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WES, Western Midstream Partners LP Common

To provide superior midstream service, we focus on ensuring the reliability and performance of our systems, creating sustainable cost efficiencies, enhancing our safety culture, and protecting the environment.

In our capacity as a natural - gas processor, we also buy and sell residue, NGLs, and condensate on behalf of ourselves and our customers under certain contracts.

In our operations, we contract with customers to provide midstream services focused on natural gas, NGLs, crude oil, produced water, and water solutions.

Latest annual: FY2025 10-K

WES · Western Midstream Partners LP Common

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$3.8B

+6.6% YoY · 9% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $4.0B 5-yr avg $3.3B

Gross margin 88%

Operating margin 41.0% 5-yr avg 47.8%

Owner-earnings margin 33% 5-yr avg 40%

Free cash flow margin 33% 5-yr avg 39%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Gross margin has run about 73% and operating margin about 42% through the cycle, a wide spread between price and the cost of what it sells — whether that advantage is durable pricing power or a margin that can erode is the question the record is for. The cash cycle has run negative through the cycle (a median of −144 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$1.8B	$2.4B	$2.3B	$2.7B	$2.5B	$2.7B	$3.3B	$3.1B	$3.6B	$3.8B	$4.0B	RevenueRevenue
73%	63%	81%	—	—	—	—	—	—	—	88%	Gross marginGross mgn
3%	2%	3%	4%	6%	7%	6%	7%	8%	10%	10%	SG&A / revenueSG&A/rev
$705M	$802M	$861M	$1.2B	$879M	$1.3B	$1.6B	$1.4B	$2.0B	$1.6B	$1.7B	Operating incomeOp. inc.
39.0%	33.0%	37.4%	44.9%	34.5%	49.5%	48.8%	44.4%	54.7%	41.7%	41.0%	Operating marginOp. mgn
$346M	$541M	$552M	$697M	$527M	$916M	$1.2B	$1.0B	$1.6B	$1.2B	$1.2B	Net incomeNet inc.
2%	—	10%	2%	1%	-1%	0%	0%	1%	1%	1%	Effective tax rateTax rate
											Cash flow & returns
$913M	$1.0B	$1.3B	$1.3B	$1.6B	$1.8B	$1.7B	$1.7B	$2.1B	$2.2B	$2.2B	Operating cash flowOp. cash
$273M	$319M	$389M	$483M	$491M	$552M	$582M	$601M	$650M	$711M	$741M	DepreciationDeprec.
$289M	$178M	$401M	$128M	$597M	$271M	($126M)	$6M	($125M)	$280M	$145M	Working capital & otherWC & other
$480M	$1.0B	$1.9B	$1.2B	$424M	$314M	$487M	$735M	$834M	$728M	$821M	CapexCapex
26.6%	42.3%	84.5%	43.3%	16.6%	11.6%	15.0%	23.7%	23.1%	19.0%	20.3%	Capex / revenueCapex/rev
$640M	$724M	$959M	$841M	$1.2B	$1.5B	$1.2B	$926M	$1.5B	$1.5B	$1.3B	Owner earningsOwner earn.
35.5%	29.8%	41.6%	30.6%	47.6%	53.9%	37.4%	29.8%	41.2%	38.9%	33.1%	Owner earnings marginOE mgn
$433M	$14M	($600M)	$135M	$1.2B	$1.5B	$1.2B	$926M	$1.3B	$1.5B	$1.3B	Free cash flowFCF
24.0%	0.6%	−26.0%	4.9%	47.6%	53.9%	37.4%	29.8%	36.2%	38.9%	33.1%	Free cash flow marginFCF mgn
$27K	$3M	$134M	$128M	$19M	$4M	$10M	$1M	$10M	$0	$2M	AcquisitionsAcquis.
$374M	$442M	$502M	$969M	$696M	$534M	$736M	$978M	$1.2B	$1.4B	$1.5B	Dividends paidDiv. paid
—	—	$0	$0	$33M	$217M	$488M	$135M	$0	$0	—	BuybacksBuybacks
											Balance sheet
$359M	$80M	$92M	$100M	$445M	$202M	$287M	$273M	$1.1B	$819M	$647M	Cash & investmentsCash+inv
$193M	$160M	$221M	$260M	$453M	$432M	$549M	$666M	$701M	$759M	$813M	ReceivablesReceiv.
$247M	$350M	$443M	$293M	$211M	$326M	$361M	$362M	$313M	$319M	$414M	Accounts payablePayables
($54M)	($190M)	($222M)	($33M)	$242M	$106M	$188M	$303M	$388M	$440M	$399M	Operating working capitalOper. WC
$596M	$255M	$345M	$402M	$943M	$685M	$900M	$992M	$1.8B	$1.7B	$1.5B	Current assetsCur. assets
$315M	$424M	$637M	$486M	$961M	$1.1B	$904M	$1.3B	$1.7B	$1.2B	$1.4B	Current liabilitiesCur. liab.
1.9×	0.6×	0.5×	0.8×	1.0×	0.6×	1.0×	0.8×	1.1×	1.3×	1.1×	Current ratioCurr. ratio
$418M	$416M	$446M	$446M	$5M	$5M	$5M	$5M	$5M	$353M	$348M	GoodwillGoodwill
$7.7B	$8.0B	$11.5B	$12.3B	$11.8B	$11.3B	$11.3B	$12.5B	$13.1B	$15.0B	$14.9B	Total assetsAssets
$3.1B	$3.6B	$5.2B	$8.0B	$7.9B	$6.9B	$6.8B	$7.9B	$7.9B	$8.6B	$8.6B	Total debtDebt
$2.8B	$3.5B	$5.2B	$7.9B	$7.4B	$6.7B	$6.5B	$7.6B	$6.8B	$7.8B	$8.0B	Net debt / (cash)Net debt
6.0×	5.6×	4.7×	4.1×	2.3×	3.5×	4.8×	4.0×	5.2×	4.1×	4.1×	Interest coverageInt. cov.
0.3%	0.2%	0.3%	0.6%	0.9%	1.0%	0.9%	1.0%	1.1%	1.3%	1.3%	Stock comp / revenueSBC/rev
											Per share
—	—	—	416M	436M	412M	396M	384M	382M	388M	401M	Shares out (diluted)Shares
—	—	—	$6.60	$5.85	$6.55	$8.20	$8.08	$9.42	$9.90	$10.10	Revenue / shareRev/sh
—	—	—	$1.68	$1.21	$2.22	$3.07	$2.66	$4.11	$3.04	$3.05	EPS (diluted)EPS
—	—	—	$2.02	$2.79	$3.53	$3.06	$2.41	$3.89	$3.85	$3.35	Owner earnings / shareOE/sh
—	—	—	$0.32	$2.79	$3.53	$3.06	$2.41	$3.41	$3.85	$3.35	Free cash flow / shareFCF/sh
—	—	—	$2.33	$1.60	$1.30	$1.86	$2.55	$3.26	$3.69	$3.67	Dividends / shareDiv/sh
—	—	—	$2.86	$0.97	$0.76	$1.23	$1.91	$2.18	$1.88	$2.05	Cap. spending / shareCapex/sh

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+7.0%/yr (6-yr)	+11.1%/yr
Owner earnings / share	+11.3%/yr (6-yr)	+6.7%/yr
EPS	+10.5%/yr (6-yr)	+20.3%/yr
Dividends / share	+8.0%/yr (6-yr)	+18.2%/yr
Capital spending / share	−6.8%/yr (6-yr)	+14.1%/yr

The year, in the company's words

the filing →

Verbatim from the 10-K's management discussion. Each sentence is shown only because its subject, direction, and stated figures check out against the filed numbers on this page. The words are the company's; the arithmetic is the record's.

Net income-24.9%
“Net income (loss) decreased by $398.8 million for the year ended December 31, 2025, primarily due to (i) a $307.9 million decrease in gain (loss) on divestiture and other, net and (ii) a $273.0 million increase in total operating expenses.”
✓ figure matches the filed record

The record, charted

FY2016–2025

Each measure over its full record; the current point and the worst year marked.

Share count

388Mpeak FY2020

Gross margin

81%low FY2017

Net debt ÷ owner earnings

5.2×peak FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$1.5Bowner earningsvs.$1.2Bnet incomelow FY2016

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business turned $1.2B of profit into $1.5B of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$1.2B

Owner earnings$1.5B · 39% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$1.2B	$1.6B	$1.0B	$1.2B	$916M
Depreciation & amortizationnon-cash charge added back	+$711M	+$650M	+$601M	+$582M	+$552M
Stock-based compensationreal costnon-cash, but a real cost	+$51M	+$38M	+$32M	+$28M	+$28M
Working capital & othertiming of cash in and out, other non-cash items	+$280M	−$125M	+$6M	−$126M	+$271M
Cash from operations	$2.2B	$2.1B	$1.7B	$1.7B	$1.8B
Maintenance capital expenditurethe spending needed just to hold position and volume	−$728M	−$650M	−$735M	−$487M	−$314M
Owner earnings	$1.5B	$1.5B	$926M	$1.2B	$1.5B
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$183M	—	—	—
Free cash flow	$1.5B	$1.3B	$926M	$1.2B	$1.5B
Owner-earnings marginowner earnings ÷ revenue	39%	41%	30%	37%	54%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $51M), owner earnings is nearer $1.4B.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 4.1×

Adequate

Operating income $1.6B ÷ interest expense $390M

What this means
Comfortable in a normal year, but below the margin of safety Graham looked for. Worth checking how stable the coverage has been across a full cycle.
How heavy is the debt, net of cash? $7.8B · 4.9× operating profit

Heavy net debt

Cash $819M − debt $8.6B

What this means
Netting $819M of cash and short-term investments against $8.6B of debt leaves $7.8B owed, about 4.9× a year's operating profit (5.4× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -198d

Negative, funded by others

DSO 72 + DIO 0 − DPO 270 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money. (Little or no inventory, a services / asset-light model, so the inventory leg is ~0.)

Is it a good business?

Return on invested capital —

Not enough data

Industry peers: median 6%

What this means
The filing data didn't include the inputs for this check.
Owner-earnings margin 37%

High through the cycle

10-yr median margin, range 30%–54%; latest $1.5B = operating cash $2.2B − maintenance capex $728M

Industry peers: median 2%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 39% of revenue this year, a 37% median across 10 years. Treating stock comp as the real expense it is (less $51M of SBC) leaves $1.4B.
Are earnings backed by cash? 1.88×

Cash-backed

Cash from ops $2.2B ÷ net income $1.2B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 96%

Returns most of it

Dividends + buybacks $1.4B ÷ Owner Earnings $1.5B

What this means
Of $1.5B Owner Earnings, $1.4B (96%) went back to shareholders, $1.4B dividends, $0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.02×

Maintaining

Capex $728M ÷ depreciation $711M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 4 of 6 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.8B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Miss

Current ratio ≥ 2× · 1.34×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Miss

Debt ≤ working capital · $8.6B vs $420M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Pass

A profit every year (10-yr record) · no losses

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +163%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $3.20/share (latest year $3.00), the averaged base the calculator's gate runs on. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 10 of 10

What this means
Never lost money over the record, the earnings stability Graham insisted on.
Operating margin 36% → 47% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 36% early to 47% lately, median 42% — pricing power intact or improving.
Owner earnings growth +9%/yr

What this means
Owner earnings grew about 9% a year over the record.
Worst year 2017 · 33.0% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −0.8%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$1.5B

Cash & short-term investments$647M
Receivables$813M
Other current assets$79M

Current liabilities$1.4B

Debt due within a year$11M
Accounts payable$414M
Other current liabilities$982M

Current ratio1.09×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.09×stricter: inventory excluded

Cash ratio0.46×strictest: cash alone against what's due

Working capital$132Mthe cushion left after near-term bills

Debt due this year vs. cash$11M due · $647M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+22.5%the freshest read on whether the business is still growing

Current ratio, recent quarters1.7× → 1.1×

Deeper floors

Net current asset value($9.9B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$8.3B$178M of it operating leases

Deferred revenue$1.3Bcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2016–2025

Over the record, the business generated $15.8B of operating cash; how management split it reads as a reinvestor, most operating cash is plowed back into the business.

Reinvested$8.2B · 52%
Dividends$7.9B · 50%
Buybacks$872M · 6%

Returned to owners$8.8B
80% of the owner earnings the business produced over the span, $7.9B as dividends and $872M as buybacks.
Source of funding−$1.2B
Reinvestment and shareholder returns ran $1.2B beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $3.1B to $8.6B.
Average price paid for buybacks—
Buybacks ran $872M over the span, but a stock split in the window left the reported buyback-share counts on a basis the diluted-share count doesn't match, so a comparable average price can't be drawn.
Net change in share count−3.7%
The diluted count fell from 416M to 401M, so the buybacks outran the stock issued to staff.
Dividend record$3.69/sh
Paid in 10 of the years on record, the per-share dividend growing about 8% a year. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 10-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$1.3B8% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity—goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$309Mover 10 years buying other businesses, against $8.2B of capital spent building

$441M written down across 1 year (2020): goodwill the company has already conceded it overpaid for, charged against earnings. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 10-year record, from the company's own filings.

Management, ownership & pay

From the proxy: how much of the business the people running it own, and how they are paid.

Stock-based compensation$51M
The slice of the business handed to employees in shares this year, 1% of revenue, equal to 3% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Western Midstream Partners LP Common is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2016–2025.

3 of the 6 tests turned up something to look into; the other 3 came back clean.

Look hereDid debt outgrow the business?$3.1B → $8.6B
Debt rose from $3.1B to $8.6B while owner earnings went from about $774M to $1.3B — about 4.0 years of owner earnings in debt then, about 6.6 now: measured against what the business earns, the balance sheet carries more debt than it did. Debt raised for buybacks or deals rather than growth is the kind that bites in a downturn.
Look hereDid receivables and inventory outpace sales?11% → 20% of sales
Receivables and inventory grew from $193M to $813M while revenue grew 124%: working capital is climbing faster than sales (11% of revenue then, 20% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
Look hereAre "one-time" charges a yearly habit?10 of 10 years
Management took an impairment or write-down in 10 of the last 10 years, $1.2B in all. A charge taken almost every year is not one-time; it is the business — past deals coming due, and an admission the assets were worth less than what was paid. Munger's rule: when the "one-time" keeps happening, it is the business. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Pipelines & Midstream

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
WESWestern Midstream Partners LP Common	$3.8B	73%	43.1%	—	38%
NGLNGL ENERGY PARTNERS LP Common	$3.2B	14%	2.8%	—	1%
CTRICenturi Holdings Inc.	$3.0B	8%	3.1%	5%	2%
OGSONE Gas	$2.6B	57%	17.9%	6%	-6%
NJRNew Jersey Resources	$2.0B	37%	12.5%	7%	1%
KNTKKinetik Holdings Inc.	$1.8B	30%	8.1%	3%	22%
AROCArchrock	$1.5B	-25%	17.8%	6%	16%
KGSKodiak Gas Services	$1.3B	—	28.7%	6%	6%
Group median	—	30%	15.2%	—	4%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Western Midstream Partners LP Common has delivered.

Today’s price $

Through the cycle, Western Midstream Partners LP Common earns about $1.5B on its 38.1% median owner-earnings margin. This year’s 38.9% margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($1.5B) Net of stock comp (−$53M) Steady-state · maintenance capex ($1.4B)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+3%/yr

Owner-earnings growth · ’16→’25+23%/yr

Owner-earnings yield—

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $1.3B on 394M shares outstanding, per the 10-Q cover, as of 2026-05-01; net debt $8.0B. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($821M) runs well above depreciation ($741M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $1.4B, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh WES against another business →

Cite: Owner Scorecard, "Western Midstream Partners LP Common (WES), the owner's record," https://ownerscorecard.com/c/WES, data as of 2026-07-09.

Manual order: ← WERN its page in the Manual WEST →

Industry order: ← USAC the Pipelines & Midstream chapter WMB →