Hess Midstream Partners (HESM) Financials

$40.66 -0.02 (-0.05%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$40.03 -0.62 (-1.53%)

As of 05/22/2026 07:59 PM Eastern

Annual Income Statements for Hess Midstream Partners

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	41	71	70	24	46	84	119	223	353
Consolidated Net Income / (Loss)	242	326	318	485	618	621	608	659	685
Net Income / (Loss) Continuing Operations	242	326	318	485	618	621	608	659	685
Total Pre-Tax Income	242	326	318	492	632	647	646	731	798
Total Operating Income	263	378	377	577	727	791	817	919	1,008
Total Gross Profit	580	713	848	1,092	1,204	1,275	1,349	1,496	1,621
Total Revenue	580	713	848	1,092	1,204	1,275	1,349	1,496	1,621
Operating Revenue	580	713	848	1,092	1,204	1,275	1,349	1,496	1,621
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	316	335	472	515	477	484	532	577	613
Selling, General & Admin Expense	200	208	329	359	311	303	339	373	399
Depreciation Expense	117	127	143	157	166	181	193	203	214
Total Other Income / (Expense), net	-21	-53	-59	-84	-95	-144	-171	-188	-210
Interest & Investment Income	-26	-53	-59	-84	-95	-144	-171	-188	-210
Other Income / (Expense), net	4.70	0.60	0.00	0.10	0.00	0.00	0.00	0.00	0.00
Income Tax Expense	0.00	0.00	-0.10	7.30	15	27	38	72	114
Net Income / (Loss) Attributable to Noncontrolling Interest	175	302	303	461	571	537	489	436	332
Other Adjustments to Net Income / (Loss) Attributable to Common Shareholders)	25	-47	-55	0.00	0.00	0.00	0.00	0.00	0.00
Basic Earnings per Share	$0.00	$0.00	$1.21	$1.33	$1.81	$2.03	$2.11	$2.51	$2.87
Weighted Average Basic Shares Outstanding	0.00	0.00	18M	18M	25.60M	41.30M	56.20M	89M	123.10M
Diluted Earnings per Share	$0.00	$0.00	$1.20	$1.31	$1.76	$2.01	$2.08	$2.49	$2.86
Weighted Average Diluted Shares Outstanding	53.80M	54.70M	72.80M	18.10M	25.70M	41.40M	56.30M	89M	123.10M
Weighted Average Basic & Diluted Shares Outstanding	53.80M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	$0.58	$1.36	-	$1.73	$1.91	$2.18	$2.37	$2.64	$2.90

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	35	38	45	50	59	70	72	90	98	93	88
Consolidated Net Income / (Loss)	165	153	162	160	165	172	161	180	176	168	158
Net Income / (Loss) Continuing Operations	165	153	162	160	165	172	161	180	176	168	158
Total Pre-Tax Income	176	165	176	176	184	195	184	209	207	198	186
Total Operating Income	220	210	222	222	232	243	237	260	259	252	238
Total Gross Profit	363	357	356	366	379	396	382	414	421	404	390
Total Revenue	363	357	356	366	379	396	382	414	421	404	390
Operating Revenue	363	357	356	366	379	396	382	414	421	404	390
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	143	146	134	143	147	153	145	154	162	153	152
Selling, General & Admin Expense	95	96	84	93	95	102	93	102	105	98	94
Depreciation Expense	48	50	50	51	52	51	52	52	57	54	59
Total Other Income / (Expense), net	-44	-45	-46	-46	-48	-48	-53	-51	-52	-53	-52
Interest & Investment Income	-44	-45	-46	-46	-48	-48	-53	-51	-52	-53	-52
Income Tax Expense	11	12	14	16	19	23	23	29	32	30	28
Net Income / (Loss) Attributable to Noncontrolling Interest	130	115	117	111	106	102	90	89	78	75	70
Basic Earnings per Share	$0.57	$0.57	$0.60	$0.59	$0.63	$0.69	$0.65	$0.74	$0.75	$0.73	$0.68
Weighted Average Basic Shares Outstanding	62.50M	56.20M	75.10M	83.80M	93M	89M	110.70M	121.80M	130.30M	123.10M	129.20M
Diluted Earnings per Share	$0.57	$0.54	$0.59	$0.59	$0.63	$0.68	$0.65	$0.74	$0.75	$0.72	$0.68
Weighted Average Diluted Shares Outstanding	62.50M	56.30M	75.20M	83.80M	93M	89M	110.80M	121.80M	130.30M	123.10M	129.20M
Weighted Average Basic & Diluted Shares Outstanding	68.36M	0.00	79.92M	91.42M	104.07M	0.00	116.78M	131.08M	129.39M	0.00	128.35M

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	354	-246	-106	-0.70	-0.40	0.90	2.30	-1.10	-2.40
Net Cash From Operating Activities	337	467	471	642	796	861	866	940	984
Net Cash From Continuing Operating Activities	337	467	471	642	796	861	866	940	984
Net Income / (Loss) Continuing Operations	242	326	318	485	618	621	608	659	685
Consolidated Net Income / (Loss)	242	326	318	485	618	621	608	659	685
Depreciation Expense	117	127	143	157	166	181	193	203	214
Amortization Expense	3.80	5.00	5.10	6.50	7.30	8.80	8.40	9.60	14
Non-Cash Adjustments To Reconcile Net Income	-6.20	-0.10	-6.80	0.40	8.20	9.30	5.40	5.00	7.10
Changes in Operating Assets and Liabilities, net	-20	9.60	12	-7.00	-3.40	41	52	64	64
Net Cash From Investing Activities	-131	-308	-498	-301	-163	-238	-224	-306	-256
Net Cash From Continuing Investing Activities	-131	-308	-498	-301	-163	-238	-224	-306	-256
Purchase of Property, Plant & Equipment	-144	-242	-306	-301	-163	-238	-224	-306	-256
Net Cash From Financing Activities	149	-406	-79	-341	-633	-622	-641	-635	-731
Net Cash From Continuing Financing Activities	149	-406	-79	-341	-633	-622	-641	-635	-731
Repayment of Debt	-561	-3.50	-28	-1.30	-22	-23	-2.50	-22	-835
Repurchase of Common Equity	-2.10	-	0.00	0.00	-750	-400	-400	-300	-400
Payment of Dividends	-100	-396	-85	-494	-529	-531	-557	-586	-616
Issuance of Debt	800	0.00	792	152	670	334	322	275	1,123
Other Financing Activities, net	-354	-6.10	-758	1.60	-2.10	-1.50	-3.10	-2.20	-2.90

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	0.30	2.10	-1.20	95	-89	-6.00	1.80	-1.60	1.00	-3.60	2.70
Net Cash From Operating Activities	216	248	185	272	225	259	202	277	259	246	253
Net Cash From Continuing Operating Activities	216	248	185	272	225	259	202	277	259	246	253
Net Income / (Loss) Continuing Operations	165	153	162	160	165	172	161	180	176	168	158
Consolidated Net Income / (Loss)	165	153	162	160	165	172	161	180	176	168	158
Depreciation Expense	48	50	50	51	52	51	52	52	57	54	59
Amortization Expense	2.10	2.10	2.10	2.30	2.60	2.60	4.90	3.20	3.00	3.00	3.00
Non-Cash Adjustments To Reconcile Net Income	1.30	2.80	1.30	1.20	-0.40	3.80	1.80	1.00	1.10	3.20	1.70
Changes in Operating Assets and Liabilities, net	-0.40	40	-30	57	6.50	29	-17	41	23	17	32
Net Cash From Investing Activities	-53	-64	-55	-64	-92	-95	-46	-63	-80	-67	-29
Net Cash From Continuing Investing Activities	-53	-64	-55	-64	-92	-95	-46	-63	-80	-67	-29
Purchase of Property, Plant & Equipment	-53	-64	-55	-64	-92	-95	-46	-63	-80	-67	-29
Net Cash From Financing Activities	-163	-182	-132	-112	-222	-169	-155	-215	-178	-183	-222
Net Cash From Continuing Financing Activities	-163	-182	-132	-112	-222	-169	-155	-215	-178	-183	-222
Repayment of Debt	-	-2.50	-2.50	-11	-3.10	-5.00	-703	139	78	-349	-2.50
Repurchase of Common Equity	-100	-100	-100	-100	-100	-	-100	-200	-100	-	-60
Payment of Dividends	-140	-142	-144	-146	-148	-149	-151	-153	-155	-157	-159
Issuance of Debt	78	64	115	145	30	-15	800	-	-	323	0.00
Other Financing Activities, net	-0.40	-1.60	-0.60	-0.20	-1.30	-0.10	-0.60	-1.00	-1.10	-0.20	-0.60

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

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,991	3,278	3,375	3,486	3,588	3,790	4,151	4,388
Total Current Assets	180	96	101	133	132	137	149	159
Cash & Equivalents	109	3.30	2.60	2.20	3.10	5.40	4.30	1.90
Accounts Receivable	68	88	93	120	123	124	135	144
Prepaid Expenses	-	-	-	-	-	-	-	0.00
Other Current Assets	3.30	4.70	5.60	11	6.20	7.00	9.80	14
Plant, Property, & Equipment, net	2,735	3,010	3,111	3,125	3,173	3,229	3,325	3,370
Plant, Property & Equipment, gross	-	-	-	-	-	-	-	5,375
Accumulated Depreciation	-	-	-	-	-	-	-	2,005
Total Noncurrent Assets	76	172	162	228	283	424	676	860
Long-Term Investments	67	108	108	102	94	90	87	82
Noncurrent Deferred & Refundable Income Taxes	0.00	50	43	117	177	324	583	774
Other Noncurrent Operating Assets	8.20	14	11	8.60	12	8.90	6.60	4.10
Total Liabilities & Shareholders' Equity	2,991	3,278	3,375	3,486	3,588	3,790	4,151	4,388
Total Liabilities	1,115	1,946	2,049	2,733	3,059	3,426	3,686	3,950
Total Current Liabilities	138	176	125	171	160	210	219	188
Short-Term Debt	11	0.00	10	20	2.50	13	23	33
Accounts Payable	34	79	51	65	63	80	89	52
Accrued Expenses	86	89	54	76	83	106	94	89
Other Current Liabilities	6.80	8.90	9.90	10	11	12	14	14
Total Noncurrent Liabilities	977	1,770	1,924	2,562	2,900	3,216	3,466	3,763
Long-Term Debt	970	1,754	1,900	2,544	2,883	3,199	3,449	3,740
Noncurrent Deferred & Payable Income Tax Liabilities	-	-	0.00	0.40	0.50	0.50	0.50	0.50
Other Noncurrent Operating Liabilities	7.20	16	23	18	16	17	17	23
Total Equity & Noncontrolling Interests	1,876	1,332	1,326	753	529	363	465	438
Total Preferred & Common Equity	-318	132	125	204	245	340	531	568
Total Common Equity	-318	132	125	204	245	340	531	568
Common Stock	517	131	125	204	245	340	531	568
Noncontrolling Interest	2,194	1,201	1,201	549	284	23	-65	-130

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

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	3,602	3,579	3,660	3,776	3,863	4,050	4,147	4,264	4,423	4,438	4,317
Total Current Assets	147	117	114	138	139	214	154	150	151	168	166
Cash & Equivalents	2.60	3.60	3.00	3.30	4.20	100	10	6.10	4.50	5.50	4.60
Accounts Receivable	131	109	110	122	131	113	131	141	144	151	149
Prepaid Expenses	-	-	-	-	-	-	-	-	-	8.20	0.00
Other Current Assets	14	3.80	0.80	12	4.50	1.50	13	3.30	2.40	4.00	12
Plant, Property, & Equipment, net	3,160	3,183	3,188	3,208	3,215	3,237	3,292	3,324	3,345	3,376	3,322
Plant, Property & Equipment, gross	-	-	-	-	-	-	-	-	-	-	5,385
Accumulated Depreciation	-	-	-	-	-	-	-	-	-	-	2,063
Total Noncurrent Assets	295	279	357	430	509	599	701	789	928	893	829
Long-Term Investments	98	93	93	91	89	89	89	86	85	85	80
Noncurrent Deferred & Refundable Income Taxes	184	175	254	329	411	502	605	698	837	804	745
Other Noncurrent Operating Assets	13	11	11	9.60	8.60	7.90	7.20	6.10	5.40	4.70	4.70
Total Liabilities & Shareholders' Equity	3,602	3,579	3,660	3,776	3,863	4,050	4,147	4,264	4,423	4,438	4,317
Total Liabilities	3,088	3,140	3,225	3,330	3,481	3,648	3,705	3,751	3,916	4,011	3,942
Total Current Liabilities	158	139	149	174	157	192	221	186	214	224	181
Short-Term Debt	0.00	5.00	7.50	10	15	18	20	25	28	30	35
Accounts Payable	64	59	51	64	52	80	87	65	77	93	53
Accrued Expenses	84	71	83	89	86	88	104	92	102	90	89
Other Current Liabilities	9.50	3.60	7.50	11	3.70	6.70	9.90	4.10	7.20	11	4.60
Total Noncurrent Liabilities	2,930	3,002	3,076	3,156	3,324	3,455	3,484	3,565	3,702	3,787	3,761
Long-Term Debt	2,909	2,985	3,061	3,138	3,310	3,443	3,470	3,547	3,687	3,765	3,737
Noncurrent Deferred & Payable Income Tax Liabilities	0.40	0.40	0.40	0.50	0.40	0.40	0.50	0.50	0.50	0.50	0.50
Other Noncurrent Operating Liabilities	21	16	15	18	13	12	14	17	15	22	24
Total Equity & Noncontrolling Interests	514	439	435	445	382	403	442	513	508	427	375
Total Preferred & Common Equity	248	228	302	367	404	465	531	601	635	573	518
Total Common Equity	248	228	302	367	404	465	531	601	635	573	518
Common Stock	248	228	302	367	404	465	531	601	635	573	518
Noncontrolling Interest	266	211	133	78	-23	-62	-89	-88	-127	-146	-143

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

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	22.99%	19.03%	28.72%	10.25%	5.93%	5.76%	10.89%	8.41%
EBITDA Growth	0.00%	31.59%	2.64%	41.17%	21.64%	9.02%	3.72%	11.19%	9.24%
EBIT Growth	0.00%	41.45%	-0.58%	53.11%	26.12%	8.80%	3.25%	12.50%	9.70%
NOPAT Growth	0.00%	43.75%	-0.39%	50.76%	25.08%	6.79%	1.35%	7.77%	4.31%
Net Income Growth	0.00%	34.50%	-2.40%	52.63%	27.41%	0.45%	-2.08%	8.44%	3.88%
EPS Growth	0.00%	0.00%	0.00%	9.17%	34.35%	14.20%	3.48%	19.71%	14.86%
Operating Cash Flow Growth	0.00%	38.75%	0.81%	36.33%	23.97%	8.25%	0.62%	8.53%	4.63%
Free Cash Flow Firm Growth	0.00%	0.00%	103.60%	403.93%	49.21%	5.05%	-7.18%	-23.95%	26.42%
Invested Capital Growth	0.00%	0.00%	10.96%	5.06%	2.81%	3.25%	4.87%	10.55%	7.30%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	31.22%	-14.06%	-0.13%	3.21%	2.71%	0.51%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	9.97%	5.79%	-0.04%	1.76%	3.13%	0.97%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	12.60%	6.63%	-0.44%	1.71%	3.71%	0.86%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	12.23%	6.18%	-0.78%	0.96%	2.46%	-0.18%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	11.91%	6.63%	-2.41%	0.50%	3.02%	-0.60%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-39.07%	9.32%	-0.99%	2.46%	5.96%	1.42%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	6.33%	6.56%	-0.10%	2.97%	1.17%	-1.29%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	3.20%	5.63%	3.85%	-2.77%	2.90%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	0.45%	1.14%	-0.14%	-0.57%	0.34%	-0.12%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	66.97%	71.66%	61.79%	67.77%	74.77%	76.95%	75.47%	75.67%	76.25%
Operating Margin	45.40%	53.07%	44.39%	52.80%	60.41%	62.05%	60.57%	61.45%	62.18%
EBIT Margin	46.21%	53.15%	44.39%	52.81%	60.41%	62.05%	60.57%	61.45%	62.18%
Profit (Net Income) Margin	41.76%	45.67%	37.45%	44.41%	51.32%	48.67%	45.06%	44.07%	42.23%
Tax Burden Percent	100.00%	100.00%	100.03%	98.52%	97.69%	95.89%	94.13%	90.18%	85.75%
Interest Burden Percent	90.37%	85.93%	84.33%	85.36%	86.96%	81.80%	79.03%	79.52%	79.20%
Effective Tax Rate	0.00%	0.00%	-0.03%	1.48%	2.31%	4.11%	5.87%	9.82%	14.25%
Return on Invested Capital (ROIC)	0.00%	28.22%	13.32%	18.62%	22.42%	23.24%	22.63%	22.63%	21.69%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	15.12%	8.50%	13.80%	18.07%	17.97%	17.17%	17.40%	16.60%
Return on Net Nonoperating Assets (RNNOA)	0.00%	6.48%	6.48%	17.86%	37.01%	73.57%	113.60%	136.46%	129.91%
Return on Equity (ROE)	0.00%	34.70%	19.81%	36.48%	59.43%	96.81%	136.23%	159.08%	151.59%
Cash Return on Invested Capital (CROIC)	0.00%	-171.78%	2.93%	13.68%	19.65%	20.04%	17.87%	12.61%	14.65%
Operating Return on Assets (OROA)	0.00%	12.66%	12.01%	17.34%	21.20%	22.37%	22.15%	23.15%	23.61%
Return on Assets (ROA)	0.00%	10.88%	10.14%	14.58%	18.01%	17.55%	16.47%	16.60%	16.03%
Return on Common Equity (ROCE)	0.00%	-5.88%	-1.15%	3.52%	9.41%	33.92%	89.37%	167.22%	184.46%
Return on Equity Simple (ROE_SIMPLE)	0.00%	-102.36%	241.60%	387.92%	302.69%	253.20%	178.63%	124.18%	0.00%
Net Operating Profit after Tax (NOPAT)	263	378	377	568	710	759	769	829	864
NOPAT Margin	45.40%	53.07%	44.41%	52.01%	59.01%	59.50%	57.02%	55.41%	53.32%
Net Nonoperating Expense Percent (NNEP)	0.00%	13.10%	4.82%	4.83%	4.35%	5.26%	5.46%	5.22%	5.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	22.22%	21.51%	21.05%	20.53%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	34.50%	29.13%	38.81%	32.83%	25.83%	23.74%	25.15%	24.97%	24.62%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	54.60%	46.93%	55.61%	47.20%	39.59%	37.95%	39.43%	38.55%	37.82%
Earnings before Interest and Taxes (EBIT)	268	379	377	577	727	791	817	919	1,008
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	388	511	524	740	900	981	1,018	1,132	1,236
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	2.11	3.69	4.52	5.79	7.14	7.69
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	2.11	3.69	4.52	5.79	7.14	7.69
Price to Revenue (P/Rev)	0.00	0.00	0.00	0.24	0.63	0.87	1.46	2.53	2.70
Price to Earnings (P/E)	0.00	0.00	0.00	11.00	16.25	13.21	16.60	16.98	12.38
Dividend Yield	4.94%	12.63%	10.10%	11.85%	8.55%	8.67%	8.24%	7.25%	8.60%
Earnings Yield	0.00%	0.00%	0.00%	9.09%	6.16%	7.57%	6.02%	5.89%	8.08%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	1.04	1.17	1.26	1.47	1.85	1.92
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	2.99	3.13	3.28	3.79	4.75	4.89
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	4.41	4.18	4.26	5.02	6.28	6.41
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	5.66	5.17	5.28	6.25	7.73	7.86
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	5.75	5.30	5.51	6.64	8.57	9.17
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	5.09	4.73	4.86	5.90	7.56	8.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	7.82	6.04	6.39	8.41	15.38	13.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.52	1.32	1.44	3.40	5.45	8.84	7.46	8.61
Long-Term Debt to Equity	0.00	0.52	1.32	1.43	3.38	5.45	8.81	7.41	8.54
Financial Leverage	0.00	0.43	0.76	1.29	2.05	4.09	6.62	7.84	7.83
Leverage Ratio	0.00	1.59	1.95	2.50	3.30	5.52	8.27	9.58	9.45
Compound Leverage Factor	0.00	1.37	1.65	2.14	2.87	4.51	6.54	7.62	7.49
Debt to Total Capital	0.00%	34.34%	56.83%	59.02%	77.29%	84.51%	89.84%	88.18%	89.60%
Short-Term Debt to Total Capital	0.00%	0.40%	0.00%	0.31%	0.60%	0.07%	0.35%	0.57%	0.77%
Long-Term Debt to Total Capital	0.00%	33.94%	56.83%	58.72%	76.69%	84.43%	89.49%	87.61%	88.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	76.79%	38.91%	37.11%	16.55%	8.31%	0.64%	-1.66%	-3.10%
Common Equity to Total Capital	0.00%	-11.13%	4.26%	3.86%	6.15%	7.18%	9.52%	13.48%	13.50%
Debt to EBITDA	0.00	1.92	3.35	2.58	2.85	2.94	3.16	3.07	3.05
Net Debt to EBITDA	0.00	1.58	3.13	2.43	2.73	2.84	3.06	2.99	2.98
Long-Term Debt to EBITDA	0.00	1.90	3.35	2.57	2.83	2.94	3.14	3.05	3.02
Debt to NOPAT	0.00	2.59	4.65	3.36	3.61	3.80	4.18	4.19	4.36
Net Debt to NOPAT	0.00	2.13	4.36	3.17	3.46	3.68	4.05	4.08	4.27
Long-Term Debt to NOPAT	0.00	2.56	4.65	3.35	3.58	3.80	4.16	4.16	4.33
Altman Z-Score	0.00	0.00	0.00	0.96	1.19	1.29	1.39	1.69	1.78
Noncontrolling Interest Sharing Ratio	0.00%	116.95%	105.81%	90.35%	84.17%	64.96%	34.40%	-5.12%	-21.68%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.31	0.54	0.81	0.78	0.83	0.65	0.68	0.85
Quick Ratio	0.00	1.28	0.52	0.77	0.72	0.79	0.62	0.65	0.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-2,302	83	417	623	654	607	462	584
Operating Cash Flow to CapEx	256.09%	194.30%	153.62%	213.19%	487.44%	361.50%	387.65%	307.19%	384.90%
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
Operating Cash Flow to Interest Expense	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
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.24	0.27	0.33	0.35	0.36	0.37	0.38	0.38
Accounts Receivable Turnover	0.00	10.51	10.90	12.06	11.28	10.50	10.92	11.36	11.36
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.26	0.30	0.36	0.39	0.41	0.42	0.46	0.48
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	0.00	34.72	33.50	30.27	32.37	34.78	33.44	32.13	32.14
Days Inventory Outstanding (DIO)	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
Cash Conversion Cycle (CCC)	0.00	34.72	33.50	30.27	32.37	34.78	33.44	32.13	32.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	2,681	2,975	3,125	3,213	3,317	3,479	3,846	4,127
Invested Capital Turnover	0.00	0.53	0.30	0.36	0.38	0.39	0.40	0.41	0.41
Increase / (Decrease) in Invested Capital	0.00	2,681	294	151	88	105	162	367	281
Enterprise Value (EV)	0.00	0.00	0.00	3,264	3,762	4,181	5,108	7,104	7,928
Market Capitalization	0.00	0.00	0.00	264	754	1,108	1,969	3,789	4,369
Book Value per Share	$0.00	($5.81)	$7.31	$6.93	$6.06	$5.57	$4.98	$5.10	$4.39
Tangible Book Value per Share	$0.00	($5.81)	$7.31	$6.93	$6.06	$5.57	$4.98	$5.10	$4.39
Total Capital	0.00	2,857	3,086	3,236	3,317	3,415	3,575	3,937	4,210
Total Debt	0.00	981	1,754	1,910	2,564	2,886	3,211	3,472	3,772
Total Long-Term Debt	0.00	970	1,754	1,900	2,544	2,883	3,199	3,449	3,740
Net Debt	0.00	805	1,642	1,799	2,460	2,789	3,116	3,381	3,689
Capital Expenditures (CapEx)	131	240	306	301	163	238	224	306	256
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-56	-84	-16	-20	-28	-66	-52	1.80
Debt-free Net Working Capital (DFNWC)	0.00	54	-80	-14	-18	-25	-61	-47	3.70
Net Working Capital (NWC)	0.00	42	-80	-24	-38	-27	-73	-70	-29
Net Nonoperating Expense (NNE)	21	53	59	83	93	138	161	170	180
Net Nonoperating Obligations (NNO)	0.00	805	1,642	1,799	2,460	2,788	3,116	3,381	3,689
Total Depreciation and Amortization (D&A)	120	132	148	163	173	190	201	213	228
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-7.82%	-9.84%	-1.48%	-1.66%	-2.18%	-4.92%	-3.46%	0.11%
Debt-free Net Working Capital to Revenue	0.00%	7.52%	-9.45%	-1.25%	-1.48%	-1.94%	-4.52%	-3.17%	0.23%
Net Working Capital to Revenue	0.00%	5.94%	-9.45%	-2.16%	-3.14%	-2.13%	-5.44%	-4.67%	-1.78%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.21	$1.33	$1.81	$2.03	$2.11	$2.51	$2.87
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	17.96M	18M	25.60M	41.30M	56.20M	89M	123.10M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.20	$1.31	$1.76	$2.01	$2.08	$2.49	$2.86
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	54.80M	18.10M	25.70M	41.40M	56.30M	89M	123.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	18M	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	184	265	264	568	710	759	769	829	864
Normalized NOPAT Margin	31.78%	37.15%	31.08%	52.01%	59.01%	59.50%	57.02%	55.41%	53.32%
Pre Tax Income Margin	41.76%	45.67%	37.44%	45.08%	52.53%	50.75%	47.87%	48.87%	49.24%
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
NOPAT to Interest Expense	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
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	41.32%	121.69%	26.88%	101.81%	85.63%	85.59%	91.66%	88.94%	89.94%
Augmented Payout Ratio	42.19%	121.69%	26.88%	101.81%	207.02%	150.05%	157.48%	134.46%	148.36%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	129,403,244.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	129,403,244.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.68
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.45%	13.32%	16.59%	12.81%	4.24%	11.05%	7.42%	13.32%	11.20%	2.10%	2.12%
EBITDA Growth	7.11%	7.18%	14.99%	11.29%	5.93%	13.06%	7.27%	14.58%	11.44%	4.01%	1.97%
EBIT Growth	7.84%	6.98%	17.65%	12.22%	5.32%	15.66%	6.94%	17.05%	11.74%	3.54%	0.29%
NOPAT Growth	5.61%	3.88%	13.04%	7.62%	1.01%	10.20%	1.87%	10.79%	5.61%	-0.71%	-2.80%
Net Income Growth	3.39%	2.00%	13.85%	8.38%	-0.06%	12.63%	-0.31%	12.10%	6.56%	-2.38%	-2.29%
EPS Growth	7.55%	10.20%	25.53%	18.00%	10.53%	25.93%	10.17%	25.42%	19.05%	5.88%	4.62%
Operating Cash Flow Growth	-8.18%	11.23%	-6.74%	32.75%	4.36%	4.40%	9.23%	1.95%	15.12%	-4.99%	25.15%
Free Cash Flow Firm Growth	-41.72%	-60.04%	-185.31%	-160.80%	-536.68%	-557.88%	-121.93%	-265.09%	37.25%	55.73%	177.34%
Invested Capital Growth	5.33%	4.87%	8.45%	7.82%	9.54%	10.55%	10.51%	12.48%	7.79%	7.30%	1.73%
Revenue Q/Q Growth	12.07%	-1.82%	-0.25%	2.78%	3.56%	4.60%	-3.51%	8.43%	1.62%	-3.97%	-3.49%
EBITDA Q/Q Growth	9.14%	-2.67%	4.30%	0.44%	3.89%	3.88%	-1.04%	7.28%	1.05%	-3.05%	-2.98%
EBIT Q/Q Growth	11.06%	-4.50%	5.66%	0.14%	4.23%	4.88%	-2.30%	9.60%	-0.50%	-2.82%	-5.37%
NOPAT Q/Q Growth	9.56%	-5.27%	4.65%	-0.91%	2.83%	3.34%	-3.26%	7.77%	-1.98%	-2.84%	-5.29%
Net Income Q/Q Growth	11.43%	-7.28%	5.96%	-0.99%	2.74%	4.49%	-6.22%	11.34%	-2.34%	-4.27%	-6.13%
EPS Q/Q Growth	14.00%	-5.26%	9.26%	0.00%	6.78%	7.94%	-4.41%	13.85%	1.35%	-4.00%	-5.56%
Operating Cash Flow Q/Q Growth	5.33%	14.90%	-25.16%	46.57%	-17.19%	14.94%	-21.70%	36.81%	-6.50%	-5.14%	3.14%
Free Cash Flow Firm Q/Q Growth	-72.69%	15.08%	-333.05%	16.98%	-96.11%	-20.67%	-12.95%	-36.58%	66.29%	14.87%	297.34%
Invested Capital Q/Q Growth	2.68%	-0.57%	3.87%	1.68%	4.32%	0.34%	3.83%	3.50%	-0.03%	-0.12%	-1.56%
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	74.30%	73.66%	77.02%	75.27%	75.51%	74.99%	76.91%	76.10%	75.67%	76.40%	76.80%
Operating Margin	60.59%	58.93%	62.43%	60.82%	61.22%	61.38%	62.15%	62.82%	61.51%	62.25%	61.04%
EBIT Margin	60.59%	58.93%	62.43%	60.82%	61.22%	61.38%	62.15%	62.82%	61.51%	62.25%	61.04%
Profit (Net Income) Margin	45.39%	42.86%	45.53%	43.86%	43.51%	43.47%	42.25%	43.38%	41.70%	41.56%	40.43%
Tax Burden Percent	93.53%	92.77%	91.88%	90.92%	89.71%	88.39%	87.53%	86.06%	84.78%	84.76%	84.83%
Interest Burden Percent	80.09%	78.39%	79.37%	79.31%	79.24%	80.12%	77.67%	80.25%	79.95%	78.78%	78.08%
Effective Tax Rate	6.47%	7.23%	8.12%	9.08%	10.29%	11.61%	12.47%	13.94%	15.22%	15.24%	15.17%
Return on Invested Capital (ROIC)	21.71%	21.70%	23.11%	22.50%	21.81%	22.15%	21.77%	21.75%	21.12%	21.46%	20.95%
ROIC Less NNEP Spread (ROIC-NNEP)	20.31%	20.27%	21.74%	21.16%	20.47%	20.84%	20.38%	20.47%	19.88%	20.18%	19.71%
Return on Net Nonoperating Assets (RNNOA)	124.14%	134.15%	162.34%	157.79%	148.73%	163.41%	152.94%	155.11%	162.50%	157.94%	159.15%
Return on Equity (ROE)	145.86%	155.85%	185.45%	180.30%	170.54%	185.56%	174.70%	176.86%	183.62%	179.40%	180.10%
Cash Return on Invested Capital (CROIC)	17.15%	17.87%	14.72%	15.26%	12.96%	12.61%	11.91%	10.14%	14.25%	14.65%	19.61%
Operating Return on Assets (OROA)	21.46%	21.55%	23.48%	22.73%	22.50%	23.12%	23.28%	23.29%	23.12%	23.64%	23.18%
Return on Assets (ROA)	16.08%	15.67%	17.12%	16.39%	16.00%	16.37%	15.83%	16.08%	15.67%	15.78%	15.35%
Return on Common Equity (ROCE)	93.55%	102.24%	142.94%	165.05%	172.72%	195.06%	196.38%	213.65%	233.36%	218.29%	227.09%
Return on Equity Simple (ROE_SIMPLE)	164.59%	0.00%	155.18%	137.74%	120.47%	0.00%	109.51%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	206	195	204	202	208	215	208	224	220	213	202
NOPAT Margin	56.67%	54.68%	57.36%	55.30%	54.91%	54.25%	54.40%	54.06%	52.15%	52.76%	51.78%
Net Nonoperating Expense Percent (NNEP)	1.40%	1.43%	1.37%	1.34%	1.34%	1.31%	1.38%	1.28%	1.24%	1.28%	1.24%
Return On Investment Capital (ROIC_SIMPLE)	-	5.45%	-	-	-	5.46%	5.09%	5.30%	5.20%	5.07%	4.87%
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	26.27%	26.93%	23.57%	25.36%	25.18%	25.66%	24.37%	24.67%	25.04%	24.34%	23.97%
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	39.41%	41.07%	37.57%	39.18%	38.78%	38.62%	37.85%	37.18%	38.49%	37.75%	38.96%
Earnings before Interest and Taxes (EBIT)	220	210	222	222	232	243	237	260	259	252	238
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	270	263	274	275	286	297	294	315	319	309	300
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.09	5.79	6.87	6.15	5.96	7.14	8.05	6.96	7.73	7.69	9.51
Price to Tangible Book Value (P/TBV)	4.09	5.79	6.87	6.15	5.96	7.14	8.05	6.96	7.73	7.69	9.51
Price to Revenue (P/Rev)	1.15	1.46	1.99	1.98	2.17	2.53	3.18	2.81	2.75	2.70	3.02
Price to Earnings (P/E)	14.60	16.60	19.49	17.12	16.63	16.98	19.37	15.19	13.42	12.38	13.36
Dividend Yield	8.77%	8.24%	7.01%	7.00%	7.43%	7.25%	6.52%	7.30%	8.39%	8.60%	7.79%
Earnings Yield	6.85%	6.02%	5.13%	5.84%	6.01%	5.89%	5.16%	6.58%	7.45%	8.08%	7.49%
Enterprise Value to Invested Capital (EV/IC)	1.32	1.47	1.66	1.65	1.69	1.85	2.06	1.92	1.93	1.92	2.09
Enterprise Value to Revenue (EV/Rev)	3.55	3.79	4.28	4.21	4.44	4.75	5.41	5.04	4.95	4.89	5.20
Enterprise Value to EBITDA (EV/EBITDA)	4.63	5.02	5.68	5.61	5.89	6.28	7.15	6.64	6.52	6.41	6.82
Enterprise Value to EBIT (EV/EBIT)	5.77	6.25	7.04	6.94	7.30	7.73	8.81	8.14	7.99	7.86	8.40
Enterprise Value to NOPAT (EV/NOPAT)	6.08	6.64	7.55	7.52	7.99	8.57	9.89	9.27	9.22	9.17	9.87
Enterprise Value to Operating Cash Flow (EV/OCF)	5.51	5.90	7.02	6.60	6.96	7.56	8.60	8.22	8.01	8.06	8.19
Enterprise Value to Free Cash Flow (EV/FCFF)	7.92	8.41	11.71	11.23	13.61	15.38	18.18	20.00	14.08	13.58	10.73
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	7.07	8.84	8.71	8.59	7.90	7.46	6.96	7.32	8.90	8.61	10.06
Long-Term Debt to Equity	7.05	8.81	8.67	8.55	7.85	7.41	6.92	7.26	8.83	8.54	9.97
Financial Leverage	6.11	6.62	7.47	7.46	7.26	7.84	7.50	7.58	8.17	7.83	8.07
Leverage Ratio	7.69	8.27	9.07	9.21	8.93	9.58	9.08	9.31	9.89	9.45	9.67
Compound Leverage Factor	6.16	6.48	7.20	7.30	7.08	7.68	7.06	7.47	7.90	7.45	7.55
Debt to Total Capital	87.61%	89.84%	89.70%	89.58%	88.76%	88.18%	87.44%	87.98%	89.90%	89.60%	90.96%
Short-Term Debt to Total Capital	0.28%	0.35%	0.40%	0.45%	0.51%	0.57%	0.61%	0.65%	0.71%	0.77%	0.84%
Long-Term Debt to Total Capital	87.33%	89.49%	89.30%	89.12%	88.25%	87.61%	86.83%	87.33%	89.19%	88.83%	90.12%
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	2.17%	0.64%	-0.61%	-1.60%	-2.27%	-1.66%	-2.16%	-3.02%	-3.46%	-3.10%	-3.45%
Common Equity to Total Capital	10.22%	9.52%	10.91%	12.02%	13.51%	13.48%	14.72%	15.04%	13.56%	13.50%	12.49%
Debt to EBITDA	3.15	3.16	3.16	3.20	3.18	3.07	3.10	3.12	3.10	3.05	3.04
Net Debt to EBITDA	3.05	3.06	3.07	3.03	3.09	2.99	3.02	3.04	3.03	2.98	2.97
Long-Term Debt to EBITDA	3.14	3.14	3.14	3.18	3.16	3.05	3.08	3.09	3.07	3.02	3.01
Debt to NOPAT	4.13	4.18	4.20	4.29	4.31	4.19	4.29	4.35	4.38	4.36	4.39
Net Debt to NOPAT	4.01	4.05	4.08	4.05	4.19	4.08	4.18	4.24	4.28	4.27	4.29
Long-Term Debt to NOPAT	4.12	4.16	4.18	4.27	4.29	4.16	4.26	4.32	4.35	4.33	4.35
Altman Z-Score	0.80	0.86	1.03	1.01	1.03	1.15	1.31	1.21	1.20	1.21	1.31
Noncontrolling Interest Sharing Ratio	35.86%	34.40%	22.92%	8.45%	-1.27%	-5.12%	-12.41%	-20.80%	-27.09%	-21.68%	-26.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.79	0.65	0.89	1.11	0.70	0.68	0.81	0.71	0.75	0.85	0.92
Quick Ratio	0.72	0.62	0.86	1.11	0.64	0.65	0.79	0.70	0.70	0.81	0.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	29	33	-77	-64	-126	-152	-172	-235	-79	-67	133
Operating Cash Flow to CapEx	408.92%	389.92%	338.14%	425.04%	243.66%	271.82%	444.84%	436.75%	323.63%	368.22%	879.51%
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	0.35	0.37	0.38	0.37	0.37	0.38	0.37	0.37	0.38	0.38	0.38
Accounts Receivable Turnover	10.34	10.92	11.67	12.90	11.51	11.36	11.22	12.22	11.46	11.36	11.24
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	0.41	0.42	0.44	0.45	0.45	0.46	0.47	0.48	0.48	0.48	0.49
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)	35.29	33.44	31.28	28.29	31.72	32.13	32.53	29.86	31.86	32.14	32.48
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)	35.29	33.44	31.28	28.29	31.72	32.13	32.53	29.86	31.86	32.14	32.48
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,499	3,479	3,614	3,674	3,833	3,846	3,993	4,133	4,131	4,127	4,062
Invested Capital Turnover	0.38	0.40	0.40	0.41	0.40	0.41	0.40	0.40	0.41	0.41	0.40
Increase / (Decrease) in Invested Capital	177	162	281	266	334	367	380	459	299	281	69
Enterprise Value (EV)	4,634	5,108	5,987	6,067	6,465	7,104	8,235	7,916	7,987	7,928	8,472
Market Capitalization	1,502	1,969	2,777	2,858	3,163	3,789	4,843	4,418	4,428	4,369	4,927
Book Value per Share	$6.46	$4.98	$5.06	$5.81	$5.81	$5.10	$5.15	$5.44	$4.37	$4.39	$4.00
Tangible Book Value per Share	$6.46	$4.98	$5.06	$5.81	$5.81	$5.10	$5.15	$5.44	$4.37	$4.39	$4.00
Total Capital	3,594	3,575	3,707	3,863	3,932	3,937	4,085	4,222	4,221	4,210	4,147
Total Debt	3,148	3,211	3,325	3,460	3,490	3,472	3,572	3,714	3,795	3,772	3,772
Total Long-Term Debt	3,138	3,199	3,310	3,443	3,470	3,449	3,547	3,687	3,765	3,740	3,737
Net Debt	3,054	3,116	3,232	3,272	3,391	3,381	3,480	3,625	3,705	3,689	3,687
Capital Expenditures (CapEx)	53	64	55	64	92	95	46	63	80	67	29
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-29	-66	-7.10	-60	-57	-52	-17	-40	-32	1.80	15
Debt-free Net Working Capital (DFNWC)	-26	-61	-2.90	39	-47	-47	-11	-35	-26	3.70	20
Net Working Capital (NWC)	-36	-73	-18	22	-67	-70	-36	-63	-56	-29	-15
Net Nonoperating Expense (NNE)	41	42	42	42	43	43	46	44	44	45	44
Net Nonoperating Obligations (NNO)	3,054	3,116	3,232	3,272	3,391	3,381	3,480	3,625	3,705	3,689	3,687
Total Depreciation and Amortization (D&A)	50	53	52	53	54	54	56	55	60	57	62
Debt-free, Cash-free Net Working Capital to Revenue	-2.25%	-4.92%	-0.51%	-4.18%	-3.91%	-3.46%	-1.12%	-2.52%	-1.96%	0.11%	0.92%
Debt-free Net Working Capital to Revenue	-2.00%	-4.52%	-0.21%	2.73%	-3.21%	-3.17%	-0.72%	-2.23%	-1.62%	0.23%	1.20%
Net Working Capital to Revenue	-2.76%	-5.44%	-1.28%	1.52%	-4.58%	-4.67%	-2.37%	-3.99%	-3.48%	-1.78%	-0.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.57	$0.57	$0.60	$0.59	$0.63	$0.69	$0.65	$0.74	$0.75	$0.73	$0.68
Adjusted Weighted Average Basic Shares Outstanding	62.50M	56.20M	75.10M	83.80M	93M	89M	110.70M	121.80M	130.30M	123.10M	129.20M
Adjusted Diluted Earnings per Share	$0.57	$0.54	$0.59	$0.59	$0.63	$0.68	$0.65	$0.74	$0.75	$0.72	$0.68
Adjusted Weighted Average Diluted Shares Outstanding	62.50M	56.30M	75.20M	83.80M	93M	89M	110.80M	121.80M	130.30M	123.10M	129.20M
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	68.36M	0.00	79.92M	91.42M	104.07M	0.00	116.78M	131.08M	129.39M	0.00	128.35M
Normalized Net Operating Profit after Tax (NOPAT)	206	195	204	202	208	215	208	224	220	213	202
Normalized NOPAT Margin	56.67%	54.68%	57.36%	55.30%	54.91%	54.25%	54.40%	54.06%	52.15%	52.76%	51.78%
Pre Tax Income Margin	48.53%	46.20%	49.55%	48.24%	48.51%	49.18%	48.27%	50.41%	49.18%	49.04%	47.65%
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	90.97%	91.66%	89.88%	89.29%	90.46%	88.94%	90.14%	88.64%	88.31%	89.94%	91.54%
Augmented Payout Ratio	140.58%	157.48%	153.63%	151.81%	152.99%	134.46%	135.70%	147.65%	146.39%	148.36%	144.41%

Financials Breakdown Chart

Key Financial Trends

Hess Midstream Partners (NYSE: HESM) — key takeaways from the quarterly statements over the last four years highlight ongoing cash generation, a steady earnings base, and the company’s financing activity. Below are the most relevant observations for retail investors.

Strong quarterly operating cash flow: Net cash from continuing operating activities has remained solid, typically in the ~$200–$280 million range per quarter in 2024–2025 (e.g., Q1 2025: $202.4m; Q2 2025: $276.9m; Q3 2025: $258.9m; Q4 2025: $245.6m).
Revenue level and trend: Operating revenue generally sits in the $380–$421 million band across 2024–2025, up from 2023 levels and indicating a stable top line through 2025.
Consistent earnings: Net income attributable to common shareholders has remained positive across 2024–2025 quarters, with quarterly earnings per share roughly in the $0.59–$0.75 range, supporting visible profitability.
Debt access: Hess Midstream tapped debt markets in 2025 (e.g., a debt issuance of about $323 million), which provides liquidity for investments and distributions.
Dividend stability: Cash dividends per share have been generally stable in the ~$0.63–$0.74 range across 2023–2025, supporting ongoing income for shareholders.
High leverage: Long-term debt has remained elevated (roughly $3.3–$3.8 billion in recent quarters), a key factor for evaluating sustainability of earnings and interest costs.
Working capital dynamics: In several quarters, current liabilities have exceeded current assets (e.g., Q3 2025 shows current assets around $168m vs. current liabilities around $224m), signaling near-term liquidity considerations.
Cash on hand is modest: Cash and equivalents are typically a few million dollars, implying reliance on ongoing cash flow and accessible credit for liquidity needs.
Financing cash outflows press liquidity: Net cash from financing activities has been negative in many quarters (e.g., Q4 2025: -$182.5m; Q2 2025: -$215.1m; Q1 2025: -$155.1m), indicating cash outflows for debt service and distributions.
Debt burden exposure: With long-term debt repeatedly in the multi-billion-dollar range, the company remains highly leveraged, which could amplify risk if cash flows weaken or interest rates rise.

05/25/26 01:28 AM ETAI Generated. May Contain Errors.

Hess Midstream Partners Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Hess Midstream Partners' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Hess Midstream Partners' net income appears to be on an upward trend, with a most recent value of $684.60 million in 2025, rising from $242 million in 2017. The previous period was $659 million in 2024. Check out Hess Midstream Partners' forecast to explore projected trends and price targets.

Hess Midstream Partners' total operating income in 2025 was $1.01 billion, based on the following breakdown:

Total Gross Profit: $1.62 billion
Total Operating Expenses: $613.20 million

Over the last 8 years, Hess Midstream Partners' total revenue changed from $579.50 million in 2017 to $1.62 billion in 2025, a change of 179.8%.

Hess Midstream Partners' total liabilities were at $3.95 billion at the end of 2025, a 7.2% increase from 2024, and a 254.3% increase since 2018.

In the past 7 years, Hess Midstream Partners' cash and equivalents has ranged from $1.90 million in 2025 to $109.30 million in 2018, and is currently $1.90 million as of their latest financial filing in 2025.

Over the last 8 years, Hess Midstream Partners' book value per share changed from 0.00 in 2017 to 4.39 in 2025, a change of 439.2%.

Related Companies

Financial statements for NYSE:HESM last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Hess Midstream Partners (HESM) Financials

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Hess Midstream Partners (HESM) Financials

Annual Income Statements for Hess Midstream Partners

Quarterly Income Statements for Hess Midstream Partners

Annual Cash Flow Statements for Hess Midstream Partners

Quarterly Cash Flow Statements for Hess Midstream Partners

Annual Balance Sheets for Hess Midstream Partners

Quarterly Balance Sheets for Hess Midstream Partners

Annual Metrics And Ratios for Hess Midstream Partners

Quarterly Metrics And Ratios for Hess Midstream Partners

Financials Breakdown Chart

Key Financial Trends

Hess Midstream Partners Financials - Frequently Asked Questions

When does Hess Midstream Partners' financial year end?

How has Hess Midstream Partners' net income changed over the last 8 years?

What is Hess Midstream Partners' operating income?

How has Hess Midstream Partners' revenue changed over the last 8 years?

How much debt does Hess Midstream Partners have?

How much cash does Hess Midstream Partners have?

How has Hess Midstream Partners' book value per share changed over the last 8 years?

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