Hess Midstream LP (HESM) Balance Sheet
HESM balance sheet, 2025
December 31, 2025 · U.S. dollars$4.39B assets = $3.95B liabilities + $437.9M equity
Both columns are drawn to the same scale: what HESM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HESM financial health
Descriptive bands, not a rating. Fiscal 2025.
HESM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.57B2016 | $4.39B2025 | +6.1%/yr | |
| Total liabilities | $638.5M2016 | $3.95B2025 | +22.4%/yr | |
| Shareholders’ equity | $1.94B2016 | $568.3M2025 | −12.7%/yr | |
| Cash & short-term investments | $300,0002016 | $1.9M2025 | +22.8%/yr | |
| Total debt | $981.1M2018 | $3.77B2025 | +21.2%/yr | |
| Net cash (debt) | −$871.8M2018 | −$3.77B2025 | −$2.9B | |
| Working capital | −$586.8M2016 | −$28.8M2025 | +$558.0M | |
| Book value per share | $35.482016 | $4.622025 | −20.3%/yr | |
| Current ratio | 0.072016 | 0.852025 | +0.77 | |
| Debt / equity | 0.292018 | 6.642025 | +6.35 | |
| Shares outstanding | 54.6M2016 | 123.1M2025 | +9.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HESM assets
HESM liabilities and equity
HESM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HESM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.9M | $4.3M | $5.4M | $3.1M | $2.2M | $2.6M | $3.3M | $109.3M | $47.2M | $300,000 |
| Cash & equivalents | $1.9M | $4.3M | $5.4M | $3.1M | $2.2M | $2.6M | $3.3M | $109.3M | $47.2M | $300,000 |
| Short-term investments | — | — | $300,000 | — | — | $108.0M | — | — | $0 | — |
| Receivables | $150.2M | $138.9M | $124.4M | $123.0M | $120.3M | $93.2M | $87.9M | $67.8M | $59.8M | $44.6M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$300,000 |
| Other current assets | $6.9M | $6.2M | $7.0M | $6.2M | $10.6M | $5.6M | $4.7M | $3.3M | $4.4M | $2.8M |
| Total current assets | $159.0M | $149.4M | $136.8M | $132.3M | $133.1M | $101.4M | $95.9M | $180.4M | $111.4M | $47.4M |
| Property, plant & equipment (net) | $3.37B | $3.33B | $3.23B | $3.17B | $3.12B | $3.11B | $3.01B | $2.74B | $2.52B | $2.52B |
| Goodwill & intangible assets | $0 | $0 | $124.4M | $0 | $120.3M | $93.2M | $87.9M | $0 | $0 | $0 |
| Long-term investments | $81.5M | $87.0M | $90.2M | $93.9M | $101.6M | $108.4M | $107.8M | $67.3M | $0 | $0 |
| Other non-current assets | $778.0M | $589.2M | $208.9M | $189.2M | $5.6M | $0 | $0 | $8.2M | $3.2M | $8.4M |
| Total assets | $4.39B | $4.15B | $3.79B | $3.59B | $3.49B | $3.37B | $3.28B | $2.99B | $2.64B | $2.57B |
| Liabilities | ||||||||||
| Accounts payable | $51.8M | $89.4M | $79.7M | $62.7M | $26.9M | $30.0M | $78.5M | $18.6M | $12.2M | $28.8M |
| Short-term debt | $32.5M | $22.5M | $12.5M | $2.5M | $20.0M | $10.0M | $200,000 | $11.3M | — | — |
| Deferred revenue | $6.4M | — | $117.4M | $7.3M | $76.2M | $54.1M | −$200,000 | $85.6M | — | — |
| Total current liabilities | $187.8M | $219.3M | $210.2M | $159.5M | $170.9M | $125.0M | $176.1M | $138.1M | $74.4M | $634.2M |
| Long-term debt | $3.74B | $3.45B | $3.20B | $2.88B | $2.54B | $1.90B | $1.75B | $969.8M | $0 | $0 |
| Other long-term liabilities | $23.1M | $17.0M | $17.2M | $16.6M | $18.1M | $23.4M | $16.0M | $7.2M | $5.4M | $4.3M |
| Total liabilities | $3.95B | $3.69B | $3.43B | $3.06B | $2.73B | $2.05B | $1.95B | $1.12B | $79.8M | $638.5M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $568.3M | $530.7M | $340.2M | $245.1M | $204.1M | $125.0M | $131.1M | $501.9M | $506.0M | $2.24B |
| Retained earnings (deficit) | — | — | — | $179.7M | $95.8M | — | — | — | $0 | — |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | — |
| Accumulated other comprehensive income | $572.5M | — | — | — | — | — | $400,000 | $1.2M | −$604.0M | −$490.9M |
| Minority interest | −$130.4M | −$65.4M | $23.0M | $283.9M | — | — | — | — | $0 | — |
| Total shareholders' equity | $568.3M | $530.7M | $340.2M | $245.1M | $204.1M | $125.0M | $1.33B | $3.44B | $2.56B | $1.94B |
| Key figures | ||||||||||
| Total debt | $3.77B | $3.47B | $3.21B | $2.89B | $2.56B | $1.91B | $1.75B | $981.1M | — | — |
| Net cash (debt) | −$3.77B | −$3.47B | −$3.21B | −$2.88B | −$2.56B | −$1.91B | −$1.75B | −$871.8M | — | — |
| Working capital | −$28.8M | −$69.9M | −$73.4M | −$27.2M | −$37.8M | −$23.6M | −$80.2M | $42.3M | $37.0M | −$586.8M |
| Tangible book value | $568.3M | $530.7M | $215.8M | $245.1M | $83.8M | $31.8M | $1.24B | $3.44B | $2.56B | $1.94B |
| Book value per share | $4.62 | $5.96 | $6.04 | $5.92 | $7.94 | — | — | $62.86 | $47.50 | $35.48 |
| Shares outstanding | 123.1M | 89.0M | 56.3M | 41.4M | 25.7M | — | — | 54.7M | 53.8M | 54.6M |
| Current ratio | 0.85 | 0.68 | 0.65 | 0.83 | 0.78 | 0.81 | 0.54 | 1.31 | 1.50 | 0.07 |
| Quick ratio | 0.81 | 0.65 | 0.62 | 0.79 | 0.72 | 0.77 | 0.52 | 1.28 | 1.44 | 0.07 |
| Debt / equity | 6.64 | 6.54 | 9.44 | 11.77 | 12.56 | 15.28 | 1.32 | 0.29 | — | — |
| Equity / assets | 13.0% | 12.8% | 9.0% | 6.8% | 5.9% | 3.7% | 40.6% | 115.0% | 97.0% | 75.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.0M | $4.6M | $1.9M | $5.5M | $4.5M | $6.1M | $4.3M | $10.3M | $99.6M | $4.2M | $5.4M | $3.3M |
| Cash & equivalents | $5.0M | $4.6M | $1.9M | $5.5M | $4.5M | $6.1M | $4.3M | $10.3M | $99.6M | $4.2M | $5.4M | $3.3M |
| Short-term investments | — | — | — | — | — | — | — | — | $8.4M | $10.8M | — | — |
| Receivables | $151.3M | $156.2M | $150.2M | $150.5M | $144.0M | $140.7M | $138.9M | $131.1M | $113.0M | $130.6M | $124.4M | $122.0M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$135.1M | $0 | $1 |
| Other current assets | $900,000 | $5.0M | $6.9M | $12.2M | $2.4M | $3.3M | $6.2M | $12.8M | $1.5M | $139.6M | $7.0M | $12.4M |
| Total current assets | $157.2M | $165.8M | $159.0M | $168.2M | $150.9M | $150.1M | $149.4M | $154.2M | $214.1M | $139.3M | $136.8M | $137.7M |
| Property, plant & equipment (net) | $3.30B | $3.32B | $3.37B | $3.38B | $3.34B | $3.32B | $3.33B | $3.29B | $3.24B | $3.21B | $3.23B | $3.21B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $124.4M | $122.0M |
| Long-term investments | $83.2M | $80.0M | $81.5M | $84.5M | $84.8M | $85.5M | $87.0M | $88.5M | $89.2M | $89.4M | $90.2M | $91.4M |
| Other non-current assets | $717.5M | $749.3M | $778.0M | $808.7M | $842.7M | $703.6M | $589.2M | $612.4M | $509.5M | $419.1M | $208.9M | $216.6M |
| Total assets | $4.26B | $4.32B | $4.39B | $4.44B | $4.42B | $4.26B | $4.15B | $4.15B | $4.05B | $3.86B | $3.79B | $3.78B |
| Liabilities | ||||||||||||
| Accounts payable | $31.7M | $53.1M | $51.8M | $93.4M | $32.4M | $25.5M | $55.9M | $87.4M | $79.9M | $31.2M | $79.7M | $27.7M |
| Short-term debt | $37.5M | $35.0M | $32.5M | $30.0M | $27.5M | $25.0M | $22.5M | $20.0M | $17.5M | $15.0M | $12.5M | $10.0M |
| Deferred revenue | — | $15.7M | $6.4M | — | — | $1.8M | — | — | $1.3M | $1.3M | — | $125.4M |
| Total current liabilities | $204.0M | $181.2M | $187.8M | $224.3M | $213.5M | $186.1M | $219.3M | $220.9M | $192.2M | $157.2M | $210.2M | $173.8M |
| Long-term debt | $3.64B | $3.74B | $3.74B | $3.76B | $3.69B | $3.55B | $3.45B | $3.47B | $3.44B | $3.31B | $3.20B | $3.14B |
| Other long-term liabilities | $22.1M | $24.2M | $23.1M | $22.0M | $15.1M | $17.8M | $17.0M | $14.4M | $12.5M | $13.5M | $17.2M | $18.1M |
| Total liabilities | $3.87B | $3.94B | $3.95B | $4.01B | $3.92B | $3.75B | $3.69B | $3.71B | $3.65B | $3.48B | $3.43B | $3.33B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | $518.0M | $568.3M | $572.5M | $635.0M | $601.3M | $530.7M | $531.0M | $464.5M | $404.3M | $340.2M | $367.4M |
| Accumulated other comprehensive income | — | — | $572.5M | — | — | — | — | — | $404.3M | $340.2M | — | — |
| Minority interest | −$126.6M | −$143.2M | −$130.4M | −$146.0M | −$127.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $514.6M | $518.0M | $568.3M | $572.5M | $635.0M | $601.3M | $530.7M | $531.0M | $464.5M | $404.3M | $340.2M | $367.4M |
| Key figures | ||||||||||||
| Total debt | $3.68B | $3.77B | $3.77B | $3.79B | $3.71B | $3.57B | $3.47B | $3.49B | $3.46B | $3.33B | $3.21B | $3.15B |
| Net cash (debt) | −$3.67B | −$3.77B | −$3.77B | −$3.79B | −$3.71B | −$3.57B | −$3.47B | −$3.48B | −$3.36B | −$3.32B | −$3.21B | −$3.15B |
| Working capital | −$46.8M | −$15.4M | −$28.8M | −$56.1M | −$62.6M | −$36.0M | −$69.9M | −$66.7M | $21.9M | −$17.9M | −$73.4M | −$36.1M |
| Tangible book value | $514.6M | $518.0M | $568.3M | $572.5M | $635.0M | $601.3M | $530.7M | $531.0M | $464.5M | $404.3M | $215.8M | $245.4M |
| Book value per share | $4.01 | $4.01 | $4.39 | $4.39 | $5.21 | $5.43 | $5.10 | $5.71 | $5.54 | $5.38 | $4.97 | $5.88 |
| Shares outstanding | 128.4M | 129.2M | 129.4M | 130.3M | 121.8M | 110.8M | 104.1M | 93.0M | 83.8M | 75.2M | 68.4M | 62.5M |
| Current ratio | 0.77 | 0.92 | 0.85 | 0.75 | 0.71 | 0.81 | 0.68 | 0.70 | 1.11 | 0.89 | 0.65 | 0.79 |
| Quick ratio | 0.77 | 0.89 | 0.81 | 0.70 | 0.70 | 0.79 | 0.65 | 0.64 | 1.11 | 0.86 | 0.62 | 0.72 |
| Debt / equity | 7.15 | 7.28 | 6.64 | 6.63 | 5.85 | 5.94 | 6.54 | 6.57 | 7.45 | 8.23 | 9.44 | 8.57 |
| Equity / assets | 12.1% | 12.0% | 13.0% | 12.9% | 14.4% | 14.1% | 12.8% | 12.8% | 11.5% | 10.5% | 9.0% | 9.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 25, 2026); data from EODHD.
HESM financial position
At the end of fiscal 2025 (December 31, 2025), Hess Midstream had total assets of $4.4 billion (up 5.7% from a year earlier), total liabilities of $4.0 billion and shareholders' equity of $568.3 million. It held $1.9 million in cash and short-term investments against $3.8 billion of debt, net debt of $3.8 billion. Its current ratio was 0.85. In the latest quarter (ended June 30, 2026) total assets were $4.3 billion and equity $514.6 million.
Related: HESM income statement, HESM cash flow statement, HESM key metrics. See the HESM stock overview for the latest quote and news.
HESM balance sheet FAQ
What are Hess Midstream's total assets?
Hess Midstream reported total assets of $4.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.2 billion a year earlier.
How much debt does Hess Midstream have?
Hess Midstream had $3.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 6.64.
How much cash does Hess Midstream have?
Hess Midstream held $1.9 million in cash and short-term investments at the end of fiscal 2025; with $3.8 billion of debt that is net debt of $3.8 billion.
What is Hess Midstream's book value?
Hess Midstream's shareholders' equity (book value) was $568.3 million at the end of fiscal 2025, or $4.62 per share.
What is Hess Midstream's current ratio?
Hess Midstream had current assets of $159.0 million and current liabilities of $187.8 million, a current ratio of 0.85 (current liabilities exceed current assets).