HESM · Hess Midstream LP - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · HESM

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$1.62B	$1.50B	$1.35B	$1.28B	$1.20B	$1.09B
Cost of Revenue	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-
R&D	-	-	-	-	-	-
SG&A	$28.50M	$26.10M	$26.20M	$23.10M	$22.70M	$21.10M
Total Operating Expenses	$613.20M	$576.50M	$531.70M	$484.00M	$476.60M	$515.40M
D&A	$214.10M	$203.10M	$192.50M	$181.30M	$165.60M	$156.90M
Operating Income	$1.01B	$919.00M	$816.90M	$791.20M	$727.20M	$576.50M
Interest Expense	-	-	-	-	-	-
Income Tax	$113.80M	$71.80M	$37.90M	$26.60M	$14.60M	$7.30M
Net Income	$352.90M	$223.10M	$118.60M	$83.90M	$46.40M	$24.00M
EPS - Basic	-	-	-	-	-	-
EPS - Diluted	-	-	-	-	-	-

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$1.90M	$4.30M	$5.40M	$3.10M	$2.20M	$2.60M
Accounts Receivable	$143.50M	$135.30M	$122.50M	-	-	-
Inventory	-	-	-	-	-	-
Accounts Payable	$26.90M	$33.50M	$41.20M	$35.00M	$26.90M	$30.00M
Current Assets	$159.00M	$149.40M	$136.80M	$132.30M	$133.10M	$101.40M
Total Assets	$4.39B	$4.15B	$3.79B	$3.59B	$3.49B	$3.37B
Current Liabilities	$187.80M	$219.30M	$210.20M	$159.50M	$170.90M	$125.00M
Long-term Debt	$3.74B	$3.45B	$3.20B	$2.88B	$2.54B	$1.90B
Total Liabilities	$3.95B	$3.69B	$3.43B	$3.06B	$2.73B	$2.05B
Stockholders' Equity	-	-	-	-	-	-
Retained Earnings	-	-	-	-	-	-

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$983.80M	$940.30M	$866.40M	$861.10M	$795.50M	$641.70M
Investing Cash Flow	($255.60M)	($306.10M)	($223.50M)	($238.20M)	($163.20M)	($301.00M)
Financing Cash Flow	($730.60M)	($635.30M)	($640.60M)	($622.00M)	($632.70M)	($341.40M)
CapEx	$255.60M	$306.10M	$223.50M	$238.20M	$163.20M	$301.10M
Free Cash Flow	$728.20M	$634.20M	$642.90M	$622.90M	$632.30M	$340.60M

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	-	-	-	-	-	-
Operating margin	62.2%	61.5%	60.6%	62.0%	60.4%	52.8%
EBITDA margin	75.4%	75.0%	74.8%	76.3%	74.2%	67.2%
Net margin	21.8%	14.9%	8.8%	6.6%	3.9%	2.2%
Free cash flow margin	44.9%	42.4%	47.7%	48.8%	52.5%	31.2%
FCF / Net income	2.06	2.84	5.42	7.42	13.63	14.19
R&D / Revenue	-	-	-	-	-	-
SG&A / Revenue	1.8%	1.7%	1.9%	1.8%	1.9%	1.9%
Effective tax rate	24.4%	24.3%	24.2%	24.1%	23.9%	23.3%
Return on assets	8.0%	5.4%	3.1%	2.3%	1.3%	0.7%
Return on equity	-	-	-	-	-	-
Return on invested capital	-	-	-	-	-	-
Liquidity
Current ratio	0.85	0.68	0.65	0.83	0.78	0.81
Quick ratio	0.85	0.68	0.65	0.83	0.78	0.81
Cash ratio	0.01	0.02	0.03	0.02	0.01	0.02
Leverage
Debt / Equity	-	-	-	-	-	-
Debt / Assets	0.85	0.83	0.84	0.80	0.73	0.56
Debt / EBITDA	3.06	3.07	3.17	2.96	2.85	2.59
Interest coverage	-	-	-	-	-	-
Equity multiplier	-	-	-	-	-	-
Liabilities / Assets	0.90	0.89	0.90	0.85	0.78	0.61
Efficiency
Asset turnover	0.37	0.36	0.36	0.36	0.35	0.32
Inventory turnover	-	-	-	-	-	-
Days sales outstanding	32d	33d	33d	-	-	-
Days inventory outstanding	-	-	-	-	-	-
Days payable outstanding	-	-	-	-	-	-
Cash conversion cycle	-	-	-	-	-	-
Valuation
P / E	-	-	-	-	-	-
P / B	-	-	-	-	-	-
P / S	2.6x	5.5x	1.3x	0.0x	0.0x	-
EV / EBITDA	6.5x	10.4x	4.9x	3.0x	2.8x	-
Growth
Revenue growth (YoY)	8.4%	10.9%	5.8%	5.9%	10.2%	88.4%
Revenue CAGR (3y)	8.3%	7.5%	7.3%	30.1%	-	-
Revenue CAGR (5y)	8.2%	20.9%	-	-	-	-
Gross profit growth (YoY)	-	-	-	-	-	-
Operating income growth (YoY)	9.7%	12.5%	3.2%	8.8%	26.1%	119.1%
Net income growth (YoY)	58.2%	88.1%	41.4%	80.8%	93.3%	-41.7%
EPS growth (YoY)	-	-	-	-	-	-
EPS CAGR (3y)	-	-	-	-	-	-
EPS CAGR (5y)	-	-	-	-	-	-
FCF growth (YoY)	14.8%	-1.4%	3.2%	-1.5%	85.6%	77.1%
FCF CAGR (5y)	16.4%	27.0%	-	-	-	-
Book value growth (YoY)	-	-	-	-	-	-

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$1.62B total

Gathering$870.60M · 53.7%

Processing And Storage$620.00M · 38.2%

Terminaling And Export$130.70M · 8.1%

Stability scores

Piotroski F-score

FY 2025 · 9-point quality

7/9

Strong

✓Net income positive
✓Operating cash flow positive
✓ROA improved YoY
✓Cash flow > net income
✗Long-term debt decreased
✓Current ratio improved
✓No share dilution
-Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Crude Petroleum & Natural Gas

Company	Revenue (last FY)	Net margin	ROE
GTE	$596.71M	-32.4%	-84.4%
APA	$2.64B	30.5%	13.2%
EOG	$22.63B	22.0%	16.7%
OVV	$8.91B	13.9%	11.1%
PARR	$7.46B	4.9%	24.4%

Comparing Hess Midstream LP against the 5 most active filers in the same SIC group.

Dividends

$3.04/share trailing 12 months · +9.8% YoY

Ex-date	Per share
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
Aug 6, 2021	$0.5040
Apr 30, 2021	$0.4530
Feb 3, 2021	$0.4470
Nov 4, 2020	$0.4420
Aug 5, 2020	$0.4360

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.