Hess Midstream LP (HESM) Financials

HESM NYSE

Trailing 12 months to June 30, 2026

Revenue $1.6B +2.8% YoY

Net Income $375.0M +28.9% YoY

Free Cash Flow $837.8M +25.7% YoY

Operating Cash Flow $1.0B +7.7% YoY

Market Cap $6.4B as of Oct 26, 2026

Price / Sales 4.0x on $1.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings 17.1x on $375.0M net income, trailing 12 months to June 30, 2026

Price / Book 16.6x on $388.0M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 26, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 6, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HESM SEC filings page.

Hess Midstream LP (HESM) reported $1.6B in revenue over the twelve months to Jun 30, 2026, up 2.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI HESM FY2025 2026-10-25

The business produces substantial operating cash, while revenue growth coexists with a heavily debt-funded balance sheet.

Cash conversion is stronger than headline earnings suggest: FY2025 operating cash flow of $983.8M exceeded net income of $352.9M. Yet over FY2022-FY2025, free cash flow grew 16.9% versus revenue growth of 27.1%, showing that cash generation has not kept pace with expansion.

Revenue rose 8.4% in FY2025 while operating income rose 9.7%, a modest sign of operating leverage. Operating margin increased 0.7 percentage points, while net income expanded much faster than operating income despite higher interest expense; below-operating items materially shaped earnings.

Balance-sheet leverage remains structural: liabilities represented 90.0% of assets and debt-to-equity was 8.5x in FY2025. The current ratio improved to 0.8x as current liabilities fell 14.4%, indicating better short-term positioning without changing the broader debt-heavy financing model.

Financial Health Signals

Financial Health Score 68/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group, and the overall is the average of the dimensions that can be computed. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Hess Midstream LP's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Hess Midstream LP has an operating margin of 62.2%, meaning the company retains $62 of operating profit per $100 of revenue. This strong profitability earns a score of 99/100, reflecting efficient cost management and pricing power. This is up from 61.5% the prior year.

Growth

Hess Midstream LP's revenue grew 8.4% year-over-year to $1.6B, a solid pace of expansion. This earns a growth score of 68/100.

Leverage

Hess Midstream LP has elevated debt relative to equity (D/E of 8.54), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 23/100, reflecting increased financial risk.

Liquidity

Hess Midstream LP's current ratio of 0.85 is below the typical benchmark, resulting in a score of 24/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Hess Midstream LP converts 44.9% of revenue into free cash flow ($728.2M). This strong cash generation earns a score of 97/100.

Returns

Hess Midstream LP earns a strong 80.6% return on equity (ROE), meaning it generates $81 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 99/100. This is up from 47.9% the prior year.

Piotroski F-Score Partial

6/8

Hess Midstream LP passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, the one computable operating efficiency signal (asset turnover improving) passes.

Earnings Quality Cash-Backed

2.79x

For every $1 of reported earnings, Hess Midstream LP generates $2.79 in operating cash flow ($983.8M OCF vs $352.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

4.47x

Hess Midstream LP earns $4.47 in operating income for every $1 of interest expense ($1.0B vs $225.6M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

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Earnings & Revenue

Revenue

$399.0M

YoY-3.7%

QoQ+2.3%

5Y CAGR+6.2%

Hess Midstream LP generated $399.0M in revenue in Q2 2026. This represents a decrease of 3.7% from the same quarter a year earlier. Against the prior quarter it is up 2.3%.

EBITDA

$307.6M

YoY-1.4%

QoQ+3.7%

5Y CAGR+6.4%

Hess Midstream LP's EBITDA was $307.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 1.4% from the same quarter a year earlier. Against the prior quarter it is up 3.7%.

Net Income

$96.4M

YoY+6.8%

QoQ+10.0%

5Y CAGR+54.4%

Hess Midstream LP reported $96.4M in net income in Q2 2026. This represents an increase of 6.8% from the same quarter a year earlier. Against the prior quarter it is up 10.0%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$255.5M

YoY+19.7%

QoQ+13.8%

5Y CAGR+5.2%

Hess Midstream LP generated $255.5M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 19.7% from the same quarter a year earlier. Against the prior quarter it is up 13.8%.

Cash & Debt

$5.0M

YoY+11.1%

QoQ+8.7%

5Y CAGR+5.6%

Hess Midstream LP held $5.0M in cash against $3.6B in long-term debt as of Q2 2026.

Shares Outstanding

128M

YoY-2.1%

QoQ0.0%

5Y CAGR+38.7%

Hess Midstream LP had 128M shares outstanding in Q2 2026. This represents a decrease of 2.1% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Operating Margin

63.5%

YoY+0.6pp

QoQ+2.4pp

5Y change+0.5pp

Hess Midstream LP's operating margin was 63.5% in Q2 2026, reflecting core business profitability. This is up 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.4 percentage points.

Net Margin

24.2%

YoY+2.4pp

QoQ+1.7pp

5Y change+20.4pp

Hess Midstream LP's net profit margin was 24.2% in Q2 2026, showing the share of revenue converted to profit. This is up 2.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.7 percentage points.

Return on Equity

24.9%

YoY+7.1pp

QoQ+1.5pp

5Y change+24.1pp

Hess Midstream LP's quarterly ROE was 24.9% in Q2 2026: one quarter's net income over shareholder equity, not annualized. This is up 7.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

YoY-100.0%

QoQ-100.0%

Hess Midstream LP repurchased no shares in Q2 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.

Capital Expenditures

$23.1M

YoY-63.6%

QoQ-19.8%

5Y CAGR-2.3%

Hess Midstream LP invested $23.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 63.6% from the same quarter a year earlier. Against the prior quarter it is down 19.8%.

R&D Spending

Not reported for Q2 2026.

HESM Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HESM quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Revenue	$1.6B	$1.6B+8.4%	$1.5B+10.9%	$1.3B+5.8%	$1.3B+5.9%	$1.2B+10.2%	$1.1B+28.7%	$848.3M+19.0%	$712.7M+23.0%	$579.5M
SG&A Expenses	$26.3M	$28.5M+9.2%	$26.1M-0.4%	$26.2M+13.4%	$23.1M+1.8%	$22.7M+7.6%	$21.1M-59.7%	$52.4M+271.6%	$14.1M+1.4%	$13.9M
Operating Income	$1.0B	$1.0B+9.7%	$919.0M+12.5%	$816.9M+3.2%	$791.2M+8.8%	$727.2M+26.1%	$576.5M+53.1%	$376.6M-0.4%	$378.2M+43.7%	$263.1M
EBITDA	N/A	$1.2B+8.9%	$1.1B+11.2%	$1.0B+3.8%	$972.5M+8.9%	$892.8M+21.7%	$733.4M+41.3%	$519.1M+2.8%	$505.1M+33.1%	$379.6M
Interest Expense	$223.7M	$225.6M+11.6%	$202.2M+13.0%	$179.0M+19.9%	$149.3M+41.7%	$105.4M+11.3%	$94.7M+51.8%	$62.4M+17.1%	$53.3M+106.6%	$25.8M
Income Tax	$121.0M	$113.8M+58.5%	$71.8M+89.4%	$37.9M+42.5%	$26.6M+82.2%	$14.6M+100.0%	$7.3Mn/m	-$100K	N/A	N/A
Net Income	$375.0M	$352.9M+58.2%	$223.1M+88.1%	$118.6M+41.4%	$83.9M+80.8%	$46.4M+93.3%	$24.0M-65.8%	$70.1M-1.0%	$70.8M+71.8%	$41.2M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$399.0M-3.7%	$390.1M+2.1%	$404.2M+2.1%	$420.9M+11.2%	$414.2M+13.3%	$382.0M+7.4%	$395.9M+11.1%	$378.5M+4.2%
SG&A Expenses	$5.5M-32.1%	$7.9M+5.3%	$5.6M-37.1%	$7.3M+15.9%	$8.1M+55.8%	$7.5M+31.6%	$8.9M+11.3%	$6.3M+5.0%
Operating Income	$253.2M-2.7%	$238.1M+0.3%	$251.6M+3.5%	$258.9M+11.7%	$260.2M+17.0%	$237.4M+6.9%	$243.0M+15.7%	$231.7M+5.3%
EBITDA	$307.6M-1.4%	$296.6M+2.7%	$305.8M+3.9%	$315.5M+11.4%	$312.0M+14.4%	$288.9M+6.3%	$294.3M+13.0%	$283.2M+5.8%
Interest Expense	$54.5M-1.6%	$55.4M-1.8%	$56.7M+8.6%	$57.1M+10.2%	$55.4M+11.5%	$56.4M+16.3%	$52.2M+9.2%	$51.8M+13.1%
Income Tax	$31.1M+6.9%	$28.2M+22.6%	$30.2M+33.6%	$31.5M+66.7%	$29.1M+81.9%	$23.0M+60.8%	$22.6M+89.9%	$18.9M+65.8%
Net Income	$96.4M+6.8%	$87.6M+22.3%	$93.3M+32.5%	$97.7M+66.7%	$90.3M+82.4%	$71.6M+60.5%	$70.4M+87.7%	$58.6M+66.0%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

HESM Balance Sheet

HESM quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Total Assets	$4.4B+5.7%	$4.2B+9.5%	$3.8B+5.6%	$3.6B+2.9%	$3.5B+3.3%	$3.4B+3.0%	$3.3B+9.6%	$3.0B	N/A
Current Assets	$159.0M+6.4%	$149.4M+9.2%	$136.8M+3.4%	$132.3M-0.6%	$133.1M+31.3%	$101.4M+5.7%	$95.9M-46.8%	$180.4M	N/A
Cash & Equivalents	$1.9M-55.8%	$4.3M-20.4%	$5.4M+74.2%	$3.1M+40.9%	$2.2M-15.4%	$2.6M-21.2%	$3.3M-97.0%	$109.3M	N/A
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0	N/A
Accounts Receivable	$143.5M+6.1%	$135.3M+10.4%	$122.5M-0.2%	$122.7M	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0	N/A
Total Liabilities	$4.0B+7.2%	$3.7B+7.6%	$3.4B+12.0%	$3.1B+12.0%	$2.7B+33.4%	$2.0B+5.3%	$1.9B+74.5%	$1.1B	N/A
Current Liabilities	$187.8M-14.4%	$219.3M+4.3%	$210.2M+31.8%	$159.5M-6.7%	$170.9M+36.7%	$125.0M-29.0%	$176.1M+27.5%	$138.1M	N/A
Non-Current Liabilities	$3.8B+8.5%	$3.5B+7.8%	$3.2B+10.9%	$2.9B+13.2%	$2.6B+33.2%	$1.9B+8.7%	$1.8B+81.1%	$977.0M	N/A
Long-Term Debt	$3.7B+8.4%	$3.4B+7.8%	$3.2B+11.0%	$2.9B+13.4%	$2.5B+33.9%	$1.9B+8.4%	$1.8B+80.8%	$969.8M	N/A
Total Equity	$437.9M-5.9%	$465.3M+28.1%	$363.2M-31.3%	$529.0M-29.8%	$753.1M-43.2%	$1.3B-0.5%	$1.3B-29.0%	$1.9B	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$4.3B-3.8%	$4.3B+1.3%	$4.4B+5.7%	$4.4B+7.0%	$4.4B+9.2%	$4.3B+10.4%	$4.2B+9.5%	$4.1B+9.8%
Current Assets	$157.2M+4.2%	$165.8M+10.5%	$159.0M+6.4%	$168.2M+9.1%	$150.9M-29.5%	$150.1M+7.8%	$149.4M+9.2%	$154.2M+12.0%
Cash & Equivalents	$5.0M+11.1%	$4.6M-24.6%	$1.9M-55.8%	$5.5M-46.6%	$4.5M-95.5%	$6.1M+45.2%	$4.3M-20.4%	$10.3M+212.1%
Short-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Accounts Receivable	$142.9M+3.3%	$149.3M+9.2%	$143.5M+6.1%	$145.4M+13.9%	$138.4M+26.2%	$136.7M+7.0%	$135.3M+10.4%	$127.6M+4.6%
Long-Term Investments	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m	$0n/m
Total Liabilities	$3.9B-1.2%	$3.9B+5.1%	$4.0B+7.2%	$4.0B+8.3%	$3.9B+7.3%	$3.8B+7.7%	$3.7B+7.6%	$3.7B+11.3%
Current Liabilities	$204.0M-4.4%	$181.2M-2.6%	$187.8M-14.4%	$224.3M+1.5%	$213.5M+11.1%	$186.1M+18.4%	$219.3M+4.3%	$220.9M+27.1%
Non-Current Liabilities	$3.7B-1.0%	$3.8B+5.5%	$3.8B+8.5%	$3.8B+8.7%	$3.7B+7.1%	$3.6B+7.2%	$3.5B+7.8%	$3.5B+10.4%
Long-Term Debt	$3.6B-1.2%	$3.7B+5.4%	$3.7B+8.4%	$3.8B+8.5%	$3.7B+7.1%	$3.5B+7.1%	$3.4B+7.8%	$3.5B+10.6%
Total Equity	$388.0M-23.6%	$374.8M-26.9%	$437.9M-5.9%	$426.5M-3.5%	$507.6M+26.1%	$512.9M+34.4%	$465.3M+28.1%	$441.8M-0.8%

Not reported in any period shown, so not listed: Inventory, Goodwill, Retained Earnings.

HESM Cash Flow Statement

HESM quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Operating Cash Flow	$1.0B	$983.8M+4.6%	$940.3M+8.5%	$866.4M+0.6%	$861.1M+8.2%	$795.5M+24.0%	$641.7M+36.3%	$470.7M+0.8%	$466.9M+38.8%	$336.5M
Depreciation & Amortization	N/A	$214.1M+5.4%	$203.1M+5.5%	$192.5M+6.2%	$181.3M+9.5%	$165.6M+5.5%	$156.9M+10.1%	$142.5M+12.3%	$126.9M+8.9%	$116.5M
Stock-Based Compensation	N/A	$1.6M-11.1%	$1.8M+5.9%	$1.7M+6.3%	$1.6M+14.3%	$1.4M-6.7%	$1.5M0.0%	$1.5M+66.7%	$900K+350.0%	$200K
Capital Expenditures	$198.6M	$255.6M-16.5%	$306.1M+37.0%	$223.5M-6.2%	$238.2M+46.0%	$163.2M-45.8%	$301.1M-1.7%	$306.4M+26.7%	$241.9M+67.8%	$144.2M
Free Cash Flow	$837.8M	$728.2M+14.8%	$634.2M-1.4%	$642.9M+3.2%	$622.9M-1.5%	$632.3M+85.6%	$340.6M+107.3%	$164.3M-27.0%	$225.0M+17.0%	$192.3M
Investing Cash Flow	-$198.6M	-$255.6Mn/m	-$306.1Mn/m	-$223.5Mn/m	-$238.2Mn/m	-$163.2Mn/m	-$301.0Mn/m	-$497.5Mn/m	-$307.6Mn/m	-$131.4M
Financing Cash Flow	-$837.3M	-$730.6Mn/m	-$635.3Mn/m	-$640.6Mn/m	-$622.0Mn/m	-$632.7Mn/m	-$341.4Mn/m	-$79.2Mn/m	-$405.7M-372.5%	$148.9M
Share Buybacks	$160.0M	$400.0M+33.3%	$300.0M-25.0%	$400.0M0.0%	$400.0M-46.7%	$750.0M	N/A	N/A	N/A	N/A

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$278.6M+0.6%	$253.3M+25.1%	$245.6M-5.0%	$258.9M+15.1%	$276.9M+2.0%	$202.4M+9.2%	$258.5M+4.4%	$224.9M+4.4%
Depreciation & Amortization	$54.4M+5.0%	$58.5M+13.6%	$54.2M+5.7%	$56.6M+9.9%	$51.8M+2.6%	$51.5M+3.4%	$51.3M+1.8%	$51.5M+8.0%
Stock-Based Compensation	N/A	$200K-33.3%	N/A	N/A	N/A	$300K-40.0%	N/A	N/A
Capital Expenditures	$23.1M-63.6%	$28.8M-36.7%	$66.7M-29.9%	$80.0M-13.3%	$63.4M-0.8%	$45.5M-17.0%	$95.1M+49.8%	$92.3M+75.1%
Free Cash Flow	$255.5M+19.7%	$224.5M+43.1%	$178.9M+9.5%	$178.9M+34.9%	$213.5M+2.8%	$156.9M+20.2%	$163.4M-11.2%	$132.6M-18.6%
Investing Cash Flow	-$23.1Mn/m	-$28.8Mn/m	-$66.7Mn/m	-$80.0Mn/m	-$63.4Mn/m	-$45.5Mn/m	-$95.1Mn/m	-$92.3Mn/m
Financing Cash Flow	-$255.1Mn/m	-$221.8Mn/m	-$182.5Mn/m	-$177.9Mn/m	-$215.1Mn/m	-$155.1Mn/m	-$169.4Mn/m	-$221.9Mn/m
Share Buybacks	$0-100.0%	$60.0M-40.0%	$0n/m	$100.0M0.0%	$200.0M+100.0%	$100.0M0.0%	$0-100.0%	$100.0M0.0%

Not reported in any period shown, so not listed: Dividends Paid.

HESM Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HESM quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K
Operating Margin	62.2%+0.7pp	61.5%+0.9pp	60.6%-1.5pp	62.1%+1.6pp	60.4%+7.6pp	52.8%+8.4pp	44.4%-8.7pp	53.1%+7.7pp	45.4%
Net Margin	21.8%+6.9pp	14.9%+6.1pp	8.8%+2.2pp	6.6%+2.7pp	3.9%+1.7pp	2.2%-6.1pp	8.3%-1.7pp	9.9%+2.8pp	7.1%
Return on Equity	80.6%+32.6pp	47.9%+15.3pp	32.6%+16.8pp	15.9%+9.7pp	6.2%+4.3pp	1.8%-3.5pp	5.3%+1.5pp	3.8%	N/A
Return on Assets	8.0%+2.7pp	5.4%+2.2pp	3.1%+0.8pp	2.3%+1.0pp	1.3%+0.6pp	0.7%-1.4pp	2.1%-0.2pp	2.4%	N/A
Current Ratio	0.85+0.2x	0.680.0x	0.65-0.2x	0.83+0.1x	0.780.0x	0.81+0.3x	0.54-0.8x	1.31	N/A
Debt-to-Equity	8.54+1.1x	7.41-1.4x	8.81+3.4x	5.45+2.1x	3.38+1.9x	1.43+0.1x	1.32+0.8x	0.52	N/A
Liabilities-to-Equity	9.02+1.1x	7.92-1.5x	9.43+3.7x	5.78+2.2x	3.63+2.1x	1.54+0.1x	1.46+0.9x	0.59	N/A
Asset Turnover	0.370.0x	0.360.0x	0.360.0x	0.360.0x	0.350.0x	0.32+0.1x	0.260.0x	0.24	N/A
FCF Margin	44.9%+2.5pp	42.4%-5.3pp	47.7%-1.2pp	48.9%-3.7pp	52.5%+21.3pp	31.2%+11.8pp	19.4%-12.2pp	31.6%-1.6pp	33.2%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	63.5%+0.6pp	61.0%-1.1pp	62.3%+0.9pp	61.5%+0.3pp	62.8%+2.0pp	62.2%-0.3pp	61.4%+2.4pp	61.2%+0.6pp
Net Margin	24.2%+2.4pp	22.5%+3.7pp	23.1%+5.3pp	23.2%+7.7pp	21.8%+8.3pp	18.7%+6.2pp	17.8%+7.3pp	15.5%+5.8pp
Return on Equity	24.9%+7.1pp	23.4%+9.4pp	21.3%+6.2pp	22.9%+9.7pp	17.8%+5.5pp	14.0%+2.3pp	15.1%+4.8pp	13.3%+5.3pp
Return on Assets	2.3%+0.2pp	2.0%+0.3pp	2.1%+0.4pp	2.2%+0.8pp	2.0%+0.8pp	1.7%+0.5pp	1.7%+0.7pp	1.4%+0.5pp
Current Ratio	0.77+0.1x	0.92+0.1x	0.85+0.2x	0.75+0.1x	0.71-0.4x	0.81-0.1x	0.680.0x	0.70-0.1x
Debt-to-Equity	9.39+2.1x	9.97+3.1x	8.54+1.1x	8.83+1.0x	7.26-1.3x	6.92-1.8x	7.41-1.4x	7.85+0.8x
Liabilities-to-Equity	9.97+2.3x	10.52+3.2x	9.02+1.1x	9.40+1.0x	7.71-1.3x	7.31-1.8x	7.92-1.5x	8.39+0.9x
Asset Turnover	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.090.0x	0.100.0x	0.090.0x
FCF Margin	64.0%+12.5pp	57.6%+16.5pp	44.3%+3.0pp	42.5%+7.5pp	51.5%-5.3pp	41.1%+4.4pp	41.3%-10.4pp	35.0%-9.8pp

Not reported in any period shown, so not listed: Gross Margin.

Note: The current ratio is below 1.0 (0.85), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Hess Midstream LP HESM	FY2025	$1.6B	$352.9M	21.8%	$6.4B	68/100
Antero Midstream Corporation AM	FY2025	$1.2B	$412.6M	34.7%	$9.9B	74/100
Golar LNG Ltd GLNG	FY2025	$393.5M	$65.7M	16.7%	$4.7B	48/100
Scorpio Tankers Inc. STNG	FY2025	$938.2M	$344.3M	36.7%	$4.3B	59/100
Kinetik Holdings Inc. KNTK	FY2025	$1.8B	$178.3M	10.1%	$9.0B	46/100
DT Midstream, Inc. DTM	FY2025	$1.2B	$441.0M	35.5%	$12.6B	63/100

Where Hess Midstream LP Ranks

Frequently Asked Questions

What is Hess Midstream LP's annual revenue?

Hess Midstream LP (HESM) reported $1.6B in total revenue for fiscal year 2025. This represents a 8.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Hess Midstream LP's revenue growing?

Hess Midstream LP (HESM) revenue grew by 8.4% year-over-year, from $1.5B to $1.6B in fiscal year 2025.

Is Hess Midstream LP profitable?

Yes, Hess Midstream LP (HESM) reported a net income of $375.0M over the trailing 12 months to June 30, 2026. In fiscal year 2025 it reported a net income of $352.9M, with a net profit margin of 21.8%.

What is Hess Midstream LP's EBITDA?

Hess Midstream LP (HESM) had EBITDA of $1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Hess Midstream LP have?

As of fiscal year 2025, Hess Midstream LP (HESM) had $1.9M in cash and equivalents against $3.7B in long-term debt.

What is Hess Midstream LP's operating margin?

Hess Midstream LP (HESM) had an operating margin of 62.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Hess Midstream LP's net profit margin?

Hess Midstream LP (HESM) had a net profit margin of 21.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Hess Midstream LP's return on equity (ROE)?

Hess Midstream LP (HESM) has a return on equity of 80.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Hess Midstream LP's free cash flow?

Hess Midstream LP (HESM) generated $728.2M in free cash flow during fiscal year 2025. This represents a 14.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Hess Midstream LP's operating cash flow?

Hess Midstream LP (HESM) generated $983.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Hess Midstream LP's total assets?

Hess Midstream LP (HESM) had $4.4B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Hess Midstream LP's capital expenditures?

Hess Midstream LP (HESM) invested $255.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Hess Midstream LP buy back shares?

Yes, Hess Midstream LP (HESM) spent $400.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Hess Midstream LP have outstanding?

Hess Midstream LP (HESM) had 129M shares outstanding as of fiscal year 2025.

What is Hess Midstream LP's current ratio?

Hess Midstream LP (HESM) had a current ratio of 0.85 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

What is Hess Midstream LP's debt-to-equity ratio?

Hess Midstream LP (HESM) had a debt-to-equity ratio of 8.54 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.

What is Hess Midstream LP's liabilities-to-equity ratio?

Hess Midstream LP (HESM) had a liabilities-to-equity ratio of 9.02 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.

What is Hess Midstream LP's return on assets (ROA)?

Hess Midstream LP (HESM) had a return on assets of 8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Hess Midstream LP's P/E ratio?

Hess Midstream LP (HESM) trades at 17.1x earnings, its market capitalization divided by $375.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $6.4B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Hess Midstream LP's price-to-sales ratio?

Hess Midstream LP (HESM) trades at 4.0x sales, its market capitalization divided by $1.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $6.4B as of Oct 26, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Hess Midstream LP's Piotroski F-Score?

Hess Midstream LP (HESM) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Hess Midstream LP's earnings high quality?

Hess Midstream LP (HESM) has an earnings quality ratio of 2.79x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Hess Midstream LP cover its interest payments?

Hess Midstream LP (HESM) has an interest coverage ratio of 4.47x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Hess Midstream LP?

Hess Midstream LP (HESM) scores 68 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is the average of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.