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Hess Midstream LP key statistics and ratios

In fiscal 2025, Hess Midstream LP had an operating margin of 62.2% and a current ratio of 0.85. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Operating margin45.4%53.1%44.4%52.8%60.4%62.0%60.6%61.5%62.2%62.1%
Net margin7.1%9.9%8.3%2.2%3.9%6.6%8.8%14.9%21.8%23.2%
Free-cash-flow margin33.2%31.6%19.4%31.2%52.5%48.8%47.7%42.4%44.9%51.9%
Return on assets—2.4%2.2%0.7%1.4%2.4%3.2%5.6%8.3%8.7%
Asset turnover—0.240.270.330.350.360.370.380.380.37
Current ratio—1.310.540.810.780.830.650.680.850.77
Effective tax rate——−0.0%1.5%2.3%4.1%5.9%9.8%14.3%15.2%
Capital spending as % of revenue24.9%33.9%36.1%27.6%13.6%18.7%16.6%20.5%15.8%12.3%
Free cash flow ÷ net income466.7%317.8%234.4%>999%>999%742.4%542.1%284.3%206.3%223.4%
Dividends and buybacks ÷ free cash flow————118.6%64.2%62.2%47.3%54.9%19.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: CMBT vs HESMEE vs HESMGEL vs HESM

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Figures from Hess Midstream LP's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Hess Midstream LP.