Western Midstream Partners (WES) Financials

$38.53 +0.90 (+2.40%)

Closing price 03:59 PM Eastern

Extended Trading

$38.52 -0.02 (-0.04%)

As of 07:27 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	166	346	541	552	697	527	916	1,217	1,022	1,574
Consolidated Net Income / (Loss)	11	597	737	631	808	517	944	1,251	1,048	1,611
Net Income / (Loss) Continuing Operations	11	597	737	631	808	517	944	1,251	1,048	1,611
Total Pre-Tax Income	57	605	677	690	821	523	934	1,256	1,052	1,629
Total Operating Income	83	626	687	861	994	652	1,132	1,588	1,380	1,971
Total Gross Profit	1,224	1,310	1,476	1,884	2,302	2,585	2,555	2,831	2,942	3,433
Total Revenue	1,752	1,804	2,430	2,300	2,746	2,773	2,877	3,252	3,106	3,605
Operating Revenue	1,752	1,804	2,430	2,300	2,746	2,773	2,877	3,252	3,106	3,605
Total Cost of Revenue	528	494	954	416	444	188	322	421	165	172
Operating Cost of Revenue	528	494	954	416	444	188	322	421	165	172
Total Operating Expenses	1,141	684	789	1,023	1,308	1,932	1,423	1,426	1,715	1,575
Selling, General & Admin Expense	376	357	400	548	756	737	777	849	995	1,152
Depreciation Expense	273	273	319	389	483	491	552	582	601	650
Other Operating Expenses / (Income)	33	40	53	-144	61	68	64	79	56	63
Impairment Charge	515	16	180	231	6.28	645	31	21	53	6.21
Other Special Charges / (Income)	-57	-1.63	-162	-1.31	1.41	-8.63	-0.04	-104	10	-297
Total Other Income / (Expense), net	-26	-20	-9.10	-172	-173	-129	-197	-149	-174	-229
Interest Expense	114	117	143	184	303	369	401	334	333	373
Interest & Investment Income	88	96	132	17	254	238	205	183	153	112
Other Income / (Expense), net	-0.58	0.55	1.38	-4.76	-124	1.03	-0.62	1.60	5.68	32
Income Tax Expense	46	8.37	-60	59	13	6.00	-9.81	4.19	4.39	18
Net Income / (Loss) Attributable to Noncontrolling Interest	-154	251	197	79	110	-10	28	34	26	38
Basic Earnings per Share	$0.39	$1.53	$1.72	$1.69	$1.59	$1.18	$2.18	$3.01	$2.61	$4.04
Weighted Average Basic Shares Outstanding	218.91M	218.92M	218.93M	218.94M	415.79M	435.55M	411.31M	394.95M	383.03M	380.40M
Diluted Earnings per Share	$0.39	$1.53	$1.72	$1.69	$1.59	$1.18	$2.18	$3.00	$2.60	$4.02
Weighted Average Diluted Shares Outstanding	218.91M	218.92M	218.93M	218.94M	415.79M	435.62M	412.02M	396.24M	384.41M	382.46M
Weighted Average Basic & Diluted Shares Outstanding	218.91M	218.92M	218.93M	218.94M	415.79M	435.55M	411.31M	394.95M	383.03M	380.40M
Cash Dividends to Common per Share	$1.49	$1.77	$2.11	$2.35	$2.47	$1.24	$1.28	$2.00	$2.57	$3.50

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	16	397	-174	101	474	-1,301	605	255	842	-68
Net Cash From Operating Activities	1,673	-715	302	491	1,569	-701	400	631	2,109	1,106
Net Cash From Continuing Operating Activities	1,661	-703	302	491	1,550	-682	400	631	2,095	1,695
Net Income / (Loss) Continuing Operations	1,182	-563	208	260	1,038	-458	586	388	1,567	683
Consolidated Net Income / (Loss)	1,182	-563	208	260	1,038	-458	586	388	1,567	683
Depreciation Expense	587	-279	145	143	583	-270	158	163	653	326
Non-Cash Adjustments To Reconcile Net Income	32	-99	62	2.09	54	-37	-234	-52	-257	646
Changes in Operating Assets and Liabilities, net	-137	231	-115	83	-122	76	-112	130	135	40
Net Cash From Investing Activities	-542	494	-179	-151	-747	-530	397	-15	0.45	-461
Net Cash From Continuing Investing Activities	-540	718	-179	-151	-747	-1,408	979	191	-1,045	-204
Purchase of Property, Plant & Equipment	-574	198	-173	-161	-738	-1,418	-195	-212	-1,042	-221
Acquisitions	-13	8.17	-0.11	-0.02	-2.17	1.15	0.00	-	-	-19
Sale of Property, Plant & Equipment	2.22	526	0.00	-	-0.12	-0.05	1,165	412	6.60	0.03
Sale and/or Maturity of Investments	57	-18	12	11	40	-24	19	5.27	31	6.58
Other Investing Activities, net	-13	4.53	-18	-0.80	-46	33	-11	-15	-41	30
Net Cash From Financing Activities	-1,115	394	-297	-238	-348	816	-774	-568	-479	-713
Net Cash From Continuing Financing Activities	-1,114	385	-299	-239	-345	808	-775	-568	-477	-2,615
Repayment of Debt	-1,658	1,019	-326	-607	-1,721	1,278	-546	-231	456	-6.46
Payment of Dividends	-1,221	795	-205	-346	-1,145	680	-230	-349	-1,274	-2,602
Issuance of Debt	2,144	-1,389	220	736	2,646	-1,153	0.00	-1.21	359	-0.30
Other Financing Activities, net	-11	0.61	19	-22	2.47	4.00	0.77	13	-19	-6.67
Cash Interest Paid	447	-273	133	25	398	-230	131	47	437	108
Cash Income Taxes Paid	0.91	-0.90	1.27	0.00	1.27	1.59	0.00	-	-	4.45

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

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

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

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

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

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

Frequently Asked Questions About Western Midstream Partners' Financials

When does Western Midstream Partners's fiscal year end?

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

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 4/15/2025 by MarketBeat.com Staff

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Western Midstream Partners (WES) Financials

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