Western Midstream Partners LP
Research Western Midstream Partners LP (WES) on Bullrun: valuation model: 1.1% undervalued, market cap USD 18.71B, P/E 14.3, dividend yield 8.1%. Explore financials, valuation history, model signals, and stock context.
Key Metrics
- TickerWES
- ExchangeNYSE
- CountryUnited States
- SectorEnergy
- IndustryOil & Gas Midstream
- CurrencyUSD
- Valuation signal1.1% undervalued
- Market capUSD 18.71B
- P/E14.3
- Dividend yield8.1%
- Financial periodQ2 2026
- RevenueUSD 1.22B
- Net incomeUSD 403.55M
- Free cash flowUSD 264.40M
- Gross margin73.6%
Valuation Snapshot
Bullrun's latest valuation model marks Western Midstream Partners LP as 1.1% undervalued; latest market cap is USD 18.71B; P/E is 14.3; dividend yield is 8.1%.
Peer valuation comparison
Latest P/E is 14.26x versus a Energy sector median of 15.73x (9.4% below).
Latest dividend yield is 8.13% versus a Energy sector median of 3.64% (123.4% above).
Five-year financial history
| Year | Revenue | Net income | Free cash flow | Gross margin | Diluted EPS | Cash | Total debt | Equity |
|---|---|---|---|---|---|---|---|---|
| FY2025 | USD 3.84B | USD 1.18B | USD 1.49B | 76.2% | 2.98 | USD 819.49M | USD 8.71B | USD 0 |
| FY2024 | USD 3.60B | USD 1.57B | USD 1.30B | 77.2% | 4.02 | USD 1.09B | USD 8.00B | USD 0 |
| FY2023 | USD 3.11B | USD 1.02B | USD 926.25M | 75.4% | 2.6 | USD 272.79M | USD 7.91B | USD 0 |
| FY2022 | USD 3.25B | USD 1.22B | USD 1.21B | 69.2% | 3 | USD 286.66M | USD 6.79B | USD 0 |
Valuation history
| Year | Snapshot date | Market cap | P/E | Dividend yield | Annual dividend/share |
|---|---|---|---|---|---|
| 2026 | 2026-10-12 | USD 18.71B | 14.3 | 8.1% | 3.68 |
| 2025 | 2025-12-31 | USD 16.12B | 13.2 | 9.1% | 3.61 |
| 2024 | 2024-12-31 | USD 14.62B | 9.6 | 8.4% | 3.22 |
| 2023 | 2023-12-29 | USD 11.10B | 10.8 | 8.5% | 2.5 |
| 2022 | 2022-12-30 | USD 10.34B | 9.8 | 6.8% | 1.83 |
| 2021 | 2021-12-31 | USD 8.97B | 10.2 | 5.7% | 1.27 |
Dividend history
Latest trailing dividend snapshot: annual dividend/share 3.68 USD, yield 8.1%.
| Year | Dividends/share |
|---|---|
| FY2025 | 3.61 USD |
| FY2024 | 3.22 USD |
| FY2023 | 2.5 USD |
| FY2022 | 1.83 USD |
About Western Midstream Partners LP
Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water. It also buys and sells residue, NGLs, and condensates. The company operates assets located in Texas, New Mexico, and the Rocky Mountains.
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Frequently asked questions
Is Western Midstream Partners LP overvalued or undervalued?
Bullrun's valuation model currently marks Western Midstream Partners LP as 1.1% undervalued.
What is Western Midstream Partners LP's market cap?
Western Midstream Partners LP's market capitalization is USD 18.71B.
What is Western Midstream Partners LP's P/E ratio?
Western Midstream Partners LP's price-to-earnings (P/E) ratio is 14.3.
Does Western Midstream Partners LP pay a dividend?
Western Midstream Partners LP has a dividend yield of 8.1%.
What does Western Midstream Partners LP do?
Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water. It also buys and sells residue, NGLs, and condensates. The company operates assets located in Texas, New Mexico, and the Rocky Mountains. It also provides water handling solutions.