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Hess Midstream LP

HESM Clue Score63
United States Fiscal year ends December CIK 0001789832
$32.37 +0.34% Close, 12 Oct 2026
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Price $32.37 +21.15% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 5 Apr 2017. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue579.5Operating income263.1Net income41.2Fiscal year 2018Revenue712.7 +23.0%Operating income378.2Net income70.8 +71.8%Fiscal year 2019Revenue848.3 +19.0%Operating income376.6Net income70.1 −1.0%Fiscal year 2020Revenue1,091.9 +28.7%Operating income576.5Net income24.0 −65.8%Fiscal year 2021Revenue1,203.8 +10.2%Operating income727.2Net income46.4 +93.3%Fiscal year 2022Revenue1,275.2 +5.9%Operating income791.2Net income83.9 +80.8%Fiscal year 2023Revenue1,348.6 +5.8%Operating income816.9Net income118.6 +41.4%Fiscal year 2024Revenue1,495.5 +10.9%Operating income919.0Net income223.1 +88.1%Fiscal year 2025Revenue1,621.3 +8.4%Operating income1,008.1Net income352.9 +58.2%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 579.5 712.7 848.3 1,091.9 1,203.8 1,275.2 1,348.6 1,495.5 1,621.3
Growth +23.0% +19.0% +28.7% +10.2% +5.9% +5.8% +10.9% +8.4%
Operating income 263.1 378.2 376.6 576.5 727.2 791.2 816.9 919.0 1,008.1
Net income 41.2 70.8 70.1 24.0 46.4 83.9 118.6 223.1 352.9
Growth +71.8% −1.0% −65.8% +93.3% +80.8% +41.4% +88.1% +58.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Operating margin45.4%Net margin7.1%Free cash flow margin33.2%Fiscal year 2018Operating margin53.1%Net margin9.9%Free cash flow margin31.6%Fiscal year 2019Operating margin44.4%Net margin8.3%Free cash flow margin19.4%Fiscal year 2020Operating margin52.8%Net margin2.2%Free cash flow margin31.2%Fiscal year 2021Operating margin60.4%Net margin3.9%Free cash flow margin52.5%Fiscal year 2022Operating margin62.0%Net margin6.6%Free cash flow margin48.8%Fiscal year 2023Operating margin60.6%Net margin8.8%Free cash flow margin47.7%Fiscal year 2024Operating margin61.5%Net margin14.9%Free cash flow margin42.4%Fiscal year 2025Operating margin62.2%Net margin21.8%Free cash flow margin44.9%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 45.4% 53.1% 44.4% 52.8% 60.4% 62.0% 60.6% 61.5% 62.2%
Net margin 7.1% 9.9% 8.3% 2.2% 3.9% 6.6% 8.8% 14.9% 21.8%
Free cash flow margin 33.2% 31.6% 19.4% 31.2% 52.5% 48.8% 47.7% 42.4% 44.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow336.5Capital expenditure−144.2Free cash flow192.3Fiscal year 2018Operating cash flow466.9Capital expenditure−241.9Free cash flow225.0 +17.0%Fiscal year 2019Operating cash flow470.7Capital expenditure−306.4Free cash flow164.3 −27.0%Fiscal year 2020Operating cash flow641.7Capital expenditure−301.1Free cash flow340.6 +107.3%Fiscal year 2021Operating cash flow795.5Capital expenditure−163.2Free cash flow632.3 +85.6%Buybacks−750.0Fiscal year 2022Operating cash flow861.1Capital expenditure−238.2Free cash flow622.9 −1.5%Buybacks−400.0Fiscal year 2023Operating cash flow866.4Capital expenditure−223.5Free cash flow642.9 +3.2%Buybacks−400.0Fiscal year 2024Operating cash flow940.3Capital expenditure−306.1Free cash flow634.2 −1.4%Buybacks−300.0Fiscal year 2025Operating cash flow983.8Capital expenditure−255.6Free cash flow728.2 +14.8%Buybacks−400.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 336.5 466.9 470.7 641.7 795.5 861.1 866.4 940.3 983.8
Capital expenditure −144.2 −241.9 −306.4 −301.1 −163.2 −238.2 −223.5 −306.1 −255.6
Free cash flow 192.3 225.0 164.3 340.6 632.3 622.9 642.9 634.2 728.2
Growth +17.0% −27.0% +107.3% +85.6% −1.5% +3.2% −1.4% +14.8%
Buybacks n/a n/a n/a n/a −750.0 −400.0 −400.0 −300.0 −400.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Fiscal year 2018Cash109.3Total debt981.1Net cash (debt)−871.8Fiscal year 2019Cash3.3Total debt1,753.5Net cash (debt)−1,750.2Fiscal year 2020Cash2.6Total debt1,910.1Net cash (debt)−1,907.5Fiscal year 2021Cash2.2Total debt2,563.5Net cash (debt)−2,561.3Fiscal year 2022Cash3.1Total debt2,885.6Net cash (debt)−2,882.5Fiscal year 2023Cash5.4Total debt3,211.4Net cash (debt)−3,206.0Fiscal year 2024Cash4.3Total debt3,471.9Net cash (debt)−3,467.6Fiscal year 2025Cash1.9Total debt3,772.0Net cash (debt)−3,770.1
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a 109.3 3.3 2.6 2.2 3.1 5.4 4.3 1.9
Total debt n/a 981.1 1,753.5 1,910.1 2,563.5 2,885.6 3,211.4 3,471.9 3,772.0
Net cash (debt) n/a −871.8 −1,750.2 −1,907.5 −2,561.3 −2,882.5 −3,206.0 −3,467.6 −3,770.1

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
45.4% 53.1% 44.4% 52.8% 60.4% 62.0% 60.6% 61.5% 62.2%
41.8% 45.7% 37.4% 45.1% 52.5% 50.8% 47.9% 48.9% 49.2%
7.1% 9.9% 8.3% 2.2% 3.9% 6.6% 8.8% 14.9% 21.8%
33.2% 31.6% 19.4% 31.2% 52.5% 48.8% 47.7% 42.4% 44.9%
Spending
2.4% 2.0% 6.2% 1.9% 1.9% 1.8% 1.9% 1.7% 1.8%
24.9% 33.9% 36.1% 27.6% 13.6% 18.7% 16.6% 20.5% 15.8%
n/a n/a −0.0% 1.5% 2.3% 4.1% 5.9% 9.8% 14.3%
Returns
n/a 2.4% 2.1% 0.7% 1.3% 2.3% 3.1% 5.4% 8.0%
Balance and payout
n/a 37.3% 59.4% 60.7% 78.4% 85.3% 90.4% 88.8% 90.0%
n/a n/a n/a n/a 118.6% 64.2% 62.2% 47.3% 54.9%