Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026
Basics
Sector
Energy
Industry
Oil & Gas Midstream
Country
United States
Market cap
18.1B USD
Enterprise value
27.4B USD
Full-time employees
1,704
Overall health
Drawback:higher risk than most peers: less short-term liquidity (current ratio 0.91 vs a peer median of 1.37) and more debt relative to equity (2.07× vs a peer median of 0.47×)higher risk: less liquidity (current ratio 0.91 vs peers 1.37) and more debt vs equity (2.07× vs peers 0.47×)
Stock pay is large next to buybacks. Stock-based pay expense $121M vs $135M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Western Midstream Partners, LP recorded $121M of stock-based pay expense and spent $135M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Western Midstream Partners, LP recorded $121M of stock-based pay expense and spent $135M repurchasing shares.
Profit is backed by cash. Free cash flow is 95% of reported profit.
Western Midstream Partners, LP's free cash flow is 95% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Wide margins.Operating margin 40% (12 months to Jun 2026) vs a peer median of 12%.Operating margin 40% vs peers 12%.
Western Midstream Partners, LP keeps 40% of revenue as operating profit, more than 90% of peers (median 12%).
Fast revenue growth. Revenue grew 18% in the 12 months to June 2026 vs the 12 months before, faster than 82% of peers.
Revenue grew 18% in the 12 months to June 2026 vs the 12 months before, faster than 82% of its peers.
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score -5.06Sector median: 0.4659 · MAD: 0.3175
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Western Midstream Partners, LP
Is Western Midstream Partners, LP getting weaker?
Its latest SEC filing (Aug 5, 2026) got weaker in some ways: share count up 4.9%. Its overall score is unchanged at 53/100 since Oct 28, 2026.
How is Western Midstream Partners, LP valued vs its peers?
Priced about in line with its peers. Valuation scores 44/100 against 404 energy peers.Earnings yield 7.1% vs a peer median of 5.2% (stronger than 66% of peers).Earnings yield 7.1% vs peers 5.2% (stronger than 66% of peers).EBITDA yield 9.3% vs a peer median of 12.1% (weaker than 66% of peers).EBITDA yield 9.3% vs peers 12.1% (weaker than 66% of peers).
Is Western Midstream Partners, LP growing?
Yes, faster than most of its peers. Growth scores 75/100 against 404 energy peers.3-year revenue growth 11.9% vs a peer median of -1.3% (stronger than 82% of peers).3-year revenue growth 11.9% vs peers -1.3% (stronger than 82% of peers).
How profitable is Western Midstream Partners, LP?
More profitable than most of its peers. Profitability scores 82/100 against 404 energy peers.Operating margin 40.2% vs a peer median of 11.7% (stronger than 90% of peers).Operating margin 40.2% vs peers 11.7% (stronger than 90% of peers).
How risky is Western Midstream Partners, LP?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Debt / equity 2.07× vs a peer median of 0.47× (weaker than 88% of peers).Debt / equity 2.07× vs peers 0.47× (weaker than 88% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Share count up 4.9% (existing holders diluted)
Previous quarter
Latest quarter
Change
Revenue (12 months)
4.0B USD
4.3B USD
+7.0%
Net income (12 months)
1.2B USD
1.3B USD
+5.1%
Operating margin
41.0%
40.2%
−0.8 pts
Debt
8.6B USD
9.1B USD
+4.8%
Cash
647.5M USD
104.8M USD
−83.8%
Shares outstanding
393.8M
413.2M
+4.9%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Oil & Gas Midstream · 32 companies
Valuations in Oil & Gas Midstream are near the top of their range since Aug 2019.
86% of months since Aug 2019 were valued lower than now.
54% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +44% and earnings +16% (medians): prices rose faster than earnings.
Median price-to-sales is +39% vs the whole market, against a usual +3%.
Aug 2019Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Aug 2019; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
46.4%
48.8%
44.4%
54.7%
41.7%
▼ 13 pts
Net margin
31.8%
37.4%
32.9%
43.6%
30.7%
▼ 13 pts
Return on assets (ROA)
8.1%
10.8%
8.2%
12.0%
7.9%
▼ 4.1 pts
Free cash flow margin
50.5%
37.3%
29.8%
36.1%
38.9%
▲ 2.7 pts
Current ratio
0.60×
1.00×
0.76×
1.09×
1.34×
▲ 23%
Interest coverage
3.55×
4.76×
3.96×
5.21×
4.10×
▼ 21%
WES price history
Price history is added with the daily price update and will appear after the next one.