SEC data is missing this company's latest quarter
SEC data is missing this company's latest quarter: the SEC's companyfacts (refetched) ends at 2026-03-31 while its index lists a statement period 2026-06-30 — the SEC's aggregation omitted the filing; not recoverable from any archive we read Found by the Foundation Sweep four-quarter pass 2026-09-11; held under the four-quarter coverage policy (2026-09-11) and released automatically once the pass resolves it.
This page shows our last published analysis, from Sep 1, 2026.
It is not being updated, and new reports can't be run for this company.
For AI assistants & researchers — machine-readable summary of this page
What this page is: Delvantic's full research page for Western Midstream Partners, LP (WES) — AI-driven forensic equity research: mechanical valuation models (DCF, EPV, anchored-PE, scenario) plus three independent AI lenses (Quality / Value / Sentiment). Everything below is rendered server-side; you are not missing content that requires JavaScript. All scores are predictions and research opinions, not financial advice.
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profile-header/price-overview— company profile, live quote, market capextended-analysis— the core: three AI lens reads with findings, scores, and the analyst memofuture-predictions— our forward price-band predictionsmarket-narrative/ai-findings/gpt-critique— narrative context, cross-model findings, and an adversarial critique of our own analysis (near the end of the document)- Members-only sections (render as login gates for anonymous readers):
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Western Midstream Partners, LP
WES NYSE
Energy · Oil & Gas Midstream
The Woodlands, TX 77380, United States
westernmidstream.com
Price
$48.95
Market Cap
$19.9B
Employees
1,704
Beta
0.66
Avg Volume
801,035
Last Dividend
$3.68
CEO
Mr. Oscar K. Brown
Western Midstream Partners, LP is a midstream energy partnership that owns, operates, and develops infrastructure for gathering, processing, treating, compressing, and transporting natural gas, condensate, natural gas liquids, and crude oil. The company also provides produced-water gathering, recycling, treatment, and disposal services, along with marketing activities for residue gas, NGLs, and condensate. Its operations serve producers across major U.S. onshore basins, including Texas, New Mexico, Colorado, Wyoming, and Pennsylvania, supporting the movement of hydrocarbons from production sites to downstream markets. Headquartered in The Woodlands, Texas, Western Midstream Partners, LP plays a key role in the energy value chain by connecting upstream production with transportation, processing, and water-handling solutions.
Runs with full report
Price Overview
Price at report time
$48.95
as of Sep 1, 2:42pm (61d ago)
Change · Sep 1
+0.85 (+1.77%)
Day Range
$48.34 – $49.04
52-Week Range
$36.90 – $50.07
50-Day MA
$46.50
200-Day MA
$42.76
Volume
25,664.00
Last price · paused
loading…
Last price · as of Oct 13, 2026. Research is paused, so prices are not updating.
Share Structure
Outstanding
422,233,029.00
Float
261,828,740.00
Free Float
62.0%
Normal free float
— 62.0% of shares trade freely, ~38% held by insiders/institutions
Healthy float typical of established companies. Good liquidity for entering and exiting positions without major price impact.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
TD Twelve Data statement
HEX SEC filing
P/E · trailing (TTM) (Price per dollar of earnings over the past year — not a run-rate or forward P/E)
HEXStock Price / EPS (Diluted)
16.08
Stock Price: $48.95
EPS (Diluted): 3.04
EPS (Diluted): 3.04
P/B Ratio (Price vs net asset value)
HEXStock Price / Book Value Per Share
—
Stock Price: $48.95
Total Equity: N/A
Shares: 387,880,000
Total Equity: N/A
Shares: 387,880,000
Equity not available in balance sheet
EV/EBITDA (Total value vs operating profit)
HEXEnterprise Value / EBITDA
11.56
Market Cap: $19.87B
Total Debt: $8.64B
Cash: $819.49M
EBITDA: $2.31B
Total Debt: $8.64B
Cash: $819.49M
EBITDA: $2.31B
Enterprise Value (Takeover price (cap + debt - cash))
HEXMarket Cap + Total Debt - Cash
$26.7B
Market Cap: $19.87B
Total Debt: $8.64B
Cash: $819.49M
Total Debt: $8.64B
Cash: $819.49M
Gross Margin (Revenue left after direct costs)
HEXGross Profit / Revenue
94.6%
Gross Profit: $3.64B
Revenue: $3.84B
Revenue: $3.84B
Operating Margin (Revenue left after all operations)
HEXOperating Income / Revenue
41.7%
Operating Income: $1.60B
Revenue: $3.84B
Revenue: $3.84B
Net Margin (Revenue left as actual profit)
HEXNet Income / Revenue
30.7%
Net Income: $1.18B
Revenue: $3.84B
Revenue: $3.84B
ROE (Profit from shareholder equity)
HEXNet Income / Total Equity
—
Net Income: $1.18B
Total Equity: N/A
Total Equity: N/A
Equity not in balance sheet
ROIC (Profit from all invested capital)
HEXNOPAT / Invested Capital
—
Operating Income: $1.60B
Tax Rate: 1.2%
Equity: N/A
Total Debt: $8.64B
Cash: $819.49M
Tax Rate: 1.2%
Equity: N/A
Total Debt: $8.64B
Cash: $819.49M
Missing from API: Equity
Current Ratio (Can it pay short-term bills)
HEXCurrent Assets / Current Liabilities
1.34
Current Assets: $1.66B
Current Liabilities: $1.24B
Current Liabilities: $1.24B
Debt/Equity (Leverage — debt vs equity)
HEXTotal Debt / Total Equity
—
Short-Term Debt: $448.83M
Long-Term Debt: $8.20B
Total Debt: $8.64B
Total Equity: N/A
Long-Term Debt: $8.20B
Total Debt: $8.64B
Total Equity: N/A
Missing from API: Total Equity
Rev/Share (Top-line per share)
HEXRevenue / Shares Outstanding
$9.91
Revenue: $3.84B
Shares: 387,880,000
Shares: 387,880,000
Book Value/Share (Net assets per share)
HEX(Total Assets - Total Liabilities) / Shares
—
Total Equity: N/A
Shares: 387,880,000
Shares: 387,880,000
Missing from API: Total Equity
FCF/Share (Real cash generated per share)
HEX(Operating Cash Flow + CapEx) / Shares
$5.73
Operating CF: $2.22B
CapEx: $0.00
Shares: 387,880,000
CapEx: $0.00
Shares: 387,880,000
Div Yield (Annual income from holding)
TDLast Annual Dividend / Stock Price
7.5%
Last Dividend: $3.68
Stock Price: $48.95
Stock Price: $48.95
Payout Ratio (Earnings paid out as dividends)
HEXDividends Paid / Net Income
121.2%
Dividends Paid: -$1.43B
Net Income: $1.18B
Net Income: $1.18B
Industry Benchmarks
Compares WES against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Income Statement (Annual)
Last updated: Sep 1, 2026 2:46pm (61d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.9B | $3.3B | $3.1B | $3.6B | $3.8B |
| Cost of Revenue | $322.3M | $420.9M | $164.6M | $172.3M | $207.0M |
| Gross Profit | $2.6B | $2.8B | $2.9B | $3.4B | $3.6B |
| Operating Expenses | $1.2B | $1.2B | $1.6B | $1.5B | $2.0B |
| Operating Income | $1.3B | $1.6B | $1.4B | $2.0B | $1.6B |
| Net Income | $916.3M | $1.2B | $1.0B | $1.6B | $1.2B |
| EBITDA | $1.9B | $2.2B | $2.0B | $2.6B | $2.3B |
| EPS | $2.18 | $3.01 | $2.61 | $4.04 | $2.99 |
| EPS (Diluted) | $2.22 | $3.07 | $2.66 | $4.11 | $3.04 |
Balance Sheet (Annual)
Last updated: Sep 1, 2026 2:42pm (61d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $202.0M | $286.7M | $272.8M | $1.1B | $819.5M |
| Total Current Assets | $684.8M | $900.4M | $992.4M | $1.8B | $1.7B |
| Total Assets | $11.3B | $11.3B | $12.5B | $13.1B | $15.0B |
| Current Liabilities | $1.1B | $903.9M | $1.3B | $1.7B | $1.2B |
| Long-Term Debt | $6.4B | $6.6B | $7.3B | $6.9B | $8.2B |
| Total Liabilities | $8.2B | $8.2B | $9.4B | $9.8B | $10.8B |
| Total Equity | — | — | — | — | — |
| Retained Earnings | — | — | — | — | — |
Cash Flow (Annual)
Last updated: Sep 1, 2026 2:51pm (61d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.8B | $1.7B | $1.7B | $2.1B | $2.2B |
| Capital Expenditure | — | — | — | — | — |
| Free Cash Flow | — | — | — | — | — |
| Acquisitions (net) | — | — | — | — | — |
| Net Debt Issued / (Repaid) | -$953.0M | -$129.5M | $480.8M | $645.2M | $103.7M |
| Dividends Paid | -$533.8M | -$735.8M | -$978.4M | -$1.2B | -$1.4B |
| Stock Buybacks | -$217.5M | -$487.6M | -$134.6M | $0 | $0 |
| Net Change in Cash | -$242.9M | $84.7M | -$13.9M | $817.7M | -$271.0M |
Growth Trends (YoY %)
Last updated: Sep 1, 2026 2:46pm (61d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +13.0% | -4.5% | +16.1% | +6.6% |
| Gross Profit Growth | +10.8% | +3.9% | +16.7% | +5.9% |
| Operating Income Growth | +18.8% | -13.1% | +42.9% | -18.7% |
| Net Income Growth | +32.8% | -16.0% | +53.9% | -24.9% |
| EBITDA Growth | +15.0% | -8.8% | +32.4% | -11.8% |
Dividend History (Last 20)
Last updated: Sep 1, 2026 2:42pm (61d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-07-31 | $0.93 | — | — | — |
| 2026-05-01 | $0.93 | — | — | — |
| 2026-02-02 | $0.91 | — | — | — |
| 2025-10-31 | $0.91 | — | — | — |
| 2025-08-01 | $0.91 | — | — | — |
| 2025-05-02 | $0.91 | — | — | — |
| 2025-02-03 | $0.88 | — | — | — |
| 2024-11-01 | $0.88 | — | — | — |
| 2024-08-01 | $0.88 | — | — | — |
| 2024-04-30 | $0.88 | — | — | — |
| 2024-01-31 | $0.58 | — | — | — |
| 2023-10-31 | $0.58 | — | — | — |
| 2023-07-28 | $0.56 | — | — | — |
| 2023-04-28 | $0.36 | — | — | — |
| 2023-01-31 | $0.50 | — | — | — |
| 2022-10-28 | $0.50 | — | — | — |
| 2022-07-29 | $0.50 | — | — | — |
| 2022-04-29 | $0.50 | — | — | — |
| 2022-01-28 | $0.33 | — | — | — |
| 2021-10-29 | $0.32 | — | — | — |
Deep Analysis
0Company Classification
1Industry Landscape
2Company Momentum
3Forward Projection
4aDCF Valuation
4bEarnings Power Value
4cAnchored PE
4dReverse DCF
4eRevenue-Based DCF
4fAnchored P/S
4gScenario Analysis
4hDividend Discount Model
4iBook Value Analysis
4jInsider Activity
4fCash Flow Quality
4gDebt Maturity Risk
4hMacro Environment
4iSector Intelligence
4jRevenue Confidence
4kSensitivity Analysis
4lSector Demand Cycle
5AI Investigation
5bThesis Evaluation
6Valuation Synthesis
computed
not applicable
not yet run 0 computed · 6 not applicable · 18 not yet run
Risk : Reward — upside vs downside from this company's own quarters
Not computed yet
Why there is no ratio: Risk:reward has not been computed for this name yet — its report predates the mechanical valuation chain. It is added, at $0, the next time a report or the nightly touches this ticker.
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for WES — it's generated by the pipeline (
market-narrative step).
Claude Reading
No AI findings yet for WES — they're generated by the
pipeline (
ai-findings step) when a report is run on this ticker.
GPT Reading
Skipped in the Qwen lane lane by design —
the GPT seat runs only in the full report.
Grok Reading
Skipped in the Qwen lane lane by design —
the Grok seat runs only in the full report.
Advanced Analysis Forensic deep-dive · separate lenses
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