HESM Hess Midstream LP Class A Representing Limited Partner Interests
$38.89
Price · Aug 25, 2026
Fundamentals as of Aug 6, 2026
52W Range
$32–$42
72% of range
Analyst Rating
HOLD
12 analysts
Price Target
$38
P/E (TTM)
—
ROE
—
Net Profit Margin
21.8%
HESM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$38.89
Market Cap
—
P/E (TTM)
—
EPS (TTM)
—
Revenue (TTM)
$1.62B
Div Yield
—
ROE
—
Debt/Equity
—
52W Range
$32 – $42
HESM Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$1.62B
2017-12-31
→
2025-12-31
EPS
—
Free Cash Flow
$728M
2019-12-31
→
2025-12-31
Margins
21.8%
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
HESM
Peer Median
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
HESM
Peer Median
Operating Margin
62.2%
—
Net Profit Margin
21.8%
11.6%
ROA
8.3%
4.1%
ROIC
22.9%
—
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
HESM
Peer Median
Current Ratio
0.8
1.0
Quick Ratio
0.8
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
HESM
Peer Median
Revenue YoY
8.4%
—
Revenue CAGR 3Y
8.3%
—
Revenue CAGR 5Y
8.2%
—
Net Income YoY
58.2%
—
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
HESM
Peer Median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Dividend Yield
—
Payout Ratio
—
5Y Div CAGR
—
| Ex-date | Amount |
|---|---|
| Aug. 6, 2026 | $0.7890 |
| May 7, 2026 | $0.7790 |
| Feb. 5, 2026 | $0.7640 |
| Nov. 6, 2025 | $0.7550 |
| Aug. 7, 2025 | $0.7370 |
| May 8, 2025 | $0.7100 |
| Feb. 6, 2025 | $0.7010 |
| Nov. 7, 2024 | $0.6850 |
| Aug. 8, 2024 | $0.6680 |
| May 1, 2024 | $0.6520 |
| Feb. 7, 2024 | $0.6340 |
| Nov. 1, 2023 | $0.6180 |
| Aug. 2, 2023 | $0.6010 |
| May 3, 2023 | $0.5850 |
| Feb. 1, 2023 | $0.5700 |
| Nov. 2, 2022 | $0.5630 |
| Aug. 3, 2022 | $0.5560 |
| May 4, 2022 | $0.5490 |
| Feb. 2, 2022 | $0.5170 |
| Nov. 3, 2021 | $0.5100 |
HESM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
SELL
12 analysts
- Strong Buy 0 0.0%
- Buy 0 0.0%
- Hold 7 58.3%
- Sell 3 25.0%
- Strong Sell 2 16.7%
12-Month Price Target
6 analysts · 2026-08-24
Median
$38.00
Now
$38.89
Low
$33.00
High
$40.00
Median target
$38.00
-2.3%
Mean target
$37.50
-3.6%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
0.04%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| June 30, 2026 | $0.75 | $0.69 | 0.06% |
| March 31, 2026 | $0.68 | $0.66 | 0.02% |
| Dec. 31, 2025 | $0.72 | $0.73 | -0.01% |
| Sept. 30, 2025 | $0.75 | $0.68 | 0.07% |
| June 30, 2025 | $0.74 | $0.68 | 0.06% |
| March 31, 2025 | $0.65 | $0.63 | 0.02% |
Peer comparison (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HESM | — | — | 8.4% | 21.8% | — | — |
| WES | — | — | 6.6% | 30.7% | — | — |
| PAA | — | — | -9.5% | 3.2% | — | — |
| DTM | $12.17B | 27.8 | 26.7% | 35.5% | 9.4% | — |
| AM | $8.43B | 20.7 | 7.4% | 34.8% | 20.4% | — |
| KNTK | — | 13.7 | 19.0% | 10.1% | -16.7% | — |
| PAGP | — | 38.3 | -9.5% | 0.59% | — | — |
| INSW | $2.40B | 7.8 | -11.4% | 36.7% | 15.8% | — |
| EE | — | 21.9 | 44.3% | — | — | — |
| DKL | — | — | 7.7% | 17.4% | — | — |
| WMB | — | 28.1 | 13.8% | 21.9% | 20.7% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 8
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.62B | $1.50B | $1.35B | $1.28B | $1.20B | $1.09B | $848M | $713M | |
| SG&A Expense | $28M | $26M | $26M | $23M | $23M | $21M | $52M | $14M | |
| Operating Expenses | $613M | $576M | $532M | $484M | $477M | $515M | $472M | $334M | |
| Operating Income | $1.01B | $919M | $817M | $791M | $727M | $576M | $377M | $378M | |
| Pretax Income | $798M | $731M | $646M | $647M | $632M | $492M | $318M | $326M | |
| Income Tax | $114M | $72M | $38M | $27M | $15M | $7M | $-100.0K | · | |
| Net Income | $353M | $223M | $119M | $84M | $46M | $24M | $70M | $71M | |
| EBITDA | $1.01B | $919M | $817M | $791M | $727M | $576M | $377M | · |
Balance Sheet 20
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2M | $4M | $5M | $3M | $2M | $3M | $3M | $109M | |
| Receivables | $144M | $135M | $122M | $123M | · | · | · | · | |
| Other Current Assets | $7M | $6M | $7M | $6M | $11M | $6M | $5M | $3M | |
| Current Assets | $159M | $149M | $137M | $132M | $133M | $101M | $96M | $180M | |
| PP&E (Net) | $3.37B | $3.33B | $3.23B | $3.17B | $3.12B | $3.11B | $3.01B | $2.74B | |
| PP&E (Gross) | $5.37B | $5.12B | $4.82B | $4.57B | $4.34B | $4.16B | $3.90B | $3.49B | |
| Accum. Depreciation | $2.00B | $1.79B | $1.59B | $1.40B | $1.22B | $1.05B | $895M | $753M | |
| Other Non-current Assets | $4M | $6M | $9M | $11M | $8M | $10M | $13M | $7M | |
| Total Assets | $4.39B | $4.15B | $3.79B | $3.59B | $3.49B | $3.37B | $3.28B | $2.99B | |
| Accounts Payable | $27M | $34M | $41M | $28M | · | · | · | · | |
| Accrued Liabilities | $89M | $94M | $106M | $83M | $76M | $54M | $89M | $86M | |
| Current Liabilities | $188M | $219M | $210M | $160M | $171M | $125M | $176M | $138M | |
| Capital Leases | · | · | · | · | · | · | $600.0K | · | |
| Deferred Tax | $500.0K | $500.0K | $500.0K | $500.0K | $400.0K | · | · | · | |
| Other Non-current Liabilities | $23M | $16M | $17M | $16M | $18M | $23M | $16M | $7M | |
| Total Liabilities | $3.95B | $3.69B | $3.43B | $3.06B | $2.73B | $2.05B | $1.95B | $1.12B | |
| Long-term Debt | $3.77B | $3.47B | $3.21B | $2.89B | $2.56B | $1.91B | $1.75B | $981M | |
| Total Debt | $3.77B | $3.47B | $3.21B | $2.89B | $2.56B | $1.91B | $1.75B | · | |
| AOCI | · | · | · | · | · | · | $400.0K | $1M | |
| Liabilities + Equity | $4.39B | $4.15B | $3.79B | $3.59B | $3.49B | $3.37B | $3.28B | $2.99B |
Cash Flow 10
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $2M | $2M | $2M | $2M | $1M | $2M | $2M | $900.0K | |
| Deferred Tax | $114M | $72M | $38M | $27M | $15M | $7M | $-100.0K | · | |
| Operating Cash Flow | $984M | $940M | $866M | $861M | $796M | $642M | $471M | $467M | |
| CapEx | $256M | $306M | $224M | $238M | $163M | $301M | $306M | $242M | |
| Investing Cash Flow | $-256M | $-306M | $-224M | $-238M | $-163M | $-301M | $-498M | $-308M | |
| Stock Repurchased | $400M | $300M | $400M | $400M | $750M | · | · | · | |
| Net Stock Activity | $-400M | $-300M | $-400M | $-400M | $-750M | · | · | · | |
| Financing Cash Flow | $-731M | $-635M | $-641M | $-622M | $-633M | $-341M | $-79M | $-406M | |
| Net Change in Cash | $-2M | $-1M | $2M | $900.0K | $-400.0K | $-700.0K | $-106M | $-246M | |
| Free Cash Flow | $728M | $634M | $643M | $623M | $632M | $341M | $164M | · |
Profitability 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 62.2% | 61.5% | 60.6% | 62.1% | 60.4% | 52.8% | 44.4% | · | |
| Net Margin | 21.8% | 14.9% | 8.8% | 6.6% | 3.9% | 2.2% | 8.3% | · | |
| Pretax Margin | 49.2% | 48.9% | 47.9% | 50.7% | 52.5% | 45.1% | 37.4% | · | |
| EBITDA Margin | 62.2% | 61.5% | 60.6% | 62.1% | 60.4% | 52.8% | 44.4% | · | |
| ROA | 8.3% | 5.6% | 3.2% | 2.4% | 1.4% | 0.72% | 2.2% | · | |
| ROIC | 22.9% | 23.9% | 23.9% | 26.3% | 27.7% | 29.7% | 21.5% | · |
Liquidity & Solvency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.7 | 0.7 | 0.8 | 0.8 | 0.8 | 0.5 | · | |
| Quick Ratio | 0.8 | 0.6 | 0.6 | 0.0 | 0.0 | 0.0 | 0.0 | · |
Efficiency 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | · | |
| Receivables Turnover | 11.6 | 11.6 | 11.0 | · | · | · | · | · |
Growth Rates 6
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 8.4% | 10.9% | 5.8% | 5.9% | 10.2% | · | · | · | |
| Revenue CAGR 3Y | 8.3% | 7.5% | 7.3% | · | · | · | · | · | |
| Revenue CAGR 5Y | 8.2% | · | · | · | · | · | · | · | |
| Net Income YoY | 58.2% | 88.1% | 41.4% | 80.8% | 93.3% | · | · | · | |
| Net Income CAGR 3Y | 61.4% | 68.8% | 70.3% | · | · | · | · | · | |
| Net Income CAGR 5Y | 71.2% | · | · | · | · | · | · | · |
Valuation (TTM) 2
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.62B | $1.50B | $1.35B | $1.28B | $1.20B | $1.09B | $848M | · | |
| Net Income TTM | $353M | $223M | $119M | $84M | $46M | $24M | $70M | · |
Income Statement 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $399M | $390M | $404M | $421M | $414M | $382M | $396M | $378M | $366M | $356M | $363M | $324M | $305M | $335M | $313M | $312M | |
| SG&A Expense | $6M | $8M | $6M | $7M | $8M | $8M | $9M | $6M | $5M | $6M | $6M | $6M | $6M | $6M | $5M | $6M | |
| Operating Expenses | $146M | $152M | $153M | $162M | $154M | $145M | $153M | $147M | $143M | $134M | $143M | $126M | $116M | $131M | $118M | $117M | |
| Operating Income | $253M | $238M | $252M | $259M | $260M | $237M | $243M | $232M | $222M | $222M | $220M | $198M | $189M | $204M | $195M | $196M | |
| Pretax Income | $205M | $186M | $198M | $207M | $209M | $184M | $195M | $184M | $176M | $176M | $176M | $156M | $149M | $167M | $159M | $165M | |
| Income Tax | $31M | $28M | $30M | $32M | $29M | $23M | $23M | $19M | $16M | $14M | $11M | $8M | $6M | $8M | $7M | $5M | |
| Net Income | $96M | $88M | $93M | $98M | $90M | $72M | $70M | $59M | $50M | $45M | $35M | $25M | $21M | $23M | $22M | $17M | |
| EBITDA | $253M | $238M | · | $259M | $260M | $237M | · | $232M | $222M | $222M | $220M | $198M | $189M | $204M | $195M | $196M |
Balance Sheet 18
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5M | $5M | $2M | $6M | $4M | $6M | $4M | $10M | $100M | $4M | $3M | $3M | $4M | $3M | $2M | $3M | |
| Receivables | $143M | $149M | $144M | $145M | $138M | $137M | $135M | $128M | $110M | $128M | $122M | $110M | · | · | · | · | |
| Other Current Assets | $900.0K | $5M | $7M | $4M | $2M | $3M | $6M | $13M | $2M | $4M | $12M | $800.0K | $4M | $14M | $2M | $7M | |
| Current Assets | $157M | $166M | $159M | $168M | $151M | $150M | $149M | $154M | $214M | $139M | $138M | $114M | $117M | $147M | $158M | $147M | |
| PP&E (Net) | $3.30B | $3.32B | $3.37B | $3.38B | $3.34B | $3.32B | $3.33B | $3.29B | $3.24B | $3.21B | $3.21B | $3.19B | $3.18B | $3.16B | $3.14B | $3.12B | |
| PP&E (Gross) | $5.42B | $5.39B | $5.37B | $5.33B | $5.24B | $5.17B | $5.12B | $5.03B | $4.93B | $4.85B | $4.75B | $4.68B | $4.63B | $4.51B | $4.45B | $4.38B | |
| Accum. Depreciation | $2.12B | $2.06B | $2.00B | $1.95B | $1.89B | $1.84B | $1.79B | $1.74B | $1.69B | $1.64B | $1.54B | $1.49B | $1.44B | $1.35B | $1.31B | $1.26B | |
| Other Non-current Assets | $4M | $5M | $4M | $5M | $5M | $6M | $6M | $7M | $8M | $8M | $9M | $10M | $11M | $12M | $6M | $7M | |
| Total Assets | $4.26B | $4.32B | $4.39B | $4.44B | $4.42B | $4.26B | $4.15B | $4.15B | $4.05B | $3.86B | $3.78B | $3.66B | $3.58B | $3.60B | $3.60B | $3.48B | |
| Accounts Payable | $29M | $23M | $27M | $53M | $44M | $40M | $34M | $45M | $42M | $21M | $36M | $24M | · | · | · | · | |
| Accrued Liabilities | $98M | $88M | $89M | $90M | $102M | $92M | $94M | $104M | $88M | $86M | $89M | $83M | $71M | $84M | $85M | $56M | |
| Current Liabilities | $204M | $181M | $188M | $224M | $214M | $186M | $219M | $221M | $192M | $157M | $174M | $149M | $138M | $158M | $152M | $144M | |
| Deferred Tax | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $500.0K | $400.0K | $400.0K | $500.0K | $400.0K | $400.0K | $400.0K | $400.0K | $400.0K | |
| Other Non-current Liabilities | $22M | $24M | $23M | $22M | $15M | $17M | $16M | $14M | $12M | $13M | $18M | $14M | $16M | $21M | $21M | $18M | |
| Total Liabilities | $3.87B | $3.94B | $3.95B | $4.01B | $3.92B | $3.75B | $3.69B | $3.71B | $3.65B | $3.48B | $3.33B | $3.22B | $3.14B | $3.09B | $3.11B | $2.70B | |
| Long-term Debt | $3.68B | $3.77B | $3.77B | $3.79B | $3.71B | $3.57B | $3.47B | $3.49B | $3.46B | $3.33B | $3.15B | $3.07B | $2.99B | · | · | $2.56B | |
| Total Debt | $3.68B | $3.77B | · | $3.79B | $3.71B | $3.57B | · | $3.49B | $3.46B | $3.33B | $3.15B | $3.07B | $2.99B | $2.91B | $2.94B | $2.56B | |
| Liabilities + Equity | $4.26B | $4.32B | $4.39B | $4.44B | $4.42B | $4.26B | $4.15B | $4.15B | $4.05B | $3.86B | $3.78B | $3.66B | $3.58B | $3.60B | $3.60B | $3.48B |
Cash Flow 10
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock-based Comp | $100.0K | $200.0K | $200.0K | $800.0K | $300.0K | $300.0K | $700.0K | $500.0K | $100.0K | $500.0K | $300.0K | $400.0K | $600.0K | $400.0K | $400.0K | $500.0K | |
| Deferred Tax | $31M | $28M | $30M | $32M | $29M | $23M | $23M | $19M | $16M | $14M | $11M | $8M | $6M | $8M | $7M | $5M | |
| Operating Cash Flow | $279M | $253M | $246M | $259M | $277M | $202M | $258M | $225M | $272M | $185M | $216M | $205M | $199M | $235M | $213M | $191M | |
| CapEx | $23M | $29M | $67M | $80M | $63M | $46M | $95M | $92M | $64M | $55M | $53M | $43M | $64M | $66M | $56M | $55M | |
| Investing Cash Flow | $-23M | $-29M | $-67M | $-80M | $-63M | $-46M | $-95M | $-92M | $-64M | $-55M | $-53M | $-43M | $-64M | $-66M | $-56M | $-55M | |
| Stock Repurchased | $0 | $60M | $0 | $100M | $200M | $100M | $0 | $100M | $100M | $100M | $100M | $100M | $100M | $0 | · | · | |
| Net Stock Activity | · | $-60M | · | · | · | $-100M | · | · | · | $-100M | · | · | $-100M | · | · | · | |
| Financing Cash Flow | $-255M | $-222M | $-182M | $-178M | $-215M | $-155M | $-169M | $-222M | $-112M | $-132M | $-162M | $-162M | $-134M | $-169M | $-158M | $-135M | |
| Net Change in Cash | $400.0K | $3M | $-4M | $1M | $-2M | $2M | $-6M | $-89M | $95M | $-1M | $300.0K | $-600.0K | $500.0K | $200.0K | $-600.0K | $800.0K | |
| Free Cash Flow | · | $224M | · | · | · | $157M | · | · | · | $130M | · | · | $134M | · | · | $136M |
Profitability 6
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 63.5% | 61.0% | · | 61.5% | 62.8% | 62.2% | · | 61.2% | 60.8% | 62.4% | 60.6% | 61.1% | 61.9% | 60.9% | 62.3% | 62.6% | |
| Net Margin | 24.2% | 22.5% | · | 23.2% | 21.8% | 18.7% | · | 15.5% | 13.5% | 12.5% | 9.7% | 7.8% | 6.8% | 6.9% | 7.0% | 5.4% | |
| Pretax Margin | 51.3% | 47.6% | · | 49.2% | 50.4% | 48.3% | · | 48.5% | 48.2% | 49.5% | 48.5% | 48.1% | 48.8% | 49.9% | 50.7% | 52.7% | |
| EBITDA Margin | 63.5% | 61.0% | · | 61.5% | 62.8% | 62.2% | · | 61.2% | 60.8% | 62.4% | 60.6% | 61.1% | 61.9% | 60.9% | 62.3% | 62.6% | |
| ROA | 2.2% | 2.0% | · | 2.3% | 2.1% | 1.8% | · | 1.5% | 1.3% | 1.2% | 0.96% | 0.69% | 0.59% | 0.66% | 0.63% | 0.49% | |
| ROIC | 5.8% | 5.3% | · | 5.8% | 6.0% | 5.8% | · | 6.0% | 5.8% | 6.1% | 6.5% | 6.1% | 6.0% | 6.7% | 6.3% | 7.4% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.9 | · | 0.7 | 0.7 | 0.8 | · | 0.7 | 1.1 | 0.9 | 0.8 | 0.8 | 0.8 | 0.9 | 1.0 | 1.0 | |
| Quick Ratio | 0.7 | 0.8 | · | 0.7 | 0.7 | 0.8 | · | 0.6 | 1.1 | 0.8 | 0.7 | 0.8 | 0.0 | 0.0 | 0.0 | 0.0 |
Efficiency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | |
| Receivables Turnover | 2.8 | 2.7 | · | 3.1 | 3.3 | 2.9 | · | 3.0 | 3.3 | 5.6 | 6.0 | 5.9 | · | · | · | · |
Valuation (TTM) 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $1.62B | $1.61B | · | $1.60B | $1.54B | $1.48B | · | $1.46B | $1.41B | $1.35B | $1.33B | $1.28B | $1.27B | $1.26B | $1.22B | $1.20B | |
| Net Income TTM | $372M | $347M | · | $318M | $270M | $224M | · | $188M | $154M | $126M | $104M | $91M | $83M | $72M | $60M | $46M |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Revenue | $1.62B | $1.50B | $1.35B | $1.28B | $1.20B |
| Operating Margin % | 62.2% | 61.5% | 60.6% | 62.1% | 60.4% |
| Net Income | $353M | $223M | $119M | $84M | $46M |
Balance Sheet
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Current Ratio | 0.8 | 0.7 | 0.7 | 0.8 | 0.8 |
| Quick Ratio | 0.8 | 0.6 | 0.6 | 0.0 | 0.0 |
Cash Flow
| 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|
| Free Cash Flow | $728M | $634M | $643M | $623M | $632M |
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Institutional owners (13F) 316 filers · $3.4B total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 40 (-29 vs prior Q) | 36 (+1 vs prior Q) | 106 (+8 vs prior Q) | 81 (-4 vs prior Q) | +3.7M |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| ALPS ADVISORS INC | $1,099,953,182 | 29,254,074 | 32.44% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $265,298,080 | 7,055,800 | 7.82% | Shares |
| Blackstone Inc. | $217,558,488 | 5,786,130 | 6.42% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $157,482,148 | 4,188,355 | 4.64% | Shares |
| NEUBERGER BERMAN GROUP LLC | $99,883,770 | 2,656,700 | 2.95% | Shares |
| Bank of New York Mellon Corp | $91,996,935 | 2,446,727 | 2.71% | Shares |
| TD Asset Management Inc | $74,606,033 | 1,984,203 | 2.20% | Shares |
| TWO SIGMA INVESTMENTS, LP | $62,968,682 | 1,674,699 | 1.86% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $60,536,000 | 1,610,000 | 1.79% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $58,585,707 | 1,558,131 | 1.73% | Shares |
| CIBC Private Wealth Group LLC | $58,341,545 | 1,688,612 | 1.72% | Shares |
| GOLDMAN SACHS GROUP INC | $48,718,959 | 1,295,717 | 1.44% | Shares |
| CI INVESTMENTS INC. | $48,341,230 | 1,285,671 | 1.43% | Shares |
| UBS Group AG | $46,941,306 | 1,248,439 | 1.38% | Shares |
| FMR LLC | $45,373,236 | 1,206,735 | 1.34% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $43,995,450 | 1,170,092 | 1.30% | Shares |
| Fractal Investments LLC | $43,631,792 | 1,160,420 | 1.29% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $41,768,073 | 1,110,853 | 1.23% | Shares |
| Zimmer Partners, LP | $37,511,377 | 997,643 | 1.11% | Shares |
| AMERICAN CENTURY COMPANIES INC | $36,165,522 | 961,849 | 1.07% | Shares |
| Clearbridge Investments, LLC | $35,954,737 | 956,243 | 1.06% | Shares |
| Qube Research & Technologies Ltd | $32,753,022 | 871,091 | 0.97% | Shares |
| EAGLE GLOBAL ADVISORS LLC | $32,282,458 | 858,576 | 0.95% | Shares |
| FIRST TRUST ADVISORS LP | $31,955,036 | 849,868 | 0.94% | Shares |
| BARCLAYS PLC | $29,766,378 | 791,659 | 0.88% | Shares |
| MILLENNIUM MANAGEMENT LLC | $29,206,514 | 776,769 | 0.86% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $26,116,170 | 694,579 | 0.77% | Shares |
| TUDOR INVESTMENT CORP ET AL | $24,626,458 | 654,959 | 0.73% | Shares |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC | $22,731,494 | 604,561 | 0.67% | Shares |
| LONGFELLOW INVESTMENT MANAGEMENT CO LLC | $21,437,941 | 570,158 | 0.63% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $18,713,520 | 497,700 | 0.55% | Shares |
| ALGERT GLOBAL LLC | $14,175,576 | 377,010 | 0.42% | Shares |
| STATE STREET CORP | $13,745,695 | 365,577 | 0.41% | Shares |
| JENNISON ASSOCIATES LLC | $13,565,403 | 360,782 | 0.40% | Shares |
| JANE STREET GROUP, LLC | $13,205,120 | 351,200 | 0.39% | Call option |
| Cubist Systematic Strategies, LLC | $12,729,189 | 368,428 | 0.38% | Shares |
| NEOS Investment Management LLC | $12,241,282 | 325,566 | 0.36% | Shares |
| RAYMOND JAMES FINANCIAL INC | $11,525,714 | 306,535 | 0.34% | Shares |
| JPMORGAN CHASE & CO | $11,224,703 | 300,608 | 0.33% | Shares |
| Susquehanna Portfolio Strategies, LLC | $10,371,133 | 275,828 | 0.31% | Shares |
| Allianz Asset Management GmbH | $10,010,549 | 266,238 | 0.30% | Shares |
| Swiss National Bank | $9,275,920 | 246,700 | 0.27% | Shares |
| LPL Financial LLC | $9,039,506 | 240,412 | 0.27% | Shares |
| CIBC Bancorp USA Inc. | $8,598,255 | 228,677 | 0.25% | Shares |
| STATE OF WISCONSIN INVESTMENT BOARD | $7,976,464 | 212,140 | 0.24% | Shares |
| EXCHANGE TRADED CONCEPTS, LLC | $7,057,294 | 187,694 | 0.21% | Shares |
| STIFEL FINANCIAL CORP | $6,990,481 | 185,917 | 0.21% | Shares |
| Americana Partners, LLC | $6,693,853 | 178,028 | 0.20% | Shares |
| Catalyst Capital Advisors LLC | $5,878,798 | 156,351 | 0.17% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $5,812,960 | 154,600 | 0.17% | Call option |
| BANK OF AMERICA CORP /DE/ | $5,732,233 | 152,453 | 0.17% | Shares |
| Bridgewater Associates, LP | $5,638,985 | 149,973 | 0.17% | Shares |
| ENVESTNET ASSET MANAGEMENT INC | $5,556,442 | 147,778 | 0.16% | Shares |
| Financial Sense Advisors, Inc. | $5,465,318 | 145,354 | 0.16% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $5,311,000 | 141,250 | 0.16% | Shares |
| ExodusPoint Capital Management, LP | $5,180,829 | 137,788 | 0.15% | Shares |
| Advisors Asset Management, Inc. | $5,090,613 | 147,554 | 0.15% | Shares |
| EVERGREEN CAPITAL MANAGEMENT LLC | $5,073,256 | 134,927 | 0.15% | Shares |
| GoodHaven Capital Management, LLC | $5,028,436 | 133,735 | 0.15% | Shares |
| Maryland State Retirement & Pension System | $4,544,637 | 120,868 | 0.13% | Shares |
| Castellan Group | $4,249,590 | 113,021 | 0.13% | Shares |
| HITE Hedge Asset Management LLC | $4,209,809 | 111,963 | 0.12% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $4,077,118 | 108,434 | 0.12% | Shares |
| Squarepoint Ops LLC | $4,018,350 | 106,871 | 0.12% | Shares |
| Trexquant Investment LP | $3,902,466 | 103,789 | 0.12% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $3,879,701 | 103,902 | 0.11% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,869,040 | 102,900 | 0.11% | Put option |
| Balyasny Asset Management L.P. | $3,807,301 | 101,258 | 0.11% | Shares |
| Westover Capital Advisors, LLC | $3,643,929 | 96,913 | 0.11% | Shares |
| Holocene Advisors, LP | $3,483,264 | 92,640 | 0.10% | Shares |
| Heronetta Management, L.P. | $3,478,188 | 92,505 | 0.10% | Shares |
| Pinnacle Holdings, LLC | $3,363,710 | 89,460 | 0.10% | Shares |
| SPIRIT OF AMERICA MANAGEMENT CORP/NY | $3,321,471 | 88,337 | 0.10% | Shares |
| VANGUARD ASSET MANAGEMENT, Ltd | $3,264,545 | 86,823 | 0.10% | Shares |
| Sanctuary Advisors, LLC | $3,113,943 | 82,818 | 0.09% | Shares |
| Abacus FCF Advisors LLC | $3,048,270 | 81,071 | 0.09% | Shares |
| Brookfield Corp /ON/ | $3,028,441 | 80,544 | 0.09% | Shares |
| Beacon Pointe Advisors, LLC | $2,982,959 | 79,334 | 0.09% | Shares |
| Y-Intercept (Hong Kong) Ltd | $2,905,954 | 77,286 | 0.09% | Shares |
| LGT Fund Management Co Ltd. | $2,890,801 | 76,883 | 0.09% | Shares |
| READYSTATE ASSET MANAGEMENT LP | $2,835,228 | 75,405 | 0.08% | Shares |
| JANE STREET GROUP, LLC | $2,759,539 | 73,392 | 0.08% | Shares |
| NAPLES GLOBAL ADVISORS, LLC | $2,673,962 | 71,116 | 0.08% | Shares |
| Texas Yale Capital Corp. | $2,534,240 | 67,400 | 0.07% | Shares |
| NORDEA INVESTMENT MANAGEMENT AB | $2,505,202 | 66,610 | 0.07% | Shares |
| Connor, Clark & Lunn Investment Management Ltd. | $2,419,071 | 64,337 | 0.07% | Shares |
| AMERIPRISE FINANCIAL INC | $2,282,621 | 60,708 | 0.07% | Shares |
| Paralel Advisors LLC | $2,231,974 | 59,361 | 0.07% | Shares |
| JANUS HENDERSON GROUP PLC | $2,192,608 | 56,416 | 0.06% | Shares |
| Mariner, LLC | $2,085,110 | 55,455 | 0.06% | Shares |
| CITADEL ADVISORS LLC | $2,079,280 | 55,300 | 0.06% | Call option |
| Man Group plc | $2,075,783 | 55,207 | 0.06% | Shares |
| Elo Mutual Pension Insurance Co | $2,052,998 | 54,601 | 0.06% | Shares |
| U.S. Capital Wealth Advisors, LLC | $2,042,346 | 52,543 | 0.06% | Shares |
| MACKENZIE FINANCIAL CORP | $2,017,278 | 53,651 | 0.06% | Shares |
| Arax Advisory Partners | $2,015,661 | 53,608 | 0.06% | Shares |
| BRIDGES INVESTMENT MANAGEMENT INC | $1,931,888 | 51,380 | 0.06% | Shares |
| Gilman Hill Asset Management, LLC | $1,912,148 | 50,855 | 0.06% | Shares |
| FORT WASHINGTON INVESTMENT ADVISORS INC /OH/ | $1,873,458 | 49,826 | 0.06% | Shares |
| KLP KAPITALFORVALTNING AS | $1,857,440 | 49,400 | 0.05% | Shares |
Company insiders 14 insiders · 6 officers · 9 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Jonathan C. Stein | Chief Executive Officer | March 8, 2026 M | 60,963 | 0 | 0 | $0 |
| John B Hess | Chairman and CEO | May 17, 2021 S | 0 | 0 | 0 | $0 |
| Michael Scott Bast | President and COO | March 8, 2026 M | 3,352 | 0 | 0 | $0 |
| John A. Gatling | President and COO | Sept. 26, 2025 M | 13,904 | 0 | 0 | $0 |
| Timothy B. Goodell | General Counsel & Secretary | Dec. 16, 2019 A | 12,500 | 0 | 0 | $0 |
| John P Rielly | Vice President | Dec. 16, 2019 A | 20,000 | 0 | 0 | $0 |
| Stephen J J Letwin | Director | March 8, 2026 A | 32,423 | 0 | 0 | $0 |
| Patrick J Reddy | Director | March 8, 2026 A | 24,437 | 0 | 0 | $0 |
| David W Niemiec | Director | March 8, 2026 A | 50,527 | 0 | 0 | $0 |
| Geurt G Schoonman | Director | June 9, 2025 S | 0 | 0 | 0 | $0 |
| GIP II Blue Holding Partnership, L.P. | Director | Aug. 11, 2021 J | — | 0 | 0 | $0 |
| Michael R Turner | Director | Dec. 16, 2019 A | 4,500 | 0 | 0 | $0 |
| Gregory P. Hill | Director | Dec. 16, 2019 A | 4,350 | 0 | 0 | $0 |
| BlackRock Portfolio Management LLC | 10% owner | May 30, 2025 C | 0 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
Activists & 5%+ owners 14 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| Hess Investments North Dakota LLC, Hess Corporation, Chevron Corporation ×4 filings | March 4, 2026 | 37.80% | Amendment | — | SEC |
| BlackRock Portfolio Management LLC ×7 filings | May 30, 2025 | 0.30% | Amendment | Board campaign | SEC |
| Hess Midstream GP LP, Hess Midstream GP LLC, Hess Infrastructure Partners GP LLC, Hess Investments North Dakota LLC, Hess Corporation | May 30, 2025 | 37.80% | Amendment | Board campaign | SEC |
| Hess Midstream GP LP, Hess Midstream GP LLC, Hess Infrastructure Partners GP LLC, Hess Investments North Dakota LLC, Hess Corporation ×16 filings | May 12, 2025 | 40.80% | Amendment | — | SEC |
| Hess Midstream GP LP, Hess Midstream GP LLC, Hess Infrastructure Partners GP LLC, Hess Investments North Dakota LLC, Hess Corporation | May 7, 2025 | 41.40% | Amendment | — | SEC |
| GIP II Blue Holding, L.P., GIP Blue Holding GP, LLC, Global Infrastructure GP II, L.P., Global Infrastructure Investors II, LLC ×17 filings | Jan. 15, 2025 | 23.20% | Amendment | — | SEC |
| Sept. 20, 2024 | — | Initial filing | — | SEC | |
| May 31, 2024 | — | Initial filing | — | SEC | |
| March 13, 2024 | — | Initial filing | — | SEC | |
| March 13, 2024 | — | Initial filing | — | SEC | |
| Feb. 7, 2024 | — | Initial filing | — | SEC | |
| Feb. 7, 2024 | — | Initial filing | — | SEC | |
| Aug. 17, 2023 | — | Initial filing | — | SEC | |
| GIP II Blue Holding Partnership, L.P., GIP II Blue Holding, L.P., GIP Blue Holding GP, LLC, Global Infrastructure GP II, L.P., Global Infrastructure Investors II, LLC ×3 filings | Aug. 11, 2021 | — | Initial filing | — | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
ETF ownership Held by 37 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| AMLP · ALPS ETF Trust | 9.53% | 30,864,175 NS | May 31, 2026 | N-PORT |
| MLPA · Global X Funds | 9.35% | 5,242,374 NS | May 31, 2026 | N-PORT |
| BKGI · BNY Mellon ETF Trust | 7.51% | 1,886,572 NS | April 30, 2026 | N-PORT |
| AMZA · ETFis Series Trust I | 5.06% | 599,845 NS | April 30, 2026 | N-PORT |
| FCG · First Trust Exchange-Traded Fund | 4.83% | 756,869 NS | June 30, 2026 | N-PORT |
| ENFR · ALPS ETF Trust | 2.39% | 293,419 NS | May 31, 2026 | N-PORT |
| DIV · Global X Funds | 2.12% | 407,630 NS | April 30, 2026 | N-PORT |
| WBIY · Absolute Shares Trust | 1.76% | 27,599 NS | June 30, 2026 | N-PORT |
| ABLD · Abacus FCF ETF Trust | 1.71% | 37,270 NS | April 30, 2026 | N-PORT |
| MLPX · Global X Funds | 1.62% | 1,526,417 NS | May 31, 2026 | N-PORT |
| USAI · Pacer Funds Trust | 1.41% | 39,292 NS | April 30, 2026 | N-PORT |
| ALTY · Global X Funds | 1.21% | 14,235 NS | May 31, 2026 | N-PORT |
| SRHQ · Elevation Series Trust | 1.20% | 59,361 NS | April 30, 2026 | N-PORT |
| NBET · Neuberger Berman ETF Trust | 1.11% | 12,725 NS | April 30, 2026 | N-PORT |
| TPZ · Tortoise Capital Series Trust | 1.10% | 37,775 NS | May 31, 2026 | N-PORT |
| VRAI · ETFis Series Trust I | 1.00% | 4,695 NS | April 30, 2026 | N-PORT |
| MDIV · First Trust Exchange-Traded Fund VI | 0.84% | 92,999 NS | June 30, 2026 | N-PORT |
| GYLD · ARROW ETF TRUST | 0.65% | 5,296 NS | April 30, 2026 | N-PORT |
| ABFL · Abacus FCF ETF Trust | 0.63% | 80,752 NS | April 30, 2026 | N-PORT |
| TPYP · Tortoise Capital Series Trust | 0.58% | 129,115 NS | May 31, 2026 | N-PORT |
| VDE · VANGUARD WORLD FUND | 0.24% | 694,579 SH | Aug. 19, 2026 | Daily |
| TOLZ · ProShares Trust | 0.22% | 10,304 NS | May 31, 2026 | N-PORT |
| FENY · FIDELITY COVINGTON TRUST | 0.22% | 114,483 NS | April 30, 2026 | N-PORT |
| BFOR · ALPS ETF Trust | 0.22% | 12,629 NS | May 31, 2026 | N-PORT |
| AVMV · AMERICAN CENTURY ETF TRUST | 0.14% | 23,853 NS | May 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.14% | 21,644 NS | April 30, 2026 | N-PORT |
| ESML · iShares Trust | 0.12% | 85,880 SH | Aug. 21, 2026 | Daily |
| AVLV · AMERICAN CENTURY ETF TRUST | 0.10% | 350,108 NS | May 31, 2026 | N-PORT |
| NFRA · FlexShares Trust | 0.06% | 50,112 NS | April 30, 2026 | N-PORT |
| AVMC · AMERICAN CENTURY ETF TRUST | 0.06% | 6,596 NS | May 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.04% | 7,521 SH | Aug. 21, 2026 | Daily |
| AVLC · AMERICAN CENTURY ETF TRUST | 0.03% | 11,192 NS | May 31, 2026 | N-PORT |
| AVIE · AMERICAN CENTURY ETF TRUST | 0.03% | 72 NS | May 31, 2026 | N-PORT |
| AVUS · AMERICAN CENTURY ETF TRUST | 0.02% | 84,601 NS | May 31, 2026 | N-PORT |
| GUSA · Goldman Sachs ETF Trust II | 0.01% | 4,396 NS | May 31, 2026 | N-PORT |
| NEAR · iShares U.S. ETF Trust | 0.00% | 175,000 SH | Aug. 21, 2026 | Daily |
| SMMV · iShares Trust | — | 34,899 SH | Aug. 19, 2026 | Daily |