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Hess Midstream LP (HESM) stock

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NYSE: HESM NYSE Oil & Gas Storage & Transportation Next results ~February 1, 2027

C+ Fundamentals grade

Hess Midstream LP is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$71

Cash-flow model

Base case. Range ~$46–$100 across our lower- and higher-growth cases (0.4%–10.4% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Hess Midstream LP valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds148 adding, 115 cuttingOf 35 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Hess Midstream files

Where Hess Midstream LP stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.61bn, up 2.8% on a year earlier, slower than the 7.1% growth a quarter earlier. That puts it 16 of 18 for growth among the oil & gas storage & transportation companies we cover. Free-cash-flow margin rose to 51.9% from 42.4% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 1 of our 4 financial-health checks. Our cash-flow model value is $91.41 a share, against a share price of $31.22.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 1, 2027 (estimated)

Hess Midstream LP's trailing-twelve-month revenue grew 2.8% year on year, with a free-cash-flow margin of 51.9%. Where it stands out: free-cash-flow margin of 51.9% ranks 2 of 28 oil & gas storage & transportation companies we cover. Where it lags: long-term debt as % of assets of 85.6% ranks 26 of 26 oil & gas storage & transportation companies we cover.

Our discounted-cash-flow model values the business at ~$71 per share in the base case (~$46–$100 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 2.8% (-4.3pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 62.1% of revenue is left as operating profit, against a median of 28.1% for oil & gas storage & transportation companies we cover.
  • Strong cash generation. 51.9% of revenue turned into free cash flow, against a median of 13.6% for oil & gas storage & transportation companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • High debt. Long-term debt exceeds cash by $3.6bn, more than 1.5 times annual revenue.
  • Growth easing. The growth rate is 4.3 points lower than a quarter earlier.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 85.6% ranks 26 of 26 oil & gas storage & transportation companies we cover (median 46.2%).
  • Below peers: revenue growth. Revenue growth of 2.8% ranks 22 of 29 oil & gas storage & transportation companies we cover (median 8.8%).
  • Heavily shorted. 13.1% of the shares available to trade are sold short (5.3 days of average volume to cover).
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 7.0% over 90 days.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.77 against an average estimate of $0.71: beat by 9.2%
Revenue
$399m, down 3.7% on a year earlier
Share reaction
+0.6% in the first session after the results on October 30, 2026, against -2.2% for the S&P 500
Guidance given
net income $650m to $675m (Year Ending December 31, 2026); adjusted EBITDA $1,225m to $1,250m (Year Ending December 31, 2026)
Next report
October 30, 2026; average EPS estimate $0.95

Hess Midstream's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.8%
  • 1 week+4.0%
  • 1 month-14.1%
  • This year0.0%
  • 1 year+4.0%
  • 5 years+87.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.6B
Operating margin
62.1%
Net margin
23.2%

Growth

Revenue growth
+2.8%
Change in growth rate
−4.3 pts

Cash

Free cash flow (TTM)
$838M
FCF margin
51.9%
Stock pay % of revenue
0.1%

Earnings

Last results
October 30, 2026
Next results (est.)
February 1, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Leadership
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Hess Midstream LP valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Our value per share comes from a discounted-cash-flow model of Hess Midstream LP's free cash flow after stock-based pay ( $762M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Hess Midstream LP as an oil and gas producer, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Proved-reserve net asset value The SEC standardised measure of the company's proved oil and gas reserves (future net cash flows after tax at SEC average prices, discounted at 10%) less debt and other claims, per share. — Does not apply: no standardised measure of proved reserves in the company's tagged filings
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$71 ~$46–$100 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$20 ~$16–$30 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: book value or earnings not available
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (proved-reserve net asset value) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$46 ~$20–$71 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Hess Midstream LP with oil and gas producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −34%
  • Revenue growth 5 points higher ▲ +44%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +32%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $57$88$128$182$252$342
8.5% $37$59$89$127$177$241
10% $25$42$65$94$132$180

Moat

68 /100

Moderate moat

How hard Hess Midstream's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.5% of total assets over 7 years.

  • Durability 20 / 20

    Operating margin has been a median 60.4%; its worst year was 46.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 7 of 7 years, at a median 47.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.12 +9% $1.6bn −1%
Next $2.70 −13% $1.4bn −15%

Next year's EPS estimate has moved −7.0% in 90 days, across 4 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +14.1% on 90 days ago. In the last 30 days, 1 analyst raised Hess Midstream LP's forecast and 0 cut it.

Consensus EPS forecast Hess Midstream LP, last 90 days
$2.60 $2.80 $3.00 $3.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.73 Current fiscal year, 60 days ago: $2.82 Current fiscal year, 30 days ago: $2.82 Current fiscal year, 7 days ago: $3.14 Current fiscal year, Now: $3.12 $3.12 Next fiscal year, 90 days ago: $2.91 Next fiscal year, 60 days ago: $2.94 Next fiscal year, 30 days ago: $2.94 Next fiscal year, 7 days ago: $2.80 Next fiscal year, Now: $2.70 $2.70

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.73$2.91
60 days ago $2.82$2.94
30 days ago $2.82$2.94
7 days ago $3.14$2.80
Now $3.12$2.70

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $0.71 $0.77 +9.2%
Jun 2026 $0.66 $0.75 +13.7%
Mar 2026 $0.65 $0.68 +4.9%
Dec 2025 $0.66 $0.72 +8.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 30, 2026
  • Net income Year Ending December 31, 2026 $650m to $675m GAAP Maintained
    “Net income $ 650 - 675” source
  • Adjusted EBITDA Year Ending December 31, 2026 $1,225m to $1,250m Non-GAAP Maintained
    “Adjusted EBITDA $ 1,225 - 1,250” source
  • Capital expenditures Year Ending December 31, 2026 about $105m Maintained
    “Capital expenditures $ 105” source
  • Adjusted free cash flow Year Ending December 31, 2026 $910m to $935m Non-GAAP Maintained
    “Adjusted free cash flow $ 910 - 935” source
  • Gas gathering throughput Year Ending December 31, 2026 435 to 445 Maintained
    “Gas gathering - MMcf of natural gas per day 435 - 445” source
  • Crude oil gathering throughput Year Ending December 31, 2026 110 to 120 Maintained
    “Crude oil gathering - MBbl of crude oil per day 110 - 120” source
Show 3 more items
  • Gas processing throughput · Processing and Storage Year Ending December 31, 2026 425 to 435 Maintained
    “Gas processing - MMcf of natural gas per day 425 - 435” source
  • Crude terminals throughput · Terminaling and Export Year Ending December 31, 2026 120 to 130 Maintained
    “Crude terminals - MBbl of crude oil per day 120 - 130” source
  • Water gathering throughput Year Ending December 31, 2026 120 to 130 Maintained
    “Water gathering - MBbl of water per day 120 - 130” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Hess Midstream LP's revenue by -3.0% next year and -0.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-8.7%, weight 60%) and the company's own record (+5.4%, weight 40%) . How the weights are set.

Analyst recommendations

7 analysts, Oct 2026
Buy114%
Hold343%
Sell343%

Monthly trend

  1. Oct 202613217
  2. Sep 2026527
  3. Aug 2026527

Counts of recommendations published by analysts covering Hess Midstream LP, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
13.1%
of tradable shares
Days to cover
5.29
at average volume
Short interest, 1 month
+73%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
0.9%
of shares

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
HESM+53%+17%+14%+26%+1%0%
Industry peers (median)+39%+22%+9%+28%+11%+23%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
HESM83%50%67%67%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
HESM−17%−29%−17%−9%−26%−27%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since April 5, 2017: 75% from January 16, 2020 to March 18, 2020. Getting back needed a 303% gain, reached on March 2, 2021, 349 days after the low.

Price behaviour

52-week range
$30.04 – $40.97
From 52-week high
−20.8%
vs 50-day average
−10.8%
vs 200-day average
−12.6%
Volatility (1 year)
26%
Beta vs S&P 500
-0.16

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±1.9%
After a week
7 up, 4 down
typical move ±2.9%
After a month
9 up, 2 down
typical move ±4.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 30, 2026 +0.6% −2.2% — —
August 3, 2026 −1.3% +3.3% +1.5% +0.5%
May 4, 2026 +2.8% +0.4% +4.9% +3.0%
February 2, 2026 −0.9% −0.4% +4.3% +12.6%
November 3, 2025 −0.1% −1.0% +1.3% +2.9%
July 30, 2025 +5.5% −0.5% +1.3% +2.6%
April 30, 2025 −4.7% +0.7% −2.6% −2.1%
January 29, 2025 +2.5% +0.1% +2.5% +3.8%
October 30, 2024 −0.5% −2.3% +3.0% +10.9%
July 31, 2024 −2.0% +0.2% −5.5% −1.2%
April 25, 2024 −2.0% +0.6% −2.9% +1.5%
January 31, 2024 +0.1% −0.3% −2.6% +3.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Hess Midstream LP in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Hess Midstream LP
$1.3B $1.4B $1.5B $1.6B $1.7B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.3B Revenue (TTM), FY23 Q4: $1.3B Revenue (TTM), FY24 Q1: $1.4B Revenue (TTM), FY24 Q2: $1.4B Revenue (TTM), FY24 Q3: $1.5B Revenue (TTM), FY24 Q4: $1.5B Revenue (TTM), FY25 Q1: $1.5B Revenue (TTM), FY25 Q2: $1.6B Revenue (TTM), FY25 Q3: $1.6B Revenue (TTM), FY25 Q4: $1.6B Revenue (TTM), FY26 Q1: $1.6B Revenue (TTM), FY26 Q2: $1.6B $1.6B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.3B
FY23 Q4 $1.3B
FY24 Q1 $1.4B
FY24 Q2 $1.4B
FY24 Q3 $1.5B
FY24 Q4 $1.5B
FY25 Q1 $1.5B
FY25 Q2 $1.6B
FY25 Q3 $1.6B
FY25 Q4 $1.6B
FY26 Q1 $1.6B
FY26 Q2 $1.6B
Revenue growth, TTM YoY Hess Midstream LP
0% 5% 10% 15% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 2.3% Revenue growth, TTM YoY, FY23 Q4: 5.8% Revenue growth, TTM YoY, FY24 Q1: 10.4% Revenue growth, TTM YoY, FY24 Q2: 12.7% Revenue growth, TTM YoY, FY24 Q3: 11.4% Revenue growth, TTM YoY, FY24 Q4: 10.9% Revenue growth, TTM YoY, FY25 Q1: 8.8% Revenue growth, TTM YoY, FY25 Q2: 9.0% Revenue growth, TTM YoY, FY25 Q3: 10.8% Revenue growth, TTM YoY, FY25 Q4: 8.4% Revenue growth, TTM YoY, FY26 Q1: 7.1% Revenue growth, TTM YoY, FY26 Q2: 2.8% 2.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 2.3%
FY23 Q4 5.8%
FY24 Q1 10.4%
FY24 Q2 12.7%
FY24 Q3 11.4%
FY24 Q4 10.9%
FY25 Q1 8.8%
FY25 Q2 9.0%
FY25 Q3 10.8%
FY25 Q4 8.4%
FY26 Q1 7.1%
FY26 Q2 2.8%
Operating margin (TTM) Hess Midstream LP
60.5% 61% 61.5% 62% 62.5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 61.5% Operating margin (TTM), FY23 Q4: 60.6% Operating margin (TTM), FY24 Q1: 60.8% Operating margin (TTM), FY24 Q2: 60.7% Operating margin (TTM), FY24 Q3: 60.9% Operating margin (TTM), FY24 Q4: 61.5% Operating margin (TTM), FY25 Q1: 61.4% Operating margin (TTM), FY25 Q2: 61.9% Operating margin (TTM), FY25 Q3: 62.0% Operating margin (TTM), FY25 Q4: 62.2% Operating margin (TTM), FY26 Q1: 61.9% Operating margin (TTM), FY26 Q2: 62.1% 62.1%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 61.5%
FY23 Q4 60.6%
FY24 Q1 60.8%
FY24 Q2 60.7%
FY24 Q3 60.9%
FY24 Q4 61.5%
FY25 Q1 61.4%
FY25 Q2 61.9%
FY25 Q3 62.0%
FY25 Q4 62.2%
FY26 Q1 61.9%
FY26 Q2 62.1%
FCF margin (TTM) Hess Midstream LP
40% 45% 50% 55% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 47.4% FCF margin (TTM), FY23 Q4: 47.7% FCF margin (TTM), FY24 Q1: 45.7% FCF margin (TTM), FY24 Q2: 47.6% FCF margin (TTM), FY24 Q3: 45.0% FCF margin (TTM), FY24 Q4: 42.4% FCF margin (TTM), FY25 Q1: 43.4% FCF margin (TTM), FY25 Q2: 42.4% FCF margin (TTM), FY25 Q3: 44.2% FCF margin (TTM), FY25 Q4: 44.9% FCF margin (TTM), FY26 Q1: 48.8% FCF margin (TTM), FY26 Q2: 51.9% 51.9%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 47.4%
FY23 Q4 47.7%
FY24 Q1 45.7%
FY24 Q2 47.6%
FY24 Q3 45.0%
FY24 Q4 42.4%
FY25 Q1 43.4%
FY25 Q2 42.4%
FY25 Q3 44.2%
FY25 Q4 44.9%
FY26 Q1 48.8%
FY26 Q2 51.9%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Hess Midstream took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.6B
  2. Selling, general and admin $28.5M · 1.8%
  3. Other operating costs $585M · 36.1%
  4. Operating income $1B · 62.2%
  5. Income tax $114M · 7.0%
  6. Interest and other $541M · 33.4%
  7. Net income $353M · 21.8%

Shares of revenue. Source: Hess Midstream's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 580 713 848 1,092 1,204 1,275 1,349 1,496 1,621 1,614
EBITDA 380 505 519 733 893 973 1,009 1,122 1,222 1,226
Operating income 263 378 377 577 727 791 817 919 1,008 1,002
Net income 41 71 70 24 46 84 119 223 353 375
Growth (year on year)
Revenue — +23.0% +19.0% +28.7% +10.2% +5.9% +5.8% +10.9% +8.4% +2.8%
EBITDA — +33.1% +2.8% +41.3% +21.7% +8.9% +3.8% +11.2% +8.9% +4.0%
Operating income — +43.7% −0.4% +53.1% +26.1% +8.8% +3.2% +12.5% +9.7% +3.0%
Net income — +71.8% −1.0% −65.8% +93.3% +80.8% +41.4% +88.1% +58.2% +28.9%
Margins
EBITDA margin 65.5% 70.9% 61.2% 67.2% 74.2% 76.3% 74.8% 75.0% 75.4% 75.9%
Operating margin 45.4% 53.1% 44.4% 52.8% 60.4% 62.0% 60.6% 61.5% 62.2% 62.1%
Net margin 7.1% 9.9% 8.3% 2.2% 3.9% 6.6% 8.8% 14.9% 21.8% 23.2%
Free-cash-flow margin 33.2% 31.6% 19.4% 31.2% 52.5% 48.8% 47.7% 42.4% 44.9% 51.9%
Cash flow
Cash from operations 337 467 471 642 796 861 866 940 984 1,036
Capital spending 144 242 306 301 163 238 224 306 256 199
Free cash flow 192 225 164 341 632 623 643 634 728 838
Stock-based pay 0 1 2 2 1 2 2 2 2 1
Free cash flow after stock pay 192 224 163 339 631 621 641 632 727 837
Balance sheet
Cash — 109 3 3 2 3 5 4 2 5
Total debt — 998 1,782 1,934 2,594 2,918 3,238 3,500 3,801 3,680
Net debt (negative = net cash) — 888 1,779 1,931 2,592 2,915 3,232 3,496 3,799 3,675
Returned to shareholders
Buybacks — — — — 750 400 400 300 400 160
Total returned — — — — 750 400 400 300 400 160

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 4 checks passed · June 30, 2026
What it owns · $4.3bn
Short-term assets $157mLonger-term assets $4.1bn
What it owes, and who funded it · $3.9bn
Short-term liabilities $204mLonger-term liabilities $3.7bn
  • Short-term assets cover short-term liabilities $157m of assets due within a year against $204m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $157m short-term assets against $3.7bn of longer-dated liabilities.
  • More cash than debt $5m of cash against $3.7bn of debt.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $1.0bn of operating cash flow against $3.7bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Hess Midstream LP's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$160M
Returned to shareholders
19%
of free cash flow
Buybacks, last 3 fiscal years
$1.1B
Total shareholder yield
3.8%
dividends 0.0% + buybacks 3.8% of market value
Days sales outstanding
32 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated HESM CMBT EE GEL TRMD DTM Median
Revenue, last 12 months $1.6bn $1.7bn $1.5bn $1.8bn $1.3bn $1.3bn $2.0bn
Revenue growth, last 12 months 2.8% 77.2% 49.0% 16.6% −14.1% 13.4% 8.8%
Revenue growth, 3-year average 8.1% — −8.2% −15.4% — 13.1% 4.0%
Revenue growth, latest quarter −3.7% — 61.0% 41.0% — 7.0% 10.7%
Operating margin 62.1% 33.4% 21.8% 19.1% 26.6% 49.4% 27.3%
Operating margin, 3-year average 61.6% −10.3% 22.5% 15.0% — 49.6% 20.8%
Net margin 23.2% 9.6% 3.2% 4.3% 21.3% 35.4% 13.1%
Cash from operations / revenue 64.2% 26.6% 26.7% 24.2% 37.2% 70.4% 29.5%
Free-cash-flow margin 51.9% 3.3% 1.6% 18.5% 14.2% 40.0% 11.8%
Free-cash-flow margin, 3-year average 47.3% — 17.9% −4.4% — 39.9% 8.8%
Stock pay / revenue 0.1% 0.0% 0.9% 0.7% 2.5% 1.9% 0.5%
Change in share count — 17.0% — −0.0% 3.9% 0.7% 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth 2.8% 8.8% 22 of 29
Change in growth rate Growth -4.3pp +0.5pp 21 of 29
Operating margin Profitability 62.1% 28.1% 2 of 27
Net margin Profitability 23.2% 13.1% 7 of 29
Free-cash-flow margin Cash generation 51.9% 13.6% 2 of 28
Stock pay as % of revenue Cash generation 0.1% 0.8% 4 of 20
Long-term debt as % of assets Balance sheet 85.6% 46.2% 26 of 26
Days sales outstanding Balance sheet 32 days 43 days 8 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Affiliate Services $1.6B 97.3% ▲ 7.2%
Third Party Services $43.6M 2.7% ▲ 80.9%

From Hess Midstream LP's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.3B
Institutions reporting
285
Shares held vs prior quarter
▼ 1.3%
Positions opened / closed
35 / 34

Top buyers and sellers, Q2 2026: 148 institutions bought and 115 sold ; the biggest buyer was Two Sigma Investments, LP (+1.5M shares) and the biggest seller Blackstone Inc (−2.0M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Alps Advisors Inc $1.1B 29.3M 25.5% ▼ 5.3%
Goldman Sachs Group Inc $315M 8.4M 7.3% ▲ 5.5%
Invesco Ltd. $283M 7.5M 6.6% ▲ 4.9%
Mirae Asset Global Etfs Holdings Ltd. $265M 7.1M 6.2% ▼ 0.2%
Blackstone Inc. $218M 5.8M 5.0% ▼ 25.5%
Bank Of New York Mellon Corp $178M 4.7M 4.1% ▲ 25.8%
Tortoise Capital Advisors, L.L.C. $159M 4.2M 3.7% ▼ 5.2%
Neuberger Berman Group LLC $100M 2.7M 2.3% ▲ 35.2%
TD Asset Management Inc $74.6M 2.0M 1.7% ▼ 9.9%
UBS Group AG $74.2M 2.0M 1.7% ▲ 0.5%
Epoch Investment Partners, Inc. $73.1M 1.9M 1.7% ▼ 6.6%
Jpmorgan Chase & Co $71.2M 1.9M 1.7% ▲ 3.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Hess Midstream LP's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Hess Midstream LP disclosed in the last 12 months; 2 earlier trades on record.

  • Virginia Foxx(R-NC 5):Sale (full), $50,001 - $100,000, traded February 20, 2019, filed March 7, 2019
  • Virginia Foxx(R-NC 5):Purchase, $50,001 - $100,000, traded January 28, 2019, filed February 5, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced

  • October 30, 2026
  • August 3, 2026
  • May 4, 2026
  • February 2, 2026
  • November 3, 2025
  • July 30, 2025

Recent SEC filings

Data status

When each part of this page on Hess Midstream LP was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Hess Midstream LP in brief

What does Hess Midstream LP do?
Hess Midstream LP is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is Hess Midstream LP's stock ticker?
Hess Midstream LP trades under the ticker HESM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Hess Midstream LP's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Hess Midstream LP reported revenue of $1.6B, 2.8% higher than a year earlier, according to its SEC filings.
What is Hess Midstream LP's free cash flow?
Hess Midstream LP's free-cash-flow margin is 51.9% of revenue over the trailing twelve months, ranking 2 of the 28 oil & gas storage & transportation companies we cover.
What is Hess Midstream LP's model value per share?
Our discounted-cash-flow model of Hess Midstream LP's free cash flow after stock-based pay gives ~$71 per share in the base case, and ~$46–$100 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation. No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
Who are Hess Midstream LP's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Alps Advisors Inc, Goldman Sachs Group Inc and Invesco Ltd. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Hess Midstream LP's competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to Hess Midstream LP are Cmb.tech NV, Excelerate Energy, Inc., Genesis Energy LP, Torm plc and DT Midstream, Inc. The side-by-side comparison below sets their revenue, margins and growth against Hess Midstream LP's.
When is Hess Midstream LP's next earnings date?
Around February 1, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Hess Midstream LP announces its own schedule.