Hess Midstream P Financials
This page shows Hess Midstream P (HESM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Hess Midstream P has an operating margin of 62.2%, meaning the company retains $62 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 61.5% the prior year.
Hess Midstream P's revenue grew 8.4% year-over-year to $1.6B, a solid pace of expansion. This earns a growth score of 47/100.
Hess Midstream P has elevated debt relative to equity (D/E of 8.54), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Hess Midstream P's current ratio of 0.85 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 12/100, which could limit financial flexibility.
Hess Midstream P converts 44.9% of revenue into free cash flow ($728.2M). This strong cash generation earns a score of 100/100.
Hess Midstream P earns a strong 80.6% return on equity (ROE), meaning it generates $81 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 47.9% the prior year.
Hess Midstream P passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Hess Midstream P generates $2.79 in operating cash flow ($983.8M OCF vs $352.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Hess Midstream P generated $1.6B in revenue in fiscal year 2025. This represents an increase of 8.4% from the prior year.
Hess Midstream P's EBITDA was $1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.9% from the prior year.
Hess Midstream P reported $352.9M in net income in fiscal year 2025. This represents an increase of 58.2% from the prior year.
Cash & Balance Sheet
Hess Midstream P generated $728.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 14.8% from the prior year.
Hess Midstream P held $1.9M in cash against $3.7B in long-term debt as of fiscal year 2025.
Margins & Returns
Hess Midstream P's operating margin was 62.2% in fiscal year 2025, reflecting core business profitability. This is up 0.7 percentage points from the prior year.
Hess Midstream P's net profit margin was 21.8% in fiscal year 2025, showing the share of revenue converted to profit. This is up 6.9 percentage points from the prior year.
Hess Midstream P's ROE was 80.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 32.6 percentage points from the prior year.
Capital Allocation
Hess Midstream P spent $400.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 33.3% from the prior year.
Hess Midstream P invested $255.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 16.5% from the prior year.
HESM Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $404.2M-4.0% | $420.9M+1.6% | $414.2M+8.4% | $382.0M-3.5% | $395.9M+4.6% | $378.5M+3.6% | $365.5M+2.8% | $355.6M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $5.6M-23.3% | $7.3M-9.9% | $8.1M+8.0% | $7.5M-15.7% | $8.9M+41.3% | $6.3M+21.2% | $5.2M-8.8% | $5.7M |
| Operating Income | $251.6M-2.8% | $258.9M-0.5% | $260.2M+9.6% | $237.4M-2.3% | $243.0M+4.9% | $231.7M+4.2% | $222.3M+0.1% | $222.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $30.2M-4.1% | $31.5M+8.2% | $29.1M+26.5% | $23.0M+1.8% | $22.6M+19.6% | $18.9M+18.1% | $16.0M+11.9% | $14.3M |
| Net Income | $93.3M-4.5% | $97.7M+8.2% | $90.3M+26.1% | $71.6M+1.7% | $70.4M+20.1% | $58.6M+18.4% | $49.5M+11.0% | $44.6M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HESM Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.4B-1.1% | $4.4B+0.3% | $4.4B+3.7% | $4.3B+2.7% | $4.2B+0.1% | $4.1B+2.4% | $4.1B+4.8% | $3.9B |
| Current Assets | $159.0M-5.5% | $168.2M+11.5% | $150.9M+0.5% | $150.1M+0.5% | $149.4M-3.1% | $154.2M-28.0% | $214.1M+53.7% | $139.3M |
| Cash & Equivalents | $1.9M-65.5% | $5.5M+22.2% | $4.5M-26.2% | $6.1M+41.9% | $4.3M-58.3% | $10.3M-89.7% | $99.6M+2271.4% | $4.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $143.5M-1.3% | $145.4M+5.1% | $138.4M+1.2% | $136.7M+1.0% | $135.3M+6.0% | $127.6M+16.3% | $109.7M-14.2% | $127.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.0B-1.5% | $4.0B+2.4% | $3.9B+4.4% | $3.8B+1.8% | $3.7B-0.5% | $3.7B+1.6% | $3.6B+4.8% | $3.5B |
| Current Liabilities | $187.8M-16.3% | $224.3M+5.1% | $213.5M+14.7% | $186.1M-15.1% | $219.3M-0.7% | $220.9M+14.9% | $192.2M+22.3% | $157.2M |
| Long-Term Debt | $3.7B-0.7% | $3.8B+2.1% | $3.7B+4.0% | $3.5B+2.8% | $3.4B-0.6% | $3.5B+0.8% | $3.4B+4.0% | $3.3B |
| Total Equity | $437.9M+2.7% | $426.5M-16.0% | $507.6M-1.0% | $512.9M+10.2% | $465.3M+5.3% | $441.8M+9.7% | $402.6M+5.5% | $381.7M |
| Retained Earnings | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
HESM Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $245.6M-5.1% | $258.9M-6.5% | $276.9M+36.8% | $202.4M-21.7% | $258.5M+14.9% | $224.9M-17.2% | $271.6M+46.6% | $185.3M |
| Capital Expenditures | $66.7M-16.6% | $80.0M+26.2% | $63.4M+39.3% | $45.5M-52.2% | $95.1M+3.0% | $92.3M+44.4% | $63.9M+16.6% | $54.8M |
| Free Cash Flow | $178.9M0.0% | $178.9M-16.2% | $213.5M+36.1% | $156.9M-4.0% | $163.4M+23.2% | $132.6M-36.2% | $207.7M+59.2% | $130.5M |
| Investing Cash Flow | -$66.7M+16.6% | -$80.0M-26.2% | -$63.4M-39.3% | -$45.5M+52.2% | -$95.1M-3.0% | -$92.3M-44.4% | -$63.9M-16.6% | -$54.8M |
| Financing Cash Flow | -$182.5M-2.6% | -$177.9M+17.3% | -$215.1M-38.7% | -$155.1M+8.4% | -$169.4M+23.7% | -$221.9M-97.6% | -$112.3M+14.7% | -$131.7M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $0-100.0% | $100.0M-50.0% | $200.0M+100.0% | $100.0M | $0-100.0% | $100.0M0.0% | $100.0M0.0% | $100.0M |
HESM Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 62.3%+0.7pp | 61.5%-1.3pp | 62.8%+0.7pp | 62.2%+0.8pp | 61.4%+0.2pp | 61.2%+0.4pp | 60.8%-1.6pp | 62.4% |
| Net Margin | 23.1%-0.1pp | 23.2%+1.4pp | 21.8%+3.1pp | 18.7%+1.0pp | 17.8%+2.3pp | 15.5%+1.9pp | 13.5%+1.0pp | 12.5% |
| Return on Equity | 21.3%-1.6pp | 22.9%+5.1pp | 17.8%+3.8pp | 14.0%-1.2pp | 15.1%+1.9pp | 13.3%+1.0pp | 12.3%+0.6pp | 11.7% |
| Return on Assets | 2.1%-0.1pp | 2.2%+0.2pp | 2.0%+0.4pp | 1.7%-0.0pp | 1.7%+0.3pp | 1.4%+0.2pp | 1.2%+0.1pp | 1.1% |
| Current Ratio | 0.85+0.1 | 0.75+0.0 | 0.71-0.1 | 0.81+0.1 | 0.68-0.0 | 0.70-0.4 | 1.11+0.2 | 0.89 |
| Debt-to-Equity | 8.54-0.3 | 8.83+1.6 | 7.26+0.3 | 6.92-0.5 | 7.41-0.4 | 7.85-0.7 | 8.55-0.1 | 8.67 |
| FCF Margin | 44.3%+1.8pp | 42.5%-9.0pp | 51.5%+10.5pp | 41.1%-0.2pp | 41.3%+6.2pp | 35.0%-21.8pp | 56.8%+20.1pp | 36.7% |
Note: The current ratio is below 1.0 (0.85), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Hess Midstream P's annual revenue?
Hess Midstream P (HESM) reported $1.6B in total revenue for fiscal year 2025. This represents a 8.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Hess Midstream P's revenue growing?
Hess Midstream P (HESM) revenue grew by 8.4% year-over-year, from $1.5B to $1.6B in fiscal year 2025.
Is Hess Midstream P profitable?
Yes, Hess Midstream P (HESM) reported a net income of $352.9M in fiscal year 2025, with a net profit margin of 21.8%.
What is Hess Midstream P's EBITDA?
Hess Midstream P (HESM) had EBITDA of $1.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Hess Midstream P have?
As of fiscal year 2025, Hess Midstream P (HESM) had $1.9M in cash and equivalents against $3.7B in long-term debt.
What is Hess Midstream P's operating margin?
Hess Midstream P (HESM) had an operating margin of 62.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Hess Midstream P's net profit margin?
Hess Midstream P (HESM) had a net profit margin of 21.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Hess Midstream P's return on equity (ROE)?
Hess Midstream P (HESM) has a return on equity of 80.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Hess Midstream P's free cash flow?
Hess Midstream P (HESM) generated $728.2M in free cash flow during fiscal year 2025. This represents a 14.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Hess Midstream P's operating cash flow?
Hess Midstream P (HESM) generated $983.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Hess Midstream P's total assets?
Hess Midstream P (HESM) had $4.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Hess Midstream P's capital expenditures?
Hess Midstream P (HESM) invested $255.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Hess Midstream P's current ratio?
Hess Midstream P (HESM) had a current ratio of 0.85 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Hess Midstream P's debt-to-equity ratio?
Hess Midstream P (HESM) had a debt-to-equity ratio of 8.54 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Hess Midstream P's return on assets (ROA)?
Hess Midstream P (HESM) had a return on assets of 8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Hess Midstream P's Piotroski F-Score?
Hess Midstream P (HESM) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Hess Midstream P's earnings high quality?
Hess Midstream P (HESM) has an earnings quality ratio of 2.79x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Hess Midstream P?
Hess Midstream P (HESM) scores 60 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.