Plains All American Pipeline L.P. (PAA) vs Western Midstream Partners (WES)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Plains All American Pipeline L.P. (PAA) has outperformed Western Midstream Partners (WES) over the past year, gaining 44.3% versus a gain of 19.6%. Over five years, PAA leads with a +116.8% price change compared with +97.5% for WES. Western Midstream Partners is the larger company by market cap ($18.82 billion vs $17.00 billion), about 1.1 times the size.
On valuation, Western Midstream Partners trades at a lower forward P/E (11.9x vs 12.6x for Plains All American Pipeline L.P.). Western Midstream Partners offers the higher dividend yield (8.08% vs 6.78%). Western Midstream Partners converts more of its revenue into profit, with a net margin of 30.7% versus 3.2%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | PAA | WES |
|---|---|---|
| Share price | $24.09 | $45.55 |
| Market cap | $17.00B | $18.82B |
| 1-day change | +0.12% | -1.36% |
| YTD return | +33.96% | +16.91% |
| 1-year return | +44.33% | +19.64% |
| 5-year return | +116.76% | +97.52% |
| P/E ratio (TTM) | 20.77 | 14.60 |
| Forward P/E | 12.59 | 11.89 |
| EPS (TTM) | $1.16 | $3.12 |
| Dividend yield | 6.78% | 8.08% |
| Annual dividend | $1.63 | $3.68 |
| Revenue (latest FY) | $44.26B | $3.84B |
| Revenue growth (YoY) | -9.46% | +6.61% |
| Net income (latest FY) | $1.44B | $1.18B |
| Gross margin | 8.65% | 94.61% |
| Operating margin | 3.24% | 41.67% |
| Net margin | 3.24% | 30.73% |
| 52-week high | $26.39 | $50.07 |
| 52-week low | $15.69 | $36.90 |
| Distance from 52-week high | -8.72% | -9.03% |
| Analyst consensus | buy | buy |
| Avg. price target upside | +8.47% | +9.09% |
| Average volume | 2.53M | 820.75K |
| Shares outstanding | 705.57M | 413.17M |
| Employees | 3,900 | 1,704 |
| Sector | Energy | Energy |
| Industry | Oil & Gas Midstream | Oil & Gas Midstream |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- PAA has outperformed WES by 24.7 percentage points over the past year.
- Plains All American Pipeline L.P. trades at a higher earnings multiple (20.8x vs 14.6x trailing P/E).
- Western Midstream Partners offers a meaningfully higher dividend yield (8.08% vs 6.78%).
- Western Midstream Partners is more profitable, keeping 30.7 cents of every revenue dollar as net income versus 3.2 cents for Plains All American Pipeline L.P..
- Western Midstream Partners grew revenue faster in its latest fiscal year (+6.61% vs -9.46%).
About Plains All American Pipeline L.P.
PAA stock →Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL.
Energy · Oil & Gas Midstream · 3,900 employees
About Western Midstream Partners
WES stock →Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water.
Energy · Oil & Gas Midstream · 1,704 employees
PAA vs WES FAQ
Which is bigger, Plains All American Pipeline L.P. or Western Midstream Partners?
Western Midstream Partners (WES) is larger, with a market capitalization of $18.82B compared with $17.00B for Plains All American Pipeline L.P. (PAA).
Which stock has performed better over the past year, PAA or WES?
PAA returned +44.33% over the past 12 months, compared with +19.64% for WES (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, PAA or WES?
WES has the lower trailing P/E at 14.6, versus 20.8 for PAA. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Plains All American Pipeline L.P. or Western Midstream Partners?
Western Midstream Partners has the higher yield at 8.08%, compared with 6.78% for Plains All American Pipeline L.P..
Are Plains All American Pipeline L.P. and Western Midstream Partners in the same industry?
Yes. Both are classified in the Oil & Gas Midstream industry within the Energy sector.