WES
Western Midstream Partners, LP
WES's fundamentals are mixed, but it looks expensive: trading at 14x earnings, above its usual 11x. Analysts expect earnings growth, though they disagree widely on how much.
WES Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Healthy | |
| Strong | |
| Under pressure |
WES's revenue, profitability and cash flow are currently healthy, but its balance sheet is under pressure.
WES PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 9.8x | $30.14 | -28% |
| Forward | 10x | $41.78 | — |
| Fair | 11x | $32.52 | -22% |
| Expensive | 14x | $41.76 | -0.1% |
| Current | 14x | $41.78 | — |
Historical ranges are pointers, not guarantees.
WES's PE is in its expensive range at 14x. If earnings grow as analysts expect, today's price would be 10x next year's earnings, in its fair range.
WES Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for WES, but weaker profitability. However, they disagree widely on these estimates.
WES Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.01 | +31% |
| Q3 2026 | $3.07 | -8.9% |
| Q2 2026 | $3.16 | -2.5% |
| Q1 2026 | $3.04 | -9% |
| Q4 2025 | $2.98 | -26% |
| Q3 2025 | $3.37 | -14% |
| Q2 2025 | $3.24 | -16% |
| Q1 2025 | $3.34 | -5.9% |
| Q4 2024 | $4.02 | +55% |
WES earned $3.07 per share over the past year, down 8.9% from the year before.
WES Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | +25% |
| Q2 2026 | $1.2B | +30% |
| Q1 2026 | $1.1B | +23% |
| Q4 2025 | $1B | +11% |
| Q3 2025 | $952.5M | +7.8% |
| Q2 2025 | $942.3M | +4.1% |
| Q1 2025 | $917.1M | +3.3% |
| Q4 2024 | $928.5M | +8.2% |
WES's revenue has grown year over year for 12 quarters in a row: $1.2B last quarter, up 25% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 39% | -7.7 points |
| Q2 2026 | 43% | -4.2 points |
| Q1 2026 | 42% | -2.9 points |
| Q4 2025 | 30% | -16 points |
| Q3 2025 | 46% | +1.5 points |
| Q2 2025 | 47% | -4.7 points |
| Q1 2025 | 45% | -32 points |
| Q4 2024 | 46% | +0.2 points |
WES's operating margin was 39% last quarter, down 7.7 points from the same quarter a year ago, near the bottom of its range since 2019.
WES Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $265.2M | -31% |
| Q2 2026 | $1.3B | +229% |
| Q1 2026 | $234.2M | -40% |
| Q4 2025 | $335.4M | +6.3% |
| Q3 2025 | $385.5M | +6.5% |
| Q2 2025 | $385.4M | -8.2% |
| Q1 2025 | $388.4M | +89% |
| Q4 2024 | $315.7M | +15% |
WES's free cash flow has been positive every quarter for seven years: $2.1B over the past year, up 42% from the year before.
WES Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +3.5% | +13.8M shares |
| 1 year | +1.3% | +5.2M shares |
| 3 years | +8.9% | +33.7M shares |
| 5 years | +1.2% | +4.8M shares |
| Available history | -6.9% | -30.8M shares |
WES has 413M diluted shares, up 1.3% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
| Q3 2023 | $127.5M |
| Q2 2023 | $41,000 |
WES Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.5x | Elevated |
| Q2 2026 | 3.6x | Elevated |
| Q1 2026 | 3.3x | Elevated |
| Q4 2025 | 3.4x | Elevated |
| Q3 2025 | 2.8x | Moderate |
| Q2 2025 | 2.9x | Moderate |
| Q1 2025 | 2.9x | Moderate |
| Q4 2024 | 2.6x | Moderate |
WES's net debt is about 3.5 years of its operating earnings (EBITDA), up from 2.8 years a year ago.
WES Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 42.0 | Neutral |
| Stochastic | 22.9 | Neutral |
WES's weekly RSI is 42 (neutral) and its Stochastic is 23 (neutral).
WES PE vs Energy Sector
| Metric | WES | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 3.7% above |
| PE % | 83 | 61 | 22 pts above |
WES is trading at 14x earnings, in line with the Energy sector's median of 13x.
WES Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $44.2 | 5.5% below |
| 20 week MA | $46.0 | 9.2% below |
| 50 week MA | $43.5 | 4% below |
| 100 week MA | $41.3 | 1.2% above |
| 200 week MA | $36.6 | 14% above |
WES has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 14% above its 200-week average.
WES Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $20.3 | $13.9 | -31% |
| 2021 | $13.9 | $20.8 | +50% |
| 2022 | $20.8 | $25.8 | +24% |
| 2023 | $25.8 | $29.3 | +14% |
| 2024 | $29.3 | $39.1 | +34% |
| 2025 | $39.1 | $39.1 | 0% |
| 2026 YTD | $39.1 | $41.8 | +6.8% |
WES has finished higher in four of the last six years. It's up 6.8% so far in 2026.