Western Midstream Partners, LP, (WES) Fair Value & Analysis
Energy · US · Market cap $17.4B
Western Midstream Partners, LP,
WES · US
Fair value as of: Jun 25, 2026
From 26 valuation models · updated 4 days ago
Share price +1.2% over the past month.
Price vs Fair Value (12 months)
12‑month range $33.79 – $45.93 · fair‑value band $17.31 – $63.47 · the $42.11 price screens above the $20.98 fair value. As of Jun 25, 2026.
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Western Midstream Partners, LP, (WES) currently trades at $42.11, while our model-based Fair Value estimate is $20.98 — implying the stock looks roughly 50.2% overvalued today. We read business quality at 94/100 (high 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 Jun 25, 2026
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jun 25, 2026. TTM = trailing twelve months.
About the company
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.
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.
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6 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Jun 25, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $56.32 | $36.22 | -36% |
| The Williams Companies, Inc WMB | $72.26 | $13.22 | -82% |
| Enterprise Products Partners L.P. EPD | $37.25 | $15.66 | -58% |
| TC Energy Corporation TRP | $68.43 | $40.44 | -41% |
| Kinder Morgan, Inc KMI | $32.25 | $14.27 | -56% |
| Energy Transfer LP, ET | $19.22 | $17.69 | -8% |
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Frequently asked questions
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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.
Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.