Western Midstream Partners, LP key statistics and ratios

In fiscal 2025, Western Midstream Partners, LP had an operating margin of 41.7% and a current ratio of 1.34. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Western Midstream Partners, LP: financial ratios, annual
Fiscal year	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	—	—	—	—	—	72.6%	62.6%	81.2%	—	—	—	—	—	—	—	—
Operating margin	28.2%	21.7%	29.8%	36.0%	8.8%	39.0%	33.0%	37.5%	44.8%	31.7%	46.4%	48.8%	44.4%	54.7%	41.7%	40.2%
Net margin	10.8%	6.9%	15.1%	18.8%	9.4%	19.2%	22.3%	24.0%	25.4%	19.0%	31.8%	37.4%	32.9%	43.6%	30.7%	29.6%
Free-cash-flow margin	12.6%	−40.3%	37.9%	−7.5%	8.3%	24.0%	0.6%	−26.1%	4.9%	43.8%	50.5%	37.3%	29.8%	36.1%	38.9%	28.1%
Return on assets	—	1.6%	3.9%	5.0%	2.3%	4.6%	6.9%	5.7%	5.9%	4.4%	7.9%	10.8%	8.6%	12.3%	8.4%	8.2%
Asset turnover	—	0.24	0.26	0.26	0.25	0.24	0.31	0.24	0.23	0.23	0.25	0.29	0.26	0.28	0.27	0.28
Current ratio	—	2.57	1.09	0.78	1.28	1.89	0.60	0.54	0.83	0.98	0.60	1.00	0.76	1.09	1.34	0.91
Interest cover (operating income ÷ interest)	8.1x	4.6x	6.2x	7.2x	1.4x	6.0x	5.6x	4.7x	4.1x	2.3x	3.5x	4.8x	4.0x	5.2x	4.1x	4.1x
Effective tax rate	24.6%	28.9%	1.6%	7.9%	80.4%	1.4%	−8.8%	8.5%	1.6%	1.1%	−1.0%	0.3%	0.4%	1.1%	1.2%	1.4%
Capital spending as % of revenue	17.2%	71.3%	7.2%	52.5%	36.4%	26.6%	42.3%	84.7%	43.3%	15.3%	10.9%	15.0%	23.7%	23.1%	18.9%	21.1%
Free cash flow ÷ net income	115.9%	−587.6%	250.9%	−39.7%	87.5%	125.3%	2.7%	−108.9%	19.3%	230.3%	158.6%	99.8%	90.6%	82.8%	126.6%	95.0%
Dividends ÷ net income	0.0%	0.0%	83.6%	79.3%	185.2%	108.2%	81.7%	91.1%	139.0%	132.0%	58.3%	60.5%	95.7%	79.2%	121.2%	116.0%
Dividends and buybacks ÷ free cash flow	0.0%	—	33.3%	—	211.6%	86.4%	>999%	—	718.7%	60.0%	51.7%	100.8%	120.2%	95.6%	95.7%	122.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Western Midstream Partners, LP: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	44.8%	45.9%	44.7%	47.2%	46.4%	29.6%	41.8%	43.0%
Net margin	32.7%	35.9%	33.7%	36.3%	35.7%	18.5%	31.2%	33.0%
Free-cash-flow margin	41.0%	34.0%	42.3%	40.9%	40.5%	32.5%	20.8%	21.6%
Current ratio	1.11	1.09	1.18	1.30	1.43	1.34	1.09	0.91

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 5 checks passed · June 30, 2026

What it owns · $16.3bn

Short-term assets $1.1bnLonger-term assets $15.2bn

What it owes, and who funded it · $11.9bn

Short-term liabilities $1.2bnLonger-term liabilities $10.7bn

Short-term assets cover short-term liabilities $1.1bn of assets due within a year against $1.2bn of liabilities due within a year.
Short-term assets cover long-term liabilities $1.1bn short-term assets against $10.7bn of longer-dated liabilities.
More cash than debt $105m of cash against $8.9bn of debt.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $2.1bn of operating cash flow against $8.9bn of debt.
Operating profit covers interest at least five times over Operating income of $1.7bn against $420m of interest.

From Western Midstream Partners, LP's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

81 /100

Strong moat

How hard Western Midstream Partners's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 12 / 20

Net income has been a median 7.9% of total assets over 10 years.
Durability 19 / 20

Operating margin has been a median 44.6%; its worst year was 26.8%.
Cash conversion 18 / 20

Free cash flow was positive in 8 of 10 years, at a median 30.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Western Midstream Partners, LP's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Western Midstream Partners, LP.