Western Midstream Partners LP
WES—
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Western Midstream Partners LP AI Insights
Informational only. Not investment advice.Snapshot
- ROE of 41.2% TTM is 8x industry median (5.3%) - exceptional capital efficiency despite 2.2x debt/equity leverage[Return on Equity]
- FCF of 1.4B TTM (39% of operating cash flow) funds 3.57/share dividend at 104% payout ratio - distribution sustainability risk[Free Cash Flow]
- Operating margin 44% TTM vs industry median 8.8% - 5x advantage from asset-heavy midstream infrastructure model[Operating Margin]
Watch Triggers
- Free Cash Flow: Falls below 1.3B annualized — Would force distribution cut or debt increase given current 104% payout
- Interest Expense: Rises above 400M TTM — Refinancing risk in higher rate environment compresses distributable cash
- Operating Margin: Drops below 40% — Would signal contract repricing pressure or volume declines
Bull Case
Gross margin 77% TTM with 44% operating margin creates durable cash generation from long-term take-or-pay contracts on fixed infrastructure
Gross MarginOperating MarginEBITDA
P/E 11.3x vs industry median 17.4x despite 41% ROE - valuation discount for MLP structure, not fundamentals
P/E RatioROEEPS
Bear Case
Debt 7.0B at 2.2x equity with 372M interest expense (2.9x coverage) leaves limited margin for commodity cycle downturns
Total DebtDebt to EquityInterest Expense
Revenue growth 7% 5yr CAGR below industry median 9.5% signals mature asset base with limited organic expansion runway
Total Revenue 5yr GrowthCapital Expenditure
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Distribution coverage will tighten as capex needs compete with 104% payout ratio
1-3ymed
- Capex 745M TTM (34% of CFO) for maintenance/growth
- Dividend payout ratio 5yr avg 81% now stretched to 104%
- Debt/equity 2.2x limits incremental leverage capacity
FCF 1.4B vs dividends paid 1.4B (3.57 x 383M shares)Interest expense 372M TTM (17% of EBITDA)Working capital only 277M buffer
Valuation Context
Caveats
Public Strategies Rankings
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WES Fundamentals
Mining, Quarrying, and Oil and Gas Extraction → Support Activities for Mining
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$16.61B | — | ||
$24.5B | — | ||
14 | — | ||
$3.84B | +6.6% | — | |
$2.98 | -6.4% | — | |
40.1% | -3.4% | — | |
30.7% | -12.9% | — | |
$1.49B | +17.2% | — | |
32.6% | -18.8% | — | |
Beta 5Y (Monthly) | unknown | — |
WES Dividend History
53 dividends
2026
$0.910002/02/26$0.9100
2025
$3.605010/31/25$0.9100
08/01/25$0.9100
05/02/25$0.9100
02/03/25$0.8750
2024
$3.200011/01/24$0.8750
08/01/24$0.8750
04/30/24$0.8750
01/31/24$0.5750
2023
$2.493510/31/23$0.5750
07/28/23$0.5625
04/28/23$0.8560
01/31/23$0.5000
2022
$1.827010/28/22$0.5000
07/29/22$0.5000
04/29/22$0.5000
01/28/22$0.3270
2021
$1.268010/29/21$0.3230
07/29/21$0.3190
04/29/21$0.3150
01/29/21$0.3110
2020
$1.555010/29/20$0.3110
07/30/20$0.3110
04/30/20$0.3110
01/30/20$0.6220
2019
$2.450510/31/19$0.6200
07/30/19$0.6180
04/30/19$0.6100
01/31/19$0.6025
2018
$2.295010/30/18$0.5950
07/31/18$0.5825
05/01/18$0.5687
01/31/18$0.5487
2017
$2.018711/01/17$0.5375
07/27/17$0.5275
04/27/17$0.4913
01/31/17$0.4625
2016
$1.708810/27/16$0.4475
07/28/16$0.4338
04/28/16$0.4238
01/28/16$0.4037
2015
$1.400010/29/15$0.3812
07/29/15$0.3638
04/28/15$0.3425
01/29/15$0.3125
2014
$1.043810/29/14$0.2913
07/29/14$0.2713
04/28/14$0.2500
01/29/14$0.2313
2013
$0.625910/29/13$0.2137
07/29/13$0.1975
04/26/13$0.1787
01/30/13$0.0359
WES Stock Splits
No stock splits
WES SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/18/26 | 12/31/25 | Unknown | |
11/04/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
02/26/25 | 12/31/24 | 10-K | |
11/06/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/08/24 | 03/31/24 | 10-Q | |
02/21/24 | 12/31/23 | 10-K | |
11/01/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
05/03/23 | 03/31/23 | 10-Q | |
02/22/23 | 12/31/22 | 10-K | |
11/02/22 | 09/30/22 | 10-Q | |
08/03/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
02/23/22 | 12/31/21 | 10-K | |
11/09/21 | 09/30/21 | 10-Q | |
08/09/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
02/26/21 | 12/31/20 | 10-K | |
11/09/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-Q | |
05/05/20 | 03/31/20 | 10-Q | |
02/27/20 | 12/31/19 | 10-K | |
11/04/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/20/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
08/01/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
02/16/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
07/26/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
11/02/16 | 09/30/16 | 10-Q | |
07/27/16 | 06/30/16 | 10-Q | |
05/04/16 | 03/31/16 | 10-Q | |
02/25/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
07/30/15 | 06/30/15 | 10-Q | |
05/06/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
02/03/16 | 09/30/14 | 10-Q/A | |
10/29/14 | 09/30/14 | 10-Q | |
08/06/14 | 06/30/14 | 10-Q | |
02/03/16 | 06/30/14 | 10-Q/A | |
05/07/14 | 03/31/14 | 10-Q | |
02/03/16 | 03/31/14 | 10-Q/A | |
02/28/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/01/13 | 06/30/13 | 10-Q | |
05/06/13 | 03/31/13 | 10-Q | |
03/28/13 | 12/31/12 | 10-K | |
12/10/12 | 09/30/12 | 424B4 | |
08/01/13 | 06/30/12 | 10-Q | |
05/06/13 | 03/31/12 | 10-Q | |
12/10/12 | 12/31/11 | 424B4 |