HESM Class A Hess Midstream LP Class A Representing Limited Partner Interests
NYSE · Energy · View on SEC EDGAR ↗ 10-K/10-Q Aug 6, 2026
$31.71
· of 52w range
· above low
· to high
$29.5252w low
$41.4452w high
Revenue
$1.62B
your badges
52W Range
$30–$41
Analyst Rating
HOLD
Price Target
$33
P/E
·
ROE
·
Net Profit Margin
23.2%
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HESM Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$31.71
Revenue
$1.62B
52W Range
$30–$41
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue$1.62B2017-12-31 → 2025-12-31
Free Cash Flow$728M2019-12-31 → 2025-12-31
Net margin23.2%2019-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | HESM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 62.1%5Y avg ≈61.3% | ≈61.3% | 31.6% | Top tier | |
| EBITDA Margin | 62.2%5Y avg ≈61.3% | ≈61.3% | 45.6% | Top tier | |
| Pretax Margin (TTM) | 49.3%5Y avg ≈49.9% | ≈49.9% | 30.4% | Top tier | |
| Net Profit Margin (TTM) | 23.2%5Y avg ≈11.2% | ≈11.2% | 24.2% | In line | |
| ROA | 8.3%5Y avg ≈4.2% | ≈4.2% | 4.6% | Top tier | |
| ROIC | 22.9%5Y avg ≈24.9% | ≈24.9% | 7.7% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | HESM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 0.85Y avg ≈0.8 | ≈0.8 | 1.0 | Low liquidity | |
| Quick Ratio | 0.85Y avg ≈0.4 | ≈0.4 | 0.9 | Below avg |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | HESM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 8.4%5Y avg ≈8.2% | ≈8.2% | · | · | |
| Revenue CAGR 3Y | 8.3%5Y avg ≈7.7% | ≈7.7% | · | · | |
| Revenue CAGR 5Y | 8.2% | · | · | · | |
| Net Income YoY | 58.2%5Y avg ≈72.4% | ≈72.4% | · | · | |
| Net Income CAGR 3Y | 61.4%5Y avg ≈66.8% | ≈66.8% | · | · | |
| Net Income CAGR 5Y | 71.2% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | HESM | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.4 | ≈0.4 | 0.3 | In line | |
| Receivables Turnover | 11.65Y avg ≈11.4 | ≈11.4 | 11.6 | In line |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
Annualized Payout≈$3.16
5Y Div CAGR≈10.8%
Growth Streak≈7
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Aug 6, 2026 | $0.79 | USD | ≈7.7% |
| May 7, 2026 | $0.78 | USD | ≈7.9% |
| Feb 5, 2026 | $0.76 | USD | ≈8.5% |
| Nov 6, 2025 | $0.76 | USD | ≈8.7% |
| Aug 7, 2025 | $0.74 | USD | ≈6.9% |
| May 8, 2025 | $0.71 | USD | ≈7.5% |
| Feb 6, 2025 | $0.70 | USD | ≈6.7% |
| Nov 7, 2024 | $0.69 | USD | ≈7.5% |
| Aug 8, 2024 | $0.67 | USD | ≈7.1% |
| May 1, 2024 | $0.65 | USD | ≈7.5% |
| Feb 7, 2024 | $0.63 | USD | ≈7.5% |
| Nov 1, 2023 | $0.62 | USD | ≈8.1% |
| Aug 2, 2023 | $0.60 | USD | ≈7.6% |
| May 3, 2023 | $0.59 | USD | ≈8.1% |
| Feb 1, 2023 | $0.57 | USD | ≈7.5% |
| Nov 2, 2022 | $0.56 | USD | ≈7.9% |
| Aug 3, 2022 | $0.56 | USD | ≈7.4% |
| May 4, 2022 | $0.55 | USD | ≈6.8% |
| Feb 2, 2022 | $0.52 | USD | ≈6.8% |
| Nov 3, 2021 | $0.51 | USD | ≈7.7% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
5.6%
Next Report
Nov 02, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 28, 2026 | $0.75 | $0.69 | 9.5% |
| March 31, 2026 | $0.68 | $0.66 | 3.2% | |
| Dec. 31, 2025 | $0.72 | $0.73 | -1.2% | |
| Sept. 30, 2025 | $0.75 | $0.68 | 10.1% | |
| June 30, 2025 | $0.74 | $0.68 | 9.0% | |
| March 31, 2025 | $0.65 | $0.63 | 3.0% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| 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
| 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
| 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
| 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
| 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
| 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
| 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)
| 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
| 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
| 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
| 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
| 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
| 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
| 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)
| 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 | $1.61B | $1.63B | · | $1.61B | $1.57B | $1.52B | · | $1.46B | $1.44B | $1.40B | $1.31B | $1.28B | $1.27B | $1.28B | $1.25B | $1.23B | |
| Net Income TTM | $375M | $369M | · | $330M | $291M | $250M | · | $190M | $167M | $142M | $103M | $91M | $88M | $79M | $66M | $55M |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 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 |
| Metric | 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 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $728M | $634M | $643M | $623M | $632M |
Institutional owners (13F) 315 filers · $4.4B total · As of Sept. 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.
Holders
315
Value held
$4.4B
New positions
40
Exited positions
36
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) | 114 (+17 vs prior Q) | 80 (-8 vs prior Q) | +13.4M |
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 | 24.98% | Shares |
| GOLDMAN SACHS GROUP INC | $315,446,590 | 8,389,537 | 7.16% | Shares |
| Invesco Ltd. | $283,352,772 | 7,535,978 | 6.44% | Shares |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | $265,298,080 | 7,055,800 | 6.03% | Shares |
| Blackstone Inc. | $217,558,488 | 5,786,130 | 4.94% | Shares |
| Bank of New York Mellon Corp | $177,509,281 | 4,720,992 | 4.03% | Shares |
| TORTOISE CAPITAL ADVISORS, L.L.C. | $157,482,148 | 4,188,355 | 3.58% | Shares |
| NEUBERGER BERMAN GROUP LLC | $100,443,709 | 2,671,592 | 2.28% | Shares |
| TD Asset Management Inc | $74,606,033 | 1,984,203 | 1.69% | Shares |
| UBS Group AG | $74,237,364 | 1,974,398 | 1.69% | Shares |
| Epoch Investment Partners, Inc. | $73,149,145 | 1,945,456 | 1.66% | Shares |
| JPMORGAN CHASE & CO | $71,191,997 | 1,906,588 | 1.62% | Shares |
| TWO SIGMA INVESTMENTS, LP | $62,968,682 | 1,674,699 | 1.43% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $60,536,000 | 1,610,000 | 1.37% | Shares |
| MILLER HOWARD INVESTMENTS INC /NY | $59,292,351 | 1,586,630 | 1.35% | Shares |
| CIBC Private Wealth Group LLC | $58,341,545 | 1,688,612 | 1.33% | Shares |
| CI INVESTMENTS INC. | $48,341,230 | 1,285,671 | 1.10% | Shares |
| FMR LLC | $45,373,236 | 1,206,735 | 1.03% | Shares |
| WESTWOOD HOLDINGS GROUP INC | $43,995,450 | 1,170,092 | 1.00% | Shares |
| MORGAN STANLEY | $43,900,632 | 1,167,570 | 1.00% | Shares |
| Fractal Investments LLC | $43,631,792 | 1,160,420 | 0.99% | Shares |
| LAZARD ASSET MANAGEMENT LLC | $41,768,073 | 1,110,853 | 0.95% | Shares |
| Zimmer Partners, LP | $37,511,377 | 997,643 | 0.85% | Shares |
| AMERICAN CENTURY COMPANIES INC | $36,165,522 | 961,849 | 0.82% | Shares |
| Clearbridge Investments, LLC | $35,954,737 | 956,243 | 0.82% | Shares |
| BlackRock, Inc. | $33,354,322 | 887,083 | 0.76% | Shares |
| Qube Research & Technologies Ltd | $32,753,022 | 871,091 | 0.74% | Shares |
| EAGLE GLOBAL ADVISORS LLC | $32,282,458 | 858,576 | 0.73% | Shares |
| FIRST TRUST ADVISORS LP | $31,955,036 | 849,868 | 0.73% | Shares |
| BARCLAYS PLC | $29,886,360 | 794,850 | 0.68% | Shares |
| MILLENNIUM MANAGEMENT LLC | $29,206,514 | 776,769 | 0.66% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $26,116,170 | 694,579 | 0.59% | Shares |
| VANGUARD GROUP INC | $25,079,810 | 726,951 | 0.57% | Shares |
| TUDOR INVESTMENT CORP ET AL | $24,626,458 | 654,959 | 0.56% | Shares |
| INFRASTRUCTURE CAPITAL ADVISORS, LLC | $22,731,494 | 604,561 | 0.52% | Shares |
| LONGFELLOW INVESTMENT MANAGEMENT CO LLC | $21,437,941 | 570,158 | 0.49% | Shares |
| CIBC Bancorp USA Inc. | $20,720,984 | 551,090 | 0.47% | Shares |
| RAYMOND JAMES FINANCIAL INC | $20,204,402 | 537,351 | 0.46% | Shares |
| RENAISSANCE TECHNOLOGIES LLC | $18,713,520 | 497,700 | 0.43% | Shares |
| BANK OF AMERICA CORP /DE/ | $16,771,006 | 446,037 | 0.38% | Shares |
| KAYNE ANDERSON CAPITAL ADVISORS LP | $15,474,768 | 411,563 | 0.35% | Shares |
| ALGERT GLOBAL LLC | $14,175,576 | 377,010 | 0.32% | Shares |
| STATE STREET CORP | $13,745,695 | 365,577 | 0.31% | Shares |
| JENNISON ASSOCIATES LLC | $13,565,403 | 360,782 | 0.31% | Shares |
| JANE STREET GROUP, LLC | $13,205,120 | 351,200 | 0.30% | Call option |
| Cubist Systematic Strategies, LLC | $12,729,189 | 368,428 | 0.29% | Shares |
| NEOS Investment Management LLC | $12,241,282 | 325,566 | 0.28% | Shares |
| Susquehanna Portfolio Strategies, LLC | $10,371,133 | 275,828 | 0.24% | Shares |
| Allianz Asset Management GmbH | $10,010,549 | 266,238 | 0.23% | Shares |
| JANE STREET GROUP, LLC | $9,805,967 | 260,797 | 0.22% | Shares |
Activists & 5%+ owners 15 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 |
|---|---|---|---|---|---|
| Chevron Corporation, Hess Corporation, Hess Investments North Dakota LLC | Oct. 8, 2026 | 38.00% | Amendment | Passive investment | SEC |
| Hess Investments North Dakota LLC, Hess Corporation, Chevron Corporation ×4 filings | March 4, 2026 | 37.80% | Amendment | · | 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 |
| 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 ×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.
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
ETF ownership Held by 20 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 |
|---|---|---|---|---|
| BKGI · BNY Mellon ETF Trust | 7.88% | 2,527,051 NS | July 31, 2026 | N-PORT |
| AMZA · ETFis Series Trust I | 5.23% | 604,561 NS | July 31, 2026 | N-PORT |
| DIV · Global X Funds | 2.18% | 418,006 NS | July 31, 2026 | N-PORT |
| ABLD · Abacus FCF ETF Trust | 2.09% | 47,368 NS | July 31, 2026 | N-PORT |
| USAI · Pacer Funds Trust | 1.32% | 43,075 NS | July 31, 2026 | N-PORT |
| NBET · Neuberger Berman ETF Trust | 1.20% | 13,909 NS | July 31, 2026 | N-PORT |
| VRAI · ETFis Series Trust I | 1.16% | 5,305 NS | July 31, 2026 | N-PORT |
| SRHQ · Elevation Series Trust | 1.16% | 60,035 NS | July 31, 2026 | N-PORT |
| GYLD · ARROW ETF TRUST | 0.66% | 6,024 NS | July 31, 2026 | N-PORT |
| ABFL · Abacus FCF ETF Trust | 0.64% | 82,666 NS | July 31, 2026 | N-PORT |
| NUSC · Nushares ETF Trust | 0.38% | 119,067 NS | July 31, 2026 | N-PORT |
| VDE · VANGUARD WORLD FUND | 0.24% | 694,579 SH | Aug. 19, 2026 | Daily |
| FENY · FIDELITY COVINGTON TRUST | 0.23% | 114,340 NS | July 31, 2026 | N-PORT |
| BKMC · BNY Mellon ETF Trust | 0.15% | 23,195 NS | July 31, 2026 | N-PORT |
| ESML · iShares Trust | 0.12% | 86,577 SH | Sept. 10, 2026 | Daily |
| NFRA · FlexShares Trust | 0.07% | 52,497 NS | July 31, 2026 | N-PORT |
| WSML · iShares Trust | 0.05% | 7,600 SH | Sept. 11, 2026 | Daily |
| GUSA · Goldman Sachs ETF Trust II | 0.01% | 4,416 NS | Aug. 31, 2026 | N-PORT |
| NEAR · iShares U.S. ETF Trust | 0.00% | 175,000 SH | Sept. 9, 2026 | Daily |
| SMMV · iShares Trust | · | 34,899 SH | Aug. 19, 2026 | Daily |
HESM Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 12 analysts
SELL
Median target
$33.00
+4.1%
0 0.0%
Strong Buy
0 0.0%
Buy
7 58.3%
Hold
3 25.0%
Sell
2 16.7%
Strong Sell
12-Month Price Target
7 analysts · 2026-10-27Mean target $33.43 +5.4%
Now
Current price $31.71
Low$30.00
Mean$33.43
High$40.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| HESM | · | · | 8.4% | 21.8% | · | · |
| WES | · | · | 6.6% | 30.7% | · | · |
| 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% | · |
| INSW | $2.40B | 7.8 | -11.4% | 36.7% | 15.8% | · |
| PAGP | · | 38.3 | -9.5% | 0.59% | · | · |
| EE | · | 21.9 | 44.3% | · | · | · |
| DKL | · | · | 7.7% | 17.4% | · | · |
| LPG | $1.46B | 7.5 | 36.3% | 40.2% | 17.6% | · |
| WMB | · | 28.1 | 13.8% | 21.9% | 20.7% | · |
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Source: SEC 10-Q filed Aug 6, 2026