net margin
- 30.04%
Key ratios & quality
- Enterprise valuei
- 26.70B
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.30B | 2.75B | 2.77B | 2.88B | 3.25B | 3.11B | 3.61B | 3.84B |
| Gross profit | 1.49B | 1.82B | 2.09B | 2.00B | 2.25B | 2.34B | 2.78B | 2.93B |
| Selling & admin expenses | 67.20M | 114.59M | 155.77M | 195.55M | 194.02M | 232.63M | 271.53M | 398.92M |
| Research & development | -- | -- | -- | -- | -- | -- | -- | -- |
| Operating profit | 895.09M | 1.00B | 1.29B | 1.16B | 1.32B | 1.29B | 1.57B | 1.54B |
| Pretax profit | 689.59M | 821.17M | 522.85M | 934.19M | 1.26B | 1.05B | 1.63B | 1.23B |
| Tax | 58.93M | 13.47M | 6.00M | -9.81M | 4.19M | 4.39M | 18.11M | 15.09M |
| Net profit | 630.65M | 807.70M | 516.85M | 944.00M | 1.25B | 1.05B | 1.61B | 1.21B |
| Basic EPS | 2 | 2 | 1 | 2 | 3 | 3 | 4 | 3 |
| Diluted EPS | 1.69 | 1.59 | 1.18 | 2.18 | 3.00 | 2.60 | 4.02 | 2.98 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 917.12M | 942.32M | 952.48M | 1.03B | 1.12B | 1.22B |
| Gross profit | 705.16M | 727.53M | 730.97M | 761.98M | 820.27M | 901.33M |
| Selling & admin expenses | 66.79M | 66.15M | 64.12M | 201.87M | 75.15M | 85.93M |
| Research & development | -- | -- | -- | -- | -- | -- |
| Operating profit | 394.04M | 418.95M | 438.75M | 289.76M | 461.39M | 510.32M |
| Pretax profit | 319.99M | 353.00M | 350.96M | 203.59M | 362.53M | 420.40M |
| Tax | 3.44M | 2.24M | 2.09M | 7.32M | 3.50M | 5.15M |
| Net profit | 316.55M | 350.76M | 348.87M | 196.27M | 359.03M | 415.25M |
| Basic EPS | 1 | 1 | 1 | 0 | 1 | 1 |
| Diluted EPS | 0.79 | 0.87 | 0.87 | 0.47 | 0.85 | 0.99 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 344.76M | 402.41M | 943.06M | 684.76M | 900.43M | 992.41M | 1.85B | 1.66B |
| Cash & ST investments | 92.14M | 99.96M | 444.92M | 202.00M | 286.66M | 272.79M | 1.09B | 819.49M |
| Inventory | 10.87M | 24.35M | 882.00K | 3.37M | 3.80M | 2.56M | 3.13M | 12.84M |
| Total assets | 11.46B | 12.35B | 11.83B | 11.27B | 11.27B | 12.47B | 13.14B | 15.00B |
| Total current liabilities | 637.48M | 485.95M | 960.94M | 1.14B | 903.86M | 1.30B | 1.69B | 1.24B |
| Short-term debt | 28.00M | 7.87M | 438.87M | 505.93M | 215.78M | 629.01M | 1.07B | 514.12M |
| Long-term debt | 5.21B | 7.95B | 7.39B | 6.40B | 6.57B | 7.25B | 6.90B | 8.18B |
| Total liabilities | 6,564,522,000.00 | 9,001,160,000.00 | 8,934,815,000.00 | 8,177,319,000.00 | 8,163,513,000.00 | 9,442,477,000.00 | 9,769,615,000.00 | 10,835,298,000.00 |
| Total equity | 4.89B | 3.35B | 2.90B | 3.10B | 3.11B | 3.03B | 3.38B | 4.16B |
| Retained earnings | -- | -- | -- | -- | -- | -- | -- | -- |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 1.19B | 905.01M | 917.05M | 1.66B | 1.54B | 1.14B |
| Cash & ST investments | 448.45M | 129.73M | 177.29M | 819.49M | 647.50M | 104.77M |
| Inventory | 11.32M | 11.98M | 12.92M | 12.84M | 14.80M | 12.42M |
| Total assets | 12.46B | 12.16B | 12.13B | 15.00B | 14.92B | 16.32B |
| Total current liabilities | 1.01B | 694.80M | 640.47M | 1.24B | 1.41B | 1.25B |
| Short-term debt | 409.95M | 74.56M | 75.69M | 514.12M | 513.28M | 244.03M |
| Long-term debt | 6.90B | 6.91B | 6.91B | 8.18B | 8.18B | 8.87B |
| Total liabilities | 9,123,306,000.00 | 8,826,092,000.00 | 8,796,716,000.00 | 10,835,298,000.00 | 11,417,512,000.00 | 11,915,657,000.00 |
| Total equity | 3.33B | 3.33B | 3.33B | 4.16B | 3.51B | 4.40B |
| Retained earnings | -- | -- | -- | -- | -- | -- |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.35B | 1.33B | 1.64B | 1.77B | 1.69B | 1.66B | 2.14B | 2.22B |
| Depreciation & amortization | 389.16M | 483.26M | 491.09M | 551.63M | 582.37M | 600.67M | 650.43M | 710.78M |
| Free cash flow | -596.48M | 142.94M | 1.22B | 1.45B | 1.21B | 926.25M | 1.30B | 1.49B |
| Dividends paid | -893.65M | -1.12B | -771.55M | -533.76M | -1.24B | -978.43M | -1.25B | -1.43B |
| Stock buybacks / issuance | -- | -- | -- | -217.47M | -- | -134.60M | 0 | 0 |
| Ending cash balance | 90.45M | 98.12M | 418.54M | 202.00M | 286.10M | 272.79M | 1.09B | 819.49M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 530.79M | 563.98M | 570.21M | 557.65M | 469.90M | 534.74M |
| Depreciation & amortization | 170.46M | 172.11M | 170.32M | 197.88M | 200.43M | 205.95M |
| Free cash flow | 388.39M | 385.35M | 385.45M | 335.44M | 234.18M | 264.40M |
| Dividends paid | -341.00M | -355.25M | -355.25M | -379.52M | -379.68M | -374.64M |
| Stock buybacks / issuance | -- | -- | -- | -- | -- | -- |
| Ending cash balance | 448.45M | 129.73M | 177.29M | 819.49M | 647.50M | 104.77M |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 36.70 | 31.94 | 17.32 | 31.35 | 40.12 | 34.03 | 50.12 | 31.82 |
| ROA %i | 4.28 | 6.14 | 4.27 | 7.76 | 10.55 | 8.41 | 12.00 | 8.20 |
| ROIC %i | 10.20 | 11.00 | 7.97 | 11.35 | 15.39 | 12.97 | 17.24 | 12.77 |
| 5-year avg ROE %i | 21.38 | 22.74 | 25.00 | 26.01 | 26.89 | 29.35 | 34.59 | 37.49 |
| EBIT margin %i | 31.57 | 40.49 | 32.08 | 45.11 | 48.51 | 44.69 | 55.32 | 41.81 |
| FCF / sales %i | -- | 4.93 | 43.91 | 50.46 | 37.34 | 29.82 | 35.36 | 38.89 |
| Current ratioi | 0.54 | 0.83 | 0.98 | 0.60 | 1.00 | 0.76 | 1.09 | 1.34 |
| Quick ratioi | 0.51 | 0.77 | 0.95 | 0.59 | 0.97 | 0.73 | 1.07 | 1.30 |
| Debt / assetsi | 45.76 | 64.47 | 66.40 | 61.27 | 60.20 | 63.44 | 60.83 | 58.07 |
| LT debt / equityi | 222.87 | 248.82 | 268.58 | 216.38 | 221.07 | 251.38 | 214.08 | 203.80 |
| Interest coveragei | 3.55 | 3.82 | 2.43 | 3.57 | 4.90 | 4.13 | 5.46 | 4.23 |
| Revenue CAGR (3Y) %i | 9.49 | 15.03 | 4.50 | 7.75 | 5.79 | 3.86 | 7.81 | 5.73 |
| Net income CAGR (3Y) %i | 49.37 | 26.34 | -0.86 | 18.43 | 20.41 | 24.71 | 19.75 | -1.00 |
| FCF CAGR (3Y) %i | -- | -30.89 | 338.89 | -- | 103.63 | -8.70 | -3.57 | 7.39 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 39.79 | 38.42 | 40.29 | 31.82 | 36.44 | 33.74 |
| ROA %i | 10.35 | 10.22 | 10.30 | 8.20 | 8.73 | 8.82 |
| ROIC %i | 15.53 | 15.62 | 15.57 | 12.77 | 14.05 | 14.11 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 47.59 | 46.29 | 46.45 | 41.81 | 41.16 | 40.38 |
| FCF / sales %i | 40.09 | 38.76 | 38.68 | 38.89 | 33.10 | 28.15 |
| Current ratioi | 1.18 | 1.30 | 1.43 | 1.34 | 1.09 | 0.91 |
| Quick ratioi | 1.13 | 1.24 | 1.38 | 1.30 | 1.06 | 0.87 |
| Debt / assetsi | 58.88 | 57.56 | 57.73 | 58.07 | 58.34 | 55.95 |
| LT debt / equityi | 216.85 | 217.13 | 217.60 | 203.80 | 243.45 | 208.65 |
| Interest coveragei | 4.70 | 4.55 | 4.68 | 4.23 | 4.20 | 4.25 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Single-engine
- Service revenues - fee based is the largest reported line at 80.03% of revenue, across 4 reported segments.
- The next-largest line, Product sales, is a distant second at 10.19% - a sharp slowdown here would have little to offset it.
Revenue breakdown most recent period
Business
Service revenues - fee based80.03%
Product sales10.19%
Service revenues - product based9.20%
Other0.59%
Quote time 2026-10-08 08:30:06 · For reference only, not investment advice and not tailored to your situation.