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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. In the quarter to June 2026, revenue fell 3.67%, EPS grew 1.35%, free cash flow grew 19.7% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for five.

30.66 0.04 +0.13%
Market cap
$6.3B
P/E
10.6×
Fwd P/E
14.7×
Dividend yield
10.1%
F-score
6/9
Altman Z
n/a
Beneish M
−2.65
Dividend safety
39/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.53%

Capital & Financial Ratios $m

Market Cap 6,310.00
Revenue 1,614.20
Net Income 674.90
Free Cash Flow 837.80
Net Debt 3,675.00
Current Ratio 0.77 (below 1: weak)
Debt/Equity 9.48 (above 2: weak)
P/E ratio 10.57
Fwd P/E 14.70
P/S ratio 2.44
P/B ratio 10.15 (above 6: high)
Past 5Y EPS Growth 16.90% (at or above 15%: strong)
This Y EPS Growth 7.56%
Next Y EPS Growth (8.49%) (below 0%: weak)
Next Y revenue growth (0.64%) (below 0%: weak)
Next 5Y EPS Growth (0.73%) (below 0%: weak)

Green and red mark values outside typical ranges. 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 1.40%
10-year low 10-year high
P/S against its own 10 years 82.41%
10-year low 10-year high
P/B against its own 10 years 90.59%
10-year low 10-year high
EV/Sales against its own 10 years 80.92%
10-year low 10-year high
EV/FCF against its own 10 years 62.39%
10-year low 10-year high

Dividends

Payout Ratio 1.06
Annual Dividend Rate 3.09
Annual Dividend Yield 10.07%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 3.18
0.76
0.78
0.79
2025 2.90
0.70
0.71
0.74
0.75
2024 2.64
0.63
0.65
0.67
0.68
2023 2.37
0.57
0.59
0.60
0.62
2022 2.18
0.52
0.55
0.56
0.56
2021 1.91
0.45
0.45
0.50
0.51
2020 1.73
0.43
0.43
0.44
0.44
2019 1.56
0.37
0.38
0.40
0.41
2018 1.36
0.32
0.33
0.35
0.36
2017 0.58
0.27
0.31
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 5 4 2 5
Receivables 124 139 150 151
Inventory — — — —
Other 7 6 7 1
137 149 159 157
2023 2024 2025 Q'26
Payables 80 89 52 61
ST’ Debt 13 23 33 38
Other 12 14 14 8
210 219 188 204

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 390 399 — — —
’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 — — —
’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 — — —
’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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

3.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low — 18.32 16.17 16.76 5.70 18.88 24.33 25.63 30.72 31.63

Analyst estimates 2026–2028

Powerpack
High — 26.78 24.51 23.43 25.66 30.35 35.71 33.32 39.11 44.14
People
People Employees 186 176 170 176 196 199 199 211 220 195
Revenue/emp, $m 2.74 3.29 4.19 4.82 5.57 6.05 6.41 6.39 6.80 8.31
Income, $m
Income, $m Revenue 510 580 713 848 1,092 1,204 1,275 1,349 1,496 1,621
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 205 242 326 318 492 632 647 646 731 798
EBT margin, % 40.19 41.76 45.67 37.44 45.08 52.53 50.75 47.87 48.87 49.24
Net income 205 242 326 318 485 618 621 608 659 685
Depreciation 101 120 132 148 163 173 190 201 213 228
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
Earnings — 10.23 1.27 1.21 1.33 1.81 2.03 2.11 2.51 2.87
Cash flow 0.00 6.25 8.55 26.15 35.65 31.07 20.85 15.42 10.57 7.99
Capex 0.00 (2.44) (4.40) (17.02) (16.72) (6.37) (5.77) (3.98) (3.44) (2.08)
Free cash flow 0.00 3.81 4.15 9.13 18.93 24.70 15.08 11.44 7.13 5.92
Book value 0.00 47.50 34.36 74.01 73.67 29.42 12.81 6.46 5.23 3.56
Shares, m — 54 55 18 18 26 41 56 89 123
Valuation, ×
Valuation, × P/E 18.44 18.44 13.37 18.59 14.71 15.44 14.62 15.18 14.81 12.06
P/S 0.00 1.95 1.30 0.48 0.32 0.59 0.96 1.32 2.20 2.62
P/B 0.00 0.44 0.49 0.31 0.27 0.94 2.32 4.91 7.08 9.70
EV/Sales 0.00 1.86 2.52 2.56 2.07 2.72 3.22 3.70 4.52 4.94
EV/FCF 0.00 5.27 7.94 13.21 6.63 5.17 6.59 7.76 10.66 11.01
Cash, $m
Cash, $m Operating cash flow 387 337 467 471 642 796 861 866 940 984
Capex (264) (131) (240) (306) (301) (163) (238) (223) (306) (256)
Free cash flow 124 205 227 164 341 632 623 643 634 728
Balance, $m
Balance, $m Working capital (284) 37 42 (80) (24) (38) (27) (73) (70) (29)
Total debt — — 981 1,754 1,910 2,564 2,886 3,211 3,472 3,772
Net debt 0 (47) 872 1,750 1,908 2,561 2,883 3,206 3,468 3,770
Shareholders’ equity 2,238 2,555 1,876 1,332 1,326 753 529 363 465 438
Returns, %
Returns, % ROA 8.31 1.55 2.46 2.13 0.72 1.35 2.37 3.22 5.62 8.27
ROIC 5.76 6.56 8.60 7.64 11.14 13.71 14.50 14.30 14.60 14.97
ROE 0.00 1.69 3.12 4.16 1.81 4.46 13.09 26.59 53.86 78.14
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
AM Antero Midstream Corporation $9.5B 24.6× 19.5× +7.13% (above 0%: growing) −7.69% (below 0%: shrinking) −11.79% (below 0%: shrinking) 74.17% 55.59% Compare
KNTK Kinetik Holdings Inc. $8.7B 19.8× 54.5× +36.25% (above 0%: growing) +96.97% (above 0%: growing) +775.96% (above 0%: growing) 46.77% 23.04% Compare
SOBO South Bow Corporation $7.0B 15.7× 21.2× +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 10.6× 14.7× −3.67% (below 0%: shrinking) +1.35% (above 0%: growing) +19.67% (above 0%: growing) 100.00% 63.46%
INSW International Seaways Inc. $5.6B 7.0× 5.0× +138.85% (above 0%: growing) +376.80% (above 0%: growing) +125.42% (above 0%: growing) 76.05% 64.49% Compare
CMBT CMB.TECH nv $5.2B 3.6× 5.4× +519.15% (above 0%: growing) n/m +451.20% (above 0%: growing) 71.02% 54.45% Compare
GLNG Golar LNG Limited $4.6B 28.6× 46.3× +100.86% (above 0%: growing) −30.19% (below 0%: shrinking) +33.24% (above 0%: growing) 67.68% 49.39% Compare
STNG Scorpio Tankers Inc. $4.2B 4.6× 5.7× +77.54% (above 0%: growing) +432.70% (above 0%: growing) +490.32% (above 0%: growing) 80.00% 97.45% Compare
TRMD TORM PLC $4.0B 6.2× — +110.28% (above 0%: growing) +451.67% (above 0%: growing) +48.55% (above 0%: growing) 89.05% 53.58% Compare
Median of peers $5.4B 11.3× 19.5× +89.20% +96.97% +87.09% 72.60% 54.02%

All 58 Oil & Gas Midstream stocks →

Hess Midstream Partners LP (HESM) key facts

  • Strength: Hess Midstream Partners LP’s revenue for fiscal 2025 (year ended December 2025) was $1.6 billion, up 8.41% from fiscal 2024.
  • Hess Midstream Partners LP (HESM) is an Oil & Gas Midstream company in the Energy sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, HESM traded at $30.66, a market capitalization of $6.3 billion.
  • Hess Midstream Partners LP pays an annual dividend of $3.09 per share, a yield of 10.1%, with a payout ratio of 106.4%.
  • Return on equity was 78.1% and debt-to-equity 9.48.
  • Its Piotroski F-score is 6 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

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stockrow.com/HESM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com