Hess Midstream
HESM
33.03
-5.66
-14.63%
Hess Midstream
US · HESM
#1693 by market cap
Listed 2017
33.03
-5.66
-14.63%
Live - 5344 symbols - heartbeat 359s ago
· 2026-10-08 07:00
Pre-market
33.30
+0.82%
After-hours
33.10
+0.21%
Overnight
33.30
+0.82%
- Market cap
- 4.24B
- P/E (TTM)i
- 11.39
- P/Bi
- 8.24
- EPSi
- 2.86
- Div yieldi
- 9.19%
- 52W posi
- 32%
Reader sentiment
Are you bullish or bearish on HESM?
Anonymous reader poll. Unscientific, not investment advice.
Revenue annual, last 8 years
Latest year +8.41% YoY
Margins
- Gross margin
- 86.76%
- Operating margin
- 62.34%
- Net margin
- 21.82%
Key ratios & quality
- Enterprise valuei
- 8.01B
- PEG ratioi
- 0.19
PEG uses trailing P/E against the 3-year net income growth rate (61.42%/yr) since forward earnings estimates aren't available here, so this is not a "forward PEG."
Income statement
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 712.70M | 848.30M | 1.09B | 1.20B | 1.28B | 1.35B | 1.50B | 1.62B |
| Gross profit | 585.10M | 705.10M | 934.70M | 1.04B | 1.09B | 1.15B | 1.29B | 1.40B |
| Selling & admin expenses | 14.10M | 52.40M | 21.10M | 22.70M | 23.10M | 26.20M | 26.10M | 28.50M |
| Research & development | -- | -- | -- | -- | -- | -- | -- | -- |
| Operating profit | 378.20M | 376.60M | 576.50M | 727.20M | 791.20M | 816.90M | 919.00M | 1.01B |
| Pretax profit | 325.50M | 317.60M | 492.00M | 632.40M | 647.20M | 645.60M | 730.80M | 798.40M |
| Tax | 0 | -100.00K | 7.30M | 14.60M | 26.60M | 37.90M | 71.80M | 113.80M |
| Net profit | 325.50M | 317.70M | 484.90M | 617.80M | 620.60M | 607.70M | 659.00M | 684.60M |
| Basic EPS | 1 | 1 | 1 | 2 | 2 | 2 | 3 | 3 |
| Diluted EPS | 1.27 | 1.20 | 1.31 | 1.76 | 2.01 | 2.08 | 2.49 | 2.86 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Revenue | 382.00M | 414.20M | 420.90M | 404.20M | 390.10M | 399.00M |
| Gross profit | 329.50M | 361.70M | 363.00M | 348.90M | 330.20M | 343.30M |
| Selling & admin expenses | 7.50M | 8.10M | 7.30M | 5.60M | 7.90M | 5.50M |
| Research & development | -- | -- | -- | -- | -- | -- |
| Operating profit | 237.40M | 260.20M | 258.90M | 251.60M | 238.10M | 253.20M |
| Pretax profit | 184.40M | 208.80M | 207.00M | 198.20M | 185.90M | 204.80M |
| Tax | 23.00M | 29.10M | 31.50M | 30.20M | 28.20M | 31.10M |
| Net profit | 161.40M | 179.70M | 175.50M | 168.00M | 157.70M | 173.70M |
| Basic EPS | 1 | 1 | 1 | 1 | 1 | 1 |
| Diluted EPS | 0.65 | 0.74 | 0.75 | 0.72 | 0.68 | 0.75 |
Balance sheet
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Total current assets | 180.40M | 95.90M | 101.40M | 133.10M | 132.30M | 136.80M | 149.40M | 159.00M |
| Cash & ST investments | 109.30M | 3.30M | 2.60M | 2.20M | 3.10M | 5.40M | 4.30M | 1.90M |
| Inventory | -- | -- | -- | -- | -- | -- | -- | -- |
| Total assets | 2.99B | 3.28B | 3.37B | 3.49B | 3.59B | 3.79B | 4.15B | 4.39B |
| Total current liabilities | 138.10M | 176.10M | 125.00M | 170.90M | 159.50M | 210.20M | 219.30M | 187.80M |
| Short-term debt | 11.30M | -- | 10.00M | 20.00M | 2.50M | 12.50M | 22.50M | 32.50M |
| Long-term debt | 969.80M | 1.75B | 1.90B | 2.54B | 2.88B | 3.20B | 3.45B | 3.74B |
| Total liabilities | 1,115,100,000.00 | 1,945,600,000.00 | 2,048,500,000.00 | 2,732,500,000.00 | 3,059,200,000.00 | 3,426,300,000.00 | 3,685,700,000.00 | 3,950,400,000.00 |
| Total equity | 1.88B | 1.33B | 1.33B | 753.10M | 529.00M | 363.20M | 465.30M | 437.90M |
| Retained earnings | -- | -- | -- | -- | -- | -- | -- | -- |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Total current assets | 150.10M | 150.90M | 168.20M | 159.00M | 165.80M | 157.20M |
| Cash & ST investments | 6.10M | 4.50M | 5.50M | 1.90M | 4.60M | 5.00M |
| Inventory | -- | -- | -- | -- | -- | -- |
| Total assets | 4.26B | 4.42B | 4.44B | 4.39B | 4.32B | 4.26B |
| Total current liabilities | 186.10M | 213.50M | 224.30M | 187.80M | 181.20M | 204.00M |
| Short-term debt | 25.00M | 27.50M | 30.00M | 32.50M | 35.00M | 37.50M |
| Long-term debt | 3.55B | 3.69B | 3.76B | 3.74B | 3.74B | 3.64B |
| Total liabilities | 3,750,700,000.00 | 3,915,500,000.00 | 4,011,200,000.00 | 3,950,400,000.00 | 3,942,400,000.00 | 3,868,600,000.00 |
| Total equity | 512.90M | 507.60M | 426.50M | 437.90M | 374.80M | 388.00M |
| Retained earnings | -- | -- | -- | -- | -- | -- |
Cash flow
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 466.90M | 470.70M | 641.70M | 795.50M | 861.10M | 866.40M | 940.30M | 983.80M |
| Depreciation & amortization | 126.90M | 142.50M | 156.90M | 165.60M | 181.30M | 192.50M | 203.10M | 214.10M |
| Free cash flow | 225.00M | 164.30M | 340.60M | 632.30M | 622.90M | 642.90M | 634.20M | 728.20M |
| Dividends paid | -74.10M | -85.40M | -31.60M | -49.40M | -91.00M | -127.50M | -235.30M | -350.20M |
| Stock buybacks / issuance | -- | 0 | 0 | -750.00M | -400.00M | -400.00M | -300.00M | -400.00M |
| Ending cash balance | 109.30M | 3.30M | 2.60M | 2.20M | 3.10M | 5.40M | 4.30M | 1.90M |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| Operating cash flow | 202.40M | 276.90M | 258.90M | 245.60M | 253.30M | 278.60M |
| Depreciation & amortization | 51.50M | 51.80M | 56.60M | 54.20M | 58.50M | 54.40M |
| Free cash flow | 156.90M | 213.50M | 178.90M | 178.90M | 224.50M | 255.50M |
| Dividends paid | -73.00M | -82.90M | -96.60M | -97.70M | -98.90M | -99.90M |
| Stock buybacks / issuance | -100.00M | -200.00M | -100.00M | 0 | -60.00M | 0 |
| Ending cash balance | 6.10M | 4.50M | 5.50M | 1.90M | 4.60M | 5.00M |
Returns & efficiency
| Line item | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| ROE %i | 13.32 | 20.58 | 18.71 | 28.20 | 37.36 | 40.53 | 51.23 | 64.22 |
| ROA %i | 2.53 | 2.19 | 0.72 | 1.35 | 2.37 | 3.22 | 5.62 | 8.27 |
| ROIC %i | 13.50 | 5.40 | 5.97 | 6.22 | 7.70 | 8.59 | 10.73 | 13.09 |
| 5-year avg ROE %i | 10.81 | 12.50 | 12.99 | 16.74 | 23.62 | 29.07 | 35.21 | 44.31 |
| EBIT margin %i | 56.46 | 44.83 | 53.75 | 61.29 | 62.56 | 61.26 | 62.54 | 63.32 |
| FCF / sales %i | 38.99 | 19.38 | 31.20 | 52.53 | 48.92 | 47.76 | 42.51 | 45.03 |
| Current ratioi | 1.31 | 0.54 | 0.81 | 0.78 | 0.83 | 0.65 | 0.68 | 0.85 |
| Quick ratioi | 1.28 | 0.52 | 0.77 | 0.72 | 0.79 | 0.62 | 0.65 | 0.81 |
| Debt / assetsi | 32.80 | 53.50 | 56.60 | 73.55 | 80.42 | 84.74 | 83.64 | 85.96 |
| LT debt / equityi | 187.22 | 1,333.46 | 1,520.08 | 1,246.20 | 1,176.30 | 940.30 | 649.97 | 658.02 |
| Interest coveragei | 287.38 | 6.09 | 6.20 | 7.00 | 5.33 | 4.61 | 4.61 | 4.54 |
| Revenue CAGR (3Y) %i | 8.01 | 18.47 | 23.50 | 19.13 | 14.53 | 7.24 | 7.41 | 8.30 |
| Net income CAGR (3Y) %i | -28.46 | -30.06 | -16.48 | -13.14 | 6.17 | 70.33 | 68.78 | 61.42 |
| FCF CAGR (3Y) %i | 45.53 | 9.92 | 20.99 | 41.12 | 55.93 | 23.59 | 0.10 | 5.34 |
| Line item | 2025-03 | 2025-06 | 2025-09 | 2025-12 | 2026-03 | 2026-06 |
|---|---|---|---|---|---|---|
| ROE %i | 49.74 | 52.92 | 59.81 | 64.22 | 65.92 | 65.24 |
| ROA %i | 6.16 | 6.87 | 7.69 | 8.27 | 8.60 | 8.64 |
| ROIC %i | 11.07 | 11.61 | 12.44 | 13.09 | 13.24 | 13.22 |
| 5-year avg ROE %i | -- | -- | -- | -- | -- | -- |
| EBIT margin %i | 62.51 | 63.00 | 63.14 | 63.32 | 63.05 | 63.36 |
| FCF / sales %i | 43.51 | 42.52 | 44.29 | 45.03 | 48.98 | 52.07 |
| Current ratioi | 0.81 | 0.71 | 0.75 | 0.85 | 0.92 | 0.77 |
| Quick ratioi | 0.79 | 0.70 | 0.70 | 0.81 | 0.89 | 0.77 |
| Debt / assetsi | 83.77 | 83.98 | 85.52 | 85.96 | 87.37 | 86.45 |
| LT debt / equityi | 589.86 | 580.61 | 657.62 | 658.02 | 721.43 | 707.83 |
| Interest coveragei | 4.52 | 4.58 | 4.60 | 4.54 | 4.56 | 4.56 |
| Revenue CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| Net income CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
| FCF CAGR (3Y) %i | -- | -- | -- | -- | -- | -- |
✦ Quant Revenue Concentration how this is computed
Lead segment, long tail
- Gathering is the largest reported line at 52.58% of revenue, across 3 reported segments.
- Processing and Storage follows at 37.92%, so the top line still matters most but isn’t the whole story.
Revenue breakdown most recent period
Business
Gathering52.58%
Processing and Storage37.92%
Terminaling and Export9.50%
Quote time 2026-10-08 07:00:00 · For reference only, not investment advice and not tailored to your situation.