Western Midstream Partners (WES) Financials

$39.07 +0.13 (+0.34%)

Closing price 03:59 PM Eastern

Extended Trading

$39.12 +0.05 (+0.13%)

As of 07:56 PM Eastern

Annual Income Statements for Western Midstream Partners

This table shows Western Midstream Partners' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,574	1,022	1,217	916	527	697	552	541	346	166
Consolidated Net Income / (Loss)	1,611	1,048	1,251	944	517	808	631	737	597	11
Net Income / (Loss) Continuing Operations	1,611	1,048	1,251	944	517	808	631	737	597	11
Total Pre-Tax Income	1,629	1,052	1,256	934	523	821	690	677	605	57
Total Operating Income	1,971	1,380	1,588	1,132	652	994	861	687	626	83
Total Gross Profit	3,433	2,942	2,831	2,555	2,585	2,302	1,884	1,476	1,310	1,224
Total Revenue	3,605	3,106	3,252	2,877	2,773	2,746	2,300	2,430	1,804	1,752
Operating Revenue	3,605	3,106	3,252	2,877	2,773	2,746	2,300	2,430	1,804	1,752
Total Cost of Revenue	172	165	421	322	188	444	416	954	494	528
Operating Cost of Revenue	172	165	421	322	188	444	416	954	494	528
Total Operating Expenses	1,575	1,715	1,426	1,423	1,932	1,308	1,023	789	684	1,141
Selling, General & Admin Expense	1,152	995	849	777	737	756	548	400	357	376
Depreciation Expense	650	601	582	552	491	483	389	319	273	273
Other Operating Expenses / (Income)	63	56	79	64	68	61	-144	53	40	33
Impairment Charge	6.21	53	21	31	645	6.28	231	180	16	515
Other Special Charges / (Income)	-297	10	-104	-0.04	-8.63	1.41	-1.31	-162	-1.63	-57
Total Other Income / (Expense), net	-229	-174	-149	-197	-129	-173	-172	-9.10	-20	-26
Interest Expense	373	333	334	401	369	303	184	143	117	114
Interest & Investment Income	112	153	183	205	238	254	17	132	96	88
Other Income / (Expense), net	32	5.68	1.60	-0.62	1.03	-124	-4.76	1.38	0.55	-0.58
Income Tax Expense	18	4.39	4.19	-9.81	6.00	13	59	-60	8.37	46
Net Income / (Loss) Attributable to Noncontrolling Interest	38	26	34	28	-10	110	79	197	251	-154
Basic Earnings per Share	$4.04	$2.61	$3.01	$2.18	$1.18	$1.59	$1.69	$1.72	$1.53	$0.39
Weighted Average Basic Shares Outstanding	380.40M	383.03M	394.95M	411.31M	435.55M	415.79M	218.94M	218.93M	218.92M	218.91M
Diluted Earnings per Share	$4.02	$2.60	$3.00	$2.18	$1.18	$1.59	$1.69	$1.72	$1.53	$0.39
Weighted Average Diluted Shares Outstanding	382.46M	384.41M	396.24M	412.02M	435.62M	415.79M	218.94M	218.93M	218.92M	218.91M
Weighted Average Basic & Diluted Shares Outstanding	380.40M	383.03M	394.95M	411.31M	435.55M	415.79M	218.94M	218.93M	218.92M	218.91M
Cash Dividends to Common per Share	$3.50	$2.57	$2.00	$1.28	$1.24	$2.47	$2.35	$2.11	$1.77	$1.49

This table shows Western Midstream Partners' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	309	334	288	379	573	288	277	253	204	336	266
Consolidated Net Income / (Loss)	317	342	296	388	586	296	284	260	208	345	274
Net Income / (Loss) Continuing Operations	317	342	296	388	586	296	284	260	208	345	274
Total Pre-Tax Income	320	342	311	388	588	297	285	260	210	346	274
Total Operating Income	410	426	396	470	679	473	361	294	251	478	357
Total Gross Profit	876	889	851	852	842	817	748	694	683	687	731
Total Revenue	917	929	883	906	888	858	776	738	734	779	838
Operating Revenue	917	929	883	906	888	858	776	738	734	779	838
Total Cost of Revenue	41	39	33	54	46	41	28	45	51	93	107
Operating Cost of Revenue	41	39	33	54	46	41	28	45	51	93	107
Total Operating Expenses	486	492	479	409	195	462	423	399	431	302	415
Selling, General & Admin Expense	293	307	296	286	263	273	259	237	225	216	239
Depreciation Expense	170	163	166	163	158	165	147	143	145	152	157
Other Operating Expenses / (Income)	18	19	13	17	14	16	15	19	6.83	18	19
Impairment Charge	0.00	0.00	4.65	1.53	0.02	0.00	0.25	0.23	52	20	0.00
Other Special Charges / (Income)	4.67	2.66	-0.47	-59	-240	6.43	1.48	0.07	2.12	-105	0.10
Total Other Income / (Expense), net	-69	-56	-61	-54	-59	-59	-40	-34	-41	-39	-42
Interest Expense	97	99	94	86	94	184	74	-6.81	82	85	83
Interest & Investment Income	20	28	24	27	33	36	35	42	39	44	41
Other Income / (Expense), net	7.48	16	9.57	4.21	2.35	89	-1.27	-83	1.22	1.49	0.06
Income Tax Expense	3.44	0.44	15	0.76	1.52	1.41	0.91	0.66	1.42	0.50	0.39
Net Income / (Loss) Attributable to Noncontrolling Interest	7.55	7.97	7.41	8.92	13	7.40	7.10	6.60	4.70	8.71	7.84
Basic Earnings per Share	$0.79	$0.86	$0.74	$0.97	$1.47	$0.74	$0.71	$0.64	$0.52	$0.85	$0.67
Weighted Average Basic Shares Outstanding	380.99M	380.40M	380.51M	380.49M	380.02M	383.03M	383.56M	384.61M	384.47M	394.95M	388.91M
Diluted Earnings per Share	$0.79	$0.84	$0.74	$0.97	$1.47	$0.74	$0.70	$0.64	$0.52	$0.85	$0.66
Weighted Average Diluted Shares Outstanding	382.49M	382.46M	382.62M	382.25M	381.63M	384.41M	384.77M	385.51M	385.75M	396.24M	390.32M
Weighted Average Basic & Diluted Shares Outstanding	380.99M	380.40M	380.51M	380.49M	380.02M	383.03M	383.56M	384.61M	384.47M	394.95M	388.91M
Cash Dividends to Common per Share	$0.91	-	$0.88	$0.88	$0.88	-	$0.58	$0.56	$0.86	-	$0.50

This table details how cash moves in and out of Western Midstream Partners' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	1,634	-899	309	-243	665	7.82	13	-279	259	32
Net Cash From Operating Activities	4,246	1,661	1,701	1,767	3,278	1,324	1,348	1,043	913	783
Net Cash From Continuing Operating Activities	4,821	1,661	1,701	1,767	3,278	1,324	1,348	1,043	913	783
Net Income / (Loss) Continuing Operations	3,224	1,048	1,251	944	1,037	808	631	737	597	11
Consolidated Net Income / (Loss)	3,224	1,048	1,251	944	1,037	808	631	737	597	11
Depreciation Expense	1,301	601	582	552	982	483	389	319	273	273
Non-Cash Adjustments To Reconcile Net Income	103	82	-53	92	1,293	38	236	55	39	474
Changes in Operating Assets and Liabilities, net	192	-77	-87	172	-34	-13	87	-68	4.37	25
Net Cash From Investing Activities	-78	-1,607	-218	-258	-897	-3,388	-2,211	-1,133	-1,106	-500
Net Cash From Continuing Investing Activities	-78	-2,485	5.76	-249	-897	-3,388	-2,211	-1,290	-1,106	-500
Purchase of Property, Plant & Equipment	-1,669	-2,491	-567	-314	-847	-3,290	-2,111	-	-480	-638
Acquisitions	-19	-1.15	-9.63	-4.44	-39	-128	-134	-	-716	-26
Sale of Property, Plant & Equipment	1,585	-0.17	528	16	41	0.34	3.94	1,439	0.62	0.93
Sale and/or Maturity of Investments	62	39	64	41	64	30	30	32	21	16
Other Investing Activities, net	-37	-32	-9.47	11	-116	0.00	0.00	26	69	146
Net Cash From Financing Activities	-2,533	-68	-1,399	-1,752	-1,716	2,072	875	-189	452	-250
Net Cash From Continuing Financing Activities	-4,435	-76	-1,409	-1,761	-2,934	2,072	875	116	452	-250
Repayment of Debt	-327	-1,377	-1,532	-1,444	-7,636	-1,468	-1,040	0.00	-900	-611
Repurchase of Common Equity	0.00	-135	-488	-217	-33	-0.86	0.00	0.00	-	-
Payment of Dividends	-4,455	-1,017	-782	-567	-2,669	-1,097	-902	469	-683	-552
Issuance of Debt	357	2,449	1,389	480	7,362	4,170	2,671	469	1,323	890
Other Financing Activities, net	-11	3.52	3.63	-13	41	467	146	266	24	-34
Cash Interest Paid	722	327	355	375	700	294	141	137	108	95
Cash Income Taxes Paid	4.45	4.13	0.91	0.94	-0.77	0.10	2.41	1.19	0.84	-0.14

This table details how cash moves in and out of Western Midstream Partners' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-642	-68	842	255	605	-1,301	474	101	-174	397	16
Net Cash From Operating Activities	531	1,106	2,109	631	400	-701	1,569	491	302	-715	1,673
Net Cash From Continuing Operating Activities	531	1,695	2,095	631	400	-682	1,550	491	302	-703	1,661
Net Income / (Loss) Continuing Operations	317	683	1,567	388	586	-458	1,038	260	208	-563	1,182
Consolidated Net Income / (Loss)	317	683	1,567	388	586	-458	1,038	260	208	-563	1,182
Depreciation Expense	170	326	653	163	158	-270	583	143	145	-279	587
Amortization Expense	2.20	-	-	2.47	2.19	-	-	2.40	1.69	-	-
Non-Cash Adjustments To Reconcile Net Income	16	646	-257	-52	-234	-37	54	2.09	62	-99	32
Changes in Operating Assets and Liabilities, net	26	40	135	130	-112	76	-122	83	-115	231	-137
Net Cash From Investing Activities	-141	-461	0.45	-15	397	-530	-747	-151	-179	494	-542
Net Cash From Continuing Investing Activities	-141	-204	-1,045	191	979	-1,408	-747	-151	-179	718	-540
Purchase of Property, Plant & Equipment	-142	-221	-1,042	-212	-195	-1,418	-738	-161	-173	198	-574
Sale of Property, Plant & Equipment	0.00	0.03	6.60	412	1,165	-0.05	-0.12	-	0.00	526	2.22
Sale and/or Maturity of Investments	11	6.58	31	5.27	19	-24	40	11	12	-18	57
Other Investing Activities, net	-9.41	30	-41	-15	-11	33	-46	-0.80	-18	4.53	-13
Net Cash From Financing Activities	-1,032	-713	-479	-568	-774	816	-348	-238	-297	394	-1,115
Net Cash From Continuing Financing Activities	-1,032	-2,615	-477	-568	-775	808	-345	-239	-299	385	-1,114
Repayment of Debt	-684	-6.46	456	-231	-546	1,278	-1,721	-607	-326	1,019	-1,658
Payment of Dividends	-348	-2,602	-1,274	-349	-230	680	-1,145	-346	-205	795	-1,221
Issuance of Debt	0.00	-0.30	359	-1.21	0.00	-1,153	2,646	736	220	-1,389	2,144
Other Financing Activities, net	-0.11	-6.67	-19	13	0.77	4.00	2.47	-22	19	0.61	-11
Cash Interest Paid	120	108	437	47	131	-230	398	25	133	-273	447

This table presents Western Midstream Partners' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	13,145	12,472	11,272	11,273	11,830	12,346	11,457	8,016	7,736	7,303
Total Current Assets	1,847	992	900	685	943	402	345	255	596	301
Cash & Equivalents	1,090	273	287	202	445	100	92	80	359	100
Accounts Receivable	702	667	554	437	453	261	221	160	223	193
Other Current Assets	55	53	60	46	45	42	31	15	13	8.56
Plant, Property, & Equipment, net	9,715	9,655	8,542	8,513	8,710	9,065	8,410	5,731	5,050	4,859
Plant, Property & Equipment, gross	15,510	14,945	13,366	12,846	12,642	12,356	11,259	7,865	6,862	6,557
Accumulated Depreciation	5,795	5,290	4,824	4,333	3,932	3,291	2,848	2,134	1,812	1,698
Total Noncurrent Assets	1,583	1,824	1,830	2,075	2,177	2,879	2,702	2,030	2,091	2,143
Long-Term Investments	541	905	945	1,167	1,225	1,286	1,092	566	594	619
Goodwill	4.78	4.78	4.78	4.78	4.78	446	446	416	418	419
Intangible Assets	650	681	713	745	776	809	841	775	804	832
Other Noncurrent Operating Assets	387	233	167	159	171	78	63	13	15	13
Total Liabilities & Shareholders' Equity	13,145	12,472	11,272	11,273	11,830	12,346	11,457	8,016	7,736	7,303
Total Liabilities	9,770	9,442	8,164	8,177	8,935	9,001	6,565	4,071	3,625	3,383
Total Current Liabilities	1,692	1,304	904	1,140	961	486	637	424	315	236
Short-Term Debt	1,011	618	216	506	439	7.87	28	0.00	-	-
Accounts Payable	313	362	361	326	211	293	443	350	247	99
Accrued Expenses	329	263	255	263	270	150	129	48	45	119
Other Taxes Payable	38	61	73	45	41	35	37	27	23	18
Total Noncurrent Liabilities	8,078	8,138	7,260	7,037	7,974	8,515	5,927	3,647	3,310	3,148
Long-Term Debt	6,927	7,284	6,570	6,401	7,416	7,952	5,215	3,493	3,119	2,691
Asset Retirement Reserve & Litigation Obligation	370	359	290	298	260	336	300	143	143	129
Noncurrent Deferred & Payable Income Tax Liabilities	30	15	14	12	22	19	280	7.41	6.40	140
Other Noncurrent Operating Liabilities	751	480	386	326	276	208	132	3.49	41	189
Total Equity & Noncontrolling Interests	3,375	3,029	3,108	3,096	6,636	3,345	4,893	3,945	4,111	3,920
Total Preferred & Common Equity	3,236	2,897	2,972	2,958	6,502	4,102	2,340	1,061	1,048	1,491
Total Common Equity	3,236	2,897	2,972	2,958	2,761	3,196	2,340	1,061	1,048	1,491
Common Stock	3,236	2,897	2,972	2,958	6,502	3,196	2,340	1,061	1,048	1,491
Noncontrolling Interest	140	132	136	138	134	150	2,553	2,884	3,063	2,429

This table presents Western Midstream Partners' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	12,457	12,981	12,181	12,265	11,627	11,219	11,112	11,473
Total Current Assets	1,190	1,833	1,068	1,066	1,136	797	735	896
Cash & Equivalents	448	1,125	344	295	489	214	113	159
Accounts Receivable	673	672	684	720	615	554	558	651
Other Current Assets	68	36	40	51	31	29	64	86
Plant, Property, & Equipment, net	9,727	9,696	9,644	9,725	8,664	8,601	8,541	8,540
Plant, Property & Equipment, gross	15,678	15,342	15,148	15,158	13,809	13,741	13,550	13,236
Accumulated Depreciation	5,950	5,647	5,503	5,432	5,145	5,140	5,009	4,697
Total Noncurrent Assets	1,540	1,453	1,468	1,474	1,826	1,821	1,836	2,037
Long-Term Investments	528	535	541	546	915	920	932	1,142
Goodwill	4.78	4.78	4.78	4.78	4.78	4.78	4.78	4.78
Intangible Assets	642	658	666	673	689	697	705	721
Other Noncurrent Operating Assets	366	255	257	249	217	199	194	169
Total Liabilities & Shareholders' Equity	12,457	12,981	12,181	12,265	11,627	11,219	11,112	11,473
Total Liabilities	9,123	9,604	8,756	8,889	8,671	8,197	8,011	8,467
Total Current Liabilities	1,011	1,646	634	708	636	622	581	746
Short-Term Debt	351	1,008	8.51	108	2.27	2.53	2.71	2.03
Accounts Payable	357	387	365	377	393	359	362	493
Accrued Expenses	257	204	226	174	190	224	163	190
Other Taxes Payable	46	47	35	49	50	36	53	61
Total Noncurrent Liabilities	8,112	7,958	8,122	8,181	8,036	7,575	7,430	7,721
Long-Term Debt	6,925	6,929	7,138	7,272	7,260	6,824	6,694	7,027
Asset Retirement Reserve & Litigation Obligation	379	375	372	367	308	302	294	311
Noncurrent Deferred & Payable Income Tax Liabilities	31	30	16	16	15	15	15	14
Other Noncurrent Operating Liabilities	777	624	597	527	452	434	427	369
Total Equity & Noncontrolling Interests	3,334	3,378	3,424	3,376	2,955	3,022	3,102	3,006
Total Preferred & Common Equity	3,193	3,237	3,283	3,237	2,824	2,889	2,967	2,868
Total Common Equity	3,193	3,237	3,283	3,237	2,824	2,889	2,967	2,868
Common Stock	3,193	3,237	3,283	3,237	2,824	2,889	2,967	2,868
Noncontrolling Interest	140	141	141	139	131	133	135	138

This table displays calculated financial ratios and metrics derived from Western Midstream Partners' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	16.06%	-4.47%	13.02%	3.77%	0.96%	19.42%	-5.35%	34.66%	2.98%	14.26%
EBITDA Growth	65.66%	-8.49%	28.91%	3.36%	20.09%	8.80%	24.33%	11.94%	153.35%	-49.75%
EBIT Growth	44.56%	-12.85%	40.54%	73.15%	-24.92%	1.58%	24.50%	9.83%	660.58%	-83.35%
NOPAT Growth	41.86%	-13.19%	38.40%	77.38%	-34.05%	24.10%	5.40%	21.08%	3,697.39%	-96.42%
Net Income Growth	53.74%	-16.26%	32.57%	82.64%	-36.01%	28.07%	-14.47%	23.52%	5,279.17%	-97.55%
EPS Growth	54.62%	-13.33%	37.61%	84.75%	-25.79%	-5.92%	-1.74%	12.42%	292.31%	-61.76%
Operating Cash Flow Growth	155.55%	-2.36%	-3.70%	-46.10%	147.57%	-1.79%	29.29%	14.20%	16.64%	13.34%
Free Cash Flow Firm Growth	614.57%	-81.80%	-2.32%	7.21%	15,045.29%	100.71%	-690.20%	0.02%	1,282.15%	98.90%
Invested Capital Growth	-0.74%	12.59%	0.34%	-4.92%	-8.46%	10.81%	31.80%	8.20%	6.53%	0.61%
Revenue Q/Q Growth	1.99%	2.60%	1.89%	2.56%	-2.66%	1.13%	-4.98%	14.22%	5.51%	-5.43%
EBITDA Q/Q Growth	16.81%	5.22%	-4.79%	-22.12%	33.51%	-7.75%	17.51%	10.63%	48.96%	-47.39%
EBIT Q/Q Growth	-5.70%	6.34%	23.85%	-2.95%	-8.20%	-12.53%	23.80%	10.88%	86.23%	-78.90%
NOPAT Q/Q Growth	-2.26%	-0.46%	22.24%	-1.25%	9.34%	-17.31%	10.05%	21.95%	92.90%	-94.92%
Net Income Q/Q Growth	2.93%	-4.49%	8.14%	-2.07%	-4.55%	16.02%	-17.07%	29.85%	100.36%	-96.44%
EPS Q/Q Growth	2.55%	-4.06%	9.89%	-0.91%	-4.07%	-39.54%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	74.08%	0.88%	-44.73%	-45.65%	129.35%	-6.07%	-1.26%	15.75%	8.41%	-7.65%
Free Cash Flow Firm Q/Q Growth	75.44%	-78.26%	3.40%	5.66%	49.52%	100.80%	-2,259.65%	-26.38%	245.84%	98.67%
Invested Capital Q/Q Growth	0.27%	10.67%	-0.82%	-3.45%	-2.25%	2.35%	22.77%	2.30%	-1.03%	0.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.22%	94.70%	87.06%	88.80%	93.22%	83.82%	81.93%	60.74%	72.61%	69.84%
EBITDA Margin	91.63%	64.19%	67.01%	58.75%	58.98%	49.59%	54.43%	41.44%	49.84%	20.26%
Operating Margin	54.66%	44.41%	48.83%	39.33%	23.52%	36.19%	37.45%	28.26%	34.69%	4.73%
EBIT Margin	55.54%	44.59%	48.88%	39.31%	23.56%	31.68%	37.25%	28.31%	34.72%	4.70%
Profit (Net Income) Margin	44.69%	33.74%	38.49%	32.81%	18.64%	29.41%	27.42%	30.35%	33.09%	0.63%
Tax Burden Percent	98.89%	99.58%	99.67%	101.05%	98.85%	98.36%	91.45%	108.85%	98.62%	19.60%
Interest Burden Percent	81.37%	75.97%	79.00%	82.60%	80.05%	94.38%	80.51%	98.48%	96.65%	68.77%
Effective Tax Rate	1.11%	0.42%	0.33%	-1.05%	1.15%	1.64%	8.55%	-8.85%	1.38%	80.40%
Return on Invested Capital (ROIC)	20.06%	14.92%	18.30%	12.91%	6.79%	10.36%	10.01%	11.44%	10.14%	0.28%
ROIC Less NNEP Spread (ROIC-NNEP)	14.87%	9.61%	12.33%	7.91%	3.95%	7.17%	5.46%	11.04%	9.17%	0.00%
Return on Net Nonoperating Assets (RNNOA)	30.26%	19.23%	22.04%	6.49%	3.57%	9.25%	4.27%	6.87%	4.72%	0.00%
Return on Equity (ROE)	50.32%	34.15%	40.34%	19.40%	10.36%	19.61%	14.27%	18.31%	14.87%	0.28%
Cash Return on Invested Capital (CROIC)	20.80%	3.07%	17.97%	17.96%	15.62%	0.10%	-17.43%	3.56%	3.82%	-0.33%
Operating Return on Assets (OROA)	15.63%	11.67%	14.10%	9.79%	5.40%	7.31%	8.80%	8.73%	8.33%	1.16%
Return on Assets (ROA)	12.58%	8.83%	11.10%	8.17%	4.28%	6.79%	6.48%	9.36%	7.94%	0.16%
Return on Common Equity (ROCE)	48.19%	32.66%	38.56%	11.40%	6.18%	13.18%	5.49%	4.79%	4.70%	0.10%
Return on Equity Simple (ROE_SIMPLE)	49.80%	36.17%	42.11%	31.91%	7.95%	19.69%	26.95%	69.49%	56.96%	0.74%
Net Operating Profit after Tax (NOPAT)	1,949	1,374	1,583	1,144	645	978	788	747	617	16
NOPAT Margin	54.06%	44.22%	48.67%	39.74%	23.25%	35.60%	34.25%	30.76%	34.21%	0.93%
Net Nonoperating Expense Percent (NNEP)	5.18%	5.31%	5.97%	5.00%	2.84%	3.19%	4.55%	0.39%	0.98%	0.28%
Return On Investment Capital (ROIC_SIMPLE)	17.23%	12.57%	16.00%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	4.78%	5.30%	12.94%	11.20%	6.78%	16.18%	18.07%	39.26%	27.39%	30.16%
SG&A Expenses to Revenue	31.96%	32.04%	26.10%	27.00%	26.57%	27.52%	23.83%	16.45%	19.80%	21.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	43.68%	55.22%	43.87%	49.47%	69.69%	47.63%	44.48%	32.49%	37.92%	65.11%
Earnings before Interest and Taxes (EBIT)	2,002	1,385	1,589	1,131	653	870	857	688	626	82
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,303	1,994	2,179	1,690	1,635	1,362	1,252	1,007	899	355
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.45	3.48	2.92	2.59	1.70	1.74	1.61	4.40	4.76	2.66
Price to Tangible Book Value (P/TBV)	5.57	4.55	3.86	3.47	2.37	2.86	3.58	0.00	0.00	16.55
Price to Revenue (P/Rev)	3.99	3.24	2.67	2.66	1.69	2.02	1.64	1.92	2.76	2.27
Price to Earnings (P/E)	9.14	9.85	7.14	8.36	8.92	7.95	6.84	8.63	14.42	24.01
Dividend Yield	8.51%	8.16%	8.33%	6.82%	14.42%	21.20%	21.89%	16.56%	14.44%	16.25%
Earnings Yield	10.94%	10.15%	14.00%	11.97%	11.22%	12.57%	14.63%	11.59%	6.93%	4.16%
Enterprise Value to Invested Capital (EV/IC)	2.15	1.74	1.66	1.54	1.21	1.24	1.16	1.53	1.63	1.42
Enterprise Value to Revenue (EV/Rev)	5.78	5.45	4.42	4.63	3.97	4.47	4.51	4.28	5.66	4.78
Enterprise Value to EBITDA (EV/EBITDA)	6.31	8.49	6.60	7.89	6.74	9.01	8.30	10.33	11.36	23.59
Enterprise Value to EBIT (EV/EBIT)	10.40	12.22	9.05	11.79	16.87	14.10	12.12	15.12	16.31	101.69
Enterprise Value to NOPAT (EV/NOPAT)	10.69	12.32	9.09	11.66	17.09	12.55	13.18	13.91	16.55	515.29
Enterprise Value to Operating Cash Flow (EV/OCF)	4.91	10.19	8.45	7.55	3.36	9.27	7.70	9.97	11.19	10.70
Enterprise Value to Free Cash Flow (EV/FCFF)	10.31	59.85	9.26	8.38	7.43	1,252.56	0.00	44.74	43.96	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.35	2.61	2.18	2.23	1.18	2.38	1.07	0.89	0.76	0.69
Long-Term Debt to Equity	2.05	2.40	2.11	2.07	1.12	2.38	1.07	0.89	0.76	0.69
Financial Leverage	2.03	2.00	1.79	0.82	0.90	1.29	0.78	0.62	0.52	0.46
Leverage Ratio	4.00	3.87	3.63	2.37	2.42	2.89	2.20	1.96	1.87	1.77
Compound Leverage Factor	3.25	2.94	2.87	1.96	1.94	2.73	1.77	1.93	1.81	1.22
Debt to Total Capital	70.17%	72.29%	68.58%	69.05%	54.20%	70.41%	51.73%	46.96%	43.14%	40.70%
Short-Term Debt to Total Capital	8.94%	5.65%	2.18%	5.06%	3.03%	0.07%	0.28%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	61.23%	66.64%	66.40%	63.99%	51.18%	70.34%	51.45%	46.96%	43.14%	40.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.23%	1.20%	1.38%	1.38%	0.93%	1.32%	25.19%	38.77%	42.36%	36.74%
Common Equity to Total Capital	28.60%	26.51%	30.04%	29.57%	19.05%	28.27%	23.09%	14.27%	14.50%	22.56%
Debt to EBITDA	2.40	3.96	3.11	4.09	4.80	5.85	4.19	3.47	3.47	7.58
Net Debt to EBITDA	1.91	3.37	2.55	3.28	3.78	4.83	3.24	2.83	2.41	5.56
Long-Term Debt to EBITDA	2.10	3.65	3.02	3.79	4.53	5.84	4.17	3.47	3.47	7.58
Debt to NOPAT	4.07	5.75	4.29	6.04	12.18	8.14	6.66	4.67	5.05	165.56
Net Debt to NOPAT	3.24	4.89	3.51	4.84	9.59	6.72	5.15	3.81	3.51	121.34
Long-Term Debt to NOPAT	3.55	5.30	4.15	5.60	11.50	8.13	6.62	4.67	5.05	165.56
Altman Z-Score	1.67	1.23	1.39	1.10	0.73	0.82	0.76	1.25	1.37	0.99
Noncontrolling Interest Sharing Ratio	4.24%	4.37%	4.42%	41.23%	40.32%	32.80%	61.52%	73.82%	68.38%	64.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.09	0.76	1.00	0.60	0.98	0.83	0.54	0.60	1.89	1.28
Quick Ratio	1.06	0.72	0.93	0.56	0.93	0.74	0.49	0.57	1.85	1.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,021	283	1,554	1,591	1,484	9.80	-1,372	232	232	-20
Operating Cash Flow to CapEx	5,048.96%	66.70%	4,358.16%	593.96%	406.44%	40.25%	63.99%	0.00%	190.47%	122.88%
Free Cash Flow to Firm to Interest Expense	5.42	0.85	4.65	3.96	4.02	0.03	-7.46	1.63	1.99	-0.17
Operating Cash Flow to Interest Expense	11.38	4.99	5.10	4.40	8.89	4.37	7.33	7.32	7.83	6.87
Operating Cash Flow Less CapEx to Interest Expense	11.15	-2.49	4.98	3.66	6.70	-6.48	-4.13	17.41	3.72	1.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.26	0.29	0.25	0.23	0.23	0.24	0.31	0.24	0.25
Accounts Receivable Turnover	5.27	5.09	6.56	6.47	7.77	11.40	12.06	12.68	8.67	11.60
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.37	0.34	0.38	0.33	0.31	0.31	0.33	0.45	0.36	0.37
Accounts Payable Turnover	0.51	0.46	1.23	1.20	0.75	1.21	1.05	3.20	2.86	6.91
Days Sales Outstanding (DSO)	69.27	71.73	55.61	56.41	46.96	32.01	30.27	28.79	42.09	31.47
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	715.58	801.65	297.72	303.95	488.85	302.55	348.37	114.21	127.68	52.81
Cash Conversion Cycle (CCC)	-646.31	-729.92	-242.11	-247.53	-441.89	-270.54	-318.10	-85.42	-85.59	-21.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,681	9,753	8,662	8,633	9,080	9,919	8,951	6,792	6,277	5,892
Invested Capital Turnover	0.37	0.34	0.38	0.32	0.29	0.29	0.29	0.37	0.30	0.30
Increase / (Decrease) in Invested Capital	-72	1,091	29	-447	-839	968	2,160	515	385	36
Enterprise Value (EV)	20,831	16,926	14,382	13,333	11,018	12,269	10,383	10,398	10,215	8,375
Market Capitalization	14,385	10,070	8,691	7,658	4,699	5,546	3,771	4,668	4,986	3,974
Book Value per Share	$8.50	$7.63	$7.72	$7.24	$6.63	$7.05	$10.69	$4.85	$4.79	$6.81
Tangible Book Value per Share	$6.78	$5.83	$5.85	$5.41	$4.76	$4.28	$4.81	($0.60)	($0.79)	$1.10
Total Capital	11,313	10,930	9,893	10,002	14,491	11,305	10,136	7,438	7,230	6,611
Total Debt	7,938	7,901	6,785	6,907	7,855	7,959	5,243	3,493	3,119	2,691
Total Long-Term Debt	6,927	7,284	6,570	6,401	7,416	7,952	5,215	3,493	3,119	2,691
Net Debt	6,306	6,724	5,554	5,537	6,185	6,574	4,059	2,847	2,166	1,972
Capital Expenditures (CapEx)	84	2,491	39	297	807	3,290	2,107	-1,439	479	637
Debt-free, Cash-free Net Working Capital (DFCFNWC)	76	33	-74	-152	-24	-176	-357	-249	-79	-34
Debt-free Net Working Capital (DFNWC)	1,167	306	212	50	421	-76	-265	-169	280	66
Net Working Capital (NWC)	155	-312	-3.43	-455	-18	-84	-293	-169	280	66
Net Nonoperating Expense (NNE)	338	326	331	200	128	170	157	9.90	20	5.15
Net Nonoperating Obligations (NNO)	6,306	6,724	5,554	5,537	2,444	6,574	4,059	2,847	2,166	1,972
Total Depreciation and Amortization (D&A)	1,301	609	590	559	982	492	395	319	273	273
Debt-free, Cash-free Net Working Capital to Revenue	2.11%	1.07%	-2.29%	-5.27%	-0.86%	-6.40%	-15.52%	-10.24%	-4.37%	-1.93%
Debt-free Net Working Capital to Revenue	32.36%	9.85%	6.53%	1.76%	15.18%	-2.76%	-11.51%	-6.96%	15.53%	3.76%
Net Working Capital to Revenue	4.31%	-10.03%	-0.11%	-15.83%	-0.64%	-3.04%	-12.73%	-6.96%	15.53%	3.76%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.04	$2.61	$3.01	$2.18	$1.18	$1.59	$1.69	$1.72	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	380.40M	383.03M	394.95M	411.31M	413.06M	443.97M	218.94M	218.93M	218.93M	218.92M
Adjusted Diluted Earnings per Share	$4.02	$2.60	$3.00	$2.18	$1.18	$1.59	$1.69	$1.72	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	382.46M	384.41M	396.24M	412.02M	413.06M	443.97M	218.94M	218.93M	218.93M	218.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.18	$1.59	$1.69	$1.72	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	380.40M	383.03M	394.95M	411.31M	435.55M	415.79M	218.94M	218.93M	218.93M	218.92M
Normalized Net Operating Profit after Tax (NOPAT)	1,661	1,437	1,500	813	1,274	985	997	493	631	379
Normalized NOPAT Margin	46.09%	46.24%	46.12%	28.27%	45.94%	35.87%	43.37%	20.29%	34.97%	21.63%
Pre Tax Income Margin	45.19%	33.88%	38.61%	32.47%	18.86%	29.90%	29.99%	27.88%	33.55%	3.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.37	4.16	4.76	2.82	1.77	2.87	4.66	4.83	5.37	0.72
NOPAT to Interest Expense	5.22	4.13	4.74	2.85	1.75	3.22	4.28	5.24	5.29	0.14
EBIT Less CapEx to Interest Expense	5.14	-3.32	4.64	2.08	-0.42	-7.98	-6.80	14.92	1.26	-4.87
NOPAT Less CapEx to Interest Expense	5.00	-3.36	4.62	2.11	-0.44	-7.62	-7.18	15.34	1.18	-5.45
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	276.46%	97.00%	62.50%	60.06%	516.40%	135.81%	143.08%	-63.62%	114.36%	4,972.45%
Augmented Payout Ratio	276.46%	109.84%	101.46%	83.10%	522.70%	135.92%	143.08%	-63.62%	114.36%	4,972.45%

This table displays calculated financial ratios and metrics derived from Western Midstream Partners' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	3.31%	8.19%	13.83%	22.67%	20.95%	10.11%	-7.35%	-15.76%	-3.21%	8.37%	9.65%
EBITDA Growth	-29.93%	162.78%	12.37%	79.27%	111.15%	45.13%	-0.22%	-11.17%	-36.15%	-37.05%	80.14%
EBIT Growth	-38.79%	-21.51%	12.78%	124.59%	170.09%	17.21%	0.68%	-46.89%	-28.96%	176.30%	-6.86%
NOPAT Growth	-40.17%	-9.73%	4.64%	59.68%	171.59%	-1.37%	0.87%	-25.77%	-29.36%	160.05%	-6.34%
Net Income Growth	-46.00%	15.50%	4.04%	49.34%	181.37%	-14.28%	3.95%	-17.66%	-34.42%	37.55%	3.77%
EPS Growth	-46.26%	13.51%	5.71%	51.56%	182.69%	-12.94%	6.06%	-13.51%	-30.67%	46.55%	8.20%
Operating Cash Flow Growth	32.80%	257.81%	34.40%	28.64%	32.17%	2.02%	-6.23%	149.32%	-44.67%	-208.06%	327.56%
Free Cash Flow Firm Growth	242.04%	180.22%	-265.93%	-269.35%	-284.66%	-238.21%	-50.27%	-54.63%	-61.47%	-28.88%	-22.47%
Invested Capital Growth	-2.85%	-0.74%	9.55%	11.14%	13.27%	12.59%	0.90%	-0.03%	-0.14%	0.34%	-2.32%
Revenue Q/Q Growth	-1.23%	5.11%	-2.46%	2.02%	3.44%	10.59%	5.11%	0.58%	-5.83%	-6.94%	-4.43%
EBITDA Q/Q Growth	-23.12%	-27.53%	65.49%	-24.00%	309.03%	-69.01%	164.01%	-10.48%	98.17%	-78.69%	135.04%
EBIT Q/Q Growth	-5.46%	8.86%	-14.46%	-30.48%	43.18%	56.42%	70.34%	-16.39%	-47.39%	34.36%	-10.13%
NOPAT Q/Q Growth	-4.65%	12.99%	-19.74%	-30.81%	43.86%	30.98%	22.48%	17.68%	-47.76%	33.95%	-9.86%
Net Income Q/Q Growth	-7.33%	15.44%	-23.65%	-33.89%	98.21%	3.99%	9.59%	24.56%	-39.62%	26.12%	-13.20%
EPS Q/Q Growth	-5.95%	13.51%	-23.71%	-34.01%	98.65%	5.71%	9.38%	23.08%	-38.82%	28.79%	-10.81%
Operating Cash Flow Q/Q Growth	-52.00%	-47.55%	233.94%	57.97%	157.04%	-144.67%	219.64%	62.30%	142.28%	-142.75%	749.93%
Free Cash Flow Firm Q/Q Growth	38.26%	206.80%	7.28%	-3.76%	21.91%	-320.90%	-5.37%	13.13%	-41.55%	-20.52%	-13.68%
Invested Capital Q/Q Growth	-0.49%	0.27%	-0.32%	-2.31%	1.66%	10.67%	1.12%	-0.44%	1.06%	-0.82%	0.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	95.48%	95.77%	96.28%	94.04%	94.81%	95.25%	96.44%	93.94%	92.99%	88.11%	87.24%
EBITDA Margin	64.33%	82.64%	119.87%	70.65%	94.84%	34.03%	121.43%	48.35%	54.32%	25.81%	112.75%
Operating Margin	44.68%	45.85%	44.81%	51.87%	76.53%	55.15%	46.49%	39.87%	34.22%	61.36%	42.63%
EBIT Margin	45.50%	47.53%	45.90%	52.34%	76.79%	65.52%	46.33%	28.59%	34.39%	61.55%	42.63%
Profit (Net Income) Margin	34.52%	36.79%	33.50%	42.80%	66.04%	34.46%	36.65%	35.15%	28.39%	44.27%	32.66%
Tax Burden Percent	98.93%	99.87%	95.06%	99.81%	99.74%	99.53%	99.68%	99.75%	99.32%	99.85%	99.86%
Interest Burden Percent	76.68%	77.49%	76.78%	81.93%	86.21%	52.85%	79.36%	123.28%	83.10%	72.02%	76.73%
Effective Tax Rate	1.07%	0.13%	4.94%	0.19%	0.26%	0.47%	0.32%	0.25%	0.68%	0.15%	0.14%
Return on Invested Capital (ROIC)	16.44%	16.99%	16.31%	19.29%	26.66%	18.52%	15.99%	14.10%	12.52%	23.04%	15.37%
ROIC Less NNEP Spread (ROIC-NNEP)	15.05%	15.71%	14.98%	17.93%	25.16%	15.66%	14.69%	13.48%	11.79%	20.65%	13.94%
Return on Net Nonoperating Assets (RNNOA)	28.80%	31.96%	28.71%	33.25%	47.35%	31.33%	28.56%	23.66%	20.62%	36.92%	26.44%
Return on Equity (ROE)	45.24%	48.95%	45.02%	52.53%	74.01%	49.85%	44.55%	37.76%	33.14%	59.96%	41.81%
Cash Return on Invested Capital (CROIC)	20.04%	20.80%	12.48%	10.94%	6.86%	3.07%	14.83%	15.83%	17.03%	17.97%	17.00%
Operating Return on Assets (OROA)	13.38%	13.38%	13.19%	15.33%	21.42%	17.15%	12.14%	7.81%	9.84%	17.76%	11.89%
Return on Assets (ROA)	10.15%	10.36%	9.62%	12.54%	18.42%	9.02%	9.61%	9.61%	8.12%	12.77%	9.11%
Return on Common Equity (ROCE)	43.36%	46.87%	43.08%	50.30%	70.88%	47.67%	42.54%	36.11%	31.70%	57.31%	39.89%
Return on Equity Simple (ROE_SIMPLE)	42.01%	0.00%	48.36%	47.33%	44.05%	0.00%	38.86%	37.61%	38.49%	0.00%	40.36%
Net Operating Profit after Tax (NOPAT)	405	425	376	469	678	471	360	294	249	478	357
NOPAT Margin	44.20%	45.79%	42.60%	51.77%	76.33%	54.88%	46.34%	39.77%	33.99%	61.27%	42.57%
Net Nonoperating Expense Percent (NNEP)	1.38%	1.28%	1.33%	1.36%	1.50%	2.86%	1.30%	0.61%	0.74%	2.39%	1.43%
Return On Investment Capital (ROIC_SIMPLE)	3.82%	3.76%	-	-	-	4.31%	-	-	-	4.83%	-
Cost of Revenue to Revenue	4.52%	4.23%	3.72%	5.96%	5.19%	4.75%	3.56%	6.06%	7.01%	11.89%	12.76%
SG&A Expenses to Revenue	31.98%	33.09%	33.48%	31.61%	29.60%	31.87%	33.44%	32.08%	30.70%	27.75%	28.50%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	53.02%	52.95%	54.18%	45.20%	21.98%	53.79%	54.53%	54.07%	58.77%	38.77%	49.55%
Earnings before Interest and Taxes (EBIT)	417	441	405	474	682	562	359	211	252	480	357
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	590	767	1,059	640	842	292	942	357	399	201	944
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.79	4.45	4.42	4.53	4.09	3.48	3.32	3.18	3.05	2.92	3.01
Price to Tangible Book Value (P/TBV)	6.00	5.57	5.55	5.69	5.17	4.55	4.41	4.20	4.01	3.86	4.03
Price to Revenue (P/Rev)	4.21	3.99	4.05	4.34	4.06	3.24	3.10	2.97	2.80	2.67	2.71
Price to Earnings (P/E)	11.67	9.14	9.36	9.80	9.51	9.85	8.77	8.68	8.13	7.14	7.68
Dividend Yield	8.76%	8.51%	7.76%	6.66%	6.38%	8.16%	8.46%	8.40%	8.53%	8.33%	7.46%
Earnings Yield	8.57%	10.94%	10.69%	10.21%	10.51%	10.15%	11.41%	11.53%	12.29%	14.00%	13.02%
Enterprise Value to Invested Capital (EV/IC)	2.26	2.15	2.15	2.20	2.01	1.74	1.74	1.72	1.69	1.66	1.66
Enterprise Value to Revenue (EV/Rev)	5.98	5.78	5.86	6.20	6.11	5.45	5.08	4.86	4.60	4.42	4.54
Enterprise Value to EBITDA (EV/EBITDA)	7.12	6.31	7.33	7.82	8.17	8.49	8.11	7.88	7.63	6.60	6.34
Enterprise Value to EBIT (EV/EBIT)	12.50	10.40	9.76	10.24	10.98	12.22	11.80	11.54	9.98	9.05	11.30
Enterprise Value to NOPAT (EV/NOPAT)	12.96	10.69	10.39	10.75	11.05	12.32	11.14	10.90	10.03	9.09	11.20
Enterprise Value to Operating Cash Flow (EV/OCF)	4.96	4.91	8.49	11.20	11.32	10.19	9.33	8.57	10.18	8.45	4.71
Enterprise Value to Free Cash Flow (EV/FCFF)	11.09	10.31	17.98	21.13	31.10	59.85	11.81	10.88	9.94	9.26	9.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.18	2.35	2.35	2.09	2.19	2.61	2.46	2.26	2.16	2.18	2.34
Long-Term Debt to Equity	2.08	2.05	2.05	2.08	2.15	2.40	2.46	2.26	2.16	2.11	2.34
Financial Leverage	1.91	2.03	1.92	1.85	1.88	2.00	1.94	1.76	1.75	1.79	1.90
Leverage Ratio	3.68	4.00	3.89	3.63	3.61	3.87	3.88	3.57	3.54	3.63	3.75
Compound Leverage Factor	2.83	3.10	2.98	2.97	3.11	2.04	3.08	4.41	2.94	2.62	2.88
Debt to Total Capital	68.58%	70.17%	70.15%	67.61%	68.61%	72.29%	71.08%	69.31%	68.35%	68.58%	70.05%
Short-Term Debt to Total Capital	3.30%	8.94%	8.91%	0.08%	1.01%	5.65%	0.02%	0.03%	0.03%	2.18%	0.02%
Long-Term Debt to Total Capital	65.27%	61.23%	61.24%	67.53%	67.60%	66.64%	71.06%	69.29%	68.32%	66.40%	70.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.32%	1.23%	1.24%	1.33%	1.30%	1.20%	1.29%	1.35%	1.37%	1.38%	1.38%
Common Equity to Total Capital	30.10%	28.60%	28.61%	31.06%	30.09%	26.51%	27.64%	29.33%	30.28%	30.04%	28.58%
Debt to EBITDA	2.38	2.40	2.81	2.63	3.03	3.96	3.83	3.58	3.44	3.11	3.07
Net Debt to EBITDA	2.06	1.91	2.22	2.30	2.68	3.37	3.09	2.99	2.91	2.55	2.50
Long-Term Debt to EBITDA	2.27	2.10	2.45	2.62	2.98	3.65	3.83	3.58	3.44	3.02	3.07
Debt to NOPAT	4.34	4.07	3.98	3.61	4.10	5.75	5.26	4.96	4.53	4.29	5.43
Net Debt to NOPAT	3.76	3.24	3.15	3.17	3.63	4.89	4.24	4.13	3.82	3.51	4.42
Long-Term Debt to NOPAT	4.13	3.55	3.48	3.61	4.04	5.30	5.26	4.96	4.53	4.15	5.43
Altman Z-Score	1.42	1.28	1.29	1.47	1.38	1.01	1.06	1.03	1.06	1.07	1.01
Noncontrolling Interest Sharing Ratio	4.17%	4.24%	4.30%	4.25%	4.23%	4.37%	4.52%	4.37%	4.34%	4.42%	4.59%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.18	1.09	1.11	1.68	1.51	0.76	1.79	1.28	1.26	1.00	1.20
Quick Ratio	1.11	1.06	1.09	1.62	1.43	0.72	1.74	1.24	1.15	0.93	1.09
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	688	497	-466	-502	-484	-620	281	297	262	449	564
Operating Cash Flow to CapEx	372.74%	501.56%	203.74%	0.00%	0.00%	-49.43%	212.47%	303.95%	174.72%	0.00%	292.79%
Free Cash Flow to Firm to Interest Expense	7.07	5.01	-4.95	-5.86	-5.15	-3.37	3.78	0.00	3.21	5.30	6.79
Operating Cash Flow to Interest Expense	5.46	11.13	22.40	7.37	4.25	-3.81	21.15	0.00	3.70	-8.45	20.13
Operating Cash Flow Less CapEx to Interest Expense	3.99	8.91	11.40	9.71	14.58	-11.53	11.19	0.00	1.58	0.10	13.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.28	0.29	0.29	0.28	0.26	0.26	0.27	0.29	0.29	0.28
Accounts Receivable Turnover	5.22	5.27	5.50	5.53	5.10	5.09	4.78	4.86	5.56	6.56	5.17
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.37	0.37	0.39	0.38	0.36	0.34	0.35	0.36	0.38	0.38	0.37
Accounts Payable Turnover	0.46	0.51	0.45	0.47	0.43	0.46	0.49	0.69	1.05	1.23	0.96
Days Sales Outstanding (DSO)	69.97	69.27	66.42	65.95	71.58	71.73	76.30	75.06	65.59	55.61	70.60
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	799.79	715.58	819.87	784.35	848.09	801.65	747.12	526.01	346.39	297.72	380.25
Cash Conversion Cycle (CCC)	-729.82	-646.31	-753.46	-718.40	-776.51	-729.92	-670.82	-450.95	-280.80	-242.11	-309.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,633	9,681	9,655	9,686	9,915	9,753	8,813	8,715	8,754	8,662	8,734
Invested Capital Turnover	0.37	0.37	0.38	0.37	0.35	0.34	0.35	0.35	0.37	0.38	0.36
Increase / (Decrease) in Invested Capital	-282	-72	842	971	1,162	1,091	79	-2.99	-13	29	-208
Enterprise Value (EV)	21,724	20,831	20,718	21,265	19,916	16,926	15,371	15,010	14,833	14,382	14,502
Market Capitalization	15,285	14,385	14,300	14,862	13,237	10,070	9,382	9,184	9,046	8,691	8,635
Book Value per Share	$8.37	$8.50	$8.51	$8.63	$8.52	$7.63	$7.34	$7.51	$7.72	$7.72	$7.42
Tangible Book Value per Share	$6.68	$6.78	$6.77	$6.87	$6.73	$5.83	$5.54	$5.69	$5.87	$5.85	$5.54
Total Capital	10,609	11,313	11,315	10,571	10,757	10,930	10,217	9,849	9,798	9,893	10,035
Total Debt	7,276	7,938	7,937	7,147	7,380	7,901	7,262	6,827	6,697	6,785	7,029
Total Long-Term Debt	6,925	6,927	6,929	7,138	7,272	7,284	7,260	6,824	6,694	6,570	7,027
Net Debt	6,300	6,306	6,277	6,262	6,539	6,724	5,858	5,693	5,652	5,554	5,728
Capital Expenditures (CapEx)	142	220	1,035	-201	-971	1,418	738	161	173	-724	571
Debt-free, Cash-free Net Working Capital (DFCFNWC)	81	76	70	99	171	33	13	-36	44	-74	-6.69
Debt-free Net Working Capital (DFNWC)	530	1,167	1,195	443	467	306	502	178	157	212	152
Net Working Capital (NWC)	179	155	186	434	358	-312	500	176	154	-3.43	150
Net Nonoperating Expense (NNE)	89	84	80	81	91	175	75	34	41	133	83
Net Nonoperating Obligations (NNO)	6,300	6,306	6,277	6,262	6,539	6,724	5,858	5,693	5,652	5,554	5,728
Total Depreciation and Amortization (D&A)	173	326	653	166	160	-270	583	146	146	-279	587
Debt-free, Cash-free Net Working Capital to Revenue	2.23%	2.11%	1.97%	2.88%	5.26%	1.07%	0.42%	-1.16%	1.36%	-2.29%	-0.21%
Debt-free Net Working Capital to Revenue	14.57%	32.36%	33.79%	12.92%	14.31%	9.85%	16.59%	5.77%	4.85%	6.53%	4.78%
Net Working Capital to Revenue	4.92%	4.31%	5.28%	12.67%	10.99%	-10.03%	16.51%	5.69%	4.77%	-0.11%	4.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.79	$0.86	$0.74	$0.97	$1.47	$0.74	$0.71	$0.64	$0.52	$0.85	$0.67
Adjusted Weighted Average Basic Shares Outstanding	380.99M	380.40M	380.51M	380.49M	380.02M	383.03M	383.56M	384.61M	384.47M	394.95M	388.91M
Adjusted Diluted Earnings per Share	$0.79	$0.84	$0.74	$0.97	$1.47	$0.74	$0.70	$0.64	$0.52	$0.85	$0.66
Adjusted Weighted Average Diluted Shares Outstanding	382.49M	382.46M	382.62M	382.25M	381.63M	384.41M	384.77M	385.51M	385.75M	396.24M	390.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	380.99M	380.40M	380.51M	380.49M	380.02M	383.03M	383.56M	384.61M	384.47M	394.95M	388.91M
Normalized Net Operating Profit after Tax (NOPAT)	410	428	380	411	439	477	361	294	304	394	357
Normalized NOPAT Margin	44.71%	46.08%	43.05%	45.40%	49.41%	55.63%	46.56%	39.81%	41.37%	50.50%	42.58%
Pre Tax Income Margin	34.89%	36.84%	35.24%	42.88%	66.21%	34.63%	36.77%	35.24%	28.58%	44.33%	32.71%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.29	4.44	4.31	5.53	7.25	3.06	4.85	0.00	3.09	5.67	4.30
NOPAT to Interest Expense	4.17	4.28	4.00	5.47	7.21	2.56	4.85	0.00	3.05	5.64	4.29
EBIT Less CapEx to Interest Expense	2.83	2.22	-6.69	7.88	17.58	-4.65	-5.11	0.00	0.97	14.23	-2.58
NOPAT Less CapEx to Interest Expense	2.70	2.06	-7.00	7.82	17.54	-5.15	-5.11	0.00	0.94	14.20	-2.59
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	340.81%	276.46%	74.95%	67.19%	73.04%	97.00%	82.10%	89.98%	61.79%	62.50%	149.50%
Augmented Payout Ratio	340.81%	276.46%	74.95%	75.40%	81.98%	109.84%	98.06%	128.22%	104.65%	101.46%	197.91%

Frequently Asked Questions About Western Midstream Partners' Financials

When does Western Midstream Partners's financial year end?

According to the most recent income statement we have on file, Western Midstream Partners' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Western Midstream Partners' net income changed over the last 9 years?

Western Midstream Partners' net income appears to be on an upward trend, with a most recent value of $1.61 billion in 2024, rising from $11.10 million in 2015. The previous period was $1.05 billion in 2023. Check out Western Midstream Partners' forecast to explore projected trends and price targets.

What is Western Midstream Partners's operating income?

Western Midstream Partners's total operating income in 2024 was $1.97 billion, based on the following breakdown:

Total Gross Profit: $3.43 billion
Total Operating Expenses: $1.57 billion

How has Western Midstream Partners revenue changed over the last 9 years?

Over the last 9 years, Western Midstream Partners' total revenue changed from $1.75 billion in 2015 to $3.61 billion in 2024, a change of 105.8%.

How much debt does Western Midstream Partners have?

Western Midstream Partners' total liabilities were at $9.77 billion at the end of 2024, a 3.5% increase from 2023, and a 188.8% increase since 2015.

How much cash does Western Midstream Partners have?

In the past 9 years, Western Midstream Partners' cash and equivalents has ranged from $79.59 million in 2017 to $1.09 billion in 2024, and is currently $1.09 billion as of their latest financial filing in 2024.

How has Western Midstream Partners' book value per share changed over the last 9 years?

Over the last 9 years, Western Midstream Partners' book value per share changed from 6.81 in 2015 to 8.50 in 2024, a change of 24.8%.

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This page (NYSE:WES) was last updated on 5/27/2025 by MarketBeat.com Staff

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Western Midstream Partners (WES) Financials

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