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Side-by-side financial comparison of REV Group, Inc. (REVG) and Western Midstream Partners, LP (WES). Click either name above to swap in a different company.
Western Midstream Partners, LP is the larger business by last-quarter revenue ($1.0B vs $664.4M, roughly 1.6× REV Group, Inc.). Western Midstream Partners, LP runs the higher net margin — 18.5% vs 4.3%, a 14.2% gap on every dollar of revenue. On growth, REV Group, Inc. posted the faster year-over-year revenue change (11.1% vs 11.0%). Western Midstream Partners, LP produced more free cash flow last quarter ($335.4M vs $53.7M). Over the past eight quarters, Western Midstream Partners, LP's revenue compounded faster (7.8% CAGR vs 6.5%).
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REVG vs WES — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $664.4M | $1.0B |
| Net Profit | $28.9M | $190.7M |
| Gross Margin | 15.4% | — |
| Operating Margin | 7.1% | 29.7% |
| Net Margin | 4.3% | 18.5% |
| Revenue YoY | 11.1% | 11.0% |
| Net Profit YoY | -30.7% | -42.8% |
| EPS (diluted) | $0.57 | — |
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 | $664.4M | $1.0B | ||
| Q3 25 | $644.9M | $952.3M | ||
| Q2 25 | $629.1M | $942.1M | ||
| Q1 25 | $525.1M | $916.9M | ||
| Q4 24 | $597.9M | $928.4M | ||
| Q3 24 | $579.4M | $883.1M | ||
| Q2 24 | $616.9M | $905.4M | ||
| Q1 24 | $586.0M | $887.3M |
| Q4 25 | $28.9M | $190.7M | ||
| Q3 25 | $29.1M | $339.6M | ||
| Q2 25 | $19.0M | $341.7M | ||
| Q1 25 | $18.2M | $309.0M | ||
| Q4 24 | $41.7M | $333.6M | ||
| Q3 24 | $18.0M | $288.5M | ||
| Q2 24 | $15.2M | $378.6M | ||
| Q1 24 | $182.7M | $572.8M |
| Q4 25 | 15.4% | — | ||
| Q3 25 | 15.8% | — | ||
| Q2 25 | 15.2% | — | ||
| Q1 25 | 13.3% | — | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | 13.5% | — | ||
| Q2 24 | 12.5% | — | ||
| Q1 24 | 10.7% | — |
| Q4 25 | 7.1% | 29.7% | ||
| Q3 25 | 8.8% | 46.4% | ||
| Q2 25 | 7.9% | 47.2% | ||
| Q1 25 | 5.3% | 44.7% | ||
| Q4 24 | 5.8% | 45.9% | ||
| Q3 24 | 4.9% | 44.8% | ||
| Q2 24 | 3.7% | 51.9% | ||
| Q1 24 | -1.1% | 76.6% |
| Q4 25 | 4.3% | 18.5% | ||
| Q3 25 | 4.5% | 35.7% | ||
| Q2 25 | 3.0% | 36.3% | ||
| Q1 25 | 3.5% | 33.7% | ||
| Q4 24 | 7.0% | 35.9% | ||
| Q3 24 | 3.1% | 32.7% | ||
| Q2 24 | 2.5% | 41.8% | ||
| Q1 24 | 31.2% | 64.6% |
| Q4 25 | $0.57 | — | ||
| Q3 25 | $0.59 | — | ||
| Q2 25 | $0.38 | — | ||
| Q1 25 | $0.35 | — | ||
| Q4 24 | $1.03 | — | ||
| Q3 24 | $0.35 | — | ||
| Q2 24 | $0.28 | — | ||
| Q1 24 | $3.06 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $34.7M | $819.5M |
| Total DebtLower is stronger | — | $8.2B |
| Stockholders' EquityBook value | $416.3M | — |
| Total Assets | $1.2B | $15.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $34.7M | $819.5M | ||
| Q3 25 | $36.0M | $177.3M | ||
| Q2 25 | $28.8M | $129.7M | ||
| Q1 25 | $31.6M | $448.4M | ||
| Q4 24 | $24.6M | $1.1B | ||
| Q3 24 | $50.5M | $1.1B | ||
| Q2 24 | $38.2M | $344.1M | ||
| Q1 24 | $87.9M | $295.2M |
| Q4 25 | — | $8.2B | ||
| Q3 25 | — | $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 | $416.3M | — | ||
| Q3 25 | $387.3M | — | ||
| Q2 25 | $357.8M | — | ||
| Q1 25 | $428.8M | — | ||
| Q4 24 | $435.1M | — | ||
| Q3 24 | $394.6M | — | ||
| Q2 24 | $379.7M | — | ||
| Q1 24 | $496.1M | — |
| Q4 25 | $1.2B | $15.0B | ||
| Q3 25 | $1.2B | $12.1B | ||
| Q2 25 | $1.2B | $12.2B | ||
| Q1 25 | $1.2B | $12.5B | ||
| Q4 24 | $1.2B | $13.1B | ||
| Q3 24 | $1.3B | $13.0B | ||
| Q2 24 | $1.3B | $12.2B | ||
| Q1 24 | $1.4B | $12.3B |
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 | $76.9M | $557.6M |
| Free Cash FlowOCF − Capex | $53.7M | $335.4M |
| FCF MarginFCF / Revenue | 8.1% | 32.6% |
| Capex IntensityCapex / Revenue | 3.5% | 21.6% |
| Cash ConversionOCF / Net Profit | 2.66× | 2.92× |
| TTM Free Cash FlowTrailing 4 quarters | $190.0M | $1.5B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $76.9M | $557.6M | ||
| Q3 25 | $60.3M | $570.2M | ||
| Q2 25 | $117.0M | $564.0M | ||
| Q1 25 | $-13.1M | $530.8M | ||
| Q4 24 | $68.6M | $554.4M | ||
| Q3 24 | $14.4M | $551.3M | ||
| Q2 24 | $40.1M | $631.4M | ||
| Q1 24 | $-69.7M | $399.7M |
| Q4 25 | $53.7M | $335.4M | ||
| Q3 25 | $48.7M | $385.5M | ||
| Q2 25 | $105.6M | $385.4M | ||
| Q1 25 | $-18.0M | $388.4M | ||
| Q4 24 | $63.3M | $315.7M | ||
| Q3 24 | $8.5M | $361.9M | ||
| Q2 24 | $34.2M | $419.6M | ||
| Q1 24 | $-80.2M | $205.9M |
| Q4 25 | 8.1% | 32.6% | ||
| Q3 25 | 7.6% | 40.5% | ||
| Q2 25 | 16.8% | 40.9% | ||
| Q1 25 | -3.4% | 42.4% | ||
| Q4 24 | 10.6% | 34.0% | ||
| Q3 24 | 1.5% | 41.0% | ||
| Q2 24 | 5.5% | 46.3% | ||
| Q1 24 | -13.7% | 23.2% |
| Q4 25 | 3.5% | 21.6% | ||
| Q3 25 | 1.8% | 19.4% | ||
| Q2 25 | 1.8% | 19.0% | ||
| Q1 25 | 0.9% | 15.5% | ||
| Q4 24 | 0.9% | 25.7% | ||
| Q3 24 | 1.0% | 21.5% | ||
| Q2 24 | 1.0% | 23.4% | ||
| Q1 24 | 1.8% | 21.8% |
| Q4 25 | 2.66× | 2.92× | ||
| Q3 25 | 2.07× | 1.68× | ||
| Q2 25 | 6.16× | 1.65× | ||
| Q1 25 | -0.72× | 1.72× | ||
| Q4 24 | 1.65× | 1.66× | ||
| Q3 24 | 0.80× | 1.91× | ||
| Q2 24 | 2.64× | 1.67× | ||
| Q1 24 | -0.38× | 0.70× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
REVG
| Specialty Vehicles | $507.4M | 76% |
| Recreational Vehicles | $157.2M | 24% |
WES
Segment breakdown not available.
