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Earnings transcript
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HESM
Hess Midstream LP
$38.81
0.69
(1.81%)
| Exchange: | NYSE |
| Market Cap: | 8.087B |
| Shares Outstanding: | 54.559M |
About The Company
| Sector: | Energy | |||||
| Industry: | Oil & Gas Midstream | |||||
| CEO: | Jonathan C. Stein | |||||
| Full Time Employees: | 176 | |||||
| Address: |
| |||||
| Website: | https://www.hessmidstream.com |
Hess Midstream LP owns, develops, operates, and acquires midstream assets. The company operates through three segments: Gathering; Processing and Storage; and Terminaling and Export. The Gathering segment owns natural gas gathering and compression; crude oil gathering systems; and produced water gathering and disposal facilities. Its gathering systems consists of approximately 1,350 miles of high and low pressure natural gas and natural gas liquids gathering pipelines with capacity of approximately 450 million cubic feet per day; and crude oil gathering system comprises approximately 550 miles of crude oil gathering pipelines. The Processing and Storage segment comprises Tioga Gas Plant, a natural gas processing and fractionation plant located in Tioga, North Dakota; a 50% interest in the Little Missouri 4 gas processing plant located in south of the Missouri River in McKenzie County, North Dakota; and Mentor Storage Terminal, a propane storage cavern and rail, and truck loading and unloading facility located in Mentor, Minnesota. The Terminaling and Export segment owns Ramberg terminal facility; Tioga rail terminal; and crude oil rail cars, as well as Johnson’s Corner Header System, a crude oil pipeline header system. Hess Midstream LP was founded in 2014 and is based in Houston, Texas.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 1,346,100 | 1,491,900 | 1,621,300 |
| Gross Profit | 1,153,600 | 1,288,800 | 1,036,599.999 |
| EBITDA | 1,017,100 | 1,136,100 | 1,238,100 |
| Operating Income | 816,900 | 919,000 | 1,008,100 |
| Net Income | 118,600 | 223,100 | 352,900 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 3,789,500 | 4,151,000 | 0 |
| Total Liabilities | 3,426,300 | 3,685,700 | -426,500 |
| Total Stockholders Equity | 340,200 | 530,700 | 426,500 |
| Total Debt | 3,211,400 | 3,471,900 | 0 |
| Cash and Cash Equivalents | 5,400 | 4,300 | 0 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 866,400 | 940,300 | 0 |
| Capital Expenditure | -223,500 | -306,100 | 0 |
| Free Cash Flow | 642,900 | 634,200 | 0 |
| Net Income | 118,600 | 659,000 | 352,900 |
| Net Change in Cash | 2,300 | -1,100 | -4,300 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2030 | Full Access | Full Access | Full Access | Full Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 2,382,685.078 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (High) | 2,428,285.758 | Full Access | Full Access | Full Access | Full Access |
| Estimated Revenue (Avg) | 2,399,508.138 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Low) | 1,810,455.573 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (High) | 1,845,104.720 | Full Access | Full Access | Full Access | Full Access |
| Estimated Ebitda (Avg) | 1,823,238.380 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Low) | 350,076.706 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (High) | 358,805.727 | Full Access | Full Access | Full Access | Full Access |
| Estimated Net Income (Avg) | 353,297.002 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Low) | 43,620.676 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (High) | 44,455.504 | Full Access | Full Access | Full Access | Full Access |
| Estimated SGA Expense (Avg) | 43,928.662 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Avg) | 2.870 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (High) | 2.910 | Full Access | Full Access | Full Access | Full Access |
| Estimated EPS (Low) | 2.840 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated Revenue) | 3 | Full Access | Full Access | Full Access | Full Access |
| Number of Analysts (Estimated EPS) | 1 | Full Access | Full Access | Full Access | Full Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Strong Financial Performance: Hess Midstream reported robust financial results in Q2 2025, as highlighted in the earnings call transcript, with key metrics such as revenue and net income showing positive trends. This performance underscores the company’s operational efficiency and ability to generate consistent returns, supported by strong operating cash flow as per the cash flow statements.
- High Dividend Yield: The company’s dividend yield (dividendYieldTTM from Key Metrics) reflects a commitment to returning capital to shareholders, making HESM an attractive option for income-focused investors in the midstream energy sector.
- Operational Excellence: The Q2 2025 earnings call emphasized operational reliability and efficiency, with management focusing on maintaining high throughput and minimizing downtime, which supports stable revenue streams as seen in the revenue product segments data.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates HESM intrinsic value between $53.13 – $104.85 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
Common questions about HESM valuation
Is Hess Midstream LP (HESM) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Hess Midstream LP (HESM) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is HESM a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether HESM trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is HESM’s P/E ratio?
You can see HESM’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for HESM?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is HESM a good long-term investment?
Whether HESM fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
HESM
1-day price chart preview. Log in for 1W through 5Y ranges and period tabs.
Daily snapshot
1.81
Trading Metrics:
| Open: | 38.7 | Previous Close: | 38.12 | |
| Day Low: | 38.49 | Day High: | 39.02 | |
| Year Low: | 31.63 | Year High: | 44.14 | |
| Price Avg 50: | 37.84 | Price Avg 200: | 36.87 | |
| Volume: | 720737 | Average Volume: | 1.552M |
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Login — it's freeHESM full analysis
Welcome to MARKETSNAP’s SWOT analysis for Hess Midstream! If you’re a long-term investor looking to build wealth and grow your portfolio, you’re in the right place. Today, we’re diving deep into Hess Midstream, a key player in the energy sector, specifically in midstream operations. For those who might not be as familiar, Hess Midstream focuses on providing infrastructure services like gathering, processing, and transporting oil and gas, primarily in the Bakken region. They’re a critical link in getting energy resources…
