Loading…
Midstream partnership gathering, processing and storing oil and gas for Hess's Bakken (North Dakota) operations.
Midstream partnership gathering, processing and storing oil and gas for Hess's Bakken (North Dakota) operations.
Charges fees per barrel of crude and unit of gas it handles, under long-term contracts with minimum volume commitments from Hess, so revenue follows contracted volumes more than commodity prices. Most volume comes from that one customer, which since Chevron's 2025 purchase of Hess means Chevron's Bakken operation.
Moat: narrow (installed base, switching costs, regulatory licence). Fee-based, long-term contracted infrastructure tied to Hess's Bakken acreage gives stable, sticky volumes.
Headquarters: Houston, Texas, US · Founded: 2017 · Employees: 195
Size Hess Midstream LP (HESM) is a United States Energy company (Integrated Oil) with a market value of $6.18B, the 1043rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $29.96 on 6 Nov 2026.
Performance Over six months the shares fell 21.5%, against -5.9% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 0.6% over the last twelve months (peer median +12.2%); the operating margin is 62.7% (peer median 30.6%).
Valuation It trades at 10.3× forward earnings against a peer median of 8.8× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about -16% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 174.3 points above its cost of capital (7.1% WACC).
Short interest Short interest is 9.9% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.60B | $1.62B | $1.50B | $1.35B | $1.28B |
| Revenue growth | — | +8% | +11% | +6% | — |
| Gross profit | $1.03B | $1.04B | $945M | $843M | $814M |
| EBITDA | $1.23B | $1.22B | $1.12B | $1.01B | $972M |
| Net income | $377M | $353M | $223M | $119M | $83.9M |
| Free cash flow | n/a | $728M | $634M | $643M | $623M |
| Capital expenditure | n/a | $256M | $306M | $224M | $238M |
| Total debt | n/a | $3.77B | $3.47B | $3.21B | $2.89B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Hess Midstream LP HESM | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% |
| Oneok OKE | $53.7B | 0% | +38% | 15% | 14.3× | 4.2% |
| Targa Resources TRGP | $56.7B | +7% | -1% | 25% | 21.7× | 7.2% |
| Enterprise Products Partners L.P EPD | $80.0B | 0% | +22% | 12% | 11.9× | 1.0% |
| Mplx LP MPLX | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HESM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.9% | -6.4% | 4th lowest of 21 |
| 6-month return | -21.5% | -5.9% | 2nd lowest of 21 |
| Distance from 52-week high | -27.7% | -23.0% | 6th lowest of 21 |
| Revenue growth (TTM) | -0.6% | +12.2% | 8th lowest of 21 |
| Operating margin | 62.7% | 30.6% | highest of 21 |
| Forward P/E | 10.3× | 8.8× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | -16.3% | -7.7% | 3rd least demanding of 19 |
| Growth delivered (Del g) | +8.2% | +19.5% | 2nd lowest of 19 |
| Hurdle (Req g minus delivered) | -24.5 pp | -27.5 pp | 8th most demanding of 19 |
| ROIC minus cost of capital | +174.3 pp | +6.8 pp | highest of 21 |
| EV / EBITDA | 5.0× | 4.3× | 7th most expensive of 18 |
| Net debt / EBITDA | 3.1× | 0.6× | most indebted of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hess Midstream LP HESM | United States | $6.18B | -22% | -1% | 63% | 10.3× | -16.3% | +8.2% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| Strathcona Resources SCR.TO | Canada | $5.56B | -14% | -9% | 26% | 6.5× | -2.7% | +95.6% |
| Ithaca Energy ITH.L | United Kingdom | $5.52B | -9% | +28% | 41% | 12.1× | -7.0% | +1.4% |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Crescent Energy CRGY | United States | $4.74B | -10% | +34% | 30% | 4.1× | -9.4% | +36.5% |
| California Resources CRC | United States | $4.15B | -20% | +12% | 24% | 10.9× | -8.3% | +16.2% |
| Shandong Xinchao Energy 600777.SS | China | $3.97B | -33% | -15% | 13% | n/a | -10.0% | +13.1% |
| Athabasca Oil ATH.TO | Canada | $3.92B | +1% | +3% | 31% | 13.7× | -5.3% | +23.4% |
| Tamarack Valley Energy TVE.TO | Canada | $3.83B | -7% | +11% | 48% | 10.7× | -5.6% | +46.8% |
| Peyto Exploration & Development PEY.TO | Canada | $3.54B | -5% | +26% | 40% | 12.6× | -2.1% | +22.8% |
| Paramount Resources POU.TO | Canada | $3.26B | +6% | -28% | 10% | 12.4× | n/a | n/a |
| Baytex Energy BTE.TO | Canada | $2.95B | -11% | -8% | 15% | 7.5× | 4.7% | +12.8% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |