Stocks · Energy · Oil & Gas Midstream

Western Midstream Partners, LP WES

$44.76 +0.86% Close, Oct 2, 2026 · NYSE · Market cap $18.49B

Low risk

Next earnings report: Nov 3, 2026

Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.

Three things to know

  1. The shares trade at 14.0× trailing earnings, higher than 90% of the company's own readings over the past five years.
  2. Net debt is 3.9× EBITDA, a high level of leverage.
  3. The stock is in an uptrend: above its 200-day average for 202 trading days, with the 50-day average above the 200-day.

PromtFinance scores

Each score is a percentile within the Energy sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.

Growth75Positive

How fast revenue, earnings and cash flow are growing.

  • Revenue growth (TTM, YoY)Top 32%
  • EPS growth (TTM, YoY)Bottom 46%
  • FCF growth (TTM, YoY)Top 28%
  • Revenue growth, 3-year CAGRTop 37%
  • Revenue growth accelerationTop 41%
Quality68Positive

Returns on capital, margins, earnings quality and balance-sheet strength.

  • Return on invested capitalTop 26%
  • Gross marginTop 14%
  • Operating marginTop 16%
  • Cash conversion (OCF / net income)Bottom 40%
  • Accruals (lower is better)Bottom 36%
  • Net debt / EBITDA (lower is better)Bottom 19%
  • Interest coverTop 25%
Value35Weak

How cheap the shares are relative to earnings, cash flow and their own history.

  • Earnings yieldTop 31%
  • Free-cash-flow yieldTop 15%
  • EBITDA / enterprise valueBottom 30%
  • Sales / enterprise valueBottom 16%
  • P/E vs own 5-year history (lower is better)Bottom 6%
Momentum67Positive

Strength and persistence of the price trend, including versus the S&P 500.

  • 12-month return excluding last monthTop 49%
  • 6-month returnTop 21%
  • 1-year return vs S&P 500Top 50%
  • Distance from 52-week highTop 22%
  • Trend checklist (0–4)Top 32%
Revisions20Very weak

Earnings surprises and analyst sentiment (estimate-revision history is being collected).

  • Average EPS surprise, last 4 quartersBottom 34%
  • Consecutive EPS beatsTop 31%
  • Share of analysts rating BuyBottom 16%
  • Upside to consensus price targetBottom 24%
Stability87Strong

Low volatility, shallow drawdowns, low market sensitivity and modest leverage.

  • Volatility, 60 days (lower is better)Top 6%
  • Maximum drawdown, 3 yearsTop 3%
  • Beta vs S&P 500 (lower is better)Top 28%
  • Net debt / EBITDA (lower is better)Bottom 19%

What changed

Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).

MeasureBeforeNow
Revenue growth (YoY)11.4%18.0%↑
EPS growth (YoY)-8.1%-1.5%↑
Gross margin77.4%66.5%↓
Operating margin45.6%39.7%↓
FCF margin39.2%51.9%↑

Fundamental momentum

MeasureNow (TTM)Year / quarter beforeSector rank
Revenue growth (TTM, YoY)18.0%11.4%↑Top 32%
EPS growth (TTM, YoY)-1.5%-8.1%↑Bottom 46%
Gross margin66.5%77.4%↓Top 14%
Operating margin39.7%45.6%↓Top 16%
Net margin29.2%34.7%↓—
Free-cash-flow margin51.9%39.2%↑—
Return on invested capital11.1%—Top 26%
Revenue growth, 3-year CAGR5.7%—Top 37%

Quality of earnings and balance sheet

Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
1.70×
Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
-5.4%
Stock-based compensation / revenueA cost to shareholders through dilution.
0.6%
Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
+16.7 pp
Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
3.91×
Interest cover (operating income / interest)How many times operating profit covers interest.
8.6×

Shareholder returns

Dividend yield (dividends paid, TTM)
8.05%
Net buyback yield (TTM)
0.00%
Shareholder yield
8.05%
Share count change, 1 year
+4.5%
Share count change, 3-year CAGR
+1.2%

Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.

Based on the four quarters through Jun 30, 2026 (filed Aug 5, 2026).

Earnings and expectations

Earnings momentum

Consecutive EPS beats
2
Beats in the last 8 reports
4 of 8
Average EPS surprise, last 4
-5.5%
Average 2-day reaction, last 8
+0.1%
Positive 20 days after report
6 of 8

Analysts

Consensus price target
$49.71
Target vs current price
+11.1%
Analysts with a rating
13
Share rating Buy or Strong Buy
31%
Consensus rating
Hold

How the stock reacted to recent reports

Report dateEPS surprise2 days5 days20 days60 days
Aug 5, 2026+9.2%-1.1%+3.1%+5.0%—
May 6, 2026+14.6%-3.6%+4.1%+2.9%+8.9%
Feb 18, 2026-44.4%+0.4%-6.3%-5.2%+3.8%
Nov 4, 2025-1.1%-0.3%+4.6%+3.6%+10.7%
Aug 6, 2025+4.9%+1.4%-4.1%-3.7%-3.8%
May 7, 2025-5.2%+0.8%+10.4%+5.5%+10.5%
Feb 26, 2025+0.1%+0.9%-3.4%+2.7%-4.0%
Nov 6, 2024-10.8%+2.1%-4.1%+6.0%+8.1%

Returns from the close before each report. Past reactions do not determine future ones.

Earnings history

Report dateEPSEstimateSurpriseRevenue
Aug 5, 2026$0.99$0.91+9.2%$1.22B
May 6, 2026$0.85$0.74+14.6%$1.12B
Feb 18, 2026$0.47$0.85-44.4%$1.03B
Nov 4, 2025$0.87$0.88-1.1%$952.5M
Aug 6, 2025$0.87$0.83+4.9%$942.3M
May 7, 2025$0.79$0.83-5.2%$917.1M
Feb 26, 2025$0.85$0.85+0.1%$928.5M
Nov 6, 2024$0.74$0.83-10.8%$883.4M

Valuation in context

MultipleNow5-year median5-year percentileSector rank (cheapness)
P/E (trailing)14.0×10.2×90thTop 31%
P/E (forward)12.0×———
EV / EBITDA11.9×——Bottom 30%
EV / Sales6.35×——Bottom 16%
Free-cash-flow yield12.16%——Top 15%
Earnings yield7.15%——Top 31%

P/E over the past five years

Range 8.6× – 14.6× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.

What moved the stock over the past year

Price return, 1 year
+14.0%
Earnings per share growth (TTM)
-1.5%
Change in P/E multiple
+16.2%

Most of the move came from a change in the valuation multiple.

Technical state

Trend checklist

  • ✗ Price above 20-day average
  • ✗ Price above 50-day average
  • ✓ Price above 200-day average
  • ✓ 50-day average above 200-day
  • ✗ MACD histogram positive

Trend quality

Days above the 50-day average
0
Days above the 200-day average
202
50-day average slope (20 days)
+1.5%
200-day average slope (20 days)
+1.8%
Distance from 50-day average
-5.7%
Distance from 200-day average
+2.6%
RSI (14)
33.9
Relative volume
0.83×

Risk and drawdowns

Volatility, 60 days (annualized)
18.9%
Volatility vs own 5-year history
5th percentile · Low for this stock
Beta vs S&P 500 (2 years, weekly)
0.23
Correlation with S&P 500
0.16
Current drawdown from 1-year high
-10.1%
Maximum drawdown, 3 years
-18.4%

Largest declines in the past six years

From peakTo lowDeclineLengthRecovery
Jun 7, 2022Jun 23, 2022-23.5%11 days362 days (Nov 30, 2023)
Jun 16, 2021Aug 19, 2021-21.5%45 days40 days (Oct 15, 2021)
Oct 23, 2020Nov 3, 2020-18.7%7 days5 days (Nov 10, 2020)
Oct 20, 2021Nov 30, 2021-18.6%28 days30 days (Jan 12, 2022)
Jan 21, 2025Apr 8, 2025-18.4%54 days214 days (Feb 13, 2026)

Declines of 10% or more from a closing high, measured on daily closes.

Financial statements

Market cap
$18.49B
P/E (TTM)
14.0
EPS, diluted (TTM)
$3.20
Revenue (TTM)
$4.33B
Dividend yield
8.22%
52-week range
$36.90 – $50.07
FY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.88B$3.25B$3.11B$3.61B$3.84B
Gross profit$2.00B$2.25B$2.34B$2.78B$2.63B
Operating income$1.34B$1.59B$1.38B$1.97B$1.59B
Net income$916.3M$1.22B$1.02B$1.57B$1.17B
EPS (diluted)$2.18$3.00$2.60$4.02$3.00
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Revenue$883.4M$928.5M$917.1M$942.3M$952.5M$1.03B$1.12B$1.22B
Net income$288.5M$333.6M$309.0M$341.7M$331.7M$187.2M$342.4M$403.6M
EPS (diluted)$0.74$0.85$0.79$0.87$0.87$0.47$0.87$0.99
FY 2021FY 2022FY 2023FY 2024FY 2025
Operating cash flow$1.77B$1.70B$1.65B$2.11B$2.19B
Capital expenditure-$313.7M-$487.2M-$735.1M-$833.9M-$728.0M
Free cash flow$1.45B$1.21B$913.1M$1.27B$1.46B
Dividends paid-$533.8M-$735.8M-$1.14B-$1.27B-$1.43B
Net share buybacks-$217.5M-$487.6M-$134.6M$0$0

Cash outflows are shown as negative numbers.

Cash and short-term investments
$104.8M
Total assets
$16.32B
Total liabilities
$11.92B
Total debt
$9.13B
Net debt
$9.02B
Shareholders’ equity
$4.26B

As of Jun 30, 2026 (filed Aug 5, 2026).

Dividends

Ex-dateAmountPaid
Jul 31, 2026$0.93Aug 14, 2026
May 1, 2026$0.93May 15, 2026
Feb 2, 2026$0.91Feb 13, 2026
Oct 31, 2025$0.91Nov 14, 2025
Aug 1, 2025$0.91Aug 14, 2025
May 2, 2025$0.91May 15, 2025
Feb 3, 2025$0.88Feb 14, 2025
Nov 1, 2024$0.88Nov 14, 2024

Short interest

Shares sold short
6,485,536
Days to cover
7.86
Change vs previous report
+2.3%

FINRA short interest, settlement date Sep 15, 2026.

Stock splits

Nov 26, 2014
10-for-9