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Western Midstream Valuation Multiples
Discover revenue and EBITDA valuation multiples for Western Midstream and similar public comparables like Ovintiv, COSCO SHIPPING Energy, YPF, Adani Energy Solutions and more.
Western Midstream Overview
About Western Midstream
Western Midstream Partners LP is a USA-based company which own, operate, acquire and develop midstream energy assets. The company through its subsidiary is engaged in the business of gathering, processing, compressing, treating and transporting natural gas, condensate, NGLs and crude oil. It owns or has investments in assets located in the Rocky Mountains (Colorado, Utah, and Wyoming), the Mid-Continent (Kansas and Oklahoma) and Texas.
Founded
2012
HQ
Employees
1.7K
Website
Financials (LTM)
EV
$24B
Western Midstream Financials
Western Midstream reported last 12-month revenue of $4B and EBITDA of $3B.
In the same LTM period, Western Midstream generated $4B in gross profit, $3B in EBITDA, and $1B in net income.
Revenue (LTM)
Western Midstream P&L
In the most recent fiscal year, Western Midstream reported revenue of $4B and EBITDA of $2B.
Western Midstream expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $4B | XXX | $4B | XXX | XXX | XXX |
| Gross Profit | $4B | XXX | $3B | XXX | XXX | XXX |
| Gross Margin | 94% | XXX | 76% | XXX | XXX | XXX |
| EBITDA | $3B | XXX | $2B | XXX | XXX | XXX |
| EBITDA Margin | 64% | XXX | 65% | XXX | XXX | XXX |
| EBIT Margin | 44% | XXX | 44% | XXX | XXX | XXX |
| Net Profit | $1B | XXX | $1B | XXX | XXX | XXX |
| Net Margin | 31% | XXX | 31% | XXX | XXX | XXX |
| Net Debt | — | — | $8B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Western Midstream Stock Performance
Western Midstream has current market cap of $16B, and enterprise value of $24B.
Market Cap Evolution
Western Midstream's stock price is $40.85.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $24B | $16B | 1.1% | XXX | XXX | XXX | $3.00 |
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Start Free TrialWestern Midstream Valuation Multiples
Western Midstream trades at 6.1x EV/Revenue multiple, and 9.5x EV/EBITDA.
EV / Revenue (LTM)
Western Midstream Financial Valuation Multiples
As of April 17, 2026, Western Midstream has market cap of $16B and EV of $24B.
Equity research analysts estimate Western Midstream's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Western Midstream has a P/E ratio of 13.1x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $16B | XXX | $16B | XXX | XXX | XXX |
| EV (current) | $24B | XXX | $24B | XXX | XXX | XXX |
| EV/Revenue | 6.1x | XXX | 6.2x | XXX | XXX | XXX |
| EV/EBITDA | 9.5x | XXX | 9.7x | XXX | XXX | XXX |
| EV/EBIT | 13.9x | XXX | 14.3x | XXX | XXX | XXX |
| EV/Gross Profit | 6.5x | XXX | 8.2x | XXX | XXX | XXX |
| P/E | 13.1x | XXX | 13.6x | XXX | XXX | XXX |
| EV/FCF | 16.9x | XXX | 15.7x | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Western Midstream Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Western Midstream Margins & Growth Rates
Western Midstream's revenue in the last 12 month grew by 7%.
Western Midstream's revenue per employee in the last FY averaged $2.3M, while opex per employee averaged $0.8M for the same period.
Western Midstream's rule of 40 is 71% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Western Midstream's rule of X is 82% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Western Midstream Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7% | XXX | 7% | XXX | XXX | XXX |
| EBITDA Margin | 64% | XXX | 65% | XXX | XXX | XXX |
| EBITDA Growth | 6% | XXX | 6% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 71% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 82% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $2.3M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.8M | XXX | XXX | XXX |
| G&A Expenses to Revenue | 9% | XXX | 10% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 36% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Western Midstream Public Comps
See public comps and valuation multiples for other Energy Services and Oil & Gas comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Western Midstream | XXX | XXX | XXX | XXX | XXX | XXX |
| Ovintiv | XXX | XXX | XXX | XXX | XXX | XXX |
| COSCO SHIPPING Energy | XXX | XXX | XXX | XXX | XXX | XXX |
| YPF | XXX | XXX | XXX | XXX | XXX | XXX |
| Adani Energy Solutions | XXX | XXX | XXX | XXX | XXX | XXX |
| Formosa Petrochemical | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc.
Western Midstream M&A Activity
Western Midstream acquired XXX companies to date.
Last acquisition by Western Midstream was on XXXXXXXX, XXXXX. Western Midstream acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Western Midstream
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialWestern Midstream Investment Activity
Western Midstream invested in XXX companies to date.
Western Midstream made its latest investment on XXXXXXXX, XXXXX. Western Midstream invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Western Midstream
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Western Midstream
| When was Western Midstream founded? | Western Midstream was founded in 2012. |
| Where is Western Midstream headquartered? | Western Midstream is headquartered in United States. |
| How many employees does Western Midstream have? | As of today, Western Midstream has over 1K employees. |
| Who is the CEO of Western Midstream? | Western Midstream's CEO is Oscar K. Brown. |
| Is Western Midstream publicly listed? | Yes, Western Midstream is a public company listed on NYSE. |
| What is the stock symbol of Western Midstream? | Western Midstream trades under WES ticker. |
| When did Western Midstream go public? | Western Midstream went public in 2012. |
| Who are competitors of Western Midstream? | Western Midstream main competitors are Ovintiv, COSCO SHIPPING Energy, YPF, Adani Energy Solutions. |
| What is the current market cap of Western Midstream? | Western Midstream's current market cap is $16B. |
| What is the current revenue of Western Midstream? | Western Midstream's last 12 months revenue is $4B. |
| What is the current revenue growth of Western Midstream? | Western Midstream revenue growth (NTM/LTM) is 7%. |
| What is the current EV/Revenue multiple of Western Midstream? | Current revenue multiple of Western Midstream is 6.1x. |
| Is Western Midstream profitable? | Yes, Western Midstream is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Western Midstream? | Western Midstream's last 12 months EBITDA is $3B. |
| What is Western Midstream's EBITDA margin? | Western Midstream's last 12 months EBITDA margin is 64%. |
| What is the current EV/EBITDA multiple of Western Midstream? | Current EBITDA multiple of Western Midstream is 9.5x. |
| What is the current FCF of Western Midstream? | Western Midstream's last 12 months FCF is $1B. |
| What is Western Midstream's FCF margin? | Western Midstream's last 12 months FCF margin is 36%. |
| What is the current EV/FCF multiple of Western Midstream? | Current FCF multiple of Western Midstream is 16.9x. |
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