Western Midstream Partners LP (WES) - Net Assets
Based on the latest financial reports, Western Midstream Partners LP (WES) has net assets worth $3.51 Billion USD as of March 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($14.92 Billion) and total liabilities ($11.42 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Western Midstream Partners LP tangible book value ratio to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $3.51 Billion |
| % of Total Assets | 23.5% |
| Annual Growth Rate | 16.24% |
| 5-Year Change | 34.48% |
| 10-Year Change | 1.27% |
| Growth Volatility | 48.96 |
Western Midstream Partners LP - Net Assets Trend (2006–2025)
This chart illustrates how Western Midstream Partners LP's net assets have evolved over time, based on quarterly financial data. See defensive interval ratio of Western Midstream Partners LP to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for Western Midstream Partners LP (2006–2025)
The table below shows the annual net assets of Western Midstream Partners LP from 2006 to 2025. For live valuation and market cap data, see Western Midstream Partners LP market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $4.16 Billion | +23.35% |
| 2024-12-31 | $3.38 Billion | +11.42% |
| 2023-12-31 | $3.03 Billion | -2.54% |
| 2022-12-31 | $3.11 Billion | +0.40% |
| 2021-12-31 | $3.10 Billion | +6.93% |
| 2020-12-31 | $2.90 Billion | -13.45% |
| 2019-12-31 | $3.35 Billion | -4.55% |
| 2018-12-31 | $3.50 Billion | -11.16% |
| 2017-12-31 | $3.94 Billion | -4.04% |
| 2016-12-31 | $4.11 Billion | +17.80% |
| 2015-12-31 | $3.49 Billion | -13.01% |
| 2014-12-31 | $4.01 Billion | +54.76% |
| 2013-12-31 | $2.59 Billion | +24.59% |
| 2012-12-31 | $2.08 Billion | +41.82% |
| 2011-12-31 | $1.47 Billion | +114.12% |
| 2010-12-31 | $685.10 Million | +14.03% |
| 2009-12-31 | $600.78 Million | -25.33% |
| 2008-12-31 | $804.62 Million | +186.02% |
| 2007-12-31 | $281.32 Million | +17.94% |
| 2006-12-31 | $238.53 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Western Midstream Partners LP's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 0.0% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $4.02 Billion | 100.00% |
| Total Equity | $4.02 Billion | 100.00% |
Western Midstream Partners LP Competitors by Market Cap
The table below lists competitors of Western Midstream Partners LP ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
China Three Gorges New Energy Group Co Ltd
SHG:600905
|
$17.24 Billion |
|
JIO Financial Services Ltd
NSE:JIOFIN
|
$17.28 Billion |
|
Geberit AG
SW:GEBN
|
$17.28 Billion |
|
Cemex SAB de CV ADR
NYSE:CX
|
$17.28 Billion |
|
Lattice Semiconductor Corporation
NASDAQ:LSCC
|
$17.22 Billion |
|
Ke Holdings Inc
NYSE:BEKE
|
$17.21 Billion |
|
Hithink RoyalFlush Info Network
SHE:300033
|
$17.20 Billion |
|
Nextracker Inc. Class A Common Stock
NASDAQ:NXT
|
$17.18 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Western Midstream Partners LP's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 3,235,605,000 to 4,021,230,000, a change of 785,625,000 (24.3%).
- Net income of 1,169,598,000 contributed positively to equity growth.
- Dividend payments of 1,431,024,000 reduced retained earnings.
- Other factors increased equity by 1,047,051,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $1.17 Billion | +29.09% |
| Dividends Paid | $1.43 Billion | -35.59% |
| Other Changes | $1.05 Billion | +26.04% |
| Total Change | $- | 24.28% |
Book Value vs Market Value Analysis
This analysis compares Western Midstream Partners LP's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 4.38x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 10.55x to 4.38x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2007-12-31 | $4.15 | $43.75 | x |
| 2008-12-31 | $-3.30 | $43.75 | x |
| 2009-12-31 | $11.53 | $43.75 | x |
| 2010-12-31 | $7.25 | $43.75 | x |
| 2011-12-31 | $10.36 | $43.75 | x |
| 2012-12-31 | $4.17 | $43.75 | x |
| 2013-12-31 | $4.13 | $43.75 | x |
| 2014-12-31 | $5.76 | $43.75 | x |
| 2015-12-31 | $15.94 | $43.75 | x |
| 2016-12-31 | $18.78 | $43.75 | x |
| 2017-12-31 | $18.02 | $43.75 | x |
| 2018-12-31 | $16.01 | $43.75 | x |
| 2019-12-31 | $8.05 | $43.75 | x |
| 2020-12-31 | $6.65 | $43.75 | x |
| 2021-12-31 | $7.53 | $43.75 | x |
| 2022-12-31 | $7.50 | $43.75 | x |
| 2023-12-31 | $7.54 | $43.75 | x |
| 2024-12-31 | $8.46 | $43.75 | x |
| 2025-12-31 | $9.99 | $43.75 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Western Midstream Partners LP utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 29.09%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 30.43%
- • Asset Turnover: 0.26x
- • Equity Multiplier: 3.73x
- Recent ROE (29.09%) is above the historical average (18.38%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2006 | 4.07% | 11.97% | 0.24x | 1.39x | $-14.14 Million |
| 2007 | 13.00% | 14.32% | 0.68x | 1.34x | $8.43 Million |
| 2008 | 0.00% | 18.32% | 0.67x | 0.00x | $143.86 Million |
| 2009 | 12.87% | 32.70% | 0.22x | 1.80x | $17.27 Million |
| 2010 | 34.09% | 25.47% | 0.28x | 4.77x | $89.08 Million |
| 2011 | 14.30% | 9.34% | 0.29x | 5.37x | $22.76 Million |
| 2012 | 0.31% | 0.33% | 0.24x | 3.81x | $-88.43 Million |
| 2013 | 17.70% | 15.20% | 0.25x | 4.73x | $69.66 Million |
| 2014 | 17.61% | 17.42% | 0.19x | 5.36x | $95.89 Million |
| 2015 | 2.52% | 5.63% | 0.23x | 1.92x | $-261.09 Million |
| 2016 | 8.41% | 19.16% | 0.23x | 1.88x | $-65.30 Million |
| 2017 | 9.55% | 16.75% | 0.28x | 2.03x | $-17.88 Million |
| 2018 | 10.54% | 18.56% | 0.22x | 2.64x | $18.96 Million |
| 2019 | 20.84% | 25.39% | 0.22x | 3.69x | $362.71 Million |
| 2020 | 18.20% | 19.01% | 0.23x | 4.09x | $237.49 Million |
| 2021 | 29.60% | 31.85% | 0.26x | 3.64x | $606.72 Million |
| 2022 | 40.96% | 37.43% | 0.29x | 3.79x | $919.93 Million |
| 2023 | 35.28% | 32.91% | 0.25x | 4.30x | $732.47 Million |
| 2024 | 48.63% | 43.65% | 0.27x | 4.06x | $1.25 Billion |
| 2025 | 29.09% | 30.43% | 0.26x | 3.73x | $767.48 Million |
Industry Comparison
This section compares Western Midstream Partners LP's net assets metrics with peer companies in the Oil & Gas Midstream industry.
Industry Context
- Industry: Oil & Gas Midstream
- Average net assets among peers: $747,630,185
- Average return on equity (ROE) among peers: -7.61%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Western Midstream Partners LP (WES) | $3.51 Billion | 4.07% | 3.26x | $17.23 Billion |
| Antero Midstream Partners LP (AM) | $15.61 Million | 46.54% | 0.91x | $10.12 Billion |
| CBL International Limited Ordinary Shares (BANL) | $22.77 Million | -16.41% | 2.04x | $11.08 Million |
| BP Prudhoe Bay Royalty Trust (BPT) | $22.63 Million | 53.94% | 0.02x | $2.99 Million |
| Brooge Holdings Ltd (BROG) | $56.77 Million | -85.14% | 7.56x | $284.93 Million |
| BW LPG Limited (BWLP) | $1.93 Billion | 12.95% | 0.64x | $2.92 Billion |
| Cheniere Energy Partners LP (CQP) | $443.05 Million | -38.60% | 34.08x | $28.46 Billion |
| Cheniere Energy Partners LP (CQP) | $712.93 Million | -44.74% | 17.00x | $25.77 Billion |
| DHT Holdings Inc (DHT) | $181.00 Million | -51.96% | 1.21x | $2.56 Billion |
| Dynagas LNG Partners LP (DLNG) | $75.17 Million | 39.69% | 5.34x | $133.52 Million |
| DT Midstream Inc (DTM) | $4.02 Billion | 7.63% | 1.03x | $12.24 Billion |
About Western Midstream Partners LP
Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water. It also buys and s… Read more