Hess Midstream P (HESM) Financials

HESM

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 $5.2B as of Sep 11, 2026

Price / Sales 3.2x on $1.6B revenue, trailing 12 months to June 30, 2026

Price / Earnings 13.8x on $375.0M net income, trailing 12 months to June 30, 2026

Price / Book 13.3x 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 Sep 11, 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 P (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 2026-09-05

Cash-generative infrastructure economics fund expansion, while heavy leverage magnifies equity returns and keeps short-term liquidity below one.

In FY2025, operating cash flow of $983.8M was nearly 3.0x net income of $352.9M, showing that accounting profit understates cash produced by operations. After $255.6M of capital spending, free cash flow remained $728.2M, so reinvestment consumes cash but does not absorb the operating cash stream.

Operating margin stayed near 62.0% across FY2024-FY2025, so the improved bottom line was not driven by a major operating-margin step-up. Net margin widened from 14.9% to 21.8% despite higher interest expense, indicating that operating gains more than offset financing and tax costs.

ROE of 80.6% versus ROA of 8.0% shows that leverage, not asset productivity alone, drives equity returns. Debt-to-equity was 8.5x and the current ratio was 0.8x, describing a balance sheet reliant on substantial borrowing with current assets below current liabilities.

Financial Health Signals

Financial Health Score 69/100

Scored as: Energy peer group

Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. 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 P'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 P 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 P's revenue grew 8.4% year-over-year to $1.6B, a solid pace of expansion. This earns a growth score of 69/100.

Leverage

Hess Midstream P 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 24/100, reflecting increased financial risk.

Liquidity

Hess Midstream P's current ratio of 0.85 is below the typical benchmark, resulting in a score of 25/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Hess Midstream P converts 44.9% of revenue into free cash flow ($728.2M). This strong cash generation earns a score of 98/100.

Returns

Hess Midstream P 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 98/100. This is up from 47.9% the prior year.

Piotroski F-Score Partial

6/8

Hess Midstream P 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, both operating efficiency signals pass.

Earnings Quality Cash-Backed

2.79x

For every $1 of reported earnings, Hess Midstream P 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 P 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 P 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 P'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 P 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 P 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 P 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 P 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 P'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 P'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 P's ROE was 24.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. 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 P 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 P 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%	$7.3M+7400.0%	-$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-Q	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	$0	$0	$0	$0	$0	$0	$0	$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	$0	$0	$0	$0	$0	$0	$0	$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-Q	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	$0	$0	$0	$0	$0	$0	$0	$0
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	$0	$0	$0	$0	$0	$0	$0	$0
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	-$255.6M+16.5%	-$306.1M-37.0%	-$223.5M+6.2%	-$238.2M-46.0%	-$163.2M+45.8%	-$301.0M+39.5%	-$497.5M-61.7%	-$307.6M-134.1%	-$131.4M
Financing Cash Flow	-$837.3M	-$730.6M-15.0%	-$635.3M+0.8%	-$640.6M-3.0%	-$622.0M+1.7%	-$632.7M-85.3%	-$341.4M-331.1%	-$79.2M+80.5%	-$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-Q	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	-$23.1M+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%
Financing Cash Flow	-$255.1M-18.6%	-$221.8M-43.0%	-$182.5M-7.7%	-$177.9M+19.8%	-$215.1M-91.5%	-$155.1M-17.8%	-$169.4M+6.9%	-$221.9M-36.6%
Share Buybacks	$0-100.0%	$60.0M-40.0%	$0	$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
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-Q	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
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 P HESM	FY2025	$1.6B	$352.9M	21.8%	$5.2B	69/100
Antero Midstream Corp AM	FY2025	$1.2B	$418.0M	35.2%	$10.6B	74/100
Golar LNG GLNG	FY2025	$393.5M	$65.7M	16.7%	$5.4B	41/100
Scorpio Tankers STNG	FY2025	$938.2M	$344.3M	36.7%	$4.2B	33/100
Kinetik Holdings Inc KNTK	FY2025	$1.8B	$525.9M	29.8%	$4.4B	47/100
Dt Midstream Inc DTM	FY2025	$1.2B	$441.0M	35.5%	$13.2B	64/100

Where Hess Midstream P Ranks

Frequently Asked Questions

What is Hess Midstream P's annual revenue?

Hess Midstream P (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 P's revenue growing?

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

Is Hess Midstream P profitable?

Yes, Hess Midstream P (HESM) reported a net income of $352.9M in fiscal year 2025, with a net profit margin of 21.8%.

What is Hess Midstream P's EBITDA?

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

How much debt does Hess Midstream P have?

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

What is Hess Midstream P's operating margin?

Hess Midstream P (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 P's net profit margin?

Hess Midstream P (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 P's return on equity (ROE)?

Hess Midstream P (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 P's free cash flow?

Hess Midstream P (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 P's operating cash flow?

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

What are Hess Midstream P's total assets?

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

What are Hess Midstream P's capital expenditures?

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

Does Hess Midstream P buy back shares?

Yes, Hess Midstream P (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 P have outstanding?

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

What is Hess Midstream P's current ratio?

Hess Midstream P (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 P's debt-to-equity ratio?

Hess Midstream P (HESM) had a debt-to-equity ratio of 8.54 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

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

Hess Midstream P (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 P's P/E ratio?

Hess Midstream P (HESM) trades at 13.8x earnings, its market capitalization divided by net income of $375.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $5.2B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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

Hess Midstream P (HESM) trades at 3.2x sales, its market capitalization divided by revenue of $1.6B revenue, trailing 12 months to June 30, 2026. The market capitalization is $5.2B as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

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

Hess Midstream P (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 P's earnings high quality?

Hess Midstream P (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 P cover its interest payments?

Hess Midstream P (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 P?

Hess Midstream P (HESM) scores 69 out of 100 on our Financial Health Score, indicating strong standing within its energy companies peer group. The score is a 0-100 composite 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.