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Hess Midstream Partners LP

HESM Energy Oil & Gas Midstream

Hess Midstream Partners LP’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 8.41% from fiscal 2024.

Revenue
−2.57%
EPS
+1.35%
Free cash flow
+35.4%
Total debt
−5.16%

Quarter to September 2026, against a year earlier

30.40 1.40 −4.40%
Market cap
$6.3B
P/E
10.5×
Fwd P/E
10.5×
Dividend yield
10.3%
F-score
6/9
Altman Z
n/a
Beneish M
−2.65
Dividend safety
42/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Gathering Opco
  • Processing and Storage
  • Terminaling and Export

Every year since 2017 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.53%

Capital & Financial Ratios $m

Size
Market Cap 6,250.00
Revenue ttm 1,603.40
Net income ttm 678.50
Free cash flow ttm 901.10
Net debt Q 3,598.00
Valuation
P/E 10.48
Forward P/E 10.50
Price / sales 2.43
Forward P/S Powerpack
Price / FCF 4.33
Price / book 9.65 (above 6: high)
Financial health
Current ratio Q 0.25 (below 1: weak)
Debt / equity Q 8.90 (above 2: weak)
Interest coverage Q 4.90
Growth
Revenue growth Q −2.57% (below 0%: shrinking)
Operating income growth Q +1.35% (above 0%: growing)
EPS, this year +9.25%
EPS, next year A −11.43% (below 0%: weak)
Revenue, next year A −1.38% (below 0%: weak)
EPS, past 5 yrs +16.90% (at or above 15%: strong)
EPS, next 5 yrs A −1.42% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 4.7×, against a ten-year median of 2.9×; over the ten years it ranged from 0.0× in 2017 to 5.7× in 2025.
P/E against its own 10 years 1.39%
10-year low 10-year high
P/S against its own 10 years 81.88%
10-year low 10-year high
P/B against its own 10 years 87.20%
10-year low 10-year high
EV/Sales against its own 10 years 79.29%
10-year low 10-year high
EV/FCF against its own 10 years 58.87%
10-year low 10-year high

Dividends raised every year since 2018

Yield
10.3%
Annual rate
3.13
Payout ratio
108.0%
Growth, 2018–26
+11.0%/yr
  1. 1.36 ’18
  2. 1.56 ’19 +15
  3. 1.73 ’20 +11
  4. 1.91 ’21 +10
  5. 2.18 ’22 +14
  6. 2.37 ’23 +9
  7. 2.64 ’24 +11
  8. 2.90 ’25 +10
  9. 3.13 ’26 +8
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5 4 2 1
Receivables 124 139 150 —
Inventory — — — —
Other 7 6 7 5
137 149 159 170
2023 2024 2025 Q'26
Payables 80 89 52 49
ST’ Debt 13 23 33 519
Other 12 14 14 12
210 219 188 690

Compound Annual Growth %

10y 5y 3y
Sales 11.12% 8.23% 8.33%
Cash Flow 8.52% 8.92% 4.54%
Earnings 6.22% 71.19% 61.42%
Book Value (14.50%) (19.88%) (6.11%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.71 Actual 0.77

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.73 0.72 Miss by 0.01
Q1 FY26 0.65 0.68 Beat by 0.03
Q2 FY26 0.69 0.75 Beat by 0.06
Q3 FY26 0.71 0.77 Beat by 0.06
Q4 FY26 1.14 — Reports 1 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.68 0.75 — — —
’25 0.65 0.74 0.75 0.72 2.86
’24 0.59 0.59 0.63 0.68 2.49
’23 0.47 0.50 0.57 0.55 2.08
’22 0.49 0.50 0.53 0.49 2.01
’21 0.43 0.44 0.38 0.51 1.76
’20 0.35 0.29 0.31 0.36 1.31
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 390 399 410 — —
’25 382 414 421 404 1,621
’24 356 366 379 396 1,496
’23 305 324 363 357 1,349
’22 312 313 335 315 1,275
’21 289 295 304 316 1,204
’20 291 270 265 267 1,092
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 253 279 268 — —
’25 202 277 259 246 984
’24 185 272 225 259 940
’23 199 205 216 248 866
’22 191 213 235 223 861
’21 165 225 182 224 796
’20 140 177 150 175 642
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 225 256 242 — —
’25 157 214 179 179 728
’24 131 208 133 163 634
’23 134 162 163 184 643
’22 136 157 169 161 623
’21 139 199 115 180 632
’20 62 109 51 119 341
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −6.2% a year for ten years. It grew 24.0% a year over the last ten.

Implied
−6.2%
10 years, reported
24.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 510 580 713 848 1,092 1,204 1,275 1,349 1,496 1,621 1,603 +13.7% 1,599 1,352 1,308 (6.9%)
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 205 242 326 318 492 632 647 646 731 798 800 +16.3%
EBT margin, % 40.19 41.76 45.67 37.44 45.08 52.53 50.75 47.87 48.87 49.24 49.90 +9.1 pt
Net income 205 242 326 318 485 618 621 608 659 685 679 +14.3%
Per share, $
Per share, $ Revenue 0.00 10.77 13.05 47.13 60.66 47.02 30.88 24.00 16.80 13.17 0.00 n/m
Earnings — 0.75 1.27 1.21 1.33 1.81 2.03 2.11 2.51 2.87 2.90 +18.3%
Cash flow 0.00 6.25 8.55 26.15 35.65 31.07 20.85 15.42 10.57 7.99 0.00 n/m
Capex 0.00 (2.44) (4.40) (17.02) (16.72) (6.37) (5.77) (3.98) (3.44) (2.08) 0.00 n/m
Free cash flow 0.00 3.81 4.15 9.13 18.93 24.70 15.08 11.44 7.13 5.92 0.00 n/m
Book value 0.00 47.50 34.36 74.01 73.67 29.42 12.81 6.46 5.23 3.56 0.00 n/m
Shares, m — 54 55 18 18 26 41 56 89 123 128 +10.9%
Valuation, ×
Valuation, × P/E 18.44 18.44 13.37 18.59 14.71 15.44 14.62 15.18 14.81 12.06 10.48 15.6
P/S 0.00 1.95 1.30 0.48 0.32 0.59 0.96 1.32 2.20 2.62 2.43 1.2
P/B 0.00 0.44 0.49 0.31 0.27 0.94 2.32 4.91 7.08 9.70 9.65 2.6
EV/Sales 0.00 1.86 2.52 2.56 2.07 2.72 3.22 3.70 4.52 4.94 4.68 2.8
EV/FCF 0.00 5.27 7.94 13.21 6.63 5.17 6.59 7.76 10.66 11.01 8.32 7.4
Cash, $m
Cash, $m Operating cash flow 387 337 467 471 642 796 861 866 940 984 1,045 +10.9%
Capex (264) (131) (240) (306) (301) (163) (238) (223) (306) (256) (144) (0.3%)
Free cash flow 124 205 227 164 341 632 623 643 634 728 901 +21.8%
Balance, $m
Balance, $m Working capital (284) 37 42 (80) (24) (38) (27) (73) (70) (29) (520) (22.5%)
Net debt 0 (47) 872 1,750 1,908 2,561 2,883 3,206 3,468 3,770 3,598 n/m
Shareholders’ equity 2,238 2,555 1,876 1,332 1,326 753 529 363 465 438 405 (16.6%)
Returns, %
Returns, % ROA 8.31 1.55 2.46 2.13 0.72 1.35 2.37 3.22 5.62 8.27 8.72 0.0 pt
ROIC 5.76 6.56 8.60 7.64 11.14 13.71 14.50 14.30 14.60 14.97 15.70 +9.2 pt
ROE 0.00 1.69 3.12 4.16 1.81 4.46 13.09 26.59 53.86 78.14 90.65 +78.1 pt
People
People Employees 186 176 170 176 196 199 199 211 220 195 — +0.5%
Revenue/emp, $m 2.74 3.29 4.19 4.82 5.57 6.05 6.41 6.39 6.80 8.31 — +13.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Hess Midstream is a fee-based limited partnership that owns and operates infrastructure used to move, process and store oil, natural gas and related products. It provides services to Chevron, its subsidiaries and third-party customers. Its assets are primarily in the Bakken and Three Forks shale plays in North Dakota’s Williston Basin.

The business connects producing wells to processing plants, storage sites, rail terminals and other pipelines. Its gas systems gather and compress natural gas before it is processed. Processing separates the gas and recovers natural gas liquids, or NGLs, such as propane and butane. The company also gathers crude oil, moves it to terminals for transport, and collects and disposes of water produced alongside oil and gas.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Gathering Opco 871 53.70%
Processing and Storage 620 38.24%
Terminaling and Export 131 8.06%
Gross margin 100.00%
Operating margin 62.18%
Pre-tax margin 49.24%

Revenue by segment since 2017

Hess Midstream Partners LP vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
FRO Frontline PLC $10.0B 6.7× 5.4× +112.25% (above 0%: growing) +745.71% (above 0%: growing) +155.42% (above 0%: growing) 74.15% 65.92% Compare
AM Antero Midstream Corporation $9.1B 13.4× 15.8× +10.92% (above 0%: growing) +244.92% (above 0%: growing) +232.64% (above 0%: growing) 74.54% 170.39% Compare
KNTK Kinetik Holdings Inc. $8.0B 16.3× 38.9× +22.72% (above 0%: growing) +766.67% (above 0%: growing) +692.49% (above 0%: growing) 34.67% 11.19% Compare
SOBO South Bow Corporation $6.6B 14.4× 19.5× +4.20% (above 0%: growing) +39.13% (above 0%: growing) +48.75% (above 0%: growing) 55.68% 48.90% Compare
HESM Hess Midstream Partners LP $6.3B 10.5× 10.5× −2.57% (below 0%: shrinking) +1.35% (above 0%: growing) +35.38% (above 0%: growing) 100.00% 63.98%
INSW International Seaways Inc. $4.8B 4.5× 4.1× +146.04% (above 0%: growing) +386.01% (above 0%: growing) +323.97% (above 0%: growing) 0.00% 0.00% Compare
CMBT CMB.TECH nv $4.8B 3.4× 3.9× +519.15% (above 0%: growing) n/m +451.20% (above 0%: growing) 71.02% 54.45% Compare
GLNG Golar LNG Limited $4.4B 27.1× 40.4× +100.86% (above 0%: growing) −30.19% (below 0%: shrinking) +33.24% (above 0%: growing) 67.68% 49.39% Compare
STNG Scorpio Tankers Inc. $4.1B 3.9× 4.4× +10.40% (above 0%: growing) +171.19% (above 0%: growing) +229.09% (above 0%: growing) 70.83% 100.99% Compare
Median of peers $5.7B 10.1× 10.6× +61.79% +244.92% +230.87% 69.26% 51.92%

All 57 Oil & Gas Midstream stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.72%
Held by the ten largest 57.52%
Holder Shares Stake Change
ALPS ADVISORS INC 29.25m 22.79% −1.63m
Goldman Sachs 8.39m 6.54% +439.64k
Invesco 7.54m 5.87% +352.97k
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 7.06m 5.50% −10.63k
Blackstone Inc. 5.79m 4.51% −1.98m
BNY 4.72m 3.68% +968.99k
TORTOISE CAPITAL ADVISORS, L.L.C. 4.24m 3.30% −230.72k
Neuberger Berman 2.67m 2.08% +695.68k
UBS 2.20m 1.71% +3.25k
TD 1.98m 1.55% −216.91k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Hess Midstream Partners LP (HESM) Latest News

30 Oct

Impact 4 · · Business Wire

27 Oct

Impact 3 · · Trefis

26 Oct

Impact 3 · · Business Wire

25 Oct

Impact 3 · · The Motley Fool

22 Oct

Impact 4 · · TIKR

21 Oct

Impact 4 · · 24/7 Wall St.

19 Oct

Impact 3 · · Simply Wall St.

9 Oct

Impact 3 · · Zacks

8 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

7 Oct

Impact 4 · · The Motley Fool
Impact 4 · · MarketBeat
Impact 4 · · Proactive Investors
Impact 4 · · Investing.com
Impact 4 · · Zacks
Impact 4 · · offshore-technology.com
Impact 3 · · TheStreet

6 Oct

Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 3 · · Oilprice.com

25 Sep

Impact 3 · · Simply Wall St.

22 Sep

Impact 3 · · Zacks
Impact 3 · · Zacks

17 Sep

Impact 3 ·

10 Aug

Impact 3 · · The Motley Fool transcript

4 Aug

Impact 3 · · Moby transcript

3 Aug

Impact 4 · transcript
Impact 3 ·
Impact 3 · · MarketBeat
Impact 3 · · InvestorsHub

HESM metrics, ten years each

stockrow.com/HESM · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com