Western Midstream Partners LP (WES) Fair Value & Analysis
Energy · US · Market cap $17.4B · ISIN US9586691035
What is Western Midstream Partners LP really worth?
Western Midstream Partners LP
WES · US
A solid business, but trading 138% above our fair value of $20.66.
Strengths
Risks
For context
Fair value as of: Sep 5, 2026
From 25 valuation models · updated today
Share price +5.4% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide ($17.04 to $63.47). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (51/100) 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 Sep 5, 2026.
How to read this chart
60‑month range $12.15 – $49.80 · fair‑value band $17.04 – $63.47 · the $49.19 price screens above the $20.66 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 5, 2026.
Analysis
Western Midstream Partners LP (WES) currently trades at $49.19, while our model-based Fair Value estimate is $20.66, implying the stock looks roughly 138.1% overvalued today. The Quality Score stands at 51/100 (solid quality), in the Energy sector. Bull case: the Dividend Discount group reads highest at a median of $55.76 per share, and 6 of the 25 models we run sit above the $49.19 price. Bear case: the Asset-Based group reads lowest at $6.52, and 19 of the 25 models stay below the price. Evidence for this calculation is 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 Sep 5, 2026
Our scenario range runs from $17.04 (bear case) to $63.47 (bull case); at $49.19, 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 near its 52-week high and 42% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at −58%, 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, family-balanced 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. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Dividend Discount ($55.76) versus Asset-Based ($6.52). Highest evidence: FCF DCF (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 48 · Market factors (momentum, volatility) 77
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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.
of which total revenue +9.6 % · buybacks/dilution −6.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
WES screens 138% overvalued. Compare with Enbridge Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- WES Raises 2026 Guidance as Brazos Adds Scale and Throughput Growth
- Western Midstream Announces Participation in the Solitude Pipeline System
Peer Group
Oil & Gas Midstream · 89 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
Strength profile in five axes (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.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $50.72 | $35.83 | −29% |
| The Williams Companies, Inc WMB | $74.05 | $11.73 | −84% |
| Enterprise Products Partners L.P. EPD | $39.02 | $20.94 | −46% |
| TC Energy Corporation TRP | C$88.72 | C$24.53 | −72% |
| Kinder Morgan, Inc KMI | $31.60 | $10.92 | −65% |
| Energy Transfer LP, ET | $21.31 | $11.45 | −46% |
| MPLX LP owns and MPLX | $59.25 | $36.42 | −39% |
| ONEOK, Inc OKE | $95.69 | $58.62 | −39% |
| Targa Resources Corp TRGP | $286.91 | $79.61 | −72% |
| Cheniere Energy, Inc LNG | $280.80 | $199.99 | −29% |
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