Western Midstream Partners, LP (WES) is a publicly traded company in the Energy — Oil & Gas Midstream industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Western Midstream Partners, LP, an energy infrastructure company operating with its subsidiaries, primarily acquires, owns, develops, and manages assets across the United States. Its core functions include the collection, compression, treatment, processing, and transportation of natural gas.
Is Western Midstream Partners, LP stock overvalued or undervalued in 2026?
Western Midstream Partners, LP (WES) trades at 14.1× earnings (P/E), below the median of the 140 energy companies over $2bn in Kaplio's universe. At the decade median (13.6×) $43 (-3 %); at its sector median (17.3×) $55 (+23 %).
Kaplio overview: Western Midstream Partners, LP
Market cap $19B · 52 weeks $37 – $50 (10 % below the high) · P/E 14.1× · 2027 expected P/E 11.1× · Dividend 8.1 % · 4 years rising · Next earnings November 4, 2026 · expected EPS $0.92 · Closing price, Oct 28 · accounts published Aug 5.
- Valuation: P/E 14.1× (fairly priced).
- Business: 5-year ROIC 13.1 % (solid).
- Balance sheet: Net debt/EBITDA 3.5× (fragile).
- Earnings: 4 of 8 (uneven).
What would it be worth at its usual multiples?
At the decade median (13.6×) $43 (-3 %); at its sector median (17.3×) $55 (+23 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in energy: 4 of 7 pass
- Dividend coverage (FCF / div) 1.0×, fails.
- Net debt / EBITDA 3.5×, fails.
- EV/EBITDA vs own 10y 12.0×, fails.
- FCF yield 13.3 %, passes.
- 5y avg ROIC 13.1 %, passes.
- Positive FCF through the cycle 9 de 10 ejercicios, passes.
- Capex / Revenue 18.9 %, passes.
- P/E read in reverse (cyclicals) 14.1×, info.
Against its peers (reference peers) — Western Midstream Partners, LP: P/E 14.1×; EV/EBITDA 12.0×; ROIC 11.1 %; $18.6B. Plains All American Pipeline, L.P. (P/E 7.4×; EV/EBITDA 8.5×; ROIC 6.0 %; $18.8B), DT Midstream, Inc. (P/E 27.4×; EV/EBITDA 14.9×; ROIC 4.9 %; $12.7B), Antero Midstream Corporation (P/E 24.7×; EV/EBITDA 14.0×; ROIC 8.6 %; $9.8B).
Expensive or cheap against its last ten years?
P/E at each close: today 14.1× · median 13.6× · minimum 1.9× · maximum 29.4× · cheap below 10.0× · expensive above 18.9×. It has been cheaper than today 53% of the time over its last ten years.
Dividend
fragile · Yield 8.1 % ($3.57 per share in 2025) · Years raising it 4 · 5-year growth +15 % a year · Free cash flow coverage 0.9× · With $1,000 invested today you'd collect $80.60 a year ($6.72 a month).
Profitability
| Return on Equity | 34.12% |
| Return on Invested Capital | 11.08% |
| Return on Assets | 7.75% |
| Gross Margin | 66.47% |
| Operating Margin | 39.69% |
| Net Margin | 29.20% |
Financial Health
| Debt / Equity | 2.14 |
| Current Ratio | 0.91 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 1.51 |
Price Performance
| 1 month | +0.20% |
| 3 months | -3.31% |
| Year-to-date | +14.00% |
| 1 year | +17.63% |
| 3 years | +65.55% |
| 5 years | +111.91% |
| 10 years | +5.65% |
Dividend History
Paid in the last 12 months: $3.6800 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-11-02 | $0.9300 |
| 2026-07-31 | $0.9300 |
| 2026-05-01 | $0.9300 |
| 2026-02-02 | $0.9100 |
| 2025-10-31 | $0.9100 |
| 2025-08-01 | $0.9100 |
| 2025-05-02 | $0.9100 |
| 2025-02-03 | $0.8750 |
| 2024-11-01 | $0.8750 |
| 2024-08-01 | $0.8750 |
Amounts adjusted for stock splits.
Related companies: PAA · EPD · MPLX · OKE · TRGP · DTM · AM · HESM
Explore sector: Energy · Oil & Gas Midstream
More sections of WES: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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