The business behind the dividend
| Measure | WES | Median | Formula |
|---|---|---|---|
| Return on equity | 29.4% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 13.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.16bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.49bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 41.7% | 15.0% | Operating income ÷ revenue |
| Net margin | 30.7% | 10.2% | Net income ÷ revenue |
| Debt to equity | 2.04x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 4.10x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 1.34x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 19.49x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.88x | 1.78x | Operating cash flow ÷ net income |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 29.4% | 48.6% | 35.3% | 41.0% | 31.0% | 19.1% | 21.8% | 23.6% | 51.0% | 33.0% | 31.0% |
| Return on capital employed | 13.1% | 19.4% | 13.6% | 16.6% | 14.3% | 8.6% | 11.0% | 12.0% | 17.6% | 16.9% | 13.6% |
| Operating margin | 41.7% | 54.7% | 44.4% | 48.8% | 49.5% | 34.5% | 44.9% | 37.4% | 33.0% | 39.0% | 41.7% |
| Net margin | 30.7% | 43.7% | 32.9% | 37.4% | 34.0% | 20.7% | 25.4% | 23.9% | 22.3% | 19.2% | 25.4% |
| Debt to equity | 2.04x | 2.14x | 2.51x | 2.21x | 2.16x | 2.69x | 2.49x | 2.06x | 3.29x | 2.98x | 2.21x |
| Current ratio | 1.34x | 1.09x | 0.76x | 1.00x | 0.60x | 0.98x | 0.83x | 0.54x | 0.60x | 1.89x | 0.83x |
| Cash conversion | 1.88x | 1.36x | 1.63x | 1.40x | 1.93x | 3.11x | 1.90x | 2.44x | 1.93x | 2.64x | 1.90x |