Western Midstream Partners, LP (WES) Stock Analysis
Energy · Oil & Gas Midstream · NYSE
Western Midstream Partners, LP (WES) posted $3.84B in revenue for fiscal 2025 (up 6.6% year over year), at a 30.7% net margin, and has compounded revenue about 6.7%/yr over five years, per its SEC filings.
Data last refreshed August 2, 2026 from SEC filings · how we compute this
The analyst's take on Western Midstream Partners, LP
Western Midstream Partners, LP has grown revenue from $1.80B to $3.84B over the last 10 fiscal years, compounding about 6.7% a year. The most recent year was up 6.6%, roughly in line with its longer-run pace.
Net margin sits at 30.7%, down 12.9 points year over year on a 76.1% gross margin. It carries about $8.62B of total debt.
At today's valuation the market is pricing in roughly 0.4% annual free-cash-flow growth — versus the 4.3% it actually delivered over the last five years, so the price is arguably undemanding against what it has already proven. The one thing worth a second look in the filings is inventory building faster than sales.
Synthesised from Western Midstream Partners, LP's SEC filings — descriptive, not advice. Ask the analyst your own question →
Western Midstream Partners, LP revenue & earnings — last 10 fiscal years
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.80B | $2.43B | $2.30B | $2.75B | $2.77B | $2.88B | $3.25B | $3.11B | $3.61B | $3.84B |
| Gross profit | $1.31B | $1.52B | $1.87B | — | — | — | $2.25B | $2.34B | $2.78B | $2.93B |
| Net income | $345.77M | $540.79M | $551.57M | $697.24M | $527.01M | $916.29M | $1.22B | $1.02B | $1.57B | $1.18B |
| Net margin | 19.2% | 22.3% | 24.0% | 25.4% | 19.0% | 31.8% | 37.4% | 32.9% | 43.6% | 30.7% |
Source: Western Midstream Partners, LP SEC filings (10-K). 15 years of history available in the interactive view.
Western Midstream Partners, LP: 2 potential red flags in the filings
Patterns in the filed statements worth a second look — computed and cited, not AI guesswork, and not a signal to sell. The kind of thing that hides in a 10-K.
- Inventory building faster than salesInventory rose 310.5% versus revenue 6.6% — possible overproduction or softening demand.
- Net margin shrinkingNet margin fell from 37.4% to 30.7% over ~3 years — profitability is compressing.
What growth is priced into WES stock?
At today's market cap of $17.52B, Western Midstream Partners, LP is priced for free-cash-flow growth of about 0.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.49B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 4.3%/yr over the last five fiscal years and revenue 6.7%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 15 years of Western Midstream Partners, LP financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Western Midstream Partners, LP financial history by metric
Compare Western Midstream Partners, LP with peers
About Western Midstream Partners, LP
Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company 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 of produced water. It also buys and sells residue, NGLs, and condensates. The company operates assets located in Texas, New Mexico, and the Rocky Mountains. It also provides water handling solutions. 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.
Western Midstream Partners, LP — frequently asked questions
What is Western Midstream Partners, LP's revenue?
Western Midstream Partners, LP (WES) reported revenue of $3.84B for fiscal year 2025, up 6.6% from the prior year, according to its SEC filings.
Is Western Midstream Partners, LP profitable?
Yes. WES earned net income of $1.18B in fiscal 2025, a net margin of 30.7%.
What is WES's P/E ratio?
Western Midstream Partners, LP trades at a price-to-earnings ratio of about 14.6 based on the latest data in our nightly-refreshed cache.
How fast is Western Midstream Partners, LP growing?
WES's revenue grew at roughly 6.7% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Western Midstream Partners, LP have?
As of fiscal year 2025, WES carried roughly $8.62B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Western Midstream Partners, LP's gross margin?
WES's gross margin was 76.1% in fiscal 2025 — gross profit of $2.93B on revenue of $3.84B.
What is Western Midstream Partners, LP's market cap?
Western Midstream Partners, LP (WES) has a market capitalization of about $17.52B, based on the latest data in our nightly-refreshed cache.
When does Western Midstream Partners, LP's fiscal year end?
WES's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into WES stock?
At today's market cap of $17.52B, Western Midstream Partners, LP is priced for free-cash-flow growth of about 0.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $1.49B from the FY ending 2025-12-31). For comparison, free cash flow actually grew 4.3%/yr over the last five fiscal years and revenue 6.7%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Western Midstream Partners, LP's official SEC filings (10-K and 10-Q), covering 15 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.