FirmAtlas
Company handbook · HESM · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
HESM · CIK 1789832 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
Hess Midstream LP
$30.66
+0.04 (+0.13%)
Close, Oct 16, 2026 · 52-week $30–41
Hess Midstream owns pipelines, gathering systems and plants in North Dakota's Bakken that collect, process, store and move oil, gas and water.
Business
- SegmentsGathering 54% · Processing And Storage 38% · Terminaling And Export 8% (FY25)
- ProductsAffiliate Services 97% · Third Party Services 3% (FY25)
- CustomersMainly Chevron (which bought Hess in 2025), under long-term fee contracts with minimum volumes
- Cash useFY24–FY25: buybacks $700M · capex $562M
Reinvested 29% of operating cash flow · returned 51% of free cash flow
Last fiscal year
Hess Midstream LP reported revenue of $1.6B for the year ended Dec 31, 2025 (FY25), up 8.4% from FY24. Net income was $353M, operating cash flow $984M and free cash flow $728M. Source: 10-K filed Feb 25, 2026.
Div yield
10.07%
ROIC
20.6%
Revenue 1Y
8.4%/yr
EPS 1Y
n/m
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOJonathan C. Stein
HQHouston, TX
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Revenue by segment · FY25
Gathering54%
Processing And Storage38%
Terminaling And Export8%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
—
2.3%
0.1%
−6.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.3B deployed
Capex
$562M
44.5%
Buybacks
$700M
55.5%
Operating cash flow over the period: $1.9B. Total debt changed by +$310M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Balance sheet
Total assets
4,151
4,388+5.7%
4,257
Cash & short-term investments
4
2−55.8%
—
Accounts receivable
135
144+6.1%
—
Net PP&E
3,325
3,370+1.3%
—
Other assets
686
873+27.3%
—
Total liabilities
3,620
3,820+5.5%
3,742
Accounts payable
34
27−19.7%
—
Total debt
3,494
3,804+8.9%
3,718
Other liabilities
92
(11)−112.3%
—
Shareholders’ equity
531
568+7.1%
515
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
940
984+4.6%
1,036
Net income
659
685+3.9%
—
Depreciation & amortization
203
214+5.4%
—
Stock-based compensation
2
2−11.1%
—
Working capital & other
76
83+9.3%
—
Cash from investing
(306)
(256)n/m
—
Capex
(306)
(256)n/m
—
Other investing
0
0n/m
—
Cash from financing
(635)
(731)n/m
—
Debt raised
600
—
—
Buybacks
(300)
(400)n/m
—
Other financing
(935)
(331)n/m
—
Net change in cash
(1)
(2)n/m
—
Free cash flow (OCF − capex)
634
728+14.8%
838
Where the cash went
Operating cash flow
940
984+4.6%
1,036
Reinvested in the business
306
256−16.5%
—
% of operating cash flow
32.6%
26.0%
Capex
306
256−16.5%
199
Free cash flow
634
728+14.8%
838
YoY
+14.8%
Returned to shareholders
300
400+33.3%
—
% of free cash flow
47.3%
54.9%
Buybacks
300
400+33.3%
—
Change in total debt
—
310
—
Cash left over
—
638
—
FCF conversion (FCF ÷ net income)
284.3%
206.3%−77.9 pp
—
Owner earnings
—
297
—
Owner earnings margin
—
18.3%
—
Returns & ratios
ROIC (all capital)
20.6%
20.6%−0.0 pp
—
ROIC (operating)
24.2%
25.0%+0.8 pp
—
Net debt / EBITDA
3.11x
3.11x+0.00x
—
Debt / equity
6.58x
6.69x+0.11x
—
ROE
42.0%
62.1%+20.1 pp
—
ROA
5.4%
8.0%+2.7 pp
—
ROCE
23.4%
24.0%+0.6 pp
—
NOPAT
829
864+4.3%
—
Invested capital (operating)
3,427
3,486+1.7%
—
Invested capital (all)
4,021
4,371+8.7%
—
Reinvestment rate
—
6.8%
—
Net debt is 3.1x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
420
403
389
398
vs year-ago quarter
Operating income
259
252
238
253
Net income
98
93
88
96
vs year-ago quarter
Net margin
23.3%
23.1%
22.5%
24.2%
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
4,438
4,388
4,317
4,257
Cash & equivalents
6
2
5
5
Total debt
3,795
3,804
3,807
3,718
Shareholders’ equity
572
568
518
515
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
259
246
253
279
Capex
80
67
29
23
Free cash flow
179
179
224
255
vs year-ago quarter