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Side-by-side financial comparison of Qnity Electronics, Inc. (Q) and Western Midstream Partners, LP (WES). Click either name above to swap in a different company.
Qnity Electronics, Inc. is the larger business by last-quarter revenue ($1.3B vs $1.0B, roughly 1.2× Western Midstream Partners, LP). Western Midstream Partners, LP runs the higher net margin — 18.5% vs 16.5%, a 2.0% gap on every dollar of revenue. On growth, Qnity Electronics, Inc. posted the faster year-over-year revenue change (11.1% vs 11.0%). Qnity Electronics, Inc. produced more free cash flow last quarter ($568.0M vs $335.4M).
Sunoco LP is an American vehicle gasoline master limited partnership company organized under Delaware state law and headquartered in Dallas, Texas. Dating back to 1886, the company has transformed from a vertically integrated energy company to a distributor of fuels and operator of energy infrastructure. It was previously engaged in oil, natural gas exploration and production, refining, chemical manufacturing, and retail fuel sales, but divested these businesses.
Q vs WES — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.3B | $1.0B |
| Net Profit | $211.0M | $190.7M |
| Gross Margin | 45.1% | — |
| Operating Margin | 21.3% | 29.7% |
| Net Margin | 16.5% | 18.5% |
| Revenue YoY | 11.1% | 11.0% |
| Net Profit YoY | 6.0% | -42.8% |
| EPS (diluted) | $1.01 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $1.0B | ||
| Q3 25 | $1.3B | $952.3M | ||
| Q2 25 | — | $942.1M | ||
| Q1 25 | — | $916.9M | ||
| Q4 24 | — | $928.4M | ||
| Q3 24 | $1.1B | $883.1M | ||
| Q2 24 | — | $905.4M | ||
| Q1 24 | — | $887.3M |
| Q4 25 | — | $190.7M | ||
| Q3 25 | $211.0M | $339.6M | ||
| Q2 25 | — | $341.7M | ||
| Q1 25 | — | $309.0M | ||
| Q4 24 | — | $333.6M | ||
| Q3 24 | $199.0M | $288.5M | ||
| Q2 24 | — | $378.6M | ||
| Q1 24 | — | $572.8M |
| Q4 25 | — | — | ||
| Q3 25 | 45.1% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | 29.7% | ||
| Q3 25 | 21.3% | 46.4% | ||
| Q2 25 | — | 47.2% | ||
| Q1 25 | — | 44.7% | ||
| Q4 24 | — | 45.9% | ||
| Q3 24 | 21.8% | 44.8% | ||
| Q2 24 | — | 51.9% | ||
| Q1 24 | — | 76.6% |
| Q4 25 | — | 18.5% | ||
| Q3 25 | 16.5% | 35.7% | ||
| Q2 25 | — | 36.3% | ||
| Q1 25 | — | 33.7% | ||
| Q4 24 | — | 35.9% | ||
| Q3 24 | 17.3% | 32.7% | ||
| Q2 24 | — | 41.8% | ||
| Q1 24 | — | 64.6% |
| Q4 25 | — | — | ||
| Q3 25 | $1.01 | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $0.95 | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $128.0M | $819.5M |
| Total DebtLower is stronger | $1.7B | $8.2B |
| Stockholders' EquityBook value | $9.1B | — |
| Total Assets | $12.5B | $15.0B |
| Debt / EquityLower = less leverage | 0.19× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $819.5M | ||
| Q3 25 | $128.0M | $177.3M | ||
| Q2 25 | — | $129.7M | ||
| Q1 25 | — | $448.4M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $344.1M | ||
| Q1 24 | — | $295.2M |
| Q4 25 | — | $8.2B | ||
| Q3 25 | $1.7B | $6.9B | ||
| Q2 25 | — | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | — | $6.9B | ||
| Q3 24 | — | $6.9B | ||
| Q2 24 | — | $7.1B | ||
| Q1 24 | — | $7.3B |
| Q4 25 | — | — | ||
| Q3 25 | $9.1B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $11.1B | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $15.0B | ||
| Q3 25 | $12.5B | $12.1B | ||
| Q2 25 | — | $12.2B | ||
| Q1 25 | — | $12.5B | ||
| Q4 24 | — | $13.1B | ||
| Q3 24 | — | $13.0B | ||
| Q2 24 | — | $12.2B | ||
| Q1 24 | — | $12.3B |
| Q4 25 | — | — | ||
| Q3 25 | 0.19× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $782.0M | $557.6M |
| Free Cash FlowOCF − Capex | $568.0M | $335.4M |
| FCF MarginFCF / Revenue | 44.5% | 32.6% |
| Capex IntensityCapex / Revenue | 16.8% | 21.6% |
| Cash ConversionOCF / Net Profit | 3.71× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | — | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $557.6M | ||
| Q3 25 | $782.0M | $570.2M | ||
| Q2 25 | — | $564.0M | ||
| Q1 25 | — | $530.8M | ||
| Q4 24 | — | $554.4M | ||
| Q3 24 | — | $551.3M | ||
| Q2 24 | — | $631.4M | ||
| Q1 24 | — | $399.7M |
| Q4 25 | — | $335.4M | ||
| Q3 25 | $568.0M | $385.5M | ||
| Q2 25 | — | $385.4M | ||
| Q1 25 | — | $388.4M | ||
| Q4 24 | — | $315.7M | ||
| Q3 24 | — | $361.9M | ||
| Q2 24 | — | $419.6M | ||
| Q1 24 | — | $205.9M |
| Q4 25 | — | 32.6% | ||
| Q3 25 | 44.5% | 40.5% | ||
| Q2 25 | — | 40.9% | ||
| Q1 25 | — | 42.4% | ||
| Q4 24 | — | 34.0% | ||
| Q3 24 | — | 41.0% | ||
| Q2 24 | — | 46.3% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | — | 21.6% | ||
| Q3 25 | 16.8% | 19.4% | ||
| Q2 25 | — | 19.0% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | — | 25.7% | ||
| Q3 24 | — | 21.5% | ||
| Q2 24 | — | 23.4% | ||
| Q1 24 | — | 21.8% |
| Q4 25 | — | 2.92× | ||
| Q3 25 | 3.71× | 1.68× | ||
| Q2 25 | — | 1.65× | ||
| Q1 25 | — | 1.72× | ||
| Q4 24 | — | 1.66× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | 1.67× | ||
| Q1 24 | — | 0.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
Q
| Semiconductor Technologies | $693.0M | 54% |
| Interconnect Solutions | $583.0M | 46% |
WES
Segment breakdown not available.
