GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary
Western Midstream Partners LP (NYSE:WES)
[1]
Modestly Overvalued[5]$ 38.94
GF Score: 83/100Market Cap: $ 14,849 Mil
Industry: Energy - Oil & Gas
IPO Date: 2012-12-07
Western Midstream Partners LP is a USA-based company which own, operate, acquire and develop midstream energy assets. The company through its subsidiary is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, NGLs and crude oil. It owns or has investments in assets located in the Rocky Mountains (Colorado, Utah, and Wyoming), t... read more
Latest FY Operating Revenue by Business Segment
Business Segment Name2024Percentage
Service revenues - fee based3,24890.10%
Service revenues - product based215.785.99%
Product sales140.103.89%
Other1.090.03%
Financial Strength
Rank: 4 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.060.520.03
Equity-to-Asset0.260.50.24
Interest Coverage4.235.8654.20
Piotroski F-Score656
Profitability Rank
Rank: 8 /10CurrentIndustry MedianHistorical Median
Operating Margin %42.787.73539.66
Net Margin %36.044.1424.69
ROE %40.465.8232.24
ROA %10.391.956.37
ROC (Joel Greenblatt) %17.648.30514.74
Growth Rank(* per share data)
Rank: 7 /1010-Yr5-Yr1-Yr
Revenue Growth %0.17.911.7
EBITDA Growth %6.414.10.1
Oprt. Income Growth %3.79.612.0
EPS w/o NRI Growth %9.411.610.7
FCF Growth %N/A35.850.5
Book Value Growth %3.53.8-1.6
Momentum Rank
Rank: 7 /10CurrentIndustry MedianHistorical Median
5-Day RSI62.6250.99N/A
9-Day RSI58.3651.22N/A
14-Day RSI55.4751.70N/A
6-1M Momentum %-3.03-7.23N/A
12-1M Momentum %-7.58-12.00N/A
Quarterly
Mar24Jun24Sep24Dec24Mar25
Revenue887.73905.63883.36928.50917.12
Net Income572.83378.65288.48333.61309.01
EPS1.470.970.740.850.79
Revenue YoY %20.9522.6713.838.193.31
Net Income YoY %181.2949.714.0315.70-46.06
EPS YoY %182.6951.565.7114.86-46.26
Warning Signs
SEVEREAltman Z-Score: Distress
SEVERELong-Term Debt: Keep issuing new debt
Good Signs
GOODBeneish M-Score: Unlikely manipulator
Insider Trades
InsiderPositionDateTradesCur. Shares
Occidental Petroleum Corp /de/10% Owner08/14/24-19500000165.68M
Occidental Petroleum Corp /de/10% Owner08/14/24-19500000165.68M
GF Value Rank
Rank: 6 /10CurrentIndustry MedianHistorical Median
PE Ratio11.6211.912.76
Forward P/E11.5311.16N/A
PB Ratio4.651.194.01
PS Ratio4.101.13.44
P/FCF10.239.311.97
Shiller P/E16.1915.7715.99
PEG Ratio0.860.820.83
Valuation Analysis
Current% of Price
NCAV-21.17-54
Tangible Book6.6817
EPV8.6122
Graham Number21.9856
Median PS Value32.9185
GF Value35.0590
Price38.94
Peter Lynch Value60.54155
Dividend & Ownership
Dividend Yield (TTM) %9.08
Dividend Yield (Forward) %9.35
Dividend Payout Ratio1.09
Dividend Growth (5Y) %9.30
Yield on Cost (5Y) %14.16
Continuous Div. since2021
Insider Ownership %0.67
Institution Ownership %40.32
As of 07-05-2025
* All financial numbers are in millions except for per share data, ratios and percentage change. "Neg. E" means negative equity.
20152016201720182019202020212022202320242025Performance
%GainSP500
1W1.462.20
1M2.345.22
3M-0.7116.86
6M3.936.27
YTD6.127.34
1Y3.6214.81
3Y27.2819.56
5Y43.8116.53
10Y3.3813.58
65.20
31.07
3.07
6M
3.1M
2015201620172018201920202021202220232024CurrentKey Data
65.2045.8747.4342.5134.9321.7023.6429.4829.9242.7443.33Highest Stock Price
30.1619.8634.6227.2017.583.0714.1322.5424.5227.7233.60Lowest Stock Price
7,9459,2728,1366,0718,7425,7198,97510,31211,10514,62514,849Market Cap
218.9218.9218.9218.9415.8435.6412.0396.2384.4382.5382.5Shares Outstanding-Diluted
93.0527.6821.6016.4112.3811.7110.228.9511.259.5611.62PE Ratio
5.338.857.672.592.742.073.033.473.834.524.65PB Ratio
4.535.143.352.642.982.173.193.273.624.084.10PS Ratio
29.6415.2912.7610.9910.509.618.557.859.498.199.14EV-to-EBITDA
2015201620172018201920202021202220232024TTMPer Share Data
8.008.2411.1010.506.616.376.988.218.089.439.50Revenue per Share
0.391.531.721.691.591.182.183.002.604.023.35Earnings per Share
0.661.980.07-2.720.342.793.533.052.383.333.81Free Cash Flow per Share
1.401.712.022.302.451.561.271.832.493.203.50Dividends per Share
1.10-0.79-0.604.814.374.785.485.875.836.786.68Tangible Book per Share
--------------29.8828.0132.6832.91Median PS Value
6.37----16.9112.5816.7316.8919.2018.8922.2821.98Graham Number
2015201620172018201920202021202220232024TTMIncome Statement
1,7521,8042,4302,3002,7462,7732,8773,2523,1063,6053,635Revenue
951.091,0371,1571,4951,8192,0932,0032,2482,3412,7832,804Gross Profit
54.2857.4847.6265.0166.2375.5069.6369.1575.3777.1877.15Gross Margin %
409.73397.42452.71599.90817.16804.98841.12927.141,0521,2151,249Total Operating Expense
541.37639.72704.34895.091,0021,2881,1621,3211,2901,5681,555Operating Income
30.9035.4628.9938.9236.4746.4740.3940.6341.5143.4942.78Operating Margin %
165.51345.77540.79551.57697.24527.01916.291,2171,0221,5741,310Net Income
9.4519.1622.2623.9825.3919.0131.8537.4332.9143.6536.04Net Margin %
164.77714.47812.01864.311,112889.411,2981,5771,3881,9951,730EBIT
437.38987.401,1311,2531,5951,3801,8502,1601,9892,6452,393EBITDA
11.5227.2351.2832.4425.1917.6932.0441.0534.8351.3140.46ROE %
2.324.606.875.665.864.367.9310.808.6112.2910.39ROA %
2015201620172018201920202021202220232024Mar25Balance Sheet
99.69359.0779.5992.1499.96444.92202.00286.66272.791,090448.45Cash & Equivalents & MS
301.36595.59255.21344.76402.41943.06684.76900.43992.411,8471,190Total Current Assets
7,3037,7368,01611,45712,34611,83011,27311,27212,47213,14512,457Total Assets
------28.007.87438.87505.93215.78629.011,070409.95Short-Term Debt & CLO
235.57315.39424.43637.48485.95960.941,140903.861,3041,6921,011Total Current Liabilities
2,6913,1193,4935,2157,9527,4166,4016,5707,2846,9276,925Long-Term Debt & CLO
3,3833,6254,0716,5659,0018,9358,1778,1649,4429,7709,123Total Liabilities
1,4911,0481,0612,3403,1962,7612,9582,9722,8973,2363,193Total Stockholders Equity
3,9204,1113,9454,8933,3452,8953,0963,1083,0293,3753,334Total Equity
2015201620172018201920202021202220232024TTMCashflow Statement
782.81913.081,0431,3521,3321,6411,7671,6941,6482,1092,240Cash Flow from Operations
-500.28-1,106-1,133-2,211-3,388-448.25-257.54-218.24-1,607-39.17-576.81Cash Flow from Investing
-250.05451.84-188.88870.332,063-871.98-1,752-1,385-58.83-1,253-1,510Cash Flow from Financing
32.48259.38-279.4811.637.67320.42-242.9290.50-17.92816.26152.68Net Change in Cash
99.69359.0779.5990.4598.12418.54202.00286.10268.181,084442.14Ending Cash Position
-637.96-479.99-1,028-1,949-1,189-423.60-313.67-487.23-735.08-833.86-782.47Capital Expenditure
144.85433.0814.40-596.48142.941,2171,4531,207913.121,2751,457Free Cash Flow
Competitor(* Up to 5 competitors are listed here. See full competitors list in the Competitive Comparison section below)
TickerCompanyMarket Cap
($M)
PE RatioGF Score
/100
Financial
Strength /10
Profitability
Rank /10
GF Value
Rank /10
Growth
Rank /10
Momentum
Rank /10
NYSE:WESWestern Midstream Partners LP14,84911.628348677
NAS:PAAPlains All American Pipeline LP12,99719.877767555
NYSE:DTMDT Midstream Inc10,76328.878247399
NYSE:AMAntero Midstream Corp8,67920.827248339
NYSE:HESMHess Midstream LP5,00914.987448178
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Financial Strength[2] (Quarterly data, as of Mar. 2025) : Fair (4/10)

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Cash-to-Debt : 0.06

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.26

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 2.30

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 6

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

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WACC : 8.28% vs ROIC : 13.01%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 8.54%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Profitability[3] (Annual data, as of Dec. 2024) : Good (8/10)

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Revenue : $917 Mil vs Net Income : $309 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $448 Mil vs Long-Term Debt* : $6,925 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : 42.96%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $0.80

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.88

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $0.97

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Valuation (Quarterly data, as of Mar. 2025)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $38.94)


PE Ratio without NRI : 12.74

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 4.89

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 4.31

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 10.76

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : 13.09

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Altman Z-Score : Distress

Altman Z-score of 1.74 is in distress zone. This implies bankruptcy possibility in the next two years.

Long-Term Debt : Keep issuing new debt

Western Midstream Partners LP keeps issuing new debt. Over the past 3 years, it issued USD 332.231 million of debt.

Good Signs

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.93 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

Operating Margin % : Expansion

Western Midstream Partners LP operating margin is expanding. Margin expansion is usually a good sign.

Dividend Yield % : Close to 3-year high

Western Midstream Partners LP stock Dividend Yield % is close to 3-year high.

Medium Warning Signs

Dividend Payout Ratio : Too high

If a company's dividend payout ratio is too high, its dividend may not be sustainable. The dividend payout ratio of Western Midstream Partners LP is 1.09, which seems too high.

Price : Close to 5-year high

Western Midstream Partners LP stock Price is close to 5-year high.

PB Ratio : Close to 5-year high

Western Midstream Partners LP stock PB Ratio (=4.65) is close to 5-year high of 4.98.

Tax Rate : Too Low

Company seems to be paying lower tax, which may boost earnings, and may not be sustainable.
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Competitive Comparison


5 Year Price Change Comparison



Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NAS:PAAPlains All American Pipeline LP6/100.050.360.933.2262.64-2.957.715.52
NAS:VNOMViper Energy Inc6/100.680.430.318.6363.91-1.328.7015.12
NYSE:EPDEnterprise Products Partners LP5/100.010.381.095.0361.94-2.617.4010.66
NAS:GLNGGolar LNG Ltd5/100.370.460.7214.61N/A1.340.004.260.90
NYSE:MPLXMPLX LP5/100.110.361.684.7982.01-2.677.1812.26
NAS:PAGPPlains GP Holdings LP5/100.050.056.633.7662.16-3.105.665.04
NYSE:AMAntero Midstream Corp4/100.000.361.493.3382.10-2.778.638.78
NYSE:LNGCheniere Energy Inc4/100.100.134.546.1062.07-1.775.9712.12
NYSE:DTMDT Midstream Inc4/100.020.470.743.3551.68-2.728.084.09
NYSE:ETEnergy Transfer LP4/100.010.281.722.9051.40-2.707.387.86
NYSE:FROFrontline PLC4/100.120.381.581.3861.46-2.716.606.89
NYSE:HESMHess Midstream LP4/100.000.145.944.4571.88-3.048.3321.03
NYSE:KMIKinder Morgan Inc4/100.000.421.082.3861.13-2.717.694.82
NYSE:OKEONEOK Inc4/100.000.331.503.4741.41-2.388.627.61
NYSE:WESWestern Midstream Partners LP4/100.060.262.304.2361.74-2.938.2813.01
NYSE:CQPCheniere Energy Partners LP3/100.01-0.02-39.004.1062.10-1.956.3818.65
TSX:ENBEnbridge Inc3/100.020.311.512.2450.87-2.186.704.02
TSX:TRPTC Energy Corp3/100.030.232.242.2750.74-2.656.013.86
NYSE:WMBWilliams Companies Inc3/100.000.232.202.5141.14-2.538.134.98
NYSE:KNTKKinetik Holdings Inc2/100.00-0.36-1.470.7950.28-3.318.022.35
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Competitive Comparison - Cont.


Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NAS:VNOMViper Energy Inc9/1064.7543.4624.648.340.0014.827.5013.4026.10
NYSE:AMAntero Midstream Corp8/1056.5635.1319.687.2514.7219.796.305.905.00
NYSE:CQPCheniere Energy Partners LP8/1034.3826.27Neg. E14.209.7520.43-2.709.8010.50
TSX:ENBEnbridge Inc8/1017.7210.339.493.0326.3410.762.203.501.70
NYSE:EPDEnterprise Products Partners LP8/1012.0910.2620.617.8318.3715.1011.506.508.60
NYSE:FROFrontline PLC8/1021.9718.3214.725.495.6611.6434.7069.200.00
NYSE:HESMHess Midstream LP8/1061.5516.4749.396.115.5428.95-29.00-28.7020.10
NYSE:MPLXMPLX LP8/1040.8739.6732.4311.6910.7727.644.808.6013.20
NYSE:OKEONEOK Inc8/1021.0512.1517.145.6515.8214.730.0014.8015.60
TSX:TRPTC Energy Corp8/1042.1034.0515.343.5598.399.61-1.2016.20-8.30
NYSE:WESWestern Midstream Partners LP8/1042.7836.0440.4610.3910.2317.6410.5015.5012.10
NYSE:LNGCheniere Energy Inc7/1035.1318.3761.827.1917.1316.923.10265.200.00
NYSE:DTMDT Midstream Inc7/1049.1434.968.353.9323.7613.524.806.603.00
NYSE:ETEnergy Transfer LP7/1011.345.9713.923.9910.1910.90-0.60-1.60-15.60
NYSE:KMIKinder Morgan Inc7/1027.9916.678.493.6322.2811.46-2.501.00-5.30
NAS:PAAPlains All American Pipeline LP7/102.981.909.433.506.3112.076.7013.3016.70
NAS:PAGPPlains GP Holdings LP7/102.970.2910.100.511.8911.615.4011.309.40
NYSE:WMBWilliams Companies Inc6/1031.7421.1918.394.2535.3911.69-0.508.7012.20
NYSE:KNTKKinetik Holdings Inc5/1010.8714.39Neg. E3.357.3114.0912.1012.800.00
NAS:GLNGGolar LNG Ltd4/1013.961.480.190.090.002.451.4073.500.00

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NAS:VNOMViper Energy Inc10.011.874.302.330.350.890.430.958.0223.25
NYSE:FROFrontline PLC11.181.672.040.000.001.210.701.179.2713.44
NYSE:WESWestern Midstream Partners LP11.624.654.101.110.001.180.641.777.9126.69
NYSE:MPLXMPLX LP11.793.774.651.100.001.300.472.207.4628.15
NYSE:EPDEnterprise Products Partners LP11.802.361.210.820.000.801.701.377.2913.59
NYSE:CQPCheniere Energy Partners LP13.490.002.891.220.001.000.820.007.7825.04
NYSE:ETEnergy Transfer LP13.611.750.750.680.001.591.941.287.7318.85
NYSE:HESMHess Midstream LP14.987.422.440.790.000.000.002.2911.1919.08
TSX:TRPTC Energy Corp15.542.705.173.380.001.400.002.155.75-0.44
NYSE:OKEONEOK Inc16.042.401.961.460.001.270.801.886.7523.99
NYSE:LNGCheniere Energy Inc17.539.573.211.110.001.460.002.727.600.00
NAS:PAAPlains All American Pipeline LP19.871.350.260.430.000.880.000.957.84-5.94
NYSE:AMAntero Midstream Corp20.824.167.391.400.000.000.002.856.500.00
TSX:ENBEnbridge Inc22.552.162.171.290.001.172.152.485.4914.09
NYSE:KMIKinder Morgan Inc24.492.064.071.110.001.430.002.814.467.94
NAS:PAGPPlains GP Holdings LP26.052.850.080.200.000.980.000.007.457.02
NYSE:DTMDT Midstream Inc28.872.3210.120.000.000.002.722.664.710.00
NYSE:WMBWilliams Companies Inc31.535.756.662.080.002.001.584.474.3623.62
NYSE:KNTKKinetik Holdings Inc46.160.001.680.000.000.000.000.003.940.00
NAS:GLNGGolar LNG Ltd334.602.1816.9560.130.001.830.003.301.39-6.79
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Per Share Data


Per Share Data

Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Dec23
Dec24
TTM Fiscal Period
16.78
13.00
17.04
4.09
4.96
7.01
8.00
8.24
11.10
10.50
6.61
6.37
6.98
8.21
8.08
9.43
9.50
Revenue per Share
6.85
5.59
7.39
1.50
2.23
3.55
2.00
4.51
5.17
5.73
3.84
3.17
4.49
5.45
5.17
6.92
6.25
EBITDA per Share
4.36
3.81
5.17
0.95
1.54
2.58
0.75
3.26
3.71
3.95
2.67
2.04
3.15
3.98
3.61
5.22
4.52
EBIT per Share
1.99
1.25
1.85
0.01
0.71
1.02
0.39
1.53
1.72
1.69
1.59
1.18
2.18
3.00
2.60
4.02
3.35
Earnings per Share (Diluted)
1.95
1.29
1.85
0.01
0.72
1.04
1.65
1.59
1.77
2.64
1.61
2.60
2.31
2.79
2.72
3.25
3.22
EPS without NRI
--
--
--
--
--
--
-0.36
0.58
1.59
1.38
0.84
0.68
2.28
2.48
2.64
4.89
4.53
Owner Earnings per Share (TTM)
1.79
1.63
2.14
-1.65
-0.88
-0.52
0.66
1.98
0.07
-2.72
0.34
2.79
3.53
3.05
2.38
3.33
3.81
Free Cash Flow per Share
5.13
4.34
5.07
1.27
2.24
3.16
3.58
4.17
4.76
6.18
3.20
3.77
4.29
4.28
4.29
5.51
5.85
Operating Cash Flow per Share
1.92
0.53
4.44
1.93
0.52
0.31
0.46
1.64
0.36
0.42
0.23
1.08
0.50
0.75
0.72
2.87
1.18
Cash per Share
--
--
--
--
0.63
1.04
1.40
1.71
2.02
2.30
2.45
1.56
1.27
1.83
2.49
3.20
3.50
Dividends per Share
33.39
21.84
10.36
5.08
5.56
6.32
6.81
4.79
4.85
10.69
7.20
6.67
7.34
7.74
7.63
8.50
8.37
Book Value per Share
31.81
20.66
7.72
4.35
4.83
0.50
1.10
-0.79
-0.60
4.81
4.37
4.78
5.48
5.87
5.83
6.78
6.68
Tangible Book per Share
--
5.86
13.11
5.34
6.48
11.07
12.29
14.25
15.95
23.95
17.93
18.98
17.14
17.67
20.85
21.01
19.24
Total Debt per Share
--
--
--
29.95
39.51
60.23
36.29
42.35
37.16
27.73
19.69
13.82
22.27
26.85
29.26
38.43
38.94
Month End Stock Price
36.38
51.04
51.04
219
219
219
219
219
219
219
416
436
412
396
384
382
382
Shares Outstanding (Diluted Average)

Ratios

Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Dec23
Dec24
TTM Fiscal Period
7.39
5.49
11.46
0.55
14.06
22.16
11.52
27.23
51.28
32.44
25.19
17.69
32.04
41.05
34.83
51.31
40.46
ROE %
--
--
--
0.09
1.98
2.32
2.16
3.08
6.69
12.53
9.19
8.55
10.57
11.83
9.09
11.35
8.70
ROE % Adjusted to Book Value
5.12
3.60
4.09
0.14
3.91
4.97
2.32
4.60
6.87
5.66
5.86
4.36
7.93
10.80
8.61
12.29
10.39
ROA %
7.70
5.78
13.00
0.67
16.30
49.36
94.88
1,033
Neg. E
120
46.59
26.89
43.75
54.55
45.79
65.67
50.87
Return-on-Tangible-Equity
5.26
3.72
4.27
0.14
4.06
5.67
2.82
5.50
8.11
6.49
6.56
4.76
8.50
11.55
9.15
12.96
10.97
Return-on-Tangible-Asset
15.49
14.28
15.48
8.69
11.08
14.19
3.49
14.42
15.06
12.22
12.73
10.01
15.07
18.50
15.23
20.44
17.64
ROC (Joel Greenblatt) %
11.56
11.17
11.87
6.59
8.44
10.12
2.39
9.86
10.82
9.39
9.81
7.83
12.36
15.39
12.89
17.63
15.08
ROCE %
--
--
--
--
--
--
-52.92
-221
-70.30
-31.92
-39.16
14.15
-37.10
562
110
106
30.21
5-Year RORE %
-3.52
172
6.75
-1.60
21.11
6.91
33.92
66.29
20.92
1.52
21.26
-46.46
40.69
-27.79
-2.16
103
46.12
1-Year ROIIC %
6.91
7.40
8.59
4.33
7.72
8.20
1.54
8.92
10.29
8.64
8.50
10.90
10.43
12.10
11.28
12.64
13.01
ROIC %
--
--
1.95
7.15
8.23
7.54
8.07
11.75
11.23
7.19
6.00
13.63
18.41
16.56
6.80
7.88
8.28
WACC %
--
5.14
5.17
4.11
3.66
3.73
4.23
3.76
4.07
4.00
4.41
4.64
4.93
4.70
4.57
4.59
4.87
Effective Interest Rate on Debt %
60.86
49.12
49.33
48.94
51.82
56.29
54.28
57.48
47.62
65.01
66.23
75.50
69.63
69.15
75.37
77.18
77.15
Gross Margin %
20.77
26.83
28.21
19.93
27.81
32.53
30.90
35.46
28.99
38.92
36.47
46.47
40.39
40.63
41.51
43.49
42.78
Operating Margin %
11.83
9.64
10.83
0.50
15.09
18.78
9.45
19.16
22.26
23.98
25.39
19.01
31.85
37.43
32.91
43.65
36.04
Net Margin %
40.85
43.01
43.39
36.65
44.93
50.61
24.96
54.73
46.54
54.51
58.09
49.79
64.29
66.42
64.02
73.37
65.83
EBITDA Margin %
10.67
12.56
12.56
-40.32
-17.76
-7.46
8.27
24.00
0.59
-25.94
5.20
43.90
50.51
37.12
29.39
35.36
40.09
FCF Margin %
--
0.27
1.27
1.05
1.17
1.75
1.80
2.98
3.29
2.24
2.49
2.85
2.34
2.28
2.73
2.47
2.30
Debt-to-Equity
0.68
0.63
0.19
0.30
0.26
0.20
0.20
0.14
0.13
0.20
0.26
0.23
0.26
0.26
0.23
0.25
0.26
Equity-to-Asset
--
0.17
0.24
0.31
0.31
0.35
0.37
0.40
0.44
0.46
0.65
0.66
0.61
0.60
0.63
0.61
0.59
Debt-to-Asset
0.27
0.32
0.48
0.39
0.37
0.41
0.46
0.47
0.51
0.57
0.73
0.76
0.73
0.72
0.76
0.74
0.73
Liabilities-to-Assets
26.32
18.33
18.64
13.29
13.42
14.90
13.34
13.79
14.69
15.35
15.28
17.32
17.34
19.95
19.72
21.72
22.24
Gross-Profit-to-Asset %
-13.96
-1.64
1.31
0.16
-0.26
0.66
0.87
0.88
0.91
-0.27
-0.27
1.15
1.78
1.75
1.11
1.26
2.04
Degree of Financial Leverage
0.43
0.37
0.38
0.27
0.26
0.27
0.25
0.24
0.31
0.24
0.23
0.23
0.25
0.29
0.26
0.28
0.29
Asset Turnover
--
--
--
--
0.87
1.00
0.85
1.07
1.14
0.87
1.52
0.60
0.55
0.66
0.92
0.98
1.09
Dividend Payout Ratio
5.77
6.13
7.05
14.54
22.28
22.54
25.91
33.98
26.50
30.26
32.00
46.94
56.10
55.03
71.36
69.20
69.26
Days Sales Outstanding
33.24
17.37
17.30
20.68
22.59
25.55
34.84
82.25
85.60
180
145
135
112
125
172
150
158
Days Payable
--
--
--
1.34
1.49
2.15
1.76
2.27
2.57
4.91
6.93
6.78
0.89
1.30
1.52
1.12
1.81
Days Inventory
-27.47
-11.24
-10.25
-4.80
1.18
-0.86
-7.17
-46.00
-56.53
-145
-106
-81.66
-55.10
-68.57
-99.54
-79.51
-87.11
Cash Conversion Cycle
63.26
59.51
51.76
25.11
16.39
16.19
14.09
10.74
13.77
12.06
11.40
7.78
6.51
6.63
5.11
5.27
5.27
Receivables Turnover
--
--
--
272
245
170
208
161
142
74.31
52.67
53.83
411
280
241
324
201
Inventory Turnover
0.39
0.51
0.51
0.51
0.48
0.44
0.46
0.43
0.52
0.35
0.34
0.24
0.30
0.31
0.25
0.23
0.23
COGS-to-Revenue
--
--
--
0.00
0.00
0.00
0.00
0.00
0.00
0.01
0.01
0.01
0.00
0.00
0.00
0.00
0.00
Inventory-to-Revenue
0.20
0.21
0.17
0.71
0.63
0.53
0.36
0.27
0.42
0.85
0.43
0.15
0.11
0.15
0.24
0.23
0.22
Capex-to-Revenue
0.96
0.78
0.61
3.58
2.26
1.61
1.18
0.75
1.46
2.18
1.19
0.33
0.27
0.37
0.57
0.53
0.50
Capex-to-Operating-Income
0.65
0.62
0.58
2.30
1.39
1.17
0.82
0.53
0.99
1.44
0.89
0.26
0.18
0.29
0.45
0.40
0.35
Capex-to-Operating-Cash-Flow
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative. When ROE % or ROE % Adjusted to Book Value displays Neg. E, it means the the total shareholders equity is negative.
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Financial Statement

Income Statement

Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Dec23
Dec24
TTM Fiscal Period
610
663
869
894
1,085
1,533
1,752
1,804
2,430
2,300
2,746
2,773
2,877
3,252
3,106
3,605
3,635
Revenue
239
337
441
457
523
670
801
767
1,273
805
928
679
874
1,003
765
823
831
Cost of Goods Sold
371
326
429
438
562
863
951
1,037
1,157
1,495
1,819
2,093
2,003
2,248
2,341
2,783
2,804
Gross Profit
60.86
49.12
49.33
48.94
51.82
56.29
54.28
57.48
47.62
65.01
66.23
75.50
69.63
69.15
75.37
77.18
77.15
Gross Margin %
33.17
29.64
40.56
99.73
35.07
41.78
44.43
49.25
53.95
67.20
115
156
196
194
233
272
270
Selling, General, & Admin. Expense
211
118
143
160
226
323
365
348
399
533
703
649
646
733
819
943
979
Other Operating Expense
245
148
184
260
261
364
410
397
453
600
817
805
841
927
1,052
1,215
1,249
Total Operating Expense
127
178
245
178
302
499
541
640
704
895
1,002
1,288
1,162
1,321
1,290
1,568
1,555
Operating Income
20.77
26.83
28.21
19.93
27.81
32.53
30.90
35.46
28.99
38.92
36.47
46.47
40.39
40.63
41.51
43.49
42.78
Operating Margin %
20.72
21.84
24.11
16.90
16.90
16.90
16.90
16.90
16.90
16.90
16.90
11.74
--
--
--
--
--   Interest Income
-9.96
-15.36
-25.05
-37.74
-47.35
-71.67
-108
-109
-135
-175
-291
-367
-364
-322
-336
-365
-368
  Interest Expense
10.76
3.05
-6.24
-25.16
-34.90
-59.87
-96.97
-99.73
-126
-167
-286
-368
-377
-334
-348
-379
-381
Net Interest Income
11.15
-2.14
-0.04
16.33
23.62
53.64
-388
65.36
98.74
-38.57
106
-397
149
268
111
440
188
Other Income (Expense)
149
179
239
169
291
493
56.63
605
677
690
821
523
934
1,256
1,052
1,629
1,362
Pre-Tax Income
-39.67
-51.46
-58.80
-48.88
-4.61
-39.06
-45.53
-8.37
59.92
-58.93
-13.47
-6.00
9.81
-4.19
-4.39
-18.11
-20.02
Tax Provision
26.68
28.77
24.60
28.85
1.59
7.93
80.40
1.38
-8.85
8.55
1.64
1.15
-1.05
0.33
0.42
1.11
1.47
Tax Rate %
--
--
--
-56.86
-0.05
--
0.00
--
--
--
--
--
--
--
--
--
-- Other Net Income (Loss)
109
127
180
63.70
286
453
11.10
597
737
631
808
517
944
1,251
1,048
1,611
1,342
Net Income Including Noncontrolling Interests
109
127
180
121
286
453
11.10
597
737
631
808
517
944
1,251
1,048
1,611
1,342
  Net Income (Continuing Operations)
-36.77
-63.50
-86.06
-59.18
-122
-165
154
-251
-197
-79.08
-110
10.16
-27.71
-34.35
-25.79
-37.68
-31.84
Other Income (Minority Interest)
72.22
63.94
94.16
4.52
164
288
166
346
541
552
697
527
916
1,217
1,022
1,574
1,310
Net Income
11.83
9.64
10.83
0.50
15.09
18.78
9.45
19.16
22.26
23.98
25.39
19.01
31.85
37.43
32.91
43.65
36.04
Net Margin %
7.37
15.00
--
--
--
--
--
--
--
--
5.64
11.10
19.82
27.54
23.68
36.60
30.44
Preferred Dividends
1.99
1.25
1.85
0.01
0.71
1.02
0.39
1.53
1.72
1.69
1.59
1.18
2.18
3.01
2.61
4.04
3.36
EPS (Basic)
1.99
1.25
1.85
0.01
0.71
1.02
0.39
1.53
1.72
1.69
1.59
1.18
2.18
3.00
2.60
4.02
3.35
EPS (Diluted)
36.38
51.04
51.04
219
219
219
219
219
219
219
416
436
412
396
384
382
382
Shares Outstanding (Diluted Average)
159
194
264
207
338
564
165
714
812
864
1,112
889
1,298
1,577
1,388
1,995
1,730
EBIT
90.69
91.01
113
121
150
212
273
273
319
389
483
491
552
582
601
650
663
Depreciation, Depletion and Amortization
249
285
377
328
488
776
437
987
1,131
1,253
1,595
1,380
1,850
2,160
1,989
2,645
2,393
EBITDA
40.85
43.01
43.39
36.65
44.93
50.61
24.96
54.73
46.54
54.51
58.09
49.79
64.29
66.42
64.02
73.37
65.83
EBITDA Margin %
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Financial Statement

Cashflow Statement

Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Dec23
Dec24
TTM Fiscal Period
109
127
180
121
286
453
11.10
597
737
637
815
520
944
1,254
1,051
1,613
1,343
Net Income From Continuing Operations
90.69
91.01
113
121
150
212
273
273
319
389
483
491
552
582
601
650
663
Depreciation, Depletion and Amortization
2.67
0.42
-44.73
23.16
-14.07
1.50
-4.43
-49.00
-16.24
-60.46
-44.94
-147
16.37
-116
-78.32
-42.80
19.59
  Change In Receivables
-14.27
0.60
30.88
5.32
29.62
-35.93
1.01
58.37
-0.94
44.42
-29.75
105
115
-17.19
-83.33
-47.82
23.69
  Change In Payables And Accrued Expense
7.13
0.66
-16.50
-0.55
-4.48
4.00
-0.65
-4.30
-2.98
-37.80
56.04
24.82
49.86
34.83
67.63
172
175
  Change In Other Working Capital
-4.47
1.68
-30.34
27.93
11.07
-30.42
-4.07
5.07
-20.16
-53.84
-18.64
-16.87
181
-98.66
-94.03
81.26
218
Change In Working Capital
-8.79
-3.07
-10.72
-2.26
40.04
38.68
11.35
2.56
-53.14
139
7.61
3.30
-9.77
2.00
1.04
14.21
15.69
Deferred Tax
--
2.57
3.49
3.72
3.82
4.11
4.45
4.99
5.17
6.15
14.24
14.60
27.68
27.21
31.42
37.41
36.28
Stock Based Compensation
--
--
--
--
1.27
5.13
515
15.54
180
231
6.28
645
30.54
20.59
52.88
6.21
6.19
Asset Impairment Charge
0.00
1.70
3.11
6.94
-2.80
7.88
-28.08
15.02
-125
4.48
24.77
-16.75
41.67
-93.45
5.53
-294
-42.37
Cash Flow from Others
186
221
259
277
489
691
783
913
1,043
1,352
1,332
1,641
1,767
1,694
1,648
2,109
2,240
Cash Flow from Operations
-121
-138
-150
-638
-682
-805
-638
-480
-1,028
-1,949
-1,189
-424
-314
-487
-735
-834
-782
Purchase Of Property, Plant, Equipment
--
2.81
0.38
0.76
0.09
0.40
0.93
0.62
--
--
--
--
--
--
--
--
-- Sale Of Property, Plant, Equipment
-101
-753
-331
-720
-1,012
-1,967
-25.86
-716
-185
-296
-2,229
-19.39
-4.44
-49.76
-879
-10.13
-- Purchase Of Business
-0.38
-0.31
-0.09
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Purchase Of Investment
0.00
3.14
0.59
--
5.07
31.23
163
90.33
79.59
33.52
30.60
-5.26
60.57
319
6.69
805
206
Cash From Other Investing Activities
-223
-886
-480
-1,358
-1,689
-2,740
-500
-1,106
-1,133
-2,211
-3,388
-448
-258
-218
-1,607
-39.17
-577
Cash Flow from Investing
120
338
328
624
725
1,441
57.35
--
--
--
--
--
--
--
--
--
-- Issuance of Stock
--
--
--
--
--
--
--
--
-0.18
--
--
--
-217
-488
-135
--
-- Repurchase of Stock
--
--
--
--
--
--
--
687
--
--
--
--
--
--
--
--
-- Net Issuance of Preferred Stock
101
1,320
1,056
1,042
958
1,648
890
1,323
469
2,671
4,170
3,681
480
1,389
3,059
789
789
  Issuance of Debt
-203
-1,021
-869
-549
-710
-650
-611
-900
--
-1,040
-1,440
-3,818
-1,433
-1,519
-1,968
-754
-893
  Payments of Debt
-101
299
187
493
248
998
278
423
469
1,631
2,730
-137
-953
-130
1,091
34.88
-104
Net Issuance of Debt
--
--
--
--
-137
-228
-306
-374
-442
-894
-1,124
-772
-534
-1,245
-1,142
-1,272
-1,390
Cash Flow for Dividends
51.99
-16.22
-94.97
159
54.32
-207
-279
-284
-216
133
458
36.49
-48.05
476
127
-16.01
-15.91
Other Financing
70.62
621
420
1,276
890
2,004
-250
452
-189
870
2,063
-872
-1,752
-1,385
-58.83
-1,253
-1,510
Cash Flow from Financing
36.07
69.98
27.07
227
423
113
67.21
99.69
359
78.81
90.45
98.12
445
196
286
268
289
Beginning Cash Position
33.91
-42.91
199
196
-309
-45.91
32.48
259
-279
11.63
7.67
320
-243
90.50
-17.92
816
153
Net Change in Cash
69.98
27.07
227
423
113
67.21
99.69
359
79.59
90.45
98.12
419
202
286
268
1,084
442
Ending Cash Position
-121
-138
-150
-638
-682
-805
-638
-480
-1,028
-1,949
-1,189
-424
-314
-487
-735
-834
-782
Capital Expenditure
65.13
83.33
109
-361
-193
-114
145
433
14.40
-596
143
1,217
1,453
1,207
913
1,275
1,457
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Financial Satement

Balance Sheet

Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Dec23
Dec24
TTM Fiscal Period
69.98
27.07
227
423
113
67.21
99.69
359
79.59
92.14
99.96
445
202
287
273
1,090
448
  Cash And Cash Equivalents
69.98
27.07
227
423
113
67.21
99.69
359
79.59
92.14
99.96
445
202
287
273
1,090
448
Cash, Cash Equivalents, Marketable Securities
11.40
10.89
22.70
48.55
83.94
105
143
193
160
221
260
453
432
549
666
701
673
  Accounts Receivable
0.71
0.11
--
1.66
3.61
4.01
51.89
33.90
1.69
14.48
11.87
18.48
35.48
41.44
15.40
20.22
22.09
  Other Current Receivables
12.12
11.00
22.70
50.21
87.55
109
195
227
162
236
272
471
467
590
681
721
695
Total Receivables
--
--
--
1.68
2.58
5.32
2.40
7.13
10.79
10.87
24.35
0.88
3.37
3.80
2.56
2.51
11.32
  Inventories, Other
--
--
--
1.68
2.58
5.32
2.40
7.13
10.79
10.87
24.35
0.88
3.37
3.80
2.56
2.51
11.32
Total Inventories
4.16
5.11
7.19
3.66
4.61
5.10
4.03
2.89
2.96
6.16
5.77
26.07
12.27
19.67
35.78
32.76
35.43
Other Current Assets
86.26
43.18
256
478
208
187
301
596
255
345
402
943
685
900
992
1,847
1,190
Total Current Assets
21.34
40.41
110
106
593
634
619
594
566
1,092
1,286
1,225
1,167
945
905
541
528
Investments And Advances
8.71
18.93
105
422
406
483
330
227
580
604
487
177
98.47
263
479
460
--   Construction In Progress
1,652
1,708
2,533
3,010
3,833
5,143
6,227
6,635
7,285
10,655
11,869
12,465
12,748
13,102
14,466
15,050
15,678
  Other Gross PPE
1,660
1,727
2,638
3,432
4,239
5,627
6,557
6,862
7,865
11,259
12,356
12,642
12,846
13,366
14,945
15,510
15,678
Gross Property, Plant and Equipment
-299
-368
-586
-714
-856
-1,055
-1,698
-1,812
-2,134
-2,848
-3,291
-3,932
-4,333
-4,824
-5,290
-5,795
-5,950
  Accumulated Depreciation
1,361
1,359
2,052
2,718
3,383
4,571
4,859
5,050
5,731
8,410
9,065
8,710
8,513
8,542
9,655
9,715
9,727
Property, Plant and Equipment
57.35
60.24
135
161
159
1,274
1,251
1,221
1,191
1,287
1,255
781
750
718
686
655
647
Intangible Assets
57.35
60.24
82.14
105
105
389
419
418
416
446
446
4.78
4.78
4.78
4.78
4.78
4.78
  Goodwill
263
262
284
288
287
288
273
275
273
323
338
171
159
167
233
387
366
Other Long Term Assets
1,703
1,722
2,581
3,273
4,423
6,768
7,002
7,141
7,761
11,112
11,944
10,887
10,588
10,371
11,479
11,298
11,267
Total Long-Term Assets
1,789
1,766
2,838
3,751
4,631
6,955
7,303
7,736
8,016
11,457
12,346
11,830
11,273
11,272
12,472
13,145
12,457
Total Assets
16.95
15.18
26.59
25.15
39.59
54.23
98.66
247
350
443
293
211
326
361
362
313
357
  Accounts Payable
6.73
6.15
8.68
12.50
13.86
15.02
18.58
24.13
29.13
37.37
35.86
44.83
46.47
75.30
64.19
42.90
52.32
  Total Tax Payable
--
--
35.64
--
--
--
--
--
--
--
--
--
--
--
--
--
--   Other Current Payables
11.48
20.87
38.76
146
136
169
114
40.44
42.36
85.73
103
212
217
215
218
239
167
  Current Accrued Expense
35.16
42.19
110
184
189
238
231
312
421
566
432
467
589
651
645
595
577
Accounts Payable & Accrued Expense
--
--
--
--
--
1.15
--
--
--
28.00
--
431
502
213
610
1,000
337
  Short-Term Debt
--
--
--
--
--
--
--
--
--
--
7.87
8.26
3.79
2.66
18.70
69.85
73.35
  Short-Term Capital Lease Obligation
--
--
--
--
--
1.15
--
--
--
28.00
7.87
439
506
216
629
1,070
410
Short-Term Debt & Capital Lease Obligation
--
--
--
--
--
--
--
--
--
16.24
19.66
31.48
27.76
20.90
16.87
11.06
10.88
  Current Deferred Revenue
--
--
--
--
--
--
--
--
--
16.24
19.66
31.48
27.76
20.90
16.87
11.06
10.88
DeferredTaxAndRevenue
--
--
2.55
2.51
2.53
1.70
4.81
3.74
3.14
26.80
26.00
23.17
17.39
15.88
13.10
15.41
13.50
Other Current Liabilities
35.16
42.19
112
186
191
241
236
315
424
637
486
961
1,140
904
1,304
1,692
1,011
Total Current Liabilities
--
299
669
1,168
1,418
2,423
2,691
3,119
3,493
5,215
7,952
7,392
6,399
6,565
7,255
6,903
6,905
  Long-Term Debt
--
--
--
--
--
--
--
--
--
--
--
23.64
1.53
4.16
28.67
23.33
20.19
  Long-Term Capital Lease Obligation
--
299
669
1,168
1,418
2,423
2,691
3,119
3,493
5,215
7,952
7,416
6,401
6,570
7,284
6,927
6,925
Long-Term Debt & Capital Lease Obligation
--
0.27
1.27
1.05
1.17
1.75
1.80
2.98
3.29
2.24
2.49
2.85
2.34
2.28
2.73
2.47
2.30
Debt-to-Equity
217
0.73
513
47.15
38.00
45.64
328
47.84
7.41
280
18.90
22.20
12.43
14.42
15.47
29.68
31.39
NonCurrent Deferred Liabilities
--
--
9.00
--
--
--
--
--
--
--
--
--
--
--
--
--
-- NonCurrent Deferred Income Tax
231
219
67.17
68.75
79.15
112
129
143
147
432
545
536
624
676
839
1,122
1,156
Other Long-Term Liabilities
448
518
1,258
1,284
1,535
2,580
3,148
3,310
3,647
5,927
8,515
7,974
7,037
7,260
8,138
8,078
8,112
Total Long-Term Liabilities
483
560
1,371
1,470
1,727
2,821
3,383
3,625
4,071
6,565
9,001
8,935
8,177
8,164
9,442
9,770
9,123
Total Liabilities
1,215
1,115
529
1,112
1,217
1,383
1,491
1,048
1,061
2,340
3,196
2,761
2,958
2,972
2,897
3,236
3,193
Other Stockholders Equity
1,215
1,115
529
1,112
1,217
1,383
1,491
1,048
1,061
2,340
3,196
2,761
2,958
2,972
2,897
3,236
3,193
Total Stockholders Equity
90.92
90.46
938
1,168
1,687
2,751
2,429
3,063
2,884
2,553
150
134
138
136
132
140
140
Minority Interest
1,305
1,205
1,467
2,280
2,904
4,134
3,920
4,111
3,945
4,893
3,345
2,895
3,096
3,108
3,029
3,375
3,334
Total Equity
0.68
0.63
0.19
0.30
0.26
0.20
0.20
0.14
0.13
0.20
0.26
0.23
0.26
0.26
0.23
0.25
0.26
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Valuation Ratios

Valuation Ratios

Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Dec23
Dec24
TTM Fiscal Period
N/A
N/A
N/A
2,995
55.65
59.05
93.05
27.68
21.60
16.41
12.38
11.71
10.22
8.95
11.25
9.56
11.62
PE Ratio
N/A
N/A
N/A
2,995
55.18
57.80
22.05
26.59
21.01
10.49
12.25
5.32
9.63
9.62
10.75
11.81
12.11
PE Ratio without NRI
--
--
--
--
--
--
--
73.14
23.42
20.09
23.44
20.38
9.75
10.81
11.08
7.86
8.59
Price-to-Owner-Earnings
--
--
--
5.89
7.10
9.54
5.33
8.85
7.67
2.59
2.74
2.07
3.03
3.47
3.83
4.52
4.65
PB Ratio
--
--
--
6.89
8.17
121
33.08
--
--
5.77
4.50
2.89
4.06
4.58
5.02
5.67
5.83
Price-to-Tangible-Book
--
--
--
--
--
--
54.82
21.41
563
--
57.24
4.95
6.31
8.81
12.32
11.53
10.23
Price-to-Free-Cash-Flow
--
--
--
23.62
17.68
19.09
10.15
10.15
7.80
4.49
6.15
3.67
5.19
6.28
6.82
6.97
6.65
Price-to-Operating-Cash-Flow
--
--
--
7.33
7.97
8.60
4.53
5.14
3.35
2.64
2.98
2.17
3.19
3.27
3.62
4.08
4.10
PS Ratio
--
--
--
--
--
--
--
--
1.41
0.51
0.79
4.36
--
--
2.34
0.65
0.86
PEG Ratio
--
--
--
9.47
10.72
11.93
7.40
8.37
5.94
5.99
6.10
4.78
5.50
5.21
6.08
6.01
6.02
EV-to-Revenue
--
--
--
25.84
23.87
23.57
29.64
15.29
12.76
10.99
10.50
9.61
8.55
7.85
9.49
8.19
9.14
EV-to-EBITDA
--
--
--
40.88
34.45
32.42
78.68
21.13
17.77
15.94
15.06
14.91
12.19
10.74
13.60
10.86
12.65
EV-to-EBIT
--
--
--
-23.49
-60.37
-160
89.50
34.85
1,003
-23.09
117
10.90
10.88
14.04
20.67
17.00
15.01
EV-to-FCF
--
--
--
2.45
2.90
3.08
1.27
4.73
5.63
6.27
6.64
6.71
8.20
9.31
7.35
9.21
7.91
Earnings Yield (Joel Greenblatt) %
--
--
--
--
--
--
--
-2.78
14.99
19.51
15.63
4.88
-2.38
1.22
12.51
25.62
26.69
Forward Rate of Return (Yacktman) %
--
--
--
--
--
--
--
--
--
--
--
10.59
15.57
15.64
15.05
16.93
16.19
Shiller PE Ratio
--
--
--
--
--
--
--
--
--
--
--
1.77
3.59
3.91
3.99
4.96
4.95
Cyclically Adjusted PB Ratio
--
--
--
--
--
--
--
--
--
--
--
1.50
2.42
2.91
3.02
3.85
3.86
Cyclically Adjusted PS Ratio
--
--
--
--
--
--
--
--
--
--
--
--
89.49
30.58
23.19
22.57
21.25
Cyclically Adjusted Price-to-FCF
--
--
--
--
1.58
1.73
3.86
4.03
5.43
8.28
12.45
11.25
5.69
6.80
8.52
8.33
9.08
Dividend Yield %
--
--
--
-5.50
-2.23
-0.87
1.82
4.67
0.18
-9.82
1.64
21.28
16.19
11.70
8.22
8.72
9.81
FCF Yield %

Valuation and Quality

Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Dec23
Dec24
TTM Fiscal Period
--
--
--
6,556
8,649
13,185
7,945
9,272
8,136
6,071
8,742
5,719
8,975
10,312
11,105
14,625
14,849
Market Cap
--
--
--
8,470
11,641
18,293
12,964
15,095
14,432
13,775
16,751
13,263
15,817
16,947
18,876
21,670
21,876
Enterprise Value
--
--
--
29.95
39.51
60.23
36.29
42.35
37.16
27.73
19.69
13.82
22.27
26.85
29.26
38.43
38.94
Month End Stock Price
-13.87
-12.22
-40.80
-10.12
-15.08
-25.15
-26.09
-28.91
-31.41
-41.22
-20.39
-20.84
-20.13
-20.86
-24.51
-23.17
-23.12
Net Cash per Share
-13.42
-11.91
-40.21
-9.87
-14.65
-24.60
-25.17
-27.83
-30.60
-40.07
-19.70
-19.64
-18.93
-19.27
-22.61
-21.18
-21.17
Net Current Asset Value
-13.63
-12.06
-40.46
-9.95
-14.78
-24.78
-25.60
-28.23
-30.83
-40.44
-19.92
-20.02
-19.32
-19.79
-23.19
-21.79
-21.78
Net-Net Working Capital
--
--
--
--
--
--
--
3.20
3.35
2.62
5.56
10.20
15.93
20.31
22.55
31.54
35.12
Intrinsic Value: Projected FCF
--
--
--
--
--
--
--
--
--
--
--
--
--
29.88
28.01
32.68
32.91
Median PS Value
--
--
--
--
--
--
--
--
26.41
53.84
24.43
--
--
--
--
58.79
60.54
Peter Lynch Fair Value
37.38
24.45
17.90
0.99
8.82
3.41
6.37
--
--
16.91
12.58
16.73
16.89
19.20
18.89
22.28
21.98
Graham Number
--
--
--
--
--
--
-25.29
-17.39
-10.77
-27.57
-18.15
-13.09
-8.11
-5.27
1.16
8.84
8.61
Earnings Power Value (EPV)
--
--
0.25
3.19
3.48
3.28
1.73
2.12
1.81
0.97
1.09
0.86
1.25
1.51
1.29
1.69
1.74
Altman Z-Score
N/A
N/A
N/A
N/A
7.00
6.00
6.00
6.00
5.00
4.00
5.00
7.00
7.00
7.00
5.00
8.00
6.00
Piotroski F-Score
--
--
--
--
-1.93
-2.41
-2.01
-2.83
-2.87
-2.56
-2.83
-2.33
-2.89
-2.59
-2.73
-2.84
-2.93
Beneish M-Score
1.20
0.83
1.08
1.07
1.12
1.40
0.94
0.94
0.95
1.25
0.98
0.84
0.83
0.85
0.95
0.82
0.78
Scaled Net Operating Assets
6.09
41.24
11.10
28.92
29.44
33.61
-1.60
6.96
7.88
12.31
22.30
-5.62
-5.26
-2.30
7.87
-3.77
-2.83
Sloan Ratio %
2.45
1.02
2.29
2.57
1.09
0.78
1.28
1.89
0.60
0.54
0.83
0.98
0.60
1.00
0.76
1.09
1.18
Current Ratio
2.45
1.02
2.29
2.56
1.07
0.75
1.27
1.87
0.58
0.52
0.78
0.98
0.60
0.99
0.76
1.09
1.17
Quick Ratio
1.99
0.64
2.02
2.27
0.59
0.28
0.42
1.14
0.19
0.14
0.21
0.46
0.18
0.32
0.21
0.64
0.44
Cash Ratio
12.73
11.59
9.79
4.72
6.38
6.96
5.01
5.86
5.23
5.12
3.44
3.51
3.19
4.11
3.84
4.29
4.23
Interest Coverage
--
--
--
29.95
43.29
65.51
65.20
45.87
47.43
42.51
34.93
21.70
23.64
29.48
29.92
42.74
43.33
Highest Stock Price
--
--
--
27.46
31.02
37.70
30.16
19.86
34.62
27.20
17.58
3.07
14.13
22.54
24.52
27.72
33.60
Lowest Stock Price
--
-40.31
--
-329
--
-0.01
--
--
--
--
-103
6.79
2.62
4.70
1.18
-0.27
-0.22
Shares Buyback Ratio %
--
--
--
-9.52
-8.38
-10.93
-0.72
--
--
--
--
--
2.42
4.73
1.21
--
-- Buyback Yield %
29.49
-22.54
31.08
-76.01
21.37
41.26
14.26
2.97
34.65
-5.35
-37.12
-3.63
9.71
17.53
-1.54
16.66
11.66
YoY Rev. per Sh. Growth
154
-36.88
47.25
-99.46
7,000
43.66
-61.76
292
12.42
-1.74
-5.92
-25.79
84.75
37.61
-13.33
54.62
-5.63
YoY EPS Growth
46.27
-18.46
32.24
-79.75
48.83
59.11
-43.64
126
14.52
10.84
-32.98
-17.41
41.65
21.43
-5.08
33.67
0.10
YoY EBITDA Growth
--
--
--
--
--
--
--
-2.27
14.88
20.59
15.49
1.22
-6.36
-3.03
4.59
18.06
14.10
5-Year EBITDA Growth Rate
36.38
51.04
51.04
219
219
219
219
219
219
219
416
436
411
395
383
380
381
Shares Outstanding (Basic Average)
36.38
51.04
51.04
219
219
219
219
219
219
219
444
414
403
384
380
381
381
Shares Outstanding (EOP)
--
--
--
--
--
--
1.36
1.98
1.95
1.17
0.95
4.22
4.65
3.43
0.71
0.83
0.95
Beta
03/11/10
02/24/11
12/10/12
03/28/13
02/28/14
02/26/15
02/25/16
02/23/17
02/16/18
02/20/19
02/27/20
02/26/21
02/23/22
02/22/23
02/21/24
02/26/25
  Filing Date
12/10/12
03/28/13
02/28/14
02/26/15
02/25/16
02/23/17
02/16/18
02/20/19
02/27/20
02/26/21
02/23/22
02/23/22
02/21/24
02/26/25
02/26/25
02/26/25
  Restated Filing Date
02/16/18
02/15/19
02/28/20
02/26/21
02/24/22
02/23/23
02/22/24
02/27/25
  Earnings Release Date
--
--
--
2.00
5.00
4.00
3.00
3.00
4.00
7.00
23.00
23.00
21.00
23.00
24.00
26.00
26.00
Number of Shareholders
--
--
--
--
--
--
--
--
--
--
--
1,045
1,127
1,217
1,377
1,511
1,511
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Business & Geographic Segmentation

Business Segments

Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Dec23
Dec24
TTM Fiscal Period
--
--
--
--
--
--
--
1,228
1,238
1,609
2,388
2,584
2,284
2,602
2,769
3,248
3,290
Service revenues - fee based
--
--
--
--
--
--
--
572
990
85.55
70.13
48.37
123
250
192
216
208
Service revenues - product based
--
--
--
--
--
--
--
--
--
294
286
139
291
399
145
140
135
Product sales
--
--
--
--
--
--
--
4.11
20.47
1.49
1.47
1.34
0.79
0.95
0.97
1.09
0.86
Other
--
--
--
--
--
--
--
--
--
--
--
--
179
--
--
--
-- Lease revenue

Geographic Segments

Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
Dec21
Dec22
Dec23
Dec24
TTM Fiscal Period
--
--
--
--
--
--
--
1,804
2,248
1,990
2,746
2,773
2,877
3,252
3,106
3,605
-- United States
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jul 05, 2025
Western Midstream Partners LP (NYSE:WES)
www.gurufocus.com/stock/NYSE:WES/summary

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.