HESM
Hess Midstream LP
Next earnings Jul 28, 2026 · consensus $0.68 EPS, $404M rev
Last earnings +3.7% on 2026-05-04
$38.16
▲ +2.20%$38.16▲ +7.46%
over 1Y
L $29.75H $40.73
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+2.2%
1W+0.7%
1M-0.1%
3M+0.4%
YTD+14.9%
1Y+7.5%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 12 analysts
Sell
Fee-based Bakken midstream LP with 62% operating margins, a steadily rising distribution, and big buybacks — built for income.
Revenue $1.62B · FY2025
Hess Midstream is a fee-based midstream operator gathering, processing and transporting crude, gas and water in the Bakken, now backed by Chevron (which indirectly owns the HINDL sponsor stake). The economics are exactly what income investors want from midstream: a 62.2% operating margin and highly visible, contracted cash flows. FY2025 revenue grew 8.4% to $1.62B, operating income rose 9.7% to $1.01B, and net income jumped 58.2% to $353M — capping a clean multi-year ramp from $46.4M (FY2021) to $353M (FY2025). Operating cash flow was robust at $984M against falling capex (-16.5% to $256M), producing ample free cash flow.
The capital-return story is the centerpiece. The partnership agreement requires distributing 'all of our available cash to shareholders' each quarter, and the per-share distribution has risen every single quarter shown — from $0.5851 (Q1 2023) to $0.7641 (Q4 2025). On top of that, HESM bought back $400M of units (+33.3%), even as the share count rose 10.9% (reflecting sponsor-unit conversions/exchanges). Management notes it is 'not a party to any litigation... that we believe will have a material adverse impact,' a clean legal posture.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:55 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Is HESM a buy? The one-page verdict, explained →
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $1.20B | $1.28B | $1.35B | $1.50B | $1.62B |
| Gross profit | — | — | — | — | — |
| Operating income | $727M | $791M | $817M | $919M | $1.01B |
| Net income | $46.4M | $83.9M | $119M | $223M | $353M |
| Diluted EPS | — | — | — | — | — |
| Net margin | 3.9% | 6.6% | 8.8% | 14.9% | 21.8% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$11.7B
EV / EBITDA—
EV / Sales7.2
EV / FCF16.0
P / FCF10.8
PEG (trailing)—
Earnings yield4.5%
FCF yield9.2%
Quality & risk
ROIC (est.)—
Free cash flow$728M
Total debt$3.77B
Net cash-$3.77B
Piotroski F-Score6/8
Capital returns
Buyback yield5.1%
Dividend yield (est.)—
Shareholder yield5.1%
Shares Δ YoY+10.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsSome governance/structural items recently, but no outright red flags.
Recent filings
all on EDGAR ↗SCHEDULE 13GFiling2026-05-15open ↗10-QPeriod ending 2026-03-312026-05-07open ↗8-KPeriod ending 2026-05-042026-05-04open ↗SCHEDULE 13G/AFiling2026-04-13open ↗4Period ending 2026-03-082026-03-10open ↗4Period ending 2026-03-082026-03-10open ↗4Period ending 2026-03-082026-03-10open ↗4Period ending 2026-03-082026-03-10open ↗4Period ending 2026-03-082026-03-10open ↗4Period ending 2026-03-042026-03-04open ↗SCHEDULE 13D/AFiling2026-03-04open ↗8-KPeriod ending 2026-03-022026-03-04open ↗
Frequently asked
- Is Hess Midstream LP (HESM) a buy?
- HESM currently carries a Buy rating with 4/5 conviction, derived from its latest SEC filings. Fee-based Bakken midstream LP with 62% operating margins, a steadily rising distribution, and big buybacks — built for income.
- What is Hess Midstream LP's quality score?
- HESM scores 77.62063553164725/100 (grade B+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001789832, latest 10-Q filed 2026-05-07) · EODHD · Proprietary analysis · as of 6/21/2026, 8:55:18 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.