Western Midstream Partners, LP (WES) Key Metrics
WES valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $18.44B
- Enterprise value
- $27.89B
- P/E (TTM)
- 14.1 10-yr median 11.6
- Forward P/E
- 11.3
- PEG ratio
- 5.48
- Price / sales
- 4.3 10-yr median 3.4
- Price / book
- 4.4 10-yr median 2.7
- EV / EBITDA
- 11.0 10-yr median 9.6
- Dividend yield
- 8.34% $3.72 a year
- Beta
- 0.71
WES key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsWES valuation Price multiples at each fiscal year-end price.
WES returns How much profit the business earns on the capital it uses.
WES per-share figures Results divided by the shares outstanding at year-end.
WES financial health Debt, liquidity and how easily interest is covered.
WES efficiency & capital use Working capital cycle and where the cash goes.
WES valuation history
WES returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
WES debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
WES cash returned to shareholders
WES price vs earnings per share
WES key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $15.90B | $14.70B | $11.25B | $10.64B | $9.16B | $6.02B | $8.19B | $6.07B | $8.14B | $9.27B |
| Enterprise value | $24.01B | $21.75B | $18.94B | $17.18B | $15.86B | $13.43B | $16.05B | $10.79B | $15.01B | $15.12B |
| P/E ratio | 13.6 | 9.3 | 11.0 | 8.7 | 10.0 | 11.4 | 11.7 | 16.4 | 21.6 | 26.8 |
| Price / sales | 4.1 | 4.1 | 3.6 | 3.3 | 3.2 | 2.2 | 3.0 | 3.1 | 3.6 | 5.1 |
| Price / book | 4.0 | 4.5 | 3.9 | 3.6 | 3.0 | 2.1 | 2.4 | 1.7 | 2.1 | 2.3 |
| Price / free cash flow | 10.9 | 11.5 | 12.3 | 8.8 | 6.3 | 5.0 | 60.5 | — | 36.6 | 21.4 |
| Price / operating cash flow | 7.3 | 7.0 | 6.8 | 6.3 | 5.2 | 3.7 | 6.2 | 6.0 | 9.1 | 10.2 |
| EV / sales | 6.2 | 6.0 | 6.1 | 5.3 | 5.5 | 4.8 | 5.8 | 5.4 | 6.7 | 8.4 |
| EV / EBITDA | 10.4 | 8.2 | 9.5 | 8.0 | 8.6 | 9.7 | 10.1 | 8.6 | 14.8 | 16.6 |
| EV / free cash flow | 16.4 | 17.1 | 20.7 | 14.2 | 10.9 | 11.1 | 118.6 | — | 67.5 | 34.9 |
| Earnings yield | 7.4% | 10.7% | 9.1% | 11.4% | 10.0% | 8.8% | 8.5% | 6.1% | 4.6% | 3.7% |
| Free cash flow yield | 9.2% | 8.7% | 8.1% | 11.4% | 15.9% | 20.2% | 1.7% | −2.9% | 2.7% | 4.7% |
| Dividend yield | 9.0% | 8.7% | 10.2% | 6.9% | 5.8% | 11.6% | 11.8% | 8.3% | 5.4% | 4.0% |
| Shareholder yield (dividends + buybacks) | 9.0% | 8.7% | 11.4% | 11.5% | 8.2% | 12.1% | 11.8% | 8.5% | 5.4% | 4.3% |
| Share price at fiscal year-end | $39.50 | $38.43 | $29.26 | $26.85 | $22.27 | $13.82 | $19.69 | $27.73 | $37.16 | $42.35 |
| Per share | ||||||||||
| Revenue per share | $9.55 | $9.43 | $8.08 | $8.21 | $7.00 | $6.37 | $6.60 | $9.09 | $10.27 | $8.24 |
| Earnings per share | $2.91 | $4.11 | $2.66 | $3.07 | $2.23 | $1.21 | $1.68 | $1.69 | $1.72 | $1.58 |
| Operating cash flow per share | $5.45 | $5.51 | $4.29 | $4.29 | $4.30 | $3.76 | $3.18 | $4.64 | $4.10 | $4.17 |
| Free cash flow per share | $3.64 | $3.33 | $2.38 | $3.06 | $3.53 | $2.79 | $0.33 | −$0.81 | $1.02 | $1.98 |
| Cash per share | $2.04 | $2.85 | $0.71 | $0.72 | $0.49 | $1.02 | $0.24 | $0.42 | $0.36 | $1.64 |
| Book value per share | $9.99 | $8.46 | $7.54 | $7.50 | $7.53 | $6.65 | $8.05 | $16.01 | $18.02 | $18.78 |
| Tangible book value per share | $6.84 | $6.75 | $5.75 | $5.69 | $5.70 | $4.85 | $5.03 | $10.70 | $12.58 | $13.20 |
| Dividends per share | $3.56 | $3.33 | $2.97 | $1.86 | $1.30 | $1.60 | $2.33 | $2.29 | $2.02 | $1.71 |
| Capex per share | $1.81 | $2.18 | $1.91 | $1.23 | $0.76 | $0.97 | $2.86 | $5.45 | $3.08 | $2.19 |
| Debt per share | $22.19 | $21.28 | $20.71 | $17.23 | $16.79 | $18.03 | $19.14 | $21.99 | $31.78 | $28.37 |
| Shares outstanding | 402.5M | 382.5M | 384.4M | 396.2M | 411.3M | 435.6M | 415.8M | 218.9M | 218.9M | 218.9M |
| Change in shares outstanding | +5.2% | −0.5% | −3.0% | −3.7% | −5.6% | +4.8% | +89.9% | +0.0% | +0.0% | +0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 32.2% | 51.3% | 34.8% | 40.1% | 30.6% | 16.9% | 20.4% | 9.9% | 9.4% | 9.1% |
| Return on invested capital (ROIC) | 14.0% | 18.7% | 13.7% | 16.4% | 13.3% | 8.1% | 12.5% | 6.5% | 6.7% | 7.4% |
| Return on assets (ROA) | 8.3% | 12.3% | 8.6% | 10.8% | 7.9% | 4.4% | 6.5% | 4.3% | 4.8% | 4.8% |
| Return on tangible assets | 8.5% | 12.6% | 8.7% | 11.5% | 8.7% | 4.8% | 6.3% | 4.6% | 5.5% | 5.3% |
| Free cash flow margin | 38.1% | 35.4% | 29.4% | 37.3% | 50.5% | 43.8% | 4.9% | −8.9% | 9.9% | 24.0% |
| Income quality (OCF / net income) | 1.87 | 1.34 | 1.61 | 1.40 | 1.93 | 3.11 | 1.90 | 2.75 | 2.38 | 2.64 |
| Financial health | ||||||||||
| Total debt | $8.93B | $8.14B | $7.96B | $6.83B | $6.91B | $7.85B | $7.96B | $4.82B | $6.96B | $6.21B |
| Cash & short-term investments | $819.5M | $1.09B | $272.8M | $286.7M | $202.0M | $444.9M | $100.0M | $92.1M | $79.6M | $359.1M |
| Net debt | $8.11B | $7.05B | $7.69B | $6.54B | $6.70B | $7.41B | $7.86B | $4.72B | $6.88B | $5.85B |
| Debt / equity | 2.22 | 2.52 | 2.75 | 2.30 | 2.23 | 2.71 | 2.38 | 1.37 | 1.76 | 1.51 |
| Debt / assets | 0.60 | 0.62 | 0.64 | 0.61 | 0.61 | 0.66 | 0.64 | 0.52 | 0.87 | 0.80 |
| Net debt / EBITDA | 3.52 | 2.67 | 3.87 | 3.03 | 3.62 | 5.37 | 4.93 | 3.77 | 6.79 | 6.43 |
| Current ratio | 1.34 | 1.09 | 0.76 | 1.00 | 0.60 | 0.98 | 0.83 | 0.63 | 0.60 | 1.89 |
| Quick ratio | 1.33 | 1.09 | 0.76 | 0.99 | 0.60 | 0.98 | 0.78 | 0.61 | 0.58 | 1.87 |
| Interest coverage | 4.1 | 5.4 | 4.1 | 4.9 | 3.7 | 2.3 | 4.1 | 3.4 | 4.9 | 6.0 |
| Working capital | $420.5M | $155.5M | −$311.6M | −$3.4M | −$455.4M | −$17.9M | −$83.5M | −$201.0M | −$169.2M | $280.2M |
| Invested capital | $12.13B | $10.29B | $10.59B | $9.51B | $9.80B | $10.30B | $11.20B | $8.23B | $10.82B | $9.96B |
| Tangible asset value | $2.90B | $2.72B | $2.34B | $2.39B | $2.35B | $2.11B | $2.09B | $2.34B | $2.75B | $2.89B |
| Net current asset value | −$9.18B | −$7.92B | −$8.45B | −$7.26B | −$7.49B | −$7.99B | −$8.60B | −$5.40B | −$3.82B | −$3.03B |
| Graham number | $25.56 | $27.99 | $21.24 | $22.77 | $19.42 | $13.45 | $17.42 | $24.65 | $26.41 | $25.83 |
| Graham net-net per share | −$23.40 | −$21.28 | −$22.52 | −$18.76 | −$18.53 | −$18.68 | −$20.89 | −$24.96 | −$17.65 | −$14.13 |
| Capital allocation | ||||||||||
| Dividends paid | $1.43B | $1.27B | $1.14B | $735.8M | $533.8M | $695.8M | $969.1M | $502.5M | $442.0M | $374.1M |
| Share buybacks (net) | $0 | $0 | $134.6M | $487.6M | $217.5M | $32.5M | $855,000 | $13.5M | $183,000 | $23.5M |
| Dividend payout ratio | 122.4% | 80.8% | 111.7% | 60.5% | 58.3% | 132.0% | 139.0% | 136.0% | 117.4% | 108.2% |
| Dividends + buybacks / free cash flow | 97.7% | 99.8% | 139.8% | 100.8% | 51.7% | 60.0% | 717.0% | — | 198.8% | 91.8% |
| Capex / revenue | 18.9% | 23.1% | 23.7% | 15.0% | 10.9% | 15.3% | 43.3% | 60.0% | 30.0% | 26.6% |
| Capex / operating cash flow | 33.2% | 39.5% | 44.6% | 28.6% | 17.8% | 25.8% | 89.8% | 117.4% | 75.2% | 52.6% |
| Capex / depreciation | 1.02 | 1.28 | 1.22 | 0.84 | 0.57 | 0.86 | 2.46 | 3.07 | 2.32 | 1.76 |
| Stock-based compensation / revenue | 1.3% | 1.0% | 1.0% | 0.9% | 1.2% | 0.5% | 0.6% | 0.3% | 0.2% | 0.3% |
| SG&A / revenue | 10.4% | 7.5% | 7.5% | 6.0% | 6.8% | 5.6% | 4.2% | 3.2% | 2.3% | 2.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 71.7 | 71.0 | 74.7 | 59.3 | 59.5 | 48.9 | 33.5 | 36.0 | 31.5 | 41.4 |
| Days of inventory on hand | 2.3 | 1.1 | 1.5 | 1.3 | 0.9 | 6.8 | 6.0 | 4.1 | 2.7 | 2.3 |
| Days payables outstanding | 95.2 | 149.8 | 172.4 | 124.9 | 112.1 | 135.4 | 126.6 | 166.1 | 72.0 | 44.7 |
| Cash conversion cycle (days) | -21.1 | -77.7 | -96.2 | -64.2 | -51.7 | -79.7 | -87.1 | -125.9 | -37.7 | -1.0 |
| Receivables turnover | 5.09 | 5.14 | 4.89 | 6.15 | 6.13 | 7.46 | 10.91 | 10.13 | 11.58 | 8.81 |
| Payables turnover | 3.84 | 2.44 | 2.12 | 2.92 | 3.26 | 2.70 | 2.88 | 2.20 | 5.07 | 8.17 |
| Inventory turnover | 157.94 | 324.46 | 240.88 | 279.97 | 411.06 | 53.83 | 60.38 | 89.69 | 133.93 | 161.01 |
| Asset turnover | 0.27 | 0.28 | 0.26 | 0.29 | 0.25 | 0.23 | 0.25 | 0.23 | 0.29 | 0.25 |
| Average receivables | $755.1M | $701.4M | $635.8M | $528.7M | $469.2M | $371.8M | $251.7M | $196.5M | $194.2M | $204.7M |
| Average payables | $316.1M | $337.7M | $361.5M | $343.3M | $268.4M | $251.9M | $321.7M | $350.1M | $236.5M | $93.9M |
| Average inventory | $7.7M | $2.5M | $3.2M | $3.6M | $2.1M | $12.6M | $15.4M | $8.6M | $9.0M | $4.8M |
| Intangibles / total assets | 8.4% | 5.0% | 5.5% | 6.4% | 6.6% | 6.6% | 10.2% | 12.6% | 14.9% | 15.8% |
Computed from WES's annual financial statements (latest annual report filed February 18, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
WES valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Western Midstream Partners traded at 13.6 times earnings, against a 10-year median of 11.6. Based on the latest twelve months, the trailing P/E is 14.1 and the forward P/E is 11.3. Western Midstream Partners earned a return on equity of 32.2% and a return on invested capital of 14.0% in fiscal 2025. It ended the year with $8.9 billion of debt and $819.5 million in cash and short-term investments, net debt of $8.1 billion. It returned $1.4 billion to shareholders: $1.4 billion in dividends and $0 in share buybacks, 98% of free cash flow. The share count rose 83.8% from 218.9M to 402.5M over 9 years.
See the WES income statement, the WES chart for price history, or the WES stock overview for the latest quote and news.
WES key metrics FAQ
What is Western Midstream Partners's P/E ratio?
Western Midstream Partners's trailing P/E ratio is 14.1 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 11.3. At the end of fiscal 2025 it was 13.6, compared with a 10-year median of 11.6.
What is Western Midstream Partners's EV/EBITDA?
Western Midstream Partners's enterprise value was 10.4 times EBITDA at the end of fiscal 2025 (enterprise value $24.0 billion, EBITDA $2.3 billion); the current EV/EBITDA is 11.0.
What is Western Midstream Partners's return on equity?
Western Midstream Partners's return on equity (ROE) was 32.2% in fiscal 2025: net income of $1.2 billion on average shareholders' equity of $3.6 billion.
What is Western Midstream Partners's ROIC?
Western Midstream Partners's return on invested capital was 14.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Western Midstream Partners have?
Western Midstream Partners had total debt of $8.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.22 and $8.1 billion of net debt (3.52 times EBITDA).
What is Western Midstream Partners's dividend yield?
Western Midstream Partners's forward dividend yield is 8.34%. Western Midstream Partners paid $1.4 billion in dividends in fiscal 2025 ($3.56 per share), a payout ratio of 122.4%.
What is Western Midstream Partners's free cash flow yield?
Western Midstream Partners generated $1.5 billion of free cash flow in fiscal 2025, a free cash flow yield of 9.2% on its market value at year-end ($15.9 billion).
What is Western Midstream Partners's current ratio?
Western Midstream Partners's current ratio was 1.34 at the end of fiscal 2025: current assets were 1.34 times current liabilities.