Hess Midstream (HESM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Hess Midstream

NYSE•Energy•Oil & Gas Midstream

$39.97-0.23(-0.01%)Market closed

Market Cap

$5.16B

P/E

13.8x

P/S

3.2x

P/B

13.3x

Hess Midstream LP acquires, owns, operates, and develops midstream assets and provide fee-based services to sponsor, its subsidiaries, and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression systems; crude oil gathering systems; and produced water gathering and disposal facilities. Its gathering system consists of approximately 1,430 miles of high- and low-pressure natural gas and natural gas liquids gathering pipelines with capacity of approximately 685 million cubic feet per day; crude oil gathering system comprises approximately 615 miles of crude oil gathering pipelines; and produces water gathering system that includes approximately 360 miles of pipelines in gathering systems. The Processing and Storage segment comprises Tioga Gas Plant, a natural gas processing and fractionation plant located in Tioga, North Dakota; Mentor Storage Terminal, a propane storage cavern and rail, and truck loading and unloading facility located in Mentor, Minnesota; and Terminaling and Export segment that owns Ramberg terminal facility, the Tioga rail terminal, crude oil rail cars, and other Dakota access pipeline connections, as well as Johnson's Corner Header System, a crude oil pipeline header system; and other DAPL connections. Hess Midstream LP was formerly known as Hess Midstream Partners LP and changed its name to Hess Midstream LP in December 2019. Hess Midstream LP was founded in 2014 and is based in Houston, Texas.

How this company scores

GoodMetricSide Score: 72/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (6/25).

Profitability25/25

Growth16/25

Balance Sheet & Red Flags6/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsHigh ROERising earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 13.8x5y range 0.0x – 19.5x

Currently near its 20-quarter median.

P/S · 3.2x5y range 0.0x – 3.2x

Currently above its 20-quarter median.

P/B · 13.3x5y range 0.0x – 13.6x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Leverage Risk

Red Flag

D/E ratio is 9.4 — heavily leveraged and vulnerable to rising rates or cash flow dips.

Share Dilution

Red Flag

Shares outstanding increased 38.1% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $5.16B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.61B
Q. Revenue: $399.00M
TTM EBITDA: $1.23B
TTM Op. Income: $1.00B
Q. Op. Income: $253.20M
TTM Net Income: $375.00M
Q. Net Income: $96.40M
EPS: $0.75
Shares Out.: $128.40M

$1.61B in TTM revenue grew 2.8% YoY, reaching $399.00M last quarter. TTM EBITDA of $1.23B and TTM operating income of $1.00B show growth is flowing through to the bottom line. TTM net income of $375.00M means revenue is converting into profit. Over the past year, TTM revenue is up 3% — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 77.1%
Op. Margin: 63.5%
Net Margin: 24.2%

Op. margin of 63.5% is up 0.6% YoY — cost efficiency is improving. Net margin at 24.2% Over the past year, operating margin is up 1% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 13.8x
P/S Ratio: 3.2x
P/B Ratio: 13.3x

At 13.8x P/E, the stock trades below typical market levels. P/S of 3.2x and P/B of 13.3x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 15% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $4.26B
Cash: $5.00M
Long-Term Debt: $3.64B
Book Value: $388.00M
D/E Ratio: 9.4
Debt/EBITDA: 11.8

With $4.26B in assets and $3.64B in long-term debt, D/E is 9.4and book value is $388.00M — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is up 29% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $278.60M
TTM Free Cash Flow: $837.80M
FCF Margin: 51.9%
FCF / Net Income: 2.2

TTM FCF of $837.80M on $278.60M in operating cash flow. The FCF / Net Income ratio of 2.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 6 consecutive quarters — an improving trend.