Energy · Oil & Gas Midstream
Price
$37.84
Market Cap
$7.8B
Employees
176
Beta
0.51
Avg Volume
2,054,781
CEO
Jonathan C. Stein
Business Description
Hess Midstream LP specializes in the ownership, development, operation, and acquisition of energy infrastructure assets positioned midstream in the value chain. The company organizes its business activities into three distinct operational segments: Gathering, Processing and Storage, and Terminaling and Export. The Gathering segment manages systems for the collection and compression of natural gas, the transportation of crude oil, and the disposal of produced water. This extensive network comprises approximately 1,350 miles of pipelines designed for both high and low-pressure natural gas and natural gas liquids, with a daily capacity of about 450 million cubic feet. Additionally, it features around 550 miles of crude oil gathering pipelines. Within the Processing and Storage segment, key assets include the Tioga Gas Plant, located in Tioga, North Dakota, which performs natural gas processing and fractionation. The company also holds a 50% ownership interest in the Little Missouri 4 gas processing plant, situated in McKenzie County, North Dakota, south of the Missouri River. Furthermore, this segment oversees the Mentor Storage Terminal in Mentor, Minnesota, a facility encompassing a propane storage cavern and capabilities for rail and truck loading and unloading. The Terminaling and Export division encompasses the Ramberg terminal facility, the Tioga rail terminal, and a fleet of crude oil rail cars. It also operates the Johnson's Corner Header System, which is a network of crude oil pipelines. Hess Midstream LP was founded in 2014 and maintains its principal offices in Houston, Texas.
Business History
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
13.18
Stock Price: $37.84
EPS (Diluted): 2.87
EPS (Diluted): 2.87
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
7.47
Stock Price: $37.84
Total Equity: $568.30M
Shares: 123,100,000
Total Equity: $568.30M
Shares: 123,100,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
6.48
Market Cap: $7.82B
Total Debt: $3.77B
Cash: $1.90M
EBITDA: $1.24B
Total Debt: $3.77B
Cash: $1.90M
EBITDA: $1.24B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$8.0B
Market Cap: $7.82B
Total Debt: $3.77B
Cash: $1.90M
Total Debt: $3.77B
Cash: $1.90M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
63.9%
Gross Profit: $1.04B
Revenue: $1.62B
Revenue: $1.62B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
62.2%
Operating Income: $1.01B
Revenue: $1.62B
Revenue: $1.62B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
21.8%
Net Income: $352.90M
Revenue: $1.62B
Revenue: $1.62B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
62.1%
Net Income: $352.90M
Total Equity: $568.30M
Total Equity: $568.30M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
19.9%
Operating Income: $1.01B
Tax Rate: 14.3%
Equity: $568.30M
Total Debt: $3.77B
Cash: $1.90M
Tax Rate: 14.3%
Equity: $568.30M
Total Debt: $3.77B
Cash: $1.90M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.85
Current Assets: $159.00M
Current Liabilities: $187.80M
Current Liabilities: $187.80M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
6.64
Short-Term Debt: $32.50M
Long-Term Debt: $3.74B
Total Debt: $3.77B
Total Equity: $568.30M
Long-Term Debt: $3.74B
Total Debt: $3.77B
Total Equity: $568.30M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$13.17
Revenue: $1.62B
Shares: 123,100,000
Shares: 123,100,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$4.62
Total Equity: $568.30M
Shares: 123,100,000
Shares: 123,100,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$5.92
Operating CF: $983.80M
CapEx: -$255.60M
Shares: 123,100,000
CapEx: -$255.60M
Shares: 123,100,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
8.2%
Last Dividend: N/A
Stock Price: $37.84
Stock Price: $37.84
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $352.90M
Net Income: $352.90M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares HESM against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:14pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $1.2B | $1.3B | $1.3B | $1.5B | $1.6B |
| Cost of Revenue | $165.6M | $181.3M | $192.5M | $203.1M | $584.7M |
| Gross Profit | $1.0B | $1.1B | $1.2B | $1.3B | $1.0B |
| Operating Expenses | $311.0M | $300.7M | $336.7M | $369.8M | $28.5M |
| Operating Income | $727.2M | $791.2M | $816.9M | $919.0M | $1.0B |
| Net Income | $46.4M | $83.9M | $118.6M | $223.1M | $352.9M |
| EBITDA | $903.4M | $977.8M | $1.0B | $1.1B | $1.2B |
| EPS | $1.81 | $2.03 | $2.11 | $2.51 | $2.87 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:14pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.2M | $3.1M | $5.4M | $4.3M | $1.9M |
| Total Current Assets | $133.1M | $132.3M | $136.8M | $149.4M | $159.0M |
| Total Assets | $3.5B | $3.6B | $3.8B | $4.2B | $4.4B |
| Current Liabilities | $170.9M | $159.5M | $210.2M | $219.3M | $187.8M |
| Long-Term Debt | $2.5B | $2.9B | $3.2B | $3.4B | $3.7B |
| Total Liabilities | $2.7B | $3.1B | $3.4B | $3.7B | $4.0B |
| Total Equity | $204.1M | $245.1M | $340.2M | $530.7M | $568.3M |
| Retained Earnings | $0 | $0 | $0 | $0 | $0 |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:14pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $795.5M | $861.1M | $866.4M | $940.3M | $983.8M |
| Capital Expenditure | -$163.2M | -$238.2M | -$223.5M | -$306.1M | -$255.6M |
| Free Cash Flow | $632.3M | $622.9M | $642.9M | $634.2M | $728.2M |
| Acquisitions (net) | $0 | $0 | $0 | $0 | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$750.0M | -$400.0M | -$400.0M | -$300.0M | -$400.0M |
| Net Change in Cash | $-400,000 | $900,000 | $2.3M | -$1.1M | -$2.4M |
Analyst Estimates (Annual)
Last updated: Jun 26, 2026 11:11am (22h ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$1.7B $1.7B – $1.7B
|
$1.7B $1.7B – $1.8B
|
$2.2B $2.2B – $2.2B
|
$2.4B $2.4B – $2.4B
|
| EBITDA |
$1.3B $1.3B – $1.3B
|
$1.3B $1.3B – $1.3B
|
$1.7B $1.7B – $1.7B
|
$1.8B $1.8B – $1.8B
|
| Net Income |
$368.5M $345.3M – $391.7M
|
$387.0M $344.2M – $429.7M
|
$338.5M $334.7M – $343.8M
|
$344.7M $340.8M – $350.1M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:14pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +5.8% | +5.7% | +10.8% | +8.7% |
| Gross Profit Growth | +5.2% | +5.7% | +11.7% | -19.6% |
| Operating Income Growth | +8.8% | +3.2% | +12.5% | +9.7% |
| Net Income Growth | +80.8% | +41.4% | +88.1% | +58.2% |
| EBITDA Growth | +8.2% | +4.0% | +11.7% | +9.0% |
Dividend History (Last 20)
Last updated: Jun 21, 2026 7:14pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-07 | $0.78 | 2026-04-27 | 2026-05-07 | 2026-05-14 |
| 2026-02-05 | $0.76 | 2026-01-26 | 2026-02-05 | 2026-02-13 |
| 2025-11-06 | $0.75 | 2025-10-27 | 2025-11-06 | 2025-11-14 |
| 2025-08-07 | $0.74 | 2025-07-28 | 2025-08-07 | 2025-08-14 |
| 2025-05-08 | $0.71 | 2025-04-28 | 2025-05-08 | 2025-05-14 |
| 2025-02-06 | $0.70 | 2025-01-27 | 2025-02-06 | 2025-02-14 |
| 2024-11-07 | $0.68 | 2024-10-28 | 2024-11-07 | 2024-11-14 |
| 2024-08-08 | $0.67 | 2024-07-29 | 2024-08-08 | 2024-08-14 |
| 2024-05-01 | $0.65 | 2024-04-22 | 2024-05-02 | 2024-05-14 |
| 2024-02-07 | $0.63 | 2024-01-29 | 2024-02-08 | 2024-02-14 |
| 2023-11-01 | $0.62 | 2023-10-23 | 2023-11-02 | 2023-11-14 |
| 2023-08-02 | $0.60 | 2023-07-24 | 2023-08-03 | 2023-08-14 |
| 2023-05-03 | $0.59 | 2023-04-24 | 2023-05-04 | 2023-05-12 |
| 2023-02-01 | $0.57 | 2023-01-23 | 2023-02-02 | 2023-02-13 |
| 2022-11-02 | $0.56 | 2022-10-24 | 2022-11-03 | 2022-11-14 |
| 2022-08-03 | $0.56 | 2022-07-25 | 2022-08-04 | 2022-08-12 |
| 2022-05-04 | $0.55 | 2022-04-25 | 2022-05-05 | 2022-05-13 |
| 2022-02-02 | $0.52 | 2022-01-24 | 2022-02-03 | 2022-02-14 |
| 2021-11-03 | $0.51 | 2021-10-25 | 2021-11-04 | 2021-11-12 |
| 2021-08-06 | $0.50 | 2021-07-28 | 2021-08-09 | 2021-08-13 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for HESM — it's generated by the pipeline (
market-narrative step).
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30