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Hess Midstream LP (HESM)
Energy · Oil & Gas Midstream · NYSE
Hess Midstream LP revenue & earnings — last 9 fiscal years
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $579.50M | $712.70M | $848.30M | $1.09B | $1.20B | $1.27B | $1.35B | $1.49B | $1.62B |
| Gross profit | — | — | — | — | — | $1.09B | $1.15B | $1.29B | $1.40B |
| Net income | $41.20M | $70.80M | $70.10M | $24.00M | $46.40M | $83.90M | $118.60M | $223.10M | $352.90M |
| Net margin | 7.1% | 9.9% | 8.3% | 2.2% | 3.9% | 6.6% | 8.8% | 15.0% | 21.8% |
Source: Hess Midstream LP SEC filings (10-K).
What growth is priced into HESM stock?
At today's market cap of $8.07B, Hess Midstream LP is priced for free-cash-flow growth of about -0.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $728.20M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 16.4%/yr over the last five fiscal years and revenue 8.2%/yr, computed from its SEC filings. This is a reverse DCF — a translation of the price into a growth assumption you can judge, not a fair value and not advice. Change the assumptions yourself in the interactive view →
Explore 9 years of Hess Midstream LP financials — interactive
Full income statement, balance sheet and cash flow with CAGR and trend on every row, 48 quarters, valuation ratios, plain-English health checks, and Ask — our SEC-grounded research assistant.
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Hess Midstream LP financial history by metric
About Hess Midstream LP
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.
Hess Midstream LP — frequently asked questions
What is Hess Midstream LP's revenue?
Hess Midstream LP (HESM) reported revenue of $1.62B for fiscal year 2025, up 8.4% from the prior year, according to its SEC filings.
Is Hess Midstream LP profitable?
Yes. HESM earned net income of $352.90M in fiscal 2025, a net margin of 21.8%.
What is HESM's P/E ratio?
Hess Midstream LP trades at a price-to-earnings ratio of about 13.5 based on the latest data in our nightly-refreshed cache.
How fast is Hess Midstream LP growing?
HESM's revenue grew at roughly 8.2% per year over the last five fiscal years (compound annual growth rate), computed from SEC-filed statements.
How much debt does Hess Midstream LP have?
As of fiscal year 2025, HESM carried roughly $3.77B in total debt (short- plus long-term borrowings), per its filed balance sheet.
What is Hess Midstream LP's gross margin?
HESM's gross margin was 86.8% in fiscal 2025 — gross profit of $1.40B on revenue of $1.62B.
What is Hess Midstream LP's market cap?
Hess Midstream LP (HESM) has a market capitalization of about $8.07B, based on the latest data in our nightly-refreshed cache.
When does Hess Midstream LP's fiscal year end?
HESM's fiscal year ends in December. Its most recent annual filing covers the fiscal year ending 2025-12-31.
What growth is priced into HESM stock?
At today's market cap of $8.07B, Hess Midstream LP is priced for free-cash-flow growth of about -0.4% per year for 10 years (assuming a 10% discount rate and 2.5% terminal growth, base FCF $728.20M from the FY ending 2025-12-31). For comparison, free cash flow actually grew 16.4%/yr over the last five fiscal years and revenue 8.2%/yr, computed from its SEC filings.
Where does this data come from?
All figures are computed from Hess Midstream LP's official SEC filings (10-K and 10-Q), covering 9 years of history, refreshed nightly. stockportfolio.pro does not provide investment advice.