Western Midstream Operating, LP
Utilities · Natural Gas Transmission · DE · SEC filings ↗ · Compare ⊕
Financials
SEC XBRL · annual| FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | |
|---|---|---|---|---|---|---|
| Revenue | $2.00B | $2.25B | $1.80B | $1.75B | $1.53B | $1.09B |
| Operating income | $629.4M | $707.3M | $708.2M | $157.3M | $554.7M | $327.3M |
| Net income | $445.8M | $567.5M | $591.3M | $4.1M | $442.6M | $278.7M |
| Total assets | $9.24B | $8.01B | $7.73B | $7.30B | $6.95B | $4.62B |
| Total liabilities | $5.70B | $4.04B | $3.60B | $3.38B | $2.82B | $1.73B |
| Equity | — | — | — | — | — | — |
| EPS (diluted) | — | — | — | — | — | — |
| Shares out. | 152.6M | 130.7M | 128.6M | 127.7M | 117.6M | 104.7M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2018- Operating margin
- 31.5%
- Net margin
- 22.3%
- Return on equity
- —
- Return on assets
- 4.8%
- Return on capital (ROCE)
- 7.2%
- Liabilities / assets
- 61.8%
- Debt / equity
- —
- Book value / share
- —
- Revenue growth (YoY)
- −11.2%
- Net income growth (YoY)
- −21.4%
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2018- Accruals / assets
- −6.2%clean
- Beneish M-Score
- -2.67normal
- Piotroski F-Score
- 5/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 1 warning● 3 good- Revenue declined year-over-year
- Operating margin is positive
- Positive operating cash flow
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Material events
SEC Form 8-K · most recent- Entered a material agreement · Regulation FD disclosureJan 22, 2026
- Entered a material agreement · New financial obligation · Other material eventDec 4, 2025
- Other material eventNov 28, 2025
- Other material eventOct 15, 2025
- Entered a material agreement · New financial obligationApr 9, 2025
- Director / officer changeFeb 18, 2025
- Director / officer change · Regulation FD disclosureNov 1, 2024
- Entered a material agreement · New financial obligation · Other material eventAug 20, 2024
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.