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Natural gas transmission company · DE · FY ends Dec · Revenue $4.05B · 41.01% margin · $1.34B FCF
$45.97
$0.10 (-0.22%)
EOD Jul 17, 2026
41.67% operating margin is above average.
Revenue grew 6.6%, steady but not accelerating. Margins contracted 13.0pp, which offsets some of the top-line progress.
Net debt of $8.02B represents 5.4x FCF, leverage limits flexibility. Operating margin contracted 13.0pp YoY, cost discipline may be slipping.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$4.05B
▲ +6.6% YoY
Net Income (TTM)
$1.21B
▼ -24.9% YoY
Op. Margin
41.01%
▼ -13.0pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
$1.34B
▲ +14.7% YoY
Op. Cash Flow (TTM)
$2.16B
▲ +4.0% YoY
Net Debt
$8.06B
Cash & Equiv.
$647M
5Y CAGR: +6.7%
5Y CAGR: +4.3%
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Western Midstream Partners, LP (WES) trades below a two-stage DCF intrinsic value of about $15,168,754,164.93 per share, so at $45.97 the stock looks undervalued (32,997,072,262.3% below estimated intrinsic value). A high multiple is not the same as overvalued: fast-growing, high-quality businesses can deserve a premium. See the general approach in how to tell if a stock is overvalued.
On quality, Western Midstream Partners, LP scores 18/100 on Intrinsiqq's quality scorecard (a lower-quality business on these measures), weighing growth, margins, returns on capital, share count, and balance-sheet strength. All figures are computed from SEC filings; read the full methodology. This is analysis, not investment advice.
Intrinsiqq's two-stage DCF estimates an intrinsic value of about $15,168,754,164.93 per share for WES, projecting its recent free cash flow forward with a growth rate that fades toward a long-run rate and discounting it back to today. Applying a 25% margin of safety gives a more conservative fair-value entry around $11,376,565,623.70. At today's $45.97, that puts the stock about 32,997,072,262.3% below estimated intrinsic value. The result is sensitive to the growth and discount-rate inputs, so it is best to run conservative, base and optimistic cases. You can adjust all of them yourself with the sliders on the DCF tab.
Western Midstream Partners, LP scores 18 out of 100 on Intrinsiqq's quality score, a weighted blend of 4 metrics each scored 0 to 100, which makes it a lower-quality business on these measures. Recent fundamentals include a 41.0% operating margin. The score weighs revenue and free-cash-flow growth, operating margins, return on invested capital, share-count change, and balance-sheet strength, all computed from SEC filings, not opinion. Because valuation only means something relative to quality, the full metric-by-metric breakdown is on the quality scorecard.
That depends on valuation and quality together, not either alone. WES currently trades below its estimated intrinsic value and scores 18/100 on quality (lower-quality). A cheap price is only a bargain if the business is durable, and a premium can be justified by genuine quality, so the two questions, "is it cheap?" and "is it good?", only make sense side by side. Read the valuation against the quality scorecard, run the DCF on your own assumptions, and decide for yourself. This is analysis from SEC filings, not investment advice.