NYSE : HESM
Hess Midstream LP — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 32.71 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 6.74B
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Financial statements
Hess Midstream LP (HESM) reported revenue of 1.61B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 1.61B | 1.62B | 1.49B | 1.35B | 1.27B | 1.20B |
| Other Revenue | 5.10M | 4.10M | 3.60M | 2.50M | 2.00M | |
| Revenue | 1.61B | 1.62B | 1.50B | 1.35B | 1.28B | 1.20B |
| Cost of Revenue | 362.40M | 370.60M | 347.30M | 313.00M | 279.60M | 288.30M |
| Gross Profit | 1.25B | 1.25B | 1.15B | 1.04B | 995.60M | 915.50M |
| Selling, General & Admin | 26.30M | 28.50M | 26.10M | 26.20M | 23.10M | 22.70M |
| Operating Expenses | 250.00M | 242.60M | 229.20M | 218.70M | 204.40M | 188.30M |
| Operating Income | 1.00B | 1.01B | 919.00M | 816.90M | 791.20M | 727.20M |
| Interest Expense | -223.70M | -225.60M | -202.20M | -179.00M | -149.30M | -105.40M |
| Earnings From Equity Investments | 17.80M | 15.90M | 14.00M | 7.70M | 5.30M | 10.60M |
| EBT Excluding Unusual Items | 795.90M | 798.40M | 730.80M | 645.60M | 647.20M | 632.40M |
| Pretax Income | 795.90M | 798.40M | 730.80M | 645.60M | 647.20M | 632.40M |
| Income Tax Expense | 121.00M | 113.80M | 71.80M | 37.90M | 26.60M | 14.60M |
| Earnings From Continuing Operations | 674.90M | 684.60M | 659.00M | 607.70M | 620.60M | 617.80M |
| Minority Interest in Earnings | -299.90M | -331.70M | -435.90M | -489.10M | -536.70M | -571.40M |
| Net Income | 375.00M | 352.90M | 223.10M | 118.60M | 83.90M | 46.40M |
| Net Income to Common | 375.00M | 352.90M | 223.10M | 118.60M | 83.90M | 46.40M |
| Shares Outstanding (Basic) | 129.35M | 123.10M | 89.00M | 56.20M | 41.30M | 25.60M |
| Shares Outstanding (Diluted) | 129.35M | 123.10M | 89.00M | 56.30M | 41.40M | 25.70M |
| EPS (Basic) | 2.90 | 2.87 | 2.51 | 2.11 | 2.03 | 1.81 |
| EPS (Diluted) | 2.90 | 2.86 | 2.49 | 2.08 | 2.01 | 1.76 |
| Free Cash Flow | 837.80M | 728.20M | 634.20M | 642.90M | 622.90M | 632.30M |
| Free Cash Flow Per Share | 6.48 | 5.92 | 7.13 | 11.42 | 15.05 | 24.60 |
| Dividend Per Share | 3.09 | 2.97 | 2.71 | 2.44 | 2.24 | 1.98 |
| Gross Margin | 77.55% | 77.14% | 76.78% | 76.79% | 78.07% | 76.05% |
| Operating Margin | 62.06% | 62.18% | 61.45% | 60.57% | 62.04% | 60.41% |
| Profit Margin | 23.23% | 21.77% | 14.92% | 8.79% | 6.58% | 3.85% |
| Free Cash Flow Margin | 51.90% | 44.91% | 42.41% | 47.67% | 48.85% | 52.52% |
| EBITDA | 1.23B | 1.22B | 1.12B | 1.01B | 972.50M | 892.80M |
| EBITDA Margin | 75.92% | 75.38% | 75.03% | 74.85% | 76.26% | 74.17% |
| D&A For EBITDA | 223.70M | 214.10M | 203.10M | 192.50M | 181.30M | 165.60M |
| EBIT | 1.00B | 1.01B | 919.00M | 816.90M | 791.20M | 727.20M |
| EBIT Margin | 62.06% | 62.18% | 61.45% | 60.57% | 62.04% | 60.41% |
| Effective Tax Rate | 15.20% | 14.25% | 9.83% | 5.87% | 4.11% | 2.31% |
| Revenue as Reported | 1.61B | 1.62B | 1.50B | 1.35B | 1.28B | 1.20B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 5.00M | 1.90M | 4.30M | 5.40M | 3.10M | 2.20M |
| Cash & Short-Term Investments | 5.00M | 1.90M | 4.30M | 5.40M | 3.10M | 2.20M |
| Accounts Receivable | 151.30M | 150.20M | 138.90M | 124.40M | 123.00M | 120.30M |
| Receivables | 151.30M | 150.20M | 138.90M | 124.40M | 123.00M | 120.30M |
| Other Current Assets | 900.00K | 6.90M | 6.20M | 7.00M | 6.20M | 10.60M |
| Total Current Assets | 157.20M | 159.00M | 149.40M | 136.80M | 132.30M | 133.10M |
| Property, Plant & Equipment | 3.30B | 3.37B | 3.33B | 3.23B | 3.17B | 3.12B |
| Long-Term Investments | 83.20M | 81.50M | 87.00M | 90.20M | 93.90M | 101.60M |
| Long-Term Deferred Tax Assets | 713.50M | 773.90M | 582.60M | 324.40M | 177.20M | 117.30M |
| Long-Term Deferred Charges | 3.30M | 5.30M | 7.40M | 9.50M | 6.90M | |
| Other Long-Term Assets | 4.00M | 800.00K | 1.30M | 1.50M | 2.50M | 1.70M |
| Total Assets | 4.26B | 4.39B | 4.15B | 3.79B | 3.59B | 3.49B |
| Accounts Payable | 60.90M | 51.80M | 89.40M | 79.70M | 62.70M | 26.90M |
| Accrued Expenses | 65.70M | 87.00M | 80.10M | 74.50M | 69.50M | 59.80M |
| Current Portion of Long-Term Debt | 37.50M | 32.50M | 22.50M | 12.50M | 2.50M | 20.00M |
| Current Unearned Revenue | 25.90M | |||||
| Other Current Liabilities | 14.00M | 16.50M | 27.30M | 43.50M | 24.80M | 64.20M |
| Total Current Liabilities | 204.00M | 187.80M | 219.30M | 210.20M | 159.50M | 170.90M |
| Long-Term Debt | 3.64B | 3.74B | 3.45B | 3.20B | 2.88B | 2.54B |
| Long-Term Deferred Tax Liabilities | 500.00K | 500.00K | 500.00K | 500.00K | 500.00K | 400.00K |
| Other Long-Term Liabilities | 21.60M | 22.60M | 16.50M | 16.70M | 16.10M | 17.70M |
| Total Liabilities | 3.87B | 3.95B | 3.69B | 3.43B | 3.06B | 2.73B |
| Common Stock | 514.60M | 568.30M | 530.70M | 340.20M | 245.10M | 204.10M |
| Total Common Equity | 514.60M | 568.30M | 530.70M | 340.20M | 245.10M | 204.10M |
| Minority Interest | -126.60M | -130.40M | -65.40M | 23.00M | 283.90M | 549.00M |
| Shareholders' Equity | 388.00M | 437.90M | 465.30M | 363.20M | 529.00M | 753.10M |
| Total Liabilities & Equity | 4.26B | 4.39B | 4.15B | 3.79B | 3.59B | 3.49B |
| Total Debt | 3.68B | 3.77B | 3.47B | 3.21B | 2.89B | 2.56B |
| Net Cash (Debt) | -3.67B | -3.77B | -3.47B | -3.21B | -2.88B | -2.56B |
| Net Cash Per Share | -28.41 | -30.63 | -38.96 | -56.94 | -69.63 | -99.66 |
| Filing Date Shares Outstanding | 128.35M | 129.40M | 116.74M | 79.87M | 44.00M | 33.67M |
| Total Common Shares Outstanding | 128.35M | 129.40M | 104.09M | 68.37M | 44.00M | 33.67M |
| Working Capital | -46.80M | -28.80M | -69.90M | -73.40M | -27.20M | -37.80M |
| Book Value Per Share | 4.01 | 4.39 | 5.10 | 4.98 | 5.57 | 6.06 |
| Tangible Book Value | 514.60M | 568.30M | 530.70M | 340.20M | 245.10M | 204.10M |
| Tangible Book Value Per Share | 4.01 | 4.39 | 5.10 | 4.98 | 5.57 | 6.06 |
| Buildings | 182.30M | 182.30M | 182.30M | 182.30M | 182.30M | |
| Machinery | 1.64B | 1.54B | 1.45B | 1.35B | 1.24B | |
| Construction In Progress | 233.60M | 250.10M | 136.30M | 136.30M | 131.60M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 375.00M | 352.90M | 223.10M | 118.60M | 83.90M | 46.40M |
| Depreciation & Amortization | 223.70M | 214.10M | 203.10M | 192.50M | 181.30M | 165.60M |
| Other Amortization | 12.00M | 14.10M | 9.60M | 8.40M | 8.80M | 7.30M |
| Loss (Gain) on Equity Investments | 1.60M | 5.50M | 3.20M | 3.70M | 7.70M | 6.80M |
| Stock-Based Compensation | 1.30M | 1.60M | 1.80M | 1.70M | 1.60M | 1.40M |
| Other Operating Activities | 420.90M | 445.40M | 507.50M | 527.00M | 563.30M | 586.00M |
| Change in Accounts Receivable | -7.30M | -11.10M | -14.40M | -1.00M | -2.60M | -27.00M |
| Change in Accounts Payable | -6.10M | -40.40M | 11.50M | 13.60M | 2.30M | 6.60M |
| Change in Other Net Operating Assets | 15.30M | 1.70M | -5.10M | 1.90M | 14.80M | 2.40M |
| Operating Cash Flow | 1.04B | 983.80M | 940.30M | 866.40M | 861.10M | 795.50M |
| Capital Expenditures | -198.60M | -255.60M | -306.10M | -223.50M | -238.20M | -163.20M |
| Investing Cash Flow | -198.60M | -255.60M | -306.10M | -223.50M | -238.20M | -163.20M |
| Short-Term Debt Issued | 323.00M | 322.00M | ||||
| Long-Term Debt Issued | 800.00M | 600.00M | 420.00M | 750.00M | ||
| Total Debt Issued | 65.00M | 1.12B | 600.00M | 322.00M | 420.00M | 750.00M |
| Short-Term Debt Repaid | -325.00M | -86.00M | -80.00M | |||
| Long-Term Debt Repaid | -822.50M | -12.50M | -2.50M | -10.00M | -10.00M | |
| Total Debt Repaid | -109.50M | -822.50M | -337.50M | -2.50M | -96.00M | -90.00M |
| Net Debt Issued (Repaid) | -44.50M | 300.50M | 262.50M | 319.50M | 324.00M | 660.00M |
| Repurchase of Common Stock | -160.00M | -400.00M | -300.00M | -400.00M | -400.00M | -750.00M |
| Common Dividends Paid | -393.10M | -350.20M | -235.30M | -127.50M | -91.00M | -49.40M |
| Other Financing Activities | -239.70M | -280.90M | -362.50M | -432.60M | -455.00M | -493.30M |
| Financing Cash Flow | -837.30M | -730.60M | -635.30M | -640.60M | -622.00M | -632.70M |
| Net Cash Flow | 500.00K | -2.40M | -1.10M | 2.30M | 900.00K | -400.00K |
| Free Cash Flow | 837.80M | 728.20M | 634.20M | 642.90M | 622.90M | 632.30M |
| Free Cash Flow Margin | 51.90% | 44.91% | 42.41% | 47.67% | 48.85% | 52.52% |
| Free Cash Flow Per Share | 6.48 | 5.92 | 7.13 | 11.42 | 15.05 | 24.60 |
| Levered Free Cash Flow | 499.41M | 409.76M | 341.80M | 416.29M | 362.49M | 403.52M |
| Unlevered Free Cash Flow | 627.23M | 536.66M | 458.57M | 519.76M | 447.00M | 462.10M |
| Cash Interest Paid | 214.20M | 214.20M | 191.60M | 170.60M | 136.80M | 84.50M |
| Change in Working Capital | 1.90M | -49.80M | -8.00M | 14.50M | 14.50M | -18.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.74B | 4.46B | 3.85B | 2.16B | 1.32B | 930.12M |
| Enterprise Value | 10.42B | 8.11B | 7.24B | 5.39B | 4.49B | 4.07B |
| Last Close Price | 32.71 | 32.43 | 32.25 | 25.51 | 22.31 | 19.13 |
| PE Ratio | 11.30 | 12.65 | 17.27 | 18.23 | 15.69 | 20.05 |
| Forward PE | 11.05 | 12.21 | 12.35 | 11.65 | 12.63 | 8.85 |
| PS Ratio | 4.18 | 2.75 | 2.58 | 1.60 | 1.03 | 0.77 |
| PB Ratio | 8.16 | 10.19 | 8.28 | 5.95 | 2.49 | 1.24 |
| P/TBV Ratio | 13.11 | 7.86 | 7.26 | 6.36 | 5.37 | 4.56 |
| P/FCF Ratio | 8.05 | 6.13 | 6.08 | 3.36 | 2.11 | 1.47 |
| P/OCF Ratio | 6.51 | 4.54 | 4.10 | 2.50 | 1.53 | 1.17 |
| PEG Ratio | 1.30 | 1.24 | 1.64 | 1.47 | 0.39 | |
| EV/Sales Ratio | 6.45 | 5.00 | 4.84 | 3.99 | 3.52 | 3.38 |
| EV/EBITDA Ratio | 8.50 | 6.63 | 6.46 | 5.33 | 4.62 | 4.56 |
| EV/EBIT Ratio | 10.40 | 8.04 | 7.88 | 6.59 | 5.67 | 5.60 |
| EV/FCF Ratio | 12.44 | 11.13 | 11.42 | 8.38 | 7.21 | 6.44 |
| Debt / Equity Ratio | 9.48 | 8.61 | 7.46 | 8.84 | 5.46 | 3.40 |
| Debt / EBITDA Ratio | 3.00 | 3.09 | 3.09 | 3.18 | 2.97 | 2.87 |
| Debt / FCF Ratio | 4.39 | 5.18 | 5.47 | 5.00 | 4.63 | 4.05 |
| Net Debt / Equity Ratio | 9.47 | 8.61 | 7.45 | 8.83 | 5.45 | 3.40 |
| Net Debt / EBITDA Ratio | 3.00 | 3.08 | 3.09 | 3.18 | 2.96 | 2.87 |
| Net Debt / FCF Ratio | 4.39 | 5.18 | 5.47 | 4.99 | 4.63 | 4.05 |
| Asset Turnover | 0.37 | 0.38 | 0.38 | 0.37 | 0.36 | 0.35 |
| Quick Ratio | 0.77 | 0.81 | 0.65 | 0.62 | 0.79 | 0.72 |
| Current Ratio | 0.77 | 0.85 | 0.68 | 0.65 | 0.83 | 0.78 |
| Return on Equity (ROE) | 150.72% | 151.59% | 159.08% | 136.22% | 96.81% | 59.43% |
| Return on Assets (ROA) | 14.43% | 14.76% | 14.47% | 13.84% | 13.98% | 13.25% |
| Return on Invested Capital (ROIC) | 20.71% | 21.24% | 22.09% | 22.03% | 22.56% | 21.70% |
| Return on Capital Employed (ROCE) | 24.70% | 24.00% | 23.40% | 22.80% | 23.10% | 21.90% |
| Earnings Yield | 8.85% | 7.90% | 5.79% | 5.49% | 6.37% | 4.99% |
| FCF Yield | 12.42% | 16.31% | 16.46% | 29.73% | 47.31% | 67.98% |
| Dividend Yield | 9.65% | 8.60% | 7.31% | 7.71% | 7.48% | 7.18% |
| Payout Ratio | 108.10% | 99.23% | 105.47% | 107.50% | 108.46% | 106.47% |
| Buyback Yield / Dilution | -20.44% | -38.31% | -58.08% | -35.99% | -61.09% | -41.99% |
| Total Shareholder Return | -10.79% | -29.72% | -50.78% | -28.28% | -53.61% | -34.81% |