Western Midstream Partners, Lp

Utilities
Natural Gas Distribution
www.westernmidstream.com

Earnings Score
Moat Score

Market Cap $15.22B
PE 12
Debt $7.28B
Cash $448.45M
EV $22.05B
FCF -

Earnings

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Sales & Net Margins

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Earnings	$1.31B
EBIT	$1.70B
ROE	41%
ROA	14%
Equity	$3.19B
Growth Stability	100%
PE	11.62
PEG	0.5
PB	4.77
P/S	4.19
Price/Cash	0.03
Debt/Equity	2.28
Net Margins	34%
Gross Margins	95%
Op. Margins	47%
Earnings CAGR	23%
Sales Growth YoY	3%
Sales Growth QoQ	-1%
Sales CAGR	8%
Equity CAGR	16%
Earnings Stability	0.86
Earnings Growth YoY	-46%
Earnings Growth QoQ	-7%

Earnings CAGR 5Y	23%
Sales CAGR 5Y	6%
Equity CAGR 5Y	3%
Earnings CAGR 3Y	6%
Sales CAGR 3Y	6%
Equity CAGR 3Y	4%
Market Cap	$15.22B
Revenue	$3.63B
Dividend Yield	9%
Payout Ratio	104%
Assets	$12.46B
Total Debt	$7.28B
Cash	$448.45M
EV	22.05B
Earnings Score	94%
Moat Score	96%
Working Capital	178.97M
Current Ratio	1.18
Gross Profit	$3.47B
Shares Growth 3y	-2%
Equity Growth QoQ	-1%
Equity Growth YoY	-1%

Assets & ROA

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Stockholders Equity & ROE

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Western Midstream Partners LP is a US-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), the Mid-Continent (Kansas and Oklahoma), North-central Pennsylvania and Texas.

SEC Filings

Direct access to Western Midstream Partners, Lp (WES) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Western Midstream Partners, Lp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Western Midstream Partners, Lp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 23%

Stability 86%

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Western Midstream Partners, Lp Discounted Cash Flow

Fully customizable DCF calculator online for Western Midstream Partners, Lp.

Years

Calculation mode

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
DCF		$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Value	$0

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-4%	19%	17%	19%	25%	19%	32%	37%	33%	44%	34%
ROA	-	9%	9%	7%	10%	7%	12%	14%	11%	15%	14%
ROE	-	33%	35%	39%	22%	19%	31%	41%	35%	49%	41%

Good Net Margins (33.69%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	2.56	3	3.32	5.11	2.49	2.84	2.33	2.28	2.73	2.45	2.28
Growth Stability	-	-	-	100%	100%	100%	100%	100%	100%	100%	100%

Neutral Debt/FCF ratio (-)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Bad Debt/Equity ratio (2.28)

The company is overleveraged and has a bad balance between equity and debt.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	16%	25%	-11%	38%	1%	4%	13%	-4%	16%	6%
Earnings YoY growth	-	-620%	9%	-2%	89%	-26%	77%	33%	-16%	54%	23%
Equity YoY growth	-	-1%	1%	-10%	236%	-14%	7%	0%	-2%	12%	3%
FCF YoY growth	-	-	-	-	-	-	-	-	-	-	-