Western Midstream Partners, Lp

Utilities
Natural Gas Distribution
www.westernmidstream.com

Earnings Score
Moat Score

Market Cap $15.69B
PE 10
Debt $7.94B
Cash $1.12B
EV $22.50B
FCF $NaN

Earnings

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Sales & Net Margins

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Earnings	$1.53B
EBIT	$1.94B
ROE	47%
ROA	15%
Equity	$3.24B
Growth Stability	100%
PE	10.27
PEG	0.37
PB	4.85
P/S	4.44
Price/Cash	0.07
Debt/Equity	2.45
Net Margins	46%
Gross Margins	95%
Op. Margins	55%
Earnings CAGR	23%
Sales Growth YoY	14%
Sales Growth QoQ	-2%
Sales CAGR	9%
Equity CAGR	16%
Earnings Stability	0.83
Earnings Growth YoY	4%
Earnings Growth QoQ	-24%
Earnings CAGR 5Y	28%

Sales CAGR 5Y	5%
Equity CAGR 5Y	2%
Earnings CAGR 3Y	5%
Sales CAGR 3Y	5%
Equity CAGR 3Y	2%
Market Cap	$15.69B
Revenue	$3.53B
Dividend Yield	7%
Payout Ratio	74%
Assets	$12.98B
Total Debt	$7.94B
Cash	$1.12B
Shares Outstanding	389.92M
EV	22.5B
Earnings Score	94%
Moat Score	97%
Working Capital	186.49M
Current Ratio	1.11
Gross Profit	$3.36B
Shares Growth 3y	-3%
Equity Growth QoQ	-1%
Equity Growth YoY	15%

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.

2024
- 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
2022
- 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 83%

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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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	17%	-4%	19%	17%	19%	25%	19%	32%	37%	33%	46%
ROA	-	1%	9%	9%	7%	10%	7%	12%	14%	11%	15%
ROE	-	-6%	33%	35%	39%	22%	19%	31%	41%	35%	47%

Good Net Margins (46.32%)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-	-	-	-	-
Debt over Equity	1.93	2.56	3	3.32	5.11	2.49	2.84	2.33	2.28	2.73	2.45
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 (2.45)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	23%	16%	25%	-11%	38%	1%	4%	13%	-4%	5%
Earnings YoY growth	-	-130%	-620%	9%	-2%	89%	-26%	77%	33%	-16%	28%
Equity YoY growth	-	-16%	-1%	1%	-10%	236%	-14%	7%	0%	-2%	2%
FCF YoY growth	-	-	-	-	-	-	-	-	-	-	-