ET vs WES
Energy Transfer LP and Western Midstream Partners, LP, side by side — 10 fiscal years reported in USD, drawn from SEC filings.
Most recent reported year
| Metric | ET | WES |
|---|---|---|
| Revenue | $85.5B | $3.8B |
| Net income | $4.4B | $1.2B |
| Gross margin | 25.8% | 94.6% |
| Net margin | 6.7% | 31.5% |
| Return on equity | 9.3% | · |
| Diluted EPS | · | · |
| Dividend / share | · | · |
| Payout ratio | · | 121.2% |
| Free cash flow | $3.8B | · |
| Equity | · | · |
| Net debt / equity | 1.37× | · |
| Current ratio | 1.22× | 1.34× |
| Revenue CAGR 5y | 17.0% | 6.7% |
| Profit CAGR 5y | · | 17.5% |
ET bills 22.3× the revenue of WES, and WES keeps more of each dollar of revenue as profit (31.5% against 6.7%).
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 | ET | WES |
|---|---|---|
| FY2025 | $85.5B | $3.8B |
| FY2024 | $82.7B | $3.6B |
| FY2023 | $78.6B | $3.1B |
| FY2022 | $89.9B | $3.3B |
| FY2021 | $67.4B | $2.9B |
| FY2020 | $39.0B | $2.8B |
| FY2019 | $54.2B | $2.7B |
| FY2018 | $54.1B | $2.3B |
| FY2017 | $40.5B | $2.4B |
| FY2016 | $31.8B | $1.8B |
Bottom line
| Fiscal year | ET | WES |
|---|---|---|
| FY2025 | $4.4B | $1.2B |
| FY2024 | $4.8B | $1.6B |
| FY2023 | $3.9B | $1.0B |
| FY2022 | $4.8B | $1.2B |
| FY2021 | $5.5B | $916.3M |
| FY2020 | $-648.0M | $527.0M |
| FY2019 | $3.5B | $697.2M |
| FY2018 | $1.7B | $551.6M |
| FY2017 | $954.0M | $540.8M |
| FY2016 | $995.0M | $345.8M |
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | +$81,692,597,000 | ET |
| FY2024 | +$79,065,777,000 | ET |
| FY2023 | +$75,479,524,000 | ET |
| FY2022 | +$86,624,279,000 | ET |
| FY2021 | +$64,539,845,000 | ET |
| FY2020 | +$36,181,408,000 | ET |
| FY2019 | +$51,466,826,000 | ET |
| FY2018 | +$51,781,592,000 | ET |
| FY2017 | +$38,093,386,000 | ET |
| FY2016 | +$29,987,730,000 | ET |
| FY2015 | +$34,343,928,000 | ET |
| FY2014 | +$54,157,623,000 | ET |
| FY2013 | +$47,249,518,000 | ET |
| FY2012 | +$16,069,524,000 | ET |
| FY2011 | +$7,320,595,000 | ET |
ET has reported the higher revenue in every one of these 15 fiscal years. The gap has widened since the earliest year compared.
15 of 18 comparable fiscal years — a year missing data on either side is not counted.
15 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2025 | −24.9 pp | WES |
| FY2024 | −36.8 pp | WES |
| FY2023 | −27.0 pp | WES |
| FY2022 | −32.0 pp | WES |
| FY2021 | −22.9 pp | WES |
| FY2020 | −18.3 pp | WES |
| FY2019 | −20.5 pp | WES |
| FY2018 | −21.0 pp | WES |
| FY2017 | −24.5 pp | WES |
| FY2016 | −33.1 pp | WES |
| FY2015 | +2.3 pp | ET |
| FY2014 | −27.6 pp | WES |
| FY2013 | −25.7 pp | WES |
| FY2012 | −6.0 pp | WES |
| FY2011 | −14.3 pp | WES |
The higher net margin has changed hands between ET and WES over this period.
15 of 18 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 ET's over the 15 comparable fiscal years — 10.3 percentage points of standard deviation against 3.1.
15 of 18 comparable fiscal years — a year missing data on either side is not counted.
Year by year
The lead in net margin changed hands between ET and WES over these 15 fiscal years — ET led in 1 and WES in 14.
15 of 18 comparable fiscal years — a year missing data on either side is not counted.