Does Western Midstream Partners, LP have an economic moat?
Likely
Western Midstream Partners, LP earns 17.1% a year on the money invested in it and keeps 76% of every sale after production costs, the numbers of a business competitors struggle to copy.
The numbers behind it
Return on invested capital, average of recent years17.1%
Return on invested capital, latest year14.9%
Gross margin76.1%Share of each sale left after production costs
Net margin30.7%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about Western Midstream Partners, LP
Data as of Nov 13, 2026.