Hess Midstream LP (HESM) Key Metrics
HESM valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $6.32B
- Enterprise value
- $8.65B
- P/E (TTM)
- 10.6 10-yr median 14.8
- Forward P/E
- 9.9
- PEG ratio
- 1.57
- Price / sales
- 3.9 10-yr median 1.3
- Price / book
- 9.7 10-yr median 5.1
- EV / EBITDA
- 7.0 10-yr median 4.2
- Dividend yield
- 6.27% $3.09 a year
- Beta
- 0.56
HESM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsHESM valuation Price multiples at each fiscal year-end price.
HESM returns How much profit the business earns on the capital it uses.
HESM per-share figures Results divided by the shares outstanding at year-end.
HESM financial health Debt, liquidity and how easily interest is covered.
HESM efficiency & capital use Working capital cycle and where the cash goes.
HESM valuation history
HESM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
HESM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
HESM cash returned to shareholders
HESM price vs earnings per share
HESM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $4.25B | $3.30B | $1.78B | $1.24B | $710.1M | — | — | $928.8M | $1.07B | — |
| Enterprise value | $8.02B | $6.76B | $4.99B | $4.12B | $3.27B | — | — | $1.80B | $1.02B | — |
| P/E ratio | 12.0 | 14.8 | 15.0 | 14.8 | 15.3 | — | — | 13.4 | 25.9 | — |
| Price / sales | 2.6 | 2.2 | 1.3 | 1.0 | 0.6 | — | — | 1.3 | 1.9 | — |
| Price / book | 7.5 | 6.2 | 5.2 | 5.1 | 3.5 | — | — | 0.3 | 0.4 | — |
| Price / free cash flow | 5.8 | 5.2 | 2.8 | 2.0 | 1.1 | — | — | 4.1 | 4.0 | — |
| Price / operating cash flow | 4.3 | 3.5 | 2.1 | 1.4 | 0.9 | — | — | 2.0 | 2.7 | — |
| EV / sales | 5.0 | 4.5 | 3.7 | 3.2 | 2.7 | — | — | 2.5 | 1.8 | — |
| EV / EBITDA | 6.5 | 6.0 | 4.9 | 4.2 | 3.6 | — | — | 3.6 | 2.6 | — |
| EV / free cash flow | 11.0 | 10.7 | 7.8 | 6.6 | 5.2 | — | — | 8.0 | 3.9 | — |
| Earnings yield | 8.3% | 6.8% | 6.7% | 6.8% | 6.5% | — | — | 7.4% | 3.9% | — |
| Free cash flow yield | 17.1% | 19.2% | 36.1% | 50.3% | 89.0% | — | — | 24.2% | 24.7% | — |
| Dividend yield | 8.2% | 7.1% | 7.2% | 7.3% | 7.0% | — | — | 42.6% | 44.8% | — |
| Shareholder yield (dividends + buybacks) | 17.7% | 16.2% | 29.6% | 39.6% | 112.6% | — | — | 42.6% | 44.8% | — |
| Share price at fiscal year-end | $34.50 | $37.03 | $31.63 | $29.92 | $27.63 | $19.57 | $22.68 | $16.98 | $19.81 | — |
| Per share | ||||||||||
| Revenue per share | $13.14 | $16.76 | $23.91 | $30.75 | $46.84 | — | — | $13.02 | $10.52 | $9.34 |
| Earnings per share | $2.87 | $2.51 | $2.11 | $2.03 | $1.81 | — | — | $1.26 | $0.77 | $3.76 |
| Operating cash flow per share | $7.99 | $10.57 | $15.39 | $20.80 | $30.95 | — | — | $8.54 | $7.43 | $7.11 |
| Free cash flow per share | $5.92 | $7.13 | $11.42 | $15.05 | $24.60 | — | — | $4.11 | $4.90 | $2.27 |
| Cash per share | $0.02 | $0.05 | $0.10 | $0.07 | $0.09 | — | — | $2.00 | $0.88 | $0.01 |
| Book value per share | $4.62 | $5.96 | $6.04 | $5.92 | $7.94 | — | — | $62.86 | $47.50 | $35.48 |
| Tangible book value per share | $4.62 | $5.96 | $3.83 | $5.92 | $3.26 | — | — | $62.86 | $47.50 | $35.48 |
| Dividends per share | $2.84 | $2.64 | $2.26 | $2.20 | $1.92 | — | — | $7.24 | $8.87 | $5.63 |
| Capex per share | $2.08 | $3.44 | $3.97 | $5.75 | $6.35 | — | — | $4.42 | $2.54 | $4.83 |
| Debt per share | $30.64 | $39.01 | $57.04 | $69.70 | $99.75 | — | — | $17.94 | $0.00 | — |
| Shares outstanding | 123.1M | 89.0M | 56.3M | 41.4M | 25.7M | — | — | 54.7M | 53.8M | 54.6M |
| Change in shares outstanding | +38.3% | +58.1% | +36.0% | +61.1% | — | — | — | +1.7% | −1.4% | 0.0% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 64.2% | 51.2% | 40.5% | 37.4% | 28.2% | 3.3% | 2.9% | 2.3% | 1.8% | 10.2% |
| Return on invested capital (ROIC) | 20.7% | 22.0% | 23.0% | 25.7% | 29.6% | 22.2% | 10.2% | 5.5% | 7.0% | 10.1% |
| Return on assets (ROA) | 8.3% | 5.6% | 3.2% | 2.4% | 1.4% | 0.7% | 2.2% | 2.5% | 1.6% | 8.3% |
| Return on tangible assets | 8.0% | 5.4% | 3.2% | 2.3% | 1.4% | 0.7% | 2.2% | 2.3% | 1.6% | 8.0% |
| Free cash flow margin | 45.0% | 42.5% | 47.8% | 48.9% | 52.5% | 31.2% | 19.4% | 31.6% | 46.6% | 24.3% |
| Income quality (OCF / net income) | 2.79 | 4.21 | 7.31 | 10.26 | 17.14 | 26.74 | 6.71 | 6.76 | 9.71 | 1.89 |
| Financial health | ||||||||||
| Total debt | $3.77B | $3.47B | $3.21B | $2.89B | $2.56B | $1.91B | $1.75B | $981.1M | $0 | — |
| Cash & short-term investments | $1.9M | $4.3M | $5.4M | $3.1M | $2.2M | $2.6M | $3.3M | $109.3M | $47.2M | $300,000 |
| Net debt | $3.77B | $3.47B | $3.21B | $2.88B | $2.56B | $1.91B | $1.75B | $871.8M | −$47.2M | −$300,000 |
| Debt / equity | 6.64 | 6.54 | 9.44 | 11.77 | 12.56 | 15.28 | 1.32 | 0.29 | 0.00 | — |
| Debt / assets | 0.86 | 0.84 | 0.85 | 0.80 | 0.74 | 0.57 | 0.54 | 0.33 | 0.00 | — |
| Net debt / EBITDA | 3.05 | 3.05 | 3.15 | 2.95 | 2.84 | 2.57 | 3.35 | 1.72 | −0.12 | −0.00 |
| Current ratio | 0.85 | 0.68 | 0.65 | 0.83 | 0.78 | 0.81 | 0.54 | 1.31 | 1.50 | 0.07 |
| Quick ratio | 0.85 | 0.68 | 0.65 | 0.83 | 0.78 | 0.81 | 0.54 | 1.31 | 1.50 | 0.08 |
| Interest coverage | 4.5 | 4.5 | 4.6 | 5.3 | 6.9 | 6.1 | 6.0 | 7.1 | 204.4 | 147.4 |
| Working capital | −$28.8M | −$69.9M | −$73.4M | −$27.2M | −$37.8M | −$23.6M | −$80.2M | $42.3M | $37.0M | −$586.8M |
| Invested capital | $4.34B | $4.00B | $3.55B | $3.13B | $2.77B | $2.03B | $3.08B | $4.31B | $2.51B | $1.94B |
| Tangible asset value | $437.9M | $465.3M | $238.8M | $529.0M | $632.8M | $1.23B | $1.24B | $1.88B | $2.56B | $1.94B |
| Net current asset value | −$3.79B | −$3.54B | −$3.29B | −$2.93B | −$2.60B | −$1.95B | −$1.85B | −$934.7M | $31.6M | −$591.1M |
| Graham number | $17.26 | $18.34 | $16.92 | $16.43 | $17.96 | — | — | $42.27 | $28.61 | $54.76 |
| Graham net-net per share | −$31.16 | −$40.19 | −$59.10 | −$71.59 | −$102.73 | — | — | −$17.46 | $0.23 | −$11.09 |
| Capital allocation | ||||||||||
| Dividends paid | $350.2M | $235.3M | $127.5M | $91.0M | $49.4M | $31.6M | $85.4M | $396.1M | $477.1M | $306.9M |
| Share buybacks (net) | $400.0M | $300.0M | $400.0M | $400.0M | $750.0M | $0 | $156.1M | — | $0 | $0 |
| Dividend payout ratio | 99.2% | 105.5% | 107.5% | 108.5% | 106.5% | 131.7% | 121.8% | 573.2% | — | 149.8% |
| Dividends + buybacks / free cash flow | 103.0% | 84.4% | 82.1% | 78.8% | 126.4% | 9.3% | 147.0% | 176.0% | 181.1% | 247.3% |
| Capex / revenue | 15.8% | 20.5% | 16.6% | 18.7% | 13.6% | 27.6% | 36.1% | 34.0% | 24.1% | 51.7% |
| Capex / operating cash flow | 26.0% | 32.6% | 25.8% | 27.7% | 20.5% | 46.9% | 65.1% | 51.8% | 34.1% | 68.0% |
| Capex / depreciation | 1.19 | 1.51 | 1.16 | 1.31 | 0.99 | 1.92 | 2.15 | 1.91 | 1.17 | 2.64 |
| Stock-based compensation / revenue | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.2% | 0.1% | 0.0% | — |
| SG&A / revenue | 1.8% | 1.7% | 1.9% | 1.8% | 1.9% | 1.9% | 6.2% | 2.0% | 1.4% | 2.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.6 | 32.2 | 33.5 | 34.9 | 32.4 | 30.3 | 33.5 | 32.7 | 33.7 | 34.5 |
| Days of inventory on hand | — | — | — | — | — | — | — | — | — | 0.4 |
| Days payables outstanding | 120.4 | 151.9 | 135.0 | 90.2 | 62.7 | 126.2 | 124.4 | 44.3 | 66.2 | 410.2 |
| Cash conversion cycle (days) | -87.7 | -119.7 | -101.5 | -55.3 | -30.3 | -95.9 | -90.8 | -11.6 | -33.0 | -375.3 |
| Receivables turnover | 11.19 | 11.33 | 10.88 | 10.47 | 11.28 | 12.06 | 10.89 | 11.16 | 10.84 | 10.57 |
| Payables turnover | 3.03 | 2.40 | 2.70 | 4.05 | 5.82 | 2.89 | 2.94 | 8.24 | 5.52 | 0.89 |
| Asset turnover | 0.38 | 0.38 | 0.36 | 0.36 | 0.35 | 0.33 | 0.27 | 0.25 | 0.22 | 0.21 |
| Average receivables | $144.6M | $131.7M | $123.7M | $121.7M | $106.8M | $90.5M | $77.8M | $63.8M | $52.2M | $48.2M |
| Average payables | $70.6M | $84.5M | $71.2M | $44.8M | $28.4M | $54.2M | $48.5M | $15.4M | $20.5M | $112.0M |
| Average inventory | — | — | — | — | — | — | — | — | −$150,000 | $100,000 |
| Intangibles / total assets | 0.0% | 0.0% | 3.3% | 0.0% | 3.5% | 2.8% | 2.7% | 0.0% | 0.0% | 0.0% |
Computed from HESM's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
HESM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Hess Midstream traded at 12.0 times earnings, against a 10-year median of 14.8. Based on the latest twelve months, the trailing P/E is 10.6 and the forward P/E is 9.9. Hess Midstream earned a return on equity of 64.2% and a return on invested capital of 20.7% in fiscal 2025. It ended the year with $3.8 billion of debt and $1.9 million in cash and short-term investments, net debt of $3.8 billion. It returned $750.2 million to shareholders: $350.2 million in dividends and $400.0 million in share buybacks, 103% of free cash flow. The share count rose 125.6% from 54.6M to 123.1M over 9 years.
See the HESM income statement, the HESM chart for price history, or the HESM stock overview for the latest quote and news.
HESM key metrics FAQ
What is Hess Midstream's P/E ratio?
Hess Midstream's trailing P/E ratio is 10.6 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 9.9. At the end of fiscal 2025 it was 12.0, compared with a 10-year median of 14.8.
What is Hess Midstream's EV/EBITDA?
Hess Midstream's enterprise value was 6.5 times EBITDA at the end of fiscal 2025 (enterprise value $8.0 billion, EBITDA $1.2 billion); the current EV/EBITDA is 7.0.
What is Hess Midstream's return on equity?
Hess Midstream's return on equity (ROE) was 64.2% in fiscal 2025: net income of $352.9 million on average shareholders' equity of $549.5 million.
What is Hess Midstream's ROIC?
Hess Midstream's return on invested capital was 20.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Hess Midstream have?
Hess Midstream had total debt of $3.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 6.64 and $3.8 billion of net debt (3.05 times EBITDA).
What is Hess Midstream's dividend yield?
Hess Midstream's forward dividend yield is 6.27%. Hess Midstream paid $350.2 million in dividends in fiscal 2025 ($2.84 per share), a payout ratio of 99.2%.
Does Hess Midstream buy back its shares?
Yes. Hess Midstream spent $400.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +38.3% over the year, to 123.1M..
What is Hess Midstream's free cash flow yield?
Hess Midstream generated $728.2 million of free cash flow in fiscal 2025, a free cash flow yield of 17.1% on its market value at year-end ($4.2 billion).
What is Hess Midstream's current ratio?
Hess Midstream's current ratio was 0.85 at the end of fiscal 2025: current assets were 0.85 times current liabilities.