Western Midstream Partners, LP, (WES) Fair Value & Analysis
Energy · US · Market cap $17.4B
Western Midstream Partners, LP,
WES · US
Fair value as of: Jul 25, 2026
From 26 valuation models · updated 13 days ago
Share price +4.8% over the past month.
A solid business, but screening 55% overvalued on our models.
What matters now
- The model range is unusually wide ($17.31 to $63.47). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (60/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 25, 2026.
How to read this chart
60‑month range $12.15 – $47.93 · fair‑value band $17.31 – $63.47 · the $46.96 price screens above the $20.98 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 25, 2026.
Analysis
Western Midstream Partners, LP, (WES) currently trades at $46.96, while our model-based Fair Value estimate is $20.98, implying the stock looks roughly 55.3% overvalued today. We read business quality at 60/100 (solid quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Western Midstream Partners, LP, generated revenue of $4.0B at a net margin of 29.5%. Revenue grew 22.5% year over year. It earns a return on equity of 36.7%. Net debt stands at $8.1B. Fundamentals as of Jul 25, 2026
Our scenario range runs from $17.31 (bear case) to $63.47 (bull case); at $46.96, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 2% below its 52-week high and 35% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at -35% fair-value upside, at -55%, WES screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: DCF Models ($24.02) versus Asset-Based ($2.67). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 25, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 72
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States.
Full company description
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. The company was formerly known as Western Gas Equity Partners, LP and changed its name to Western Midstream Partners, LP in February 2019. Western Midstream Partners, LP was incorporated in 2007 and is based in The Woodlands, Texas.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Western Midstream Partners, LP, reported revenue of $3.8B in FY2025 versus $2.9B in FY2021, a compound +7.5%/yr. Reported net income was $1.2B in FY2025, compounding +6.3%/yr from FY2021.
WES screens 55% overvalued. Compare with Enbridge Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Western Midstream Partners LP's Dividend Analysis
- Here's Why Western Midstream (WES) Gained But Lagged the Market Today
Peer Group
Oil & Gas Midstream · 86 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 66/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Jul 25, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $56.46 | $47.20 | -16% |
| The Williams Companies, Inc WMB | $73.38 | $12.03 | -84% |
| Enterprise Products Partners L.P. EPD | $38.31 | $24.74 | -35% |
| TC Energy Corporation TRP | C$97.79 | C$42.00 | -57% |
| Kinder Morgan, Inc KMI | $32.54 | $11.12 | -66% |
| Energy Transfer LP, ET | $19.91 | $17.69 | -11% |
| ONEOK, Inc OKE | $93.52 | $64.05 | -32% |
| Targa Resources Corp TRGP | $273.35 | $79.61 | -71% |
| MPLX LP owns and MPLX | $57.17 | $37.05 | -35% |
| Cheniere Energy, Inc LNG | $255.83 | $211.18 | -17% |
Compare Western Midstream Partners, LP, with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Energy stocks →
Frequently asked questions
Is Western Midstream Partners, LP, (WES) overvalued or undervalued?
What is the fair value of WES?
What is the quality score of WES?
What is the revenue of Western Midstream Partners, LP, (WES)?
What is the net profit margin of WES?
Does Western Midstream Partners, LP, pay a dividend?
How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
Track Western Midstream Partners, LP, and try Pro for 14 days
One email gets you 14 days of full Pro (review alerts, the 35,000+ stock screener, the diversification check) plus the monthly Top-25 report of the most undervalued quality stocks. No card, cancel anytime.
Zero risk: nothing is ever charged. After 14 days you decide whether to stay.