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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $46.39 today, the market must believe free cash flow compounds 3.7%/yr for a decade (off $1.24B on the 3-yr avg basis).
On the basis ($1.20B) the requirement is 4.1%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 3.7% is more conservative than its 9-yr track record.
Default is 7.7% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.41B shares (market data) · net debt $7.82B
mean -441.5% · volatility σ 1574% · implied rate exceeded in 4/8 yrs
Central path = implied 3.7%/yr growth; shaded band = ±1σ (1574%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Ranked against 21 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WMB | $90.9B | 34.7× | 18.3× | 7.6× | 13.8% | — | 21.9% | 20.4% | 6.3% | 4.4× | 566 |
| KMI | $75.5B | 24.7× | 15.0× | 4.5× | 12.2% | — | 18.0% | 9.8% | 4.8% | 4.5× | 584 |
| ET | $72.0B | — | 9.8× | 0.8× | 3.5% | 25.8% | 5.2% | 9.0% | 3.8% | 4.7× | 461 |
| TRGP | $67.5B | 37.1× | 17.5× | 4.0× | 3.9% | 38.3% | 11.3% | 62.7% | 9.4% | 3.6× | 317 |
| LNG | $67.5B | 13.7× | 8.5× | 3.4× | 27.2% | — | 26.7% | 67.3% | 17.3% | 2.1× | 403 |
| OKE | $61.2B | 17.9× | 12.8× | 1.8× | 55.0% | 30.5% | 10.1% | 15.1% | 6.3% | 4.3× | 14 |
| VG | $37.0B | 17.2× | 11.3× | 2.7× | 177% | — | 19.8% | 40.5% | 6.7% | 5.2× | 70 |
| ATO | $29.1B | 23.1× | 16.5× | 6.2× | 12.9% | — | 25.5% | 8.8% | 5.3% | 3.8× | 298 |
| WES | $19.2B | — | 11.7× | 5.0× | 6.6% | — | 30.7% | — | — | 3.4× | 91 |
| DTM | $12.7B | 28.9× | — | 10.2× | 26.7% | — | 35.5% | 9.3% | 5.5% | — | 171 |
| AM | $10.1B | 25.0× | 16.9× | 8.5× | 7.4% | — | 34.8% | 21.0% | 8.0% | 3.9× | 109 |
| NFG | $7.6B | 14.0× | 7.9× | 3.3× | 17.1% | 90.6% | 22.8% | 16.8% | 9.2% | 2.0× | 164 |
| AROC | $5.6B | 17.3× | — | 3.7× | 28.7% | 48.6% | 21.6% | 21.6% | 8.3% | — | 82 |
| NJR | $5.4B | 16.0× | 8.0× | 4.0× | 9.9% | — | 24.8% | 14.0% | 13.0% | 0.3× | 102 |
| SR | $5.2B | 20.1× | 12.0× | 2.1× | -4.5% | 58.8% | 11.0% | 8.0% | 3.4% | 5.7× | 83 |
| KGS | $4.7B | 52.6× | 11.8× | 3.6× | 12.8% | — | 6.2% | 6.7% | 2.1% | 4.1× | 69 |
| KNTK | $4.6B | 21.5× | 15.3× | 2.6× | 19.0% | — | 10.1% | -31.5% | 5.5% | 7.0× | 65 |
| CPK | $3.4B | 22.9× | 14.2× | 3.7× | 18.1% | — | 15.1% | 8.8% | 4.5% | 4.3× | 77 |
| CTRI | $2.2B | 86.0× | 13.6× | 0.7× | 13.1% | 8.3% | 0.8% | 2.6% | 1.4% | 3.0× | 23 |
| NWN | $2.1B | 18.0× | — | 1.6× | 11.8% | — | 8.8% | 7.7% | 2.9% | — | 64 |
| SMC | $427M | — | — | 0.8× | 30.8% | 73.5% | -1.1% | -1.1% | -0.4% | — | 4 |
| RGCO | $239M | 17.8× | 12.9× | 2.5× | 12.6% | — | 13.9% | 11.7% | 5.1% | 5.0× | 17 |
Peers = companies sharing WES's sector (Natural Gas Transmission) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend takes 96% of free cash flow — sustainable but with limited headroom. Last year: $1.43B dividends + $0 buybacks = $1.43B returned on $1.49B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~4.5% on $8.64B of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it. This year they exceeded net income, so the ribbons are capped at earnings and understate what was actually returned.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.84B 100.0% | $3.61B 100.0% | $3.11B 100.0% | $3.25B 100.0% | $2.88B 100.0% | $2.77B 100.0% | $2.75B 100.0% | $2.30B 100.0% | $2.43B 100.0% | $1.94B 100.0% |
| Cost of Revenue | — | — | — | — | — | — | — | $415.5M 18.1% | $953.8M 39.3% | $517.4M 26.7% |
| Selling, General & Admin | $398.9M 10.4% | $271.5M 7.5% | $232.6M 7.5% | $194.0M 6.0% | $195.5M 6.8% | $155.8M 5.6% | $114.6M 4.2% | $67.2M 2.9% | $53.9M 2.2% | $52.4M 2.7% |
| Total Operating Expenses | $2.32B 60.3% | $2.04B 56.7% | $1.87B 60.2% | $1.95B 60.0% | $1.75B 60.7% | $2.13B 76.8% | $1.75B 63.8% | $1.64B 71.1% | $1.91B 78.4% | $1.26B 65.0% |
| Operating Income | $1.60B 41.7% | $1.97B 54.7% | $1.38B 44.4% | $1.59B 48.8% | $1.34B 46.4% | $878.9M 31.7% | $1.23B 44.8% | $861.3M 37.5% | $801.7M 33.0% | $783.1M 40.3% |
| Interest Expense | $390.5M 10.2% | $378.5M 10.5% | $348.2M 11.2% | $333.9M 10.3% | $376.5M 13.1% | $380.1M 13.7% | $303.3M 11.0% | $183.8M 8.0% | $142.5M 5.9% | $109.3M 5.6% |
| Other Income (Expense), net | $16.6M 0.4% | $31.7M 0.9% | $5.7M 0.2% | $1.6M 0.0% | -$623K -0.0% | $1.0M 0.0% | -$123.8M -4.5% | -$4.8M -0.2% | $1.4M 0.1% | $545K 0.0% |
| Pretax Income | $1.23B 31.9% | $1.63B 45.2% | $1.05B 33.9% | $1.26B 38.6% | $934.2M 32.5% | $522.9M 18.9% | $821.2M 29.9% | $689.6M 30.0% | $677.5M 27.9% | $691.3M 35.6% |
| Income Tax Expense | $15.1M 0.4% | $18.1M 0.5% | $4.4M 0.1% | $4.2M 0.1% | -$9.8M -0.3% | $6.0M 0.2% | $13.5M 0.5% | $58.9M 2.6% | -$59.9M -2.5% | $33.0M 1.7% |
| Net Income | $1.18B 30.7% | $1.57B 43.6% | $1.02B 32.9% | $1.22B 37.4% | $916.3M 31.8% | $527.0M 19.0% | $697.2M 25.4% | $551.6M 24.0% | $540.8M 22.3% | $407.1M 21.0% |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROIC is not available for this period, so the share of ROE attributable to leverage cannot be separated out.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 18.1 | — | — | — | — | — | — | — |
| SG&A | 2.9 | 4.2 | 5.6 | 6.8 | 6.0 | 7.5 | 7.5 | 10.4 |
| Operating Income | 37.5 | 44.8 | 31.7 | 46.4 | 48.8 | 44.4 | 54.7 | 41.7 |
| Income Tax | 2.6 | 0.5 | 0.2 | -0.3 | 0.1 | 0.1 | 0.5 | 0.4 |
| Net Income | 24.0 | 25.4 | 19.0 | 31.8 | 37.4 | 32.9 | 43.6 | 30.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on WES: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 72.6% | 39.0% | 19.2% |
| FY2017 | 62.6% | 33.0% | 22.3% |
| FY2018 | 81.2% | 37.5% | 24.0% |
| FY2019 | not reported | 44.8% | 25.4% |
| FY2020 | not reported | 31.7% | 19.0% |
| FY2021 | not reported | 46.4% | 31.8% |
| FY2022 | not reported | 48.8% | 37.4% |
| FY2023 | not reported | 44.4% | 32.9% |
| FY2024 | not reported | 54.7% | 43.6% |
| FY2025 | not reported | 41.7% | 30.7% |
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: wacc.
Converts 1.12x of reported profit into free cash flow over 5 years, with accruals negative.
Conversion has deteriorated: 1.00x over three years against 1.12x over 5.
Covers interest 2.9x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 4.10x |
| 5% | 3.90x |
| 10% | 3.69x |
| 15% | 3.49x |
| 20% | 3.28x |
| 25% | 3.08x |
| 30% | 2.87x |
| 35% | 2.67x |
| 40% | 2.46x |
| 45% | 2.26x |
| 50% | 2.05x |
| 55% | 1.85x |
| 60% | 1.64x |
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 4.1x today but falls to 2.9x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $46.39, free cash flow must compound 3.8%/yr for 10 years. It has done 49.32%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 800.1% | 3.8% |
| FY2021 | 19.7% | 3.8% |
| FY2022 | −16.4% | 3.8% |
| FY2023 | −23.7% | 3.8% |
| FY2024 | 40.7% | 3.8% |
| FY2025 | 14.7% | 3.8% |
The implied rate has been matched or beaten in 4 of the last 6 years.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
| Step | Amount | Running total |
|---|---|---|
| Net income | $1.18B | $1.18B |
| Share-based comp | $51M | $1.23B |
| Other non-cash & working capital | $991M | $2.22B |
| Operating cash flow | $2.22B | $2.22B |
| Capex | −$728M | $1.49B |
| Free cash flow | $1.49B | $1.49B |
| FCF after SBC | $1.44B | $1.44B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 1.0% | 73.8% | 72.9 points |
| FY2021 | 3.8% | -4.7% | -8.4 points |
| FY2022 | 13.0% | 27.1% | 14.1 points |
| FY2023 | -4.5% | 21.3% | 25.8 points |
| FY2024 | 16.1% | 5.3% | -10.8 points |
| FY2025 | 6.6% | 8.3% | 1.7 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 34.6 days | not reported | not reported | not reported |
| FY2020 | 59.6 days | not reported | not reported | not reported |
| FY2021 | 54.8 days | not reported | not reported | not reported |
| FY2022 | 61.6 days | not reported | not reported | not reported |
| FY2023 | 78.2 days | not reported | not reported | not reported |
| FY2024 | 71 days | not reported | not reported | not reported |
| FY2025 | 72.1 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -5.1 percent |
| FY2020 | -9.4 percent |
| FY2021 | -7.5 percent |
| FY2022 | -4.3 percent |
| FY2023 | -5.1 percent |
| FY2024 | -4.3 percent |
| FY2025 | -7.0 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-28 | 3 co-filers President & CEO | Option exercise | 52,659 | $0.00 | $0 |
| 2026-10-28 | 3 co-filers President & CEO | Tax withholding | 23,039 | $45.03 | $1.0m |
| 2026-10-28 | 3 co-filers President & CEO | Option exercise | 52,659 | $0.00 | — |
| 2026-08-12 | Forthuber Frederick A. Director | Open-market buy | 5,140 | $48.62 | $250k |
| 2026-03-11 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
| Open-market buy |
| 1,250 |
| $40.19 |
| $50k |
| 2026-02-12 | 3 co-filers Group filing | Option exercise | 3,843 | $0.00 | $0 |
| 2026-02-12 | Dial Christopher B. SVP, GC and Secretary | Tax withholding2d late | 5,879 | $42.35 | $249k |
| 2026-02-12 | 18 co-filers SVP & Chief Operating Officer | Option exercise | 10,819 | $0.00 | $0 |
| 2026-02-12 | 6 co-filers President & CEO | Option exercise | 24,022 | $0.00 | $0 |
| 2026-02-12 | 18 co-filers SVP & Chief Accounting Officer | Option exercise | 7,018 | $0.00 | $0 |
| 2026-02-12 | 18 co-filers SVP & Chief Financial Officer | Option exercise | 10,819 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers Group filing | Option exercise | 3,843 | $0.00 | $0 |
| 2026-02-12 | Forthuber Frederick A. Director | Grant | 3,778 | $0.00 | — |
| 2026-02-12 | 3 co-filers Group filing | Option exercise | 3,843 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers Group filing | Option exercise | 4,046 | $0.00 | $0 |
| 2026-02-12 | 3 co-filers Group filing | Option exercise | 4,046 | $0.00 | — |
| 2026-02-12 | 18 co-filers SVP & Chief Operating Officer | Tax withholding | 4,258 | $42.35 | $180k |
| 2026-02-12 | 3 co-filers Group filing | Option exercise | 3,843 | $0.00 | — |
| 2026-02-12 | 18 co-filers SVP & Chief Accounting Officer | Tax withholding | 2,762 | $42.35 | $117k |
| 2026-02-12 | 18 co-filers SVP & Chief Financial Officer | Tax withholding | 4,258 | $42.35 | $180k |
| 2026-02-12 | 3 co-filers Group filing | Option exercise | 3,843 | $0.00 | — |
| 2026-02-12 | 3 co-filers Group filing | Grant | 3,778 | $0.00 | — |
| 2026-02-12 | 6 co-filers President & CEO | Tax withholding | 10,510 | $42.35 | $445k |
| 2026-02-12 | 18 co-filers SVP & Chief Accounting Officer | Option exercise | 11,952 | $0.00 | $0 |
| 2026-02-12 | 6 co-filers President & CEO | Option exercise | 24,022 | $0.00 | — |
| 2026-02-12 | 3 co-filers Group filing | Option exercise | 3,843 | $0.00 | — |
| 2026-02-12 | 3 co-filers Group filing | Grant | 3,778 | $0.00 | — |
| 2026-02-12 | 3 co-filers Group filing | Grant | 3,778 | $0.00 | — |
| 2026-02-12 | 3 co-filers Group filing | Grant | 3,778 | $0.00 | — |
| 2026-02-12 | 18 co-filers SVP & Chief Operating Officer | Option exercise | 14,940 | $0.00 | $0 |
| 2026-02-12 | 18 co-filers SVP & Chief Financial Officer | Option exercise | 14,940 | $0.00 | $0 |
| 2026-02-12 | 6 co-filers President & CEO | Grant | 94,451 | $0.00 | — |
| 2026-02-12 | 18 co-filers SVP & Chief Financial Officer | Tax withholding | 5,879 | $42.35 | $249k |
| 2026-02-12 | 18 co-filers SVP & Chief Accounting Officer | Tax withholding | 4,704 | $42.35 | $199k |
| 2026-02-12 | 18 co-filers SVP & Chief Operating Officer | Tax withholding | 5,879 | $42.35 | $249k |
| 2026-02-12 | 18 co-filers SVP & Chief Financial Officer | Option exercise | 10,009 | $0.00 | $0 |
| 2026-02-12 | 6 co-filers President & CEO | Grant | 47,226 | $0.00 | — |
| 2026-02-12 | 18 co-filers SVP & Chief Operating Officer | Option exercise | 10,009 | $0.00 | $0 |
| 2026-02-12 | 18 co-filers SVP & Chief Accounting Officer | Option exercise | 8,008 | $0.00 | $0 |
| 2026-02-12 | 18 co-filers SVP & Chief Operating Officer | Tax withholding | 3,939 | $42.35 | $167k |