EPD vs WES
Enterprise Products Partners L.p. and Western Midstream Partners, LP, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | EPD | WES |
|---|---|---|
| Revenue | $52.6B | $3.8B |
| Net income | $5.8B | $1.2B |
| Gross margin | 26.7% | 94.6% |
| Net margin | 11.2% | 31.5% |
| Return on equity | · | · |
| Diluted EPS | · | · |
| Dividend / share | · | · |
| Payout ratio | · | 121.2% |
| Free cash flow | $3.0B | · |
| Equity | · | · |
| Net debt / equity | · | · |
| Current ratio | 1.04× | 1.34× |
| Revenue CAGR 5y | 14.1% | 6.7% |
| Profit CAGR 5y | 9.0% | 17.5% |
EPD bills 13.7× the revenue of WES, and WES keeps more of each dollar of revenue as profit (31.5% against 11.2%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | EPD | WES |
|---|---|---|
| FY2025 | $52.6B | $3.8B |
| FY2024 | $56.2B | $3.6B |
| FY2023 | $49.7B | $3.1B |
| FY2022 | $58.2B | $3.3B |
| FY2021 | $40.8B | $2.9B |
| FY2020 | $27.2B | $2.8B |
| FY2019 | $32.8B | $2.7B |
| FY2018 | $36.5B | $2.3B |
| FY2017 | $29.2B | $2.4B |
| FY2016 | $23.0B | $1.8B |
Bottom line
| Fiscal year | EPD | WES |
|---|---|---|
| FY2025 | $5.8B | $1.2B |
| FY2024 | $5.9B | $1.6B |
| FY2023 | $5.5B | $1.0B |
| FY2022 | $5.5B | $1.2B |
| FY2021 | $4.6B | $916.3M |
| FY2020 | $3.8B | $527.0M |
| FY2019 | $4.6B | $697.2M |
| FY2018 | $4.2B | $551.6M |
| FY2017 | $2.8B | $540.8M |
| FY2016 | $2.5B | $345.8M |
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$48,752,597,000 | EPD |
| FY2024 | +$52,613,777,000 | EPD |
| FY2023 | +$46,608,524,000 | EPD |
| FY2022 | +$54,934,279,000 | EPD |
| FY2021 | +$37,929,845,000 | EPD |
| FY2020 | +$24,427,408,000 | EPD |
| FY2019 | +$30,043,026,000 | EPD |
| FY2018 | +$34,228,792,000 | EPD |
| FY2017 | +$26,811,886,000 | EPD |
| FY2016 | +$21,218,030,000 | EPD |
| FY2015 | +$25,275,828,000 | EPD |
| FY2014 | +$46,417,823,000 | EPD |
| FY2013 | +$46,641,518,000 | EPD |
| FY2012 | +$41,688,624,000 | EPD |
| FY2011 | +$43,443,595,000 | EPD |
EPD has reported the higher revenue in every one of these 15 fiscal years. The gap has widened since the earliest year compared.
15 of 19 comparable fiscal years — a year missing data on either side is not counted.
12 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −20.4 pp | WES |
| FY2024 | −34.1 pp | WES |
| FY2023 | −22.4 pp | WES |
| FY2022 | −28.8 pp | WES |
| FY2021 | −21.2 pp | WES |
| FY2020 | −4.4 pp | WES |
| FY2019 | −15.1 pp | WES |
| FY2018 | −15.8 pp | WES |
| FY2017 | −20.6 pp | WES |
| FY2016 | −22.0 pp | WES |
| FY2015 | +8.8 pp | EPD |
| FY2014 | −23.7 pp | WES |
The higher net margin has changed hands between EPD and WES over this period.
12 of 17 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
WES's net margin has been more volatile than EPD's over the 12 comparable fiscal years — 10.5 percentage points of standard deviation against 2.1.
12 of 17 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between EPD and WES over these 12 fiscal years — EPD led in 1 and WES in 11.
12 of 17 comparable fiscal years — a year missing data on either side is not counted.