MeritValue

Western Midstream Partners, LP

WESdata completeness 63%15 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.7B1$3.25B2$3.11B3$3.6B3$3.84B3
Net income$916.3M4$1.22B5$1.02B6$1.57B6$1.18B6
Operating cash flow$1.77B7$1.7B8$1.66B9$2.14B9$2.22B9
Capital expenditure$313.7M10$487.2M11$735.1M12$833.9M12$728M12
Free cash flow (derived)$1.45B7$1.21B8$926.3M9$1.3B9$1.49B9
Total debt—————
Cash & equivalents$202M13$286.7M14$272.8M15$1.09B16$819.5M16
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Not enough history to read capital allocation.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001423902-24-000022 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001423902-25-000033 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001423902-26-000030 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0001423902-24-000022 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001423902-25-000033 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001423902-26-000030 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001423902-24-000022 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001423902-25-000033 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001423902-26-000030 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0001423902-24-000022 (PaymentsForCapitalImprovements)
  11. 10-K · period ending 2022-12-31 · accession 0001423902-25-000033 (PaymentsForCapitalImprovements)
  12. 10-K · period ending 2023-12-31 · accession 0001423902-26-000030 (PaymentsForCapitalImprovements)
  13. 10-K · period ending 2021-12-31 · accession 0001423902-23-000023 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001423902-24-000022 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001423902-25-000033 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001423902-26-000030 (CashAndCashEquivalentsAtCarryingValue)