Reading the tape
NYSE: WES
Western Midstream Partners, LP
Energy · Oil & Gas Midstream
Market Cap
$17.36B
52w High
$44.74
52w Low
$35.25
P/E
14.57
Volume
189.32K
Outstanding Shares
408.00M
Price vs Fundamentals
Why The Stock Is Moving
Fundamentals are supporting the moveModerate confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 18.68%Revenue (TTM): 6.61%FCF (TTM): 15.68%P/FCF: 59th pct
What changed
The stock rose 18.68% over the last year. Revenue grew 6.61% over the trailing twelve months. Operating margin moved from 54.66% to 41.26%. Free cash flow grew 15.68% over the trailing twelve months.
What the market seems to be pricing
The stock move broadly lines up with stronger business momentum, and the shares are still only around the 59th percentile of their historical P/FCF range.
What would invalidate this read
Operating margin is at 41.26%. Revenue grew 6.61% — this thesis depends on that trajectory holding. If revenue growth, margins, or free cash flow roll over while the stock keeps climbing, more of the move would be coming from multiple expansion than business progress.
Company profile
Western Midstream Partners, LP, a midstream energy company, together with its subsidiaries, acquires, owns, develops, and operates primarily in the United States.
CEOOscar K. Brown
SectorEnergy
IndustryOil & Gas Midstream
Employees1,511
IPO dateDec 10, 2012
Valuation
Forward P/E—
EV/EBITDA10.39
Enterprise value$23.93B
Stock splits
Nov 26, 2014↑ Forward
Every 9 shares became 10
Profitability & growth
Revenue growth11.09%
Gross margin68.46%▼11.30%vs FY2024
Operating margin41.26%▼24.53%vs FY2024
ROE29.09%▼40.19%vs FY2024
Analyst consensus
RatingHold
Target price$41.00▼3.64%
3
Buy
8
Hold
2
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 6, 2026
Q2 FY26 · EPS est $0.74 · Revenue est $1.01B
View
Dividends
$3.66/shareQuarterly5yr growth streakAdequateWES pays a dividend with a 8.6% dividend yield, 5 consecutive years of growth, growing at 24.01% annually, covered 1.0× by free cash flow.
Dividend Yield
8.6%
Annual Div / Share
$3.66
5yr CAGR
+24.01%
Doubles every ~3.2yr
Payout Ratio
122.9%
Adequate
Dividend Growth Rate
3yr CAGR
+15.82%
5yr CAGR
+24.01%
10yr CAGR
+8.82%
Dividend Safety
3/10Adequate
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$3.66+3.5%
2025$3.54+36.6%
2024$2.59+9.8%
2023$2.36+60.4%
2022$1.47+17.7%
2021$1.25-42.5%
2020$2.17-9.2%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$86/yr
$7/mo
In 5 yrs
$152/yr+76%
$13/mo
In 10 yrs
$267/yr+211%
$22/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$86/yr $7/mo | $152/yr+76% $13/mo | $267/yr+211% $22/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 8.6% → 26.72% over 10yr
Analysis
Dividend Strengths
Strong dividend growth rate
The 5-year CAGR of 24.01% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
High payout ratio
With 122.9% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.