Hess Midstream (HESM) Financials

$38.87 +0.86 (+2.26%)

Closing price 05/20/2025 03:58 PM Eastern

Extended Trading

$38.88 +0.01 (+0.03%)

As of 08:56 AM Eastern

Annual Income Statements for Hess Midstream

This table shows Hess Midstream's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017
Net Income / (Loss) Attributable to Common Shareholders	223	119	84	46	24	70	71	41
Consolidated Net Income / (Loss)	659	608	621	618	485	318	326	242
Net Income / (Loss) Continuing Operations	659	608	621	618	485	318	326	242
Total Pre-Tax Income	731	646	647	632	492	318	326	242
Total Operating Income	919	817	791	727	577	377	378	263
Total Gross Profit	1,496	1,349	1,275	1,204	1,092	848	713	580
Total Revenue	1,496	1,349	1,275	1,204	1,092	848	713	580
Operating Revenue	1,496	1,349	1,275	1,204	1,092	848	713	580
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	577	532	484	477	515	472	335	316
Selling, General & Admin Expense	373	339	303	311	359	329	208	200
Depreciation Expense	203	193	181	166	157	143	127	117
Total Other Income / (Expense), net	-188	-171	-144	-95	-84	-59	-53	-21
Interest & Investment Income	-188	-171	-144	-95	-84	-59	-53	-26
Other Income / (Expense), net	0.00	0.00	0.00	0.00	0.10	0.00	0.60	4.70
Income Tax Expense	72	38	27	15	7.30	-0.10	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	436	489	537	571	461	303	302	175
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	0.00	0.00	0.00	0.00	0.00	-55	-47	25
Basic Earnings per Share	$2.51	$2.11	$2.03	$1.81	$1.33	$1.21	$0.00	$0.00
Weighted Average Basic Shares Outstanding	89M	56.20M	41.30M	25.60M	18M	18M	0.00	0.00
Diluted Earnings per Share	$2.49	$2.08	$2.01	$1.76	$1.31	$1.20	$0.00	$0.00
Weighted Average Diluted Shares Outstanding	89M	56.30M	41.40M	25.70M	18.10M	72.80M	54.70M	53.80M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	53.80M
Cash Dividends to Common per Share	$2.64	$2.37	$2.18	$1.91	$1.73	-	$1.36	$0.58

This table shows Hess Midstream's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	72	70	59	50	45	38	35	25	21	22	23
Consolidated Net Income / (Loss)	161	172	165	160	162	153	165	148	142	150	159
Net Income / (Loss) Continuing Operations	161	172	165	160	162	153	165	148	142	150	159
Total Pre-Tax Income	184	195	184	176	176	165	176	156	149	157	167
Total Operating Income	237	243	232	222	222	210	220	198	189	196	204
Total Gross Profit	382	396	379	366	356	357	363	324	305	315	335
Total Revenue	382	396	379	366	356	357	363	324	305	315	335
Operating Revenue	382	396	379	366	356	357	363	324	305	315	335
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	145	153	147	143	134	146	143	126	116	119	131
Selling, General & Admin Expense	93	102	95	93	84	96	95	79	69	72	85
Depreciation Expense	52	51	52	51	50	50	48	47	47	46	46
Total Other Income / (Expense), net	-53	-48	-48	-46	-46	-45	-44	-42	-40	-40	-37
Interest & Investment Income	-53	-48	-48	-46	-46	-45	-44	-42	-40	-40	-37
Income Tax Expense	23	23	19	16	14	12	11	8.10	6.50	7.00	7.50
Net Income / (Loss) Attributable to Noncontrolling Interest	90	102	106	111	117	115	130	123	122	128	136
Basic Earnings per Share	$0.65	$0.69	$0.63	$0.59	$0.60	$0.57	$0.57	$0.50	$0.47	$0.49	$0.53
Weighted Average Basic Shares Outstanding	110.70M	89M	93M	83.80M	75.10M	56.20M	62.50M	50.10M	44M	41.30M	44M
Diluted Earnings per Share	$0.65	$0.68	$0.63	$0.59	$0.59	$0.54	$0.57	$0.50	$0.47	$0.49	$0.53
Weighted Average Diluted Shares Outstanding	110.80M	89M	93M	83.80M	75.20M	56.30M	62.50M	50.20M	44.10M	41.40M	44.10M
Weighted Average Basic & Diluted Shares Outstanding	116.78M	0.00	104.07M	91.42M	79.92M	0.00	68.36M	56.86M	44.09M	0.00	44.00M

This table details how cash moves in and out of Hess Midstream's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017
Net Change in Cash & Equivalents	-1.10	2.30	0.90	-0.40	-0.70	-106	-246	354
Net Cash From Operating Activities	940	866	861	796	642	471	467	337
Net Cash From Continuing Operating Activities	940	866	861	796	642	471	467	337
Net Income / (Loss) Continuing Operations	659	608	621	618	485	318	326	242
Consolidated Net Income / (Loss)	659	608	621	618	485	318	326	242
Depreciation Expense	203	193	181	166	157	143	127	117
Amortization Expense	9.60	8.40	8.80	7.30	6.50	5.10	5.00	3.80
Non-Cash Adjustments To Reconcile Net Income	5.00	5.40	9.30	8.20	0.40	-6.80	-0.10	-6.20
Changes in Operating Assets and Liabilities, net	64	52	41	-3.40	-7.00	12	9.60	-20
Net Cash From Investing Activities	-306	-224	-238	-163	-301	-498	-308	-131
Net Cash From Continuing Investing Activities	-306	-224	-238	-163	-301	-498	-308	-131
Purchase of Property, Plant & Equipment	-306	-224	-238	-163	-301	-306	-242	-144
Acquisitions	0.00	0.00	0.00	0.00	0.00	-191	-67	0.00
Sale of Property, Plant & Equipment	0.00	0.00	0.00	0.00	0.10	0.00	1.60	13
Net Cash From Financing Activities	-635	-641	-622	-633	-341	-79	-406	149
Net Cash From Continuing Financing Activities	-635	-641	-622	-633	-341	-79	-406	149
Repayment of Debt	-22	-2.50	-23	-22	-1.30	-28	-3.50	-561
Repurchase of Common Equity	-300	-400	-400	-750	0.00	0.00	-	-2.10
Payment of Dividends	-586	-557	-531	-529	-494	-85	-396	-100
Issuance of Debt	275	322	334	670	152	792	0.00	800
Other Financing Activities, net	-2.20	-3.10	-1.50	-2.10	1.60	-758	-6.10	-354

This table details how cash moves in and out of Hess Midstream's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	1.80	-6.00	-89	95	-1.20	2.10	0.30	-0.60	0.50	0.50	0.20
Net Cash From Operating Activities	202	259	225	272	185	248	216	205	199	223	235
Net Cash From Continuing Operating Activities	202	259	225	272	185	248	216	205	199	223	235
Net Income / (Loss) Continuing Operations	161	172	165	160	162	153	165	148	142	150	159
Consolidated Net Income / (Loss)	161	172	165	160	162	153	165	148	142	150	159
Depreciation Expense	52	51	52	51	50	50	48	47	47	46	46
Amortization Expense	4.90	2.60	2.60	2.30	2.10	2.10	2.10	2.10	2.10	2.20	2.40
Non-Cash Adjustments To Reconcile Net Income	1.80	3.80	-0.40	1.20	0.40	2.80	1.30	-0.30	1.60	4.70	-1.00
Changes in Operating Assets and Liabilities, net	-17	29	6.50	57	-29	40	-0.40	7.90	5.40	20	28
Net Cash From Investing Activities	-46	-95	-92	-64	-55	-64	-53	-43	-64	-62	-66
Net Cash From Continuing Investing Activities	-46	-95	-92	-64	-55	-64	-53	-43	-64	-62	-66
Purchase of Property, Plant & Equipment	-46	-95	-92	-64	-55	-64	-53	-43	-64	-62	-66
Net Cash From Financing Activities	-155	-169	-222	-112	-132	-182	-163	-162	-134	-161	-169
Net Cash From Continuing Financing Activities	-155	-169	-222	-112	-132	-182	-163	-162	-134	-161	-169
Repayment of Debt	-703	-5.00	-3.10	-11	-2.50	-2.50	-	-	0.00	-0.30	-7.10
Repurchase of Common Equity	-100	-	-100	-100	-100	-100	-100	-100	-100	-	-
Payment of Dividends	-151	-149	-148	-146	-144	-142	-140	-138	-137	-135	-133
Issuance of Debt	800	-15	30	145	115	64	78	77	103	-25	-28
Other Financing Activities, net	-0.60	-0.10	-1.30	-0.20	-0.60	-1.60	-0.40	-0.90	-0.20	-0.20	-0.10

This table presents Hess Midstream's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Total Assets	4,151	3,790	3,588	3,486	3,375	3,278	2,991
Total Current Assets	149	137	132	133	101	96	180
Cash & Equivalents	4.30	5.40	3.10	2.20	2.60	3.30	109
Accounts Receivable	139	124	123	120	93	88	68
Other Current Assets	6.20	7.00	6.20	11	5.60	4.70	3.30
Plant, Property, & Equipment, net	3,325	3,229	3,173	3,125	3,111	3,010	2,735
Total Noncurrent Assets	676	424	283	228	162	172	76
Long-Term Investments	87	90	94	102	108	108	67
Noncurrent Deferred & Refundable Income Taxes	583	324	177	117	43	50	0.00
Other Noncurrent Operating Assets	6.60	8.90	12	8.60	11	14	8.20
Total Liabilities & Shareholders' Equity	4,151	3,790	3,588	3,486	3,375	3,278	2,991
Total Liabilities	3,686	3,426	3,059	2,733	2,049	1,946	1,115
Total Current Liabilities	219	210	160	171	125	176	138
Short-Term Debt	23	13	2.50	20	10	0.00	11
Accounts Payable	89	80	63	65	51	79	34
Accrued Expenses	94	106	83	76	54	89	86
Other Current Liabilities	14	12	11	10	9.90	8.90	6.80
Total Noncurrent Liabilities	3,466	3,216	2,900	2,562	1,924	1,770	977
Long-Term Debt	3,449	3,199	2,883	2,544	1,900	1,754	970
Noncurrent Deferred & Payable Income Tax Liabilities	0.50	0.50	0.50	0.40	0.00	-	-
Other Noncurrent Operating Liabilities	17	17	16	18	23	16	7.20
Total Equity & Noncontrolling Interests	465	363	529	753	1,326	1,332	1,876
Total Preferred & Common Equity	531	340	245	204	125	132	-318
Total Common Equity	531	340	245	204	125	132	-318
Common Stock	531	340	245	204	125	131	517
Noncontrolling Interest	-65	23	284	549	1,201	1,201	2,194

This table presents Hess Midstream's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	4,264	4,147	4,050	3,863	3,776	3,660	3,579	3,602
Total Current Assets	150	154	214	139	138	114	117	147
Cash & Equivalents	6.10	10	100	4.20	3.30	3.00	3.60	2.60
Accounts Receivable	141	131	113	131	122	110	109	131
Other Current Assets	3.30	13	1.50	4.50	12	0.80	3.80	14
Plant, Property, & Equipment, net	3,324	3,292	3,237	3,215	3,208	3,188	3,183	3,160
Total Noncurrent Assets	789	701	599	509	430	357	279	295
Long-Term Investments	86	89	89	89	91	93	93	98
Noncurrent Deferred & Refundable Income Taxes	698	605	502	411	329	254	175	184
Other Noncurrent Operating Assets	6.10	7.20	7.90	8.60	9.60	11	11	13
Total Liabilities & Shareholders' Equity	4,264	4,147	4,050	3,863	3,776	3,660	3,579	3,602
Total Liabilities	3,751	3,705	3,648	3,481	3,330	3,225	3,140	3,088
Total Current Liabilities	186	221	192	157	174	149	139	158
Short-Term Debt	25	20	18	15	10	7.50	5.00	0.00
Accounts Payable	65	87	80	52	64	51	59	64
Accrued Expenses	92	104	88	86	89	83	71	84
Other Current Liabilities	4.10	9.90	6.70	3.70	11	7.50	3.60	9.50
Total Noncurrent Liabilities	3,565	3,484	3,455	3,324	3,156	3,076	3,002	2,930
Long-Term Debt	3,547	3,470	3,443	3,310	3,138	3,061	2,985	2,909
Noncurrent Deferred & Payable Income Tax Liabilities	0.50	0.50	0.40	0.40	0.50	0.40	0.40	0.40
Other Noncurrent Operating Liabilities	17	14	12	13	18	15	16	21
Total Equity & Noncontrolling Interests	513	442	403	382	445	435	439	514
Total Preferred & Common Equity	601	531	465	404	367	302	228	248
Total Common Equity	601	531	465	404	367	302	228	248
Common Stock	601	531	465	404	367	302	228	248
Noncontrolling Interest	-88	-89	-62	-23	78	133	211	266

This table displays calculated financial ratios and metrics derived from Hess Midstream's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	10.89%	5.76%	5.93%	10.25%	28.72%	19.03%	22.99%	0.00%
EBITDA Growth	11.19%	3.72%	9.02%	21.64%	41.17%	2.64%	31.59%	0.00%
EBIT Growth	12.50%	3.25%	8.80%	26.12%	53.11%	-0.58%	41.45%	0.00%
NOPAT Growth	7.77%	1.35%	6.79%	25.08%	50.76%	-0.39%	43.75%	0.00%
Net Income Growth	8.44%	-2.08%	0.45%	27.41%	52.63%	-2.40%	34.50%	0.00%
EPS Growth	19.71%	3.48%	14.20%	34.35%	9.17%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	8.53%	0.62%	8.25%	23.97%	36.33%	0.81%	38.75%	0.00%
Free Cash Flow Firm Growth	-23.95%	-7.18%	5.05%	49.21%	403.93%	103.60%	0.00%	0.00%
Invested Capital Growth	10.55%	4.87%	3.25%	2.81%	5.06%	10.96%	0.00%	0.00%
Revenue Q/Q Growth	2.71%	3.21%	-0.13%	-14.06%	31.22%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	3.13%	1.76%	-0.04%	5.79%	9.97%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	3.71%	1.71%	-0.44%	6.63%	12.60%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	2.46%	0.96%	-0.78%	6.18%	12.23%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	3.02%	0.50%	-2.41%	6.63%	11.91%	0.00%	0.00%	0.00%
EPS Q/Q Growth	5.96%	2.46%	-0.99%	9.32%	-39.07%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	1.17%	2.97%	-0.10%	6.56%	6.33%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	-2.77%	3.85%	5.63%	3.20%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	0.34%	-0.57%	-0.14%	1.14%	0.45%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	75.67%	75.47%	76.95%	74.77%	67.77%	61.79%	71.66%	66.97%
Operating Margin	61.45%	60.57%	62.05%	60.41%	52.80%	44.39%	53.07%	45.40%
EBIT Margin	61.45%	60.57%	62.05%	60.41%	52.81%	44.39%	53.15%	46.21%
Profit (Net Income) Margin	44.07%	45.06%	48.67%	51.32%	44.41%	37.45%	45.67%	41.76%
Tax Burden Percent	90.18%	94.13%	95.89%	97.69%	98.52%	100.03%	100.00%	100.00%
Interest Burden Percent	79.52%	79.03%	81.80%	86.96%	85.36%	84.33%	85.93%	90.37%
Effective Tax Rate	9.82%	5.87%	4.11%	2.31%	1.48%	-0.03%	0.00%	0.00%
Return on Invested Capital (ROIC)	22.63%	22.63%	23.24%	22.42%	18.62%	13.32%	28.22%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	17.40%	17.17%	17.97%	18.07%	13.80%	8.50%	15.12%	0.00%
Return on Net Nonoperating Assets (RNNOA)	136.46%	113.60%	73.57%	37.01%	17.86%	6.48%	6.48%	0.00%
Return on Equity (ROE)	159.08%	136.23%	96.81%	59.43%	36.48%	19.81%	34.70%	0.00%
Cash Return on Invested Capital (CROIC)	12.61%	17.87%	20.04%	19.65%	13.68%	2.93%	-171.78%	0.00%
Operating Return on Assets (OROA)	23.15%	22.15%	22.37%	21.20%	17.34%	12.01%	12.66%	0.00%
Return on Assets (ROA)	16.60%	16.47%	17.55%	18.01%	14.58%	10.14%	10.88%	0.00%
Return on Common Equity (ROCE)	167.22%	89.37%	33.92%	9.41%	3.52%	-1.15%	-5.88%	0.00%
Return on Equity Simple (ROE_SIMPLE)	124.18%	178.63%	253.20%	302.69%	387.92%	241.60%	-102.36%	0.00%
Net Operating Profit after Tax (NOPAT)	829	769	759	710	568	377	378	263
NOPAT Margin	55.41%	57.02%	59.50%	59.01%	52.01%	44.41%	53.07%	45.40%
Net Nonoperating Expense Percent (NNEP)	5.22%	5.46%	5.26%	4.35%	4.83%	4.82%	13.10%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	21.05%	21.51%	22.22%	-	-	-	-	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	24.97%	25.15%	23.74%	25.83%	32.83%	38.81%	29.13%	34.50%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	38.55%	39.43%	37.95%	39.59%	47.20%	55.61%	46.93%	54.60%
Earnings before Interest and Taxes (EBIT)	919	817	791	727	577	377	379	268
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,132	1,018	981	900	740	524	511	388
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	7.14	5.79	4.52	3.69	2.11	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	7.14	5.79	4.52	3.69	2.11	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.53	1.46	0.87	0.63	0.24	0.00	0.00	0.00
Price to Earnings (P/E)	16.98	16.60	13.21	16.25	11.00	0.00	0.00	0.00
Dividend Yield	7.25%	8.24%	8.67%	8.55%	11.85%	10.10%	12.63%	4.94%
Earnings Yield	5.89%	6.02%	7.57%	6.16%	9.09%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.85	1.47	1.26	1.17	1.04	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	4.75	3.79	3.28	3.13	2.99	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	6.28	5.02	4.26	4.18	4.41	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	7.73	6.25	5.28	5.17	5.66	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	8.57	6.64	5.51	5.30	5.75	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.56	5.90	4.86	4.73	5.09	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	15.38	8.41	6.39	6.04	7.82	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	7.46	8.84	5.45	3.40	1.44	1.32	0.52	0.00
Long-Term Debt to Equity	7.41	8.81	5.45	3.38	1.43	1.32	0.52	0.00
Financial Leverage	7.84	6.62	4.09	2.05	1.29	0.76	0.43	0.00
Leverage Ratio	9.58	8.27	5.52	3.30	2.50	1.95	1.59	0.00
Compound Leverage Factor	7.62	6.54	4.51	2.87	2.14	1.65	1.37	0.00
Debt to Total Capital	88.18%	89.84%	84.51%	77.29%	59.02%	56.83%	34.34%	0.00%
Short-Term Debt to Total Capital	0.57%	0.35%	0.07%	0.60%	0.31%	0.00%	0.40%	0.00%
Long-Term Debt to Total Capital	87.61%	89.49%	84.43%	76.69%	58.72%	56.83%	33.94%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-1.66%	0.64%	8.31%	16.55%	37.11%	38.91%	76.79%	0.00%
Common Equity to Total Capital	13.48%	9.52%	7.18%	6.15%	3.86%	4.26%	-11.13%	0.00%
Debt to EBITDA	3.07	3.16	2.94	2.85	2.58	3.35	1.92	0.00
Net Debt to EBITDA	2.99	3.06	2.84	2.73	2.43	3.13	1.58	0.00
Long-Term Debt to EBITDA	3.05	3.14	2.94	2.83	2.57	3.35	1.90	0.00
Debt to NOPAT	4.19	4.18	3.80	3.61	3.36	4.65	2.59	0.00
Net Debt to NOPAT	4.08	4.05	3.68	3.46	3.17	4.36	2.13	0.00
Long-Term Debt to NOPAT	4.16	4.16	3.80	3.58	3.35	4.65	2.56	0.00
Altman Z-Score	1.69	1.39	1.29	1.19	0.96	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	-5.12%	34.40%	64.96%	84.17%	90.35%	105.81%	116.95%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.68	0.65	0.83	0.78	0.81	0.54	1.31	0.00
Quick Ratio	0.65	0.62	0.79	0.72	0.77	0.52	1.28	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	462	607	654	623	417	83	-2,302	0.00
Operating Cash Flow to CapEx	307.19%	387.65%	361.50%	487.44%	213.19%	153.62%	194.30%	256.09%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.38	0.37	0.36	0.35	0.33	0.27	0.24	0.00
Accounts Receivable Turnover	11.36	10.92	10.50	11.28	12.06	10.90	10.51	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.46	0.42	0.41	0.39	0.36	0.30	0.26	0.00
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	32.13	33.44	34.78	32.37	30.27	33.50	34.72	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	32.13	33.44	34.78	32.37	30.27	33.50	34.72	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	3,846	3,479	3,317	3,213	3,125	2,975	2,681	0.00
Invested Capital Turnover	0.41	0.40	0.39	0.38	0.36	0.30	0.53	0.00
Increase / (Decrease) in Invested Capital	367	162	105	88	151	294	2,681	0.00
Enterprise Value (EV)	7,104	5,108	4,181	3,762	3,264	0.00	0.00	0.00
Market Capitalization	3,789	1,969	1,108	754	264	0.00	0.00	0.00
Book Value per Share	$5.10	$4.98	$5.57	$6.06	$6.93	$7.31	($5.81)	$0.00
Tangible Book Value per Share	$5.10	$4.98	$5.57	$6.06	$6.93	$7.31	($5.81)	$0.00
Total Capital	3,937	3,575	3,415	3,317	3,236	3,086	2,857	0.00
Total Debt	3,472	3,211	2,886	2,564	1,910	1,754	981	0.00
Total Long-Term Debt	3,449	3,199	2,883	2,544	1,900	1,754	970	0.00
Net Debt	3,381	3,116	2,789	2,460	1,799	1,642	805	0.00
Capital Expenditures (CapEx)	306	224	238	163	301	306	240	131
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-52	-66	-28	-20	-16	-84	-56	0.00
Debt-free Net Working Capital (DFNWC)	-47	-61	-25	-18	-14	-80	54	0.00
Net Working Capital (NWC)	-70	-73	-27	-38	-24	-80	42	0.00
Net Nonoperating Expense (NNE)	170	161	138	93	83	59	53	21
Net Nonoperating Obligations (NNO)	3,381	3,116	2,788	2,460	1,799	1,642	805	0.00
Total Depreciation and Amortization (D&A)	213	201	190	173	163	148	132	120
Debt-free, Cash-free Net Working Capital to Revenue	-3.46%	-4.92%	-2.18%	-1.66%	-1.48%	-9.84%	-7.82%	0.00%
Debt-free Net Working Capital to Revenue	-3.17%	-4.52%	-1.94%	-1.48%	-1.25%	-9.45%	7.52%	0.00%
Net Working Capital to Revenue	-4.67%	-5.44%	-2.13%	-3.14%	-2.16%	-9.45%	5.94%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.51	$2.11	$2.03	$1.81	$1.33	$1.21	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	89M	56.20M	41.30M	25.60M	18M	17.96M	0.00	0.00
Adjusted Diluted Earnings per Share	$2.49	$2.08	$2.01	$1.76	$1.31	$1.20	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	89M	56.30M	41.40M	25.70M	18.10M	54.80M	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	18M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	829	769	759	710	568	264	265	184
Normalized NOPAT Margin	55.41%	57.02%	59.50%	59.01%	52.01%	31.08%	37.15%	31.78%
Pre Tax Income Margin	48.87%	47.87%	50.75%	52.53%	45.08%	37.44%	45.67%	41.76%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	88.94%	91.66%	85.59%	85.63%	101.81%	26.88%	121.69%	41.32%
Augmented Payout Ratio	134.46%	157.48%	150.05%	207.02%	101.81%	26.88%	121.69%	42.19%

This table displays calculated financial ratios and metrics derived from Hess Midstream's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.42%	11.05%	4.24%	12.81%	16.59%	13.32%	8.45%	3.38%	-2.37%	-0.54%	10.17%
EBITDA Growth	7.27%	13.06%	5.93%	11.29%	14.99%	7.18%	7.11%	1.94%	-1.53%	-0.16%	24.33%
EBIT Growth	6.94%	15.66%	5.32%	12.22%	17.65%	6.98%	7.84%	1.43%	-3.48%	-1.75%	28.14%
NOPAT Growth	1.87%	10.20%	1.01%	7.62%	13.04%	3.88%	5.61%	0.66%	-4.81%	-3.07%	25.28%
Net Income Growth	-0.31%	12.63%	-0.06%	8.38%	13.85%	2.00%	3.39%	-2.57%	-10.90%	-9.27%	21.59%
EPS Growth	10.17%	25.93%	10.53%	18.00%	25.53%	10.20%	7.55%	0.00%	-4.08%	-3.92%	39.47%
Operating Cash Flow Growth	9.23%	4.40%	4.36%	32.75%	-6.74%	11.23%	-8.18%	-4.03%	4.25%	-0.40%	28.96%
Free Cash Flow Firm Growth	-121.93%	-557.88%	-536.68%	-160.80%	-185.31%	-60.04%	-41.72%	1,796.70%	-27.90%	-21.48%	-44.85%
Invested Capital Growth	10.51%	10.55%	9.54%	7.82%	8.45%	4.87%	5.33%	2.47%	2.77%	3.25%	4.57%
Revenue Q/Q Growth	-3.51%	4.60%	3.56%	2.78%	-0.25%	-1.82%	12.07%	6.23%	-3.05%	-6.03%	6.83%
EBITDA Q/Q Growth	-1.04%	3.88%	3.89%	0.44%	4.30%	-2.67%	9.14%	3.78%	-2.78%	-2.74%	3.88%
EBIT Q/Q Growth	-2.30%	4.88%	4.23%	0.14%	5.66%	-4.50%	11.06%	4.98%	-3.92%	-3.73%	4.45%
NOPAT Q/Q Growth	-3.26%	3.34%	2.83%	-0.91%	4.65%	-5.27%	9.56%	4.08%	-3.83%	-3.70%	4.43%
Net Income Q/Q Growth	-6.22%	4.49%	2.74%	-0.99%	5.96%	-7.28%	11.43%	4.01%	-5.07%	-6.02%	5.01%
EPS Q/Q Growth	-4.41%	7.94%	6.78%	0.00%	9.26%	-5.26%	14.00%	6.38%	-4.08%	-7.55%	6.00%
Operating Cash Flow Q/Q Growth	-21.70%	14.94%	-17.19%	46.57%	-25.16%	14.90%	5.33%	2.97%	-10.74%	-5.16%	10.08%
Free Cash Flow Firm Q/Q Growth	-12.95%	-20.67%	-96.11%	16.98%	-333.05%	15.08%	-72.69%	16.49%	9.17%	67.83%	788.71%
Invested Capital Q/Q Growth	3.83%	0.34%	4.32%	1.68%	3.87%	-0.57%	2.68%	2.27%	0.45%	-0.14%	-0.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	76.91%	74.99%	75.51%	75.27%	77.02%	73.66%	74.30%	76.30%	78.10%	77.88%	75.24%
Operating Margin	62.15%	61.38%	61.22%	60.82%	62.43%	58.93%	60.59%	61.14%	61.87%	62.43%	60.93%
EBIT Margin	62.15%	61.38%	61.22%	60.82%	62.43%	58.93%	60.59%	61.14%	61.87%	62.43%	60.93%
Profit (Net Income) Margin	42.25%	43.47%	43.51%	43.86%	45.53%	42.86%	45.39%	45.65%	46.62%	47.62%	47.61%
Tax Burden Percent	87.53%	88.39%	89.71%	90.92%	91.88%	92.77%	93.53%	94.81%	95.63%	95.54%	95.51%
Interest Burden Percent	77.67%	80.12%	79.24%	79.31%	79.37%	78.39%	80.09%	78.75%	78.80%	79.84%	81.81%
Effective Tax Rate	12.47%	11.61%	10.29%	9.08%	8.12%	7.23%	6.47%	5.19%	4.37%	4.46%	4.49%
Return on Invested Capital (ROIC)	21.77%	22.15%	21.81%	22.50%	23.11%	21.70%	21.71%	22.01%	22.82%	23.29%	22.87%
ROIC Less NNEP Spread (ROIC-NNEP)	20.38%	20.84%	20.47%	21.16%	21.74%	20.27%	20.31%	20.64%	21.39%	21.85%	21.50%
Return on Net Nonoperating Assets (RNNOA)	152.94%	163.41%	148.73%	157.79%	162.34%	134.15%	124.14%	130.03%	93.85%	89.45%	84.46%
Return on Equity (ROE)	174.70%	185.56%	170.54%	180.30%	185.45%	155.85%	145.86%	152.04%	116.67%	112.74%	107.32%
Cash Return on Invested Capital (CROIC)	11.91%	12.61%	12.96%	15.26%	14.72%	17.87%	17.15%	19.86%	20.07%	20.04%	19.06%
Operating Return on Assets (OROA)	23.28%	23.12%	22.50%	22.73%	23.48%	21.55%	21.46%	21.54%	22.22%	22.51%	22.05%
Return on Assets (ROA)	15.83%	16.37%	16.00%	16.39%	17.12%	15.67%	16.08%	16.08%	16.74%	17.17%	17.23%
Return on Common Equity (ROCE)	196.38%	195.06%	172.72%	165.05%	142.94%	102.24%	93.55%	90.80%	41.28%	39.50%	42.26%
Return on Equity Simple (ROE_SIMPLE)	109.51%	0.00%	120.47%	137.74%	155.18%	0.00%	164.59%	198.38%	264.68%	0.00%	256.62%
Net Operating Profit after Tax (NOPAT)	208	215	208	202	204	195	206	188	180	188	195
NOPAT Margin	54.40%	54.25%	54.91%	55.30%	57.36%	54.68%	56.67%	57.97%	59.16%	59.64%	58.19%
Net Nonoperating Expense Percent (NNEP)	1.38%	1.31%	1.34%	1.34%	1.37%	1.43%	1.40%	1.37%	1.43%	1.44%	1.37%
Return On Investment Capital (ROIC_SIMPLE)	5.09%	5.46%	-	-	-	5.45%	-	-	-	5.50%	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	24.37%	25.66%	25.18%	25.36%	23.57%	26.93%	26.27%	24.35%	22.59%	22.82%	25.48%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.85%	38.62%	38.78%	39.18%	37.57%	41.07%	39.41%	38.86%	38.13%	37.70%	39.07%
Earnings before Interest and Taxes (EBIT)	237	243	232	222	222	210	220	198	189	196	204
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	294	297	286	275	274	263	270	247	238	245	252
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.05	7.14	5.96	6.15	6.87	5.79	4.09	4.06	4.97	4.52	3.88
Price to Tangible Book Value (P/TBV)	8.05	7.14	5.96	6.15	6.87	5.79	4.09	4.06	4.97	4.52	3.88
Price to Revenue (P/Rev)	3.18	2.53	2.17	1.98	1.99	1.46	1.15	0.96	0.89	0.87	0.75
Price to Earnings (P/E)	19.37	16.98	16.63	17.12	19.49	16.60	14.60	13.51	12.91	13.21	12.17
Dividend Yield	6.52%	7.25%	7.43%	7.00%	7.01%	8.24%	8.77%	8.17%	8.69%	8.67%	9.76%
Earnings Yield	5.16%	5.89%	6.01%	5.84%	5.13%	6.02%	6.85%	7.40%	7.75%	7.57%	8.22%
Enterprise Value to Invested Capital (EV/IC)	2.06	1.85	1.69	1.65	1.66	1.47	1.32	1.27	1.27	1.26	1.21
Enterprise Value to Revenue (EV/Rev)	5.41	4.75	4.44	4.21	4.28	3.79	3.55	3.39	3.34	3.28	3.16
Enterprise Value to EBITDA (EV/EBITDA)	7.15	6.28	5.89	5.61	5.68	5.02	4.63	4.41	4.33	4.26	4.11
Enterprise Value to EBIT (EV/EBIT)	8.81	7.73	7.30	6.94	7.04	6.25	5.77	5.50	5.40	5.28	5.08
Enterprise Value to NOPAT (EV/NOPAT)	9.89	8.57	7.99	7.52	7.55	6.64	6.08	5.77	5.65	5.51	5.28
Enterprise Value to Operating Cash Flow (EV/OCF)	8.60	7.56	6.96	6.60	7.02	5.90	5.51	5.03	4.87	4.86	4.68
Enterprise Value to Free Cash Flow (EV/FCFF)	18.18	15.38	13.61	11.23	11.71	8.41	7.92	6.48	6.42	6.39	6.52
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.96	7.46	7.90	8.59	8.71	8.84	7.07	7.06	6.82	5.45	5.66
Long-Term Debt to Equity	6.92	7.41	7.85	8.55	8.67	8.81	7.05	7.04	6.81	5.45	5.66
Financial Leverage	7.50	7.84	7.26	7.46	7.47	6.62	6.11	6.30	4.39	4.09	3.93
Leverage Ratio	9.08	9.58	8.93	9.21	9.07	8.27	7.69	7.87	5.79	5.52	5.35
Compound Leverage Factor	7.06	7.68	7.08	7.30	7.20	6.48	6.16	6.20	4.56	4.40	4.38
Debt to Total Capital	87.44%	88.18%	88.76%	89.58%	89.70%	89.84%	87.61%	87.59%	87.21%	84.51%	84.99%
Short-Term Debt to Total Capital	0.61%	0.57%	0.51%	0.45%	0.40%	0.35%	0.28%	0.21%	0.15%	0.07%	0.00%
Long-Term Debt to Total Capital	86.83%	87.61%	88.25%	89.12%	89.30%	89.49%	87.33%	87.38%	87.06%	84.43%	84.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-2.16%	-1.66%	-2.27%	-1.60%	-0.61%	0.64%	2.17%	3.79%	6.14%	8.31%	7.77%
Common Equity to Total Capital	14.72%	13.48%	13.51%	12.02%	10.91%	9.52%	10.22%	8.62%	6.65%	7.18%	7.24%
Debt to EBITDA	3.10	3.07	3.18	3.20	3.16	3.16	3.15	3.12	3.06	2.94	2.96
Net Debt to EBITDA	3.02	2.99	3.09	3.03	3.07	3.06	3.05	3.03	2.96	2.84	2.86
Long-Term Debt to EBITDA	3.08	3.05	3.16	3.18	3.14	3.14	3.14	3.12	3.05	2.94	2.96
Debt to NOPAT	4.29	4.19	4.31	4.29	4.20	4.18	4.13	4.09	3.99	3.80	3.80
Net Debt to NOPAT	4.18	4.08	4.19	4.05	4.08	4.05	4.01	3.96	3.86	3.68	3.67
Long-Term Debt to NOPAT	4.26	4.16	4.29	4.27	4.18	4.16	4.12	4.08	3.98	3.80	3.80
Altman Z-Score	1.31	1.15	1.03	1.01	1.03	0.86	0.80	0.74	0.74	0.74	0.72
Noncontrolling Interest Sharing Ratio	-12.41%	-5.12%	-1.27%	8.45%	22.92%	34.40%	35.86%	40.28%	64.62%	64.96%	60.63%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.81	0.68	0.70	1.11	0.89	0.65	0.79	0.77	0.84	0.83	0.93
Quick Ratio	0.79	0.65	0.64	1.11	0.86	0.62	0.72	0.76	0.81	0.79	0.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-172	-152	-126	-64	-77	33	29	106	91	83	50
Operating Cash Flow to CapEx	444.84%	271.82%	243.66%	425.04%	338.14%	389.92%	408.92%	475.81%	309.02%	361.36%	356.15%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.38	0.37	0.37	0.38	0.37	0.35	0.35	0.36	0.36	0.36
Accounts Receivable Turnover	11.22	11.36	11.51	12.90	11.67	10.92	10.34	9.69	10.28	10.50	9.59
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.47	0.46	0.45	0.45	0.44	0.42	0.41	0.40	0.40	0.41	0.41
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	32.53	32.13	31.72	28.29	31.28	33.44	35.29	37.67	35.51	34.78	38.05
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	32.53	32.13	31.72	28.29	31.28	33.44	35.29	37.67	35.51	34.78	38.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,993	3,846	3,833	3,674	3,614	3,479	3,499	3,408	3,332	3,317	3,322
Invested Capital Turnover	0.40	0.41	0.40	0.41	0.40	0.40	0.38	0.38	0.39	0.39	0.39
Increase / (Decrease) in Invested Capital	380	367	334	266	281	162	177	82	90	105	145
Enterprise Value (EV)	8,235	7,104	6,465	6,067	5,987	5,108	4,634	4,333	4,237	4,181	4,035
Market Capitalization	4,843	3,789	3,163	2,858	2,777	1,969	1,502	1,227	1,132	1,108	961
Book Value per Share	$5.15	$5.10	$5.81	$5.81	$5.06	$4.98	$6.46	$6.85	$5.18	$5.57	$5.63
Tangible Book Value per Share	$5.15	$5.10	$5.81	$5.81	$5.06	$4.98	$6.46	$6.85	$5.18	$5.57	$5.63
Total Capital	4,085	3,937	3,932	3,863	3,707	3,575	3,594	3,504	3,429	3,415	3,423
Total Debt	3,572	3,472	3,490	3,460	3,325	3,211	3,148	3,069	2,990	2,886	2,909
Total Long-Term Debt	3,547	3,449	3,470	3,443	3,310	3,199	3,138	3,061	2,985	2,883	2,909
Net Debt	3,480	3,381	3,391	3,272	3,232	3,116	3,054	2,973	2,894	2,789	2,808
Capital Expenditures (CapEx)	46	95	92	64	55	64	53	43	64	62	66
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-17	-52	-57	-60	-7.10	-66	-29	-30	-21	-28	-13
Debt-free Net Working Capital (DFNWC)	-11	-47	-47	39	-2.90	-61	-26	-27	-17	-25	-11
Net Working Capital (NWC)	-36	-70	-67	22	-18	-73	-36	-35	-22	-27	-11
Net Nonoperating Expense (NNE)	46	43	43	42	42	42	41	40	38	38	35
Net Nonoperating Obligations (NNO)	3,480	3,381	3,391	3,272	3,232	3,116	3,054	2,973	2,894	2,788	2,808
Total Depreciation and Amortization (D&A)	56	54	54	53	52	53	50	49	50	49	48
Debt-free, Cash-free Net Working Capital to Revenue	-1.12%	-3.46%	-3.91%	-4.18%	-0.51%	-4.92%	-2.25%	-2.36%	-1.62%	-2.18%	-1.04%
Debt-free Net Working Capital to Revenue	-0.72%	-3.17%	-3.21%	2.73%	-0.21%	-4.52%	-2.00%	-2.13%	-1.33%	-1.94%	-0.84%
Net Working Capital to Revenue	-2.37%	-4.67%	-4.58%	1.52%	-1.28%	-5.44%	-2.76%	-2.71%	-1.73%	-2.13%	-0.84%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.65	$0.69	$0.63	$0.59	$0.60	$0.57	$0.57	$0.50	$0.47	$0.49	$0.53
Adjusted Weighted Average Basic Shares Outstanding	110.70M	89M	93M	83.80M	75.10M	56.20M	62.50M	50.10M	44M	41.30M	44M
Adjusted Diluted Earnings per Share	$0.65	$0.68	$0.63	$0.59	$0.59	$0.54	$0.57	$0.50	$0.47	$0.49	$0.53
Adjusted Weighted Average Diluted Shares Outstanding	110.80M	89M	93M	83.80M	75.20M	56.30M	62.50M	50.20M	44.10M	41.40M	44.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	116.78M	0.00	104.07M	91.42M	79.92M	0.00	68.36M	56.86M	44.09M	0.00	44.00M
Normalized Net Operating Profit after Tax (NOPAT)	208	215	208	202	204	195	206	188	180	188	195
Normalized NOPAT Margin	54.40%	54.25%	54.91%	55.30%	57.36%	54.68%	56.67%	57.97%	59.16%	59.64%	58.19%
Pre Tax Income Margin	48.27%	49.18%	48.51%	48.24%	49.55%	46.20%	48.53%	48.15%	48.75%	49.84%	49.85%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	90.14%	88.94%	90.46%	89.29%	89.88%	91.66%	90.97%	90.67%	89.01%	85.59%	82.64%
Augmented Payout Ratio	135.70%	134.46%	152.99%	151.81%	153.63%	157.48%	140.58%	124.04%	171.90%	150.05%	145.54%

Frequently Asked Questions About Hess Midstream's Financials

When does Hess Midstream's fiscal year end?

According to the most recent income statement we have on file, Hess Midstream's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Hess Midstream's net income changed over the last 7 years?

Hess Midstream's net income appears to be on an upward trend, with a most recent value of $659 million in 2024, rising from $242 million in 2017. The previous period was $607.70 million in 2023. View Hess Midstream's forecast to see where analysts expect Hess Midstream to go next.

What is Hess Midstream's operating income?

Hess Midstream's total operating income in 2024 was $919 million, based on the following breakdown:

Total Gross Profit: $1.50 billion
Total Operating Expenses: $576.50 million

How has Hess Midstream revenue changed over the last 7 years?

Over the last 7 years, Hess Midstream's total revenue changed from $579.50 million in 2017 to $1.50 billion in 2024, a change of 158.1%.

How much debt does Hess Midstream have?

Hess Midstream's total liabilities were at $3.69 billion at the end of 2024, a 7.6% increase from 2023, and a 230.5% increase since 2018.

How much cash does Hess Midstream have?

In the past 6 years, Hess Midstream's cash and equivalents has ranged from $2.20 million in 2021 to $109.30 million in 2018, and is currently $4.30 million as of their latest financial filing in 2024.

How has Hess Midstream's book value per share changed over the last 7 years?

Over the last 7 years, Hess Midstream's book value per share changed from 0.00 in 2017 to 5.10 in 2024, a change of 509.9%.

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This page (NYSE:HESM) was last updated on 5/21/2025 by MarketBeat.com Staff

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Hess Midstream (HESM) Financials

Frequently Asked Questions About Hess Midstream's Financials

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Hess Midstream (HESM) Financials

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