Western Midstream Partners LP (WES)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $19.0B, Western Midstream Partners LP's free cash flow of $1.5B (fiscal 2025) would need to grow about -1% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Western Midstream Partners LP's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from WES's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Western Midstream Partners LP's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $2.9B | $3.3B | $3.1B | $3.6B | $3.8B |
| Net income | $916M | $1.2B | $1.0B | $1.6B | $1.2B |
| Free cash flow | $1.5B | $1.2B | $926M | $1.3B | $1.5B |
| EPS (diluted) | — | — | — | — | — |
| Operating margin | 46.4% | 48.8% | 44.4% | 54.7% | 41.7% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own WES
From each investor's latest 13F filing (what a 13F shows). 2 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Hersh Cohen ClearBridge Investments |
Added | $119M | 0.10% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Added | $8M | 0.08% | Q2 2026 |
Insider buying
Open-market purchases by Western Midstream Partners LP's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 11, 2026 | Robert G Phillips |
1,250 | $40.19 | $50,238 |
Get an alert at your buy price
Pick the price you'd be interested at. We'll email you when WES trades at or below it.
Free accounts get 3 price alerts. No card needed.
In the full deep dive
Questions
What growth does Western Midstream Partners LP's stock price imply?
At a market value of $19.0B, Western Midstream Partners LP would need its free cash flow to grow about -1% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 15% a year.
Are Western Midstream Partners LP insiders buying the stock?
1 open-market insider purchase of WES in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Western Midstream Partners LP?
2 of the superinvestors Investingly tracks hold WES in their latest 13F, including Hersh Cohen, Murray Stahl.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.