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Western Midstream Partners, LP (WES)

NYSE: WES · Natural Gas Transmission · The Woodlands, TX · filing with the SEC since 2008
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Grade5.7
◀ Past 7.5● Present 5.5▶ Future 4.3
2 est.
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The grade of Western Midstream Partners, LP

Nine metrics read from its own filings, by tense
Headline grade
5.7/10
◀ Past7.525% of the headline
● Present5.545% of the headline
▶ Future4.330% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

7.5/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
6.6/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 66th percentile among 16 sector filers · read for itself

From the record

Western Midstream Partners, LP's filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
6.3/10

What has it actually done, year after year?

+8.8% a year over 10 filed years; profitable in 10 of 10.

weight 22% of this tense · 63rd percentile among 16 sector filers · read for its customers

From the record

Western Midstream Partners, LP's 10 filed years say what it did: revenue went from $1.8 billion in fiscal 2016 to $3.8 billion in fiscal 2025, up 8.8% a year; it rose in 7 of 9 years; the deepest fall was 5% from fiscal 2017 to fiscal 2018; net income was positive in 10 of 10 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span8.8%bottom 41% of its family
  • the share of years revenue rosetop 37% of its family
  • the share of filed years with a profittop 22% of its family
  • the deepest fall from a revenue peak5.3%top 28% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
9.7/10

How has it treated the people who own it?

SI estimate 9.7/10, confidence 35 of 100 (one part).

weight 33% of this tense · 97th percentile among 16 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the cash returned against operating cash flow, which ranks in the top 3% of 16 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: cash returned against operating cash flow, the one part on file, ranked among 16 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Western Midstream Partners, LP's shareholder treatment is put at 9.7 of 10 with a confidence of 35 of 100, because read from one part only, the cash returned against operating cash flow, which ranks in the top 3% of 16 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.5/1045% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

SI estimate
5.2/10

Is it financially healthy right now?

SI estimate 5.2/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 13 sector filers · read for itself

SI estimate Inferred, not read as filed

Why it is an estimate
No balance sheet on file, so the desk assumes the typical reading of its industry family, the median of 13 members with one.
What the record cannot read
No balance sheet on file.
How it was reasoned
family median, 13 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Western Midstream Partners, LP's financial health is put at 5.2 of 10 with a confidence of 20 of 100, because no balance sheet on file, so the desk assumes the typical reading of its industry family, the median of 13 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Industry position

as filed
6.3/10

How strong is its position in its industry?

top 37% of 16 in its family; net margin 30.7%.

weight 33% of this tense · 63rd percentile among 16 sector filers · read for its customers

From the record

Western Midstream Partners, LP's standing among 16 graded names in its industry family: revenue of $3.8 billion in fiscal 2025 ranks in the top 35% by size; a net margin of 30.7% ranks in the top 16%; revenue growth of 5.7% a year over the last 3 filed years ranks in the bottom 41% (its annual reports).

What it rests on

  • revenue against the family$3.84Btop 35% of its family
  • net margin30.7%top 16% of its family
  • three-year revenue growth5.7%bottom 41% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
5.0/10

What are the people in charge doing?

bottom 49% of 10 in its family for leadership; chief executive since 2024.

weight 22% of this tense · 49th percentile among 10 sector filers · read for its shareholders

From the record

Western Midstream Partners, LP's leadership, from its insiders' filings and its current reports: the chief executive on the record is Brown, Oscar K (President & CEO, as filed), filing under that title since 2024-10-30, 2 years (bottom 25% of its family); the 10 officers and directors filing in the last fifteen months have been on the record a median of 6.1 years (bottom 35%); 2 officer or director changes were reported on Form 8-K since 2023-11-13, against the 10 people in charge now (top 12%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge2 in three years among 10 peopletop 12% of its family
  • the median years the people in charge have filed6.1 yearsbottom 35% of its family
  • the chief executive's years on the record2.0 yearsbottom 25% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

4.3/1030% of the headline grade · 3 of 3 filed

Room to expand

as filed
6.2/10

How much room does it have to grow?

top 38% of 16 in its family for room to expand.

weight 22% of this tense · 62nd percentile among 16 sector filers · read for itself

From the record

Western Midstream Partners, LP's room to grow, from the newest filed statements (fiscal 2025): cash of $819 million against debt of $8.6 billion leaves -52.2% of its assets as net cash, bottom 34% of its family; cash from operations less capital spending is 57.8% of revenue (top 10%) (its annual report).

What it rests on

  • cash less debt against assets-52.2%bottom 34% of its family
  • cash from operations less capital spending against revenue57.8%top 10% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
5.0/10

What could actually drive growth from here?

top 50% of 16 in its family for growth drivers.

weight 45% of this tense · 50th percentile among 16 sector filers · read for its customers

From the record

Western Midstream Partners, LP's growth drivers, from the filed years to fiscal 2025: revenue grew 5.7% a year over the last three filed years against 8.8% over all 10, slowing (top 34% of its family); the newest year grew 6.6% (bottom 34%) (its annual reports). Western Midstream Partners, LP reported 4 product lines in fiscal 2025: Service Fee Based at $3.5 billion (90%), Product at $195 million (5%), Service Product Based at $194 million (5%), and 1 more; 3 of 4 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span-3.0 points a yeartop 34% of its family
  • the newest year's revenue growth6.6%bottom 34% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
2.1/10

Did its newest year beat what its own record pointed to?

bottom 21% of 15 in its family for expectations against reality.

weight 33% of this tense · 21st percentile among 15 sector filers · read for its shareholders

From the record

Western Midstream Partners, LP's newest year against its own record: revenue of $3.8 billion in fiscal 2025 came in 1.2% above the $3.8 billion its prior three years' pace pointed to (bottom 43% of its family); net income of $1.2 billion against a prior three-year average of $1.3 billion (bottom 17%); a net margin of 30.7% against 38% before (bottom 3%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace1.2%bottom 43% of its family
  • net income against the prior three years' average-7%bottom 17% of its family
  • net margin against its prior average-7.3 pointsbottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton WES · research, not advice