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WES Financials Western Midstream Partners, Lp

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →

Growth & profitability

  • Revenue has grown 8.6% per year over the past 5 years.
  • Net income has grown faster than revenue (17.5% vs 8.6% per year).
  • Operating margin has expanded, at 41.7% in the latest year.

Financial health

  • Total debt ($8.6B) exceeds cash ($819M); net debt is $7.8B.
  • Total debt has grown slower than revenue (1.9% vs 8.6% per year).
  • Operating income covered interest expense 4.1× in the latest year, up from 2.3× 5 years ago.
  • Total debt is 3.7× EBITDA.

Shareholder returns

  • Dividends have been paid for 13 consecutive years, consuming 121.2% of earnings.
  • The dividend has grown 15.5% per year over the past 5 years.
Revenue & net income
$0 $2B $4B 2011 2013 2015 2017 2019 2021 2023 2025
RevenueNet income
Margins (gross / operating / net)
0% 41% 82% 2011 2013 2015 2017 2019 2021 2023 2025
GrossOperatingNet
Free cash flow (CFO − capex)
$0 $1 $1 2011 2013 2015 2017 2019 2021 2023 2025
Free cash flow
Cash vs total debt
$0 $4B $9B 2011 2013 2015 2017 2019 2021 2023 2025
CashTotal debt
Cash flow: operating / investing / financing
-$3B -$583M $2B $0 2011 2013 2015 2017 2019 2021 2023 2025
OperatingInvestingFinancing

Key annual figures

FYRevenueNet incomeGross MOp MFCFTotal debtCash
2025 $3.8B $1.2B 0.0% 41.7% — $8.6B $819M
2024 $3.6B $1.6B 0.0% 54.7% — $7.9B $1.1B
2023 $3.1B $1.0B 0.0% 44.4% — $7.9B $273M
2022 $3.3B $1.2B 0.0% 48.8% — $6.8B $287M
2021 $2.7B $916M 0.0% 49.5% — $6.9B $202M
2020 $2.5B $527M 0.0% 34.5% — $7.9B $445M
2019 $2.7B $697M 0.0% 44.9% — $8.0B $100M
2018 $2.3B $552M 82.0% 37.4% — $5.2B $92M
2017 — $541M — — — $3.6B $80M
2016 — $407M — — — $3.1B $359M
2015 — $166M — — — $2.7B $100M
2014 — $288M — — — $2.4B $67M
2013 — $163M — — — $1.4B $113M
2012 — $61M — — — $1.2B $423M
2011 — $94M — — — $669M $227M

Valuation over time

How the market has priced WES against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

Price / earnings (P/E)
0.0 7.9 15.8 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/E
Price / sales (P/S)
0.0 2.6 5.2 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
P/S
Dividend yield (%)
0.0 4.6 9.2 Mar '23 Aug '23 Jan '24 Jun '24 Nov '24 Apr '25 Sep '25 Feb '26
Dividend yield %

Frequently asked questions

Is WES growing its revenue and profit?

Over the past 5 years, Western Midstream Partners, Lp's revenue has grown 8.6% per year, and net income grown 17.5% per year. These are computed facts, not advice.

How much debt does WES have?

As of FY2025, Western Midstream Partners, Lp reported $8.6B of total debt against $819M of cash; operating income covered interest expense 4.1×.

What is WES's profit margin?

In FY2025, gross margin was —, operating margin 41.7%, and net margin 30.7%.

What is WES's P/E ratio?

As of Jun '26, Western Midstream Partners, Lp traded at a price-to-earnings ratio of about 14.3× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.