HESM - Hess Midstream LP
Price:
--
--
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CONSENSUS:
Hold
DETAILS
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PRICE TARGET:
$35.50
DETAILS
HIGH:
$39.00
LOW:
$32.00
MEDIAN:
$35.50
CONSENSUS:
$35.50
DOWNSIDE:
11.70%
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||
| Revenue | 1,621.3 | 1,491.9 | 1,346.1 | 1,273.2 | 1,203.8 | 1,091.6 | 847.6 | 712 | 579.5 | 509.8 | 565.1 | 254.8 | 269.7 | 169.7 |
| Cost of Revenue | 584.7 | 203.1 | 192.5 | 181.3 | 165.6 | 156.9 | 142.5 | 126.9 | 116.5 | 99.7 | 86.1 | 44.4 | 202.8 | 101.7 |
| Gross Profit | 1,036.6 | 1,288.8 | 1,153.6 | 1,091.9 | 1,038.2 | 934.7 | 705.1 | 585.1 | 463 | 410.1 | 479 | 210.4 | 66.9 | 68 |
| Operating Expenses | ||||||||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 28.5 | 26.1 | 26.2 | 23.1 | 22.7 | 21.1 | 52.4 | 14.1 | 13.9 | 10.4 | 9.3 | 4.9 | 13 | 11.6 |
| Other Expenses | 0 | 343.7 | 310.5 | 277.6 | 288.3 | 337.1 | 276.1 | 192.8 | 186 | 193.4 | 274.8 | 170.7 | 217.7 | 130.3 |
| Operating Expenses | 28.5 | 369.8 | 336.7 | 300.7 | 311 | 358.2 | 328.5 | 206.9 | 199.9 | 203.8 | 284.1 | 175.6 | 230.7 | 141.9 |
| Operating Income | ||||||||||||||
| Operating Income | 1,008.1 | 919 | 816.9 | 791.2 | 727.2 | 576.5 | 376.6 | 378.2 | 263.1 | 206.3 | 194.9 | 34.8 | (163.8) | (73.9) |
| Interest Expense | 225.6 | 202.2 | 179 | 149.3 | 105.4 | 94.7 | 62.4 | 53.3 | 25.8 | 1.4 | 1.5 | 1.9 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profitability | ||||||||||||||
| EBITDA | 1,238.1 | 1,136.1 | 1,017.1 | 977.8 | 903.4 | 743.6 | 522.5 | 505.7 | 384.3 | 306 | 281 | 79.2 | (151.3) | (59.6) |
| EBIT | 1,024 | 933 | 824.6 | 796.5 | 737.8 | 586.7 | 380 | 378.8 | 267.8 | 206.3 | 194.9 | 34.8 | (163.8) | (73.9) |
| Income Before Tax | 798.4 | 730.8 | 645.6 | 647.2 | 632.4 | 492 | 317.6 | 325.5 | 242 | 204.9 | 193.4 | 32.9 | (163.8) | (73.9) |
| Income Tax Expense | 113.8 | 71.8 | 37.9 | 26.6 | 14.6 | 7.1 | (0.1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | 352.9 | 223.1 | 118.6 | 83.9 | 46.4 | 24 | 70.1 | 69.1 | 41.2 | 204.9 | 193.4 | 32.9 | (163.8) | (73.9) |
| Per Share Data | ||||||||||||||
| EPS (Basic) | 2.87 | 2.51 | 2.11 | 2.03 | 1.81 | 1.33 | 1.22 | 1.27 | 0.75 | 3.76 | 3.54 | 0.60 | -3.00 | -1.35 |
| EPS (Diluted) | 2.86 | 2.49 | 2.08 | 2.01 | 1.76 | 1.31 | 1.22 | 1.27 | 0.75 | 3.76 | 3.54 | 0.60 | -3.00 | -1.35 |
| Shares Outstanding | 123.1 | 89 | 56.2 | 41.3 | 26.4 | 18 | 54.6 | 54.6 | 53.8 | 54.6 | 54.6 | 54.6 | 54.6 | 54.6 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | ||||||||||||||
| Cash & Cash Equivalents | 1.9 | 4.3 | 5.4 | 3.1 | 2.2 | 2.6 | 3.3 | 109.3 | 47.2 | 0.3 | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Receivables | 150.2 | 138.9 | 124.4 | 123 | 120.3 | 93.2 | 87.6 | 67.8 | 59.8 | 44.6 | 51.9 | 36.9 | 8.3 | 0.1 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.3) | 0.5 | 0.4 | 0.3 | 0.5 |
| Other Current Assets | 6.9 | 6.2 | 7 | 6.2 | 10.6 | 5.6 | 5 | 3.3 | 4.4 | 2.8 | 0.5 | 1 | 0 | 0 |
| Total Current Assets | 159 | 149.4 | 136.8 | 132.3 | 133.1 | 101.4 | 95.9 | 180.4 | 111.4 | 47.4 | 55.5 | 38.3 | 8.6 | 0.6 |
| Non-Current Assets | ||||||||||||||
| Property, Plant & Equipment | 3,369.8 | 3,325.4 | 3,229.2 | 3,172.8 | 3,125 | 3,111.3 | 3,010.1 | 2,735.3 | 2,520.5 | 2,518.6 | 2,291.7 | 1,332.2 | 1,260.1 | 789.2 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 81.5 | 87 | 90.2 | 93.9 | 101.6 | 108.4 | 107.8 | 67.3 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.1 | 6.6 | 333.3 | 189.2 | 125.9 | 53.4 | 63.9 | 8.2 | 3.2 | 8.4 | 8.3 | 4.3 | 0 | (789.2) |
| Total Non-Current Assets | 4,229.3 | 4,001.6 | 3,652.7 | 3,455.9 | 3,352.5 | 3,273.1 | 3,181.8 | 2,810.8 | 2,523.7 | 2,527 | 2,300 | 1,336.5 | 1,260.1 | 789.2 |
| Total Assets | 4,388.3 | 4,151 | 3,789.5 | 3,588.2 | 3,485.6 | 3,374.5 | 3,277.7 | 2,991.2 | 2,635.1 | 2,574.4 | 2,355.5 | 1,374.8 | 1,268.7 | 789.8 |
| Current Liabilities | ||||||||||||||
| Account Payables | 51.8 | 89.4 | 79.7 | 62.7 | 26.9 | 30 | 30.6 | 18.6 | 12.2 | 28.8 | 195.3 | 6.5 | 32.4 | 32.5 |
| Short-Term Debt | 32.5 | 22.5 | 12.5 | 2.5 | 20 | 10 | 0 | 11.3 | 0 | 0 | 0 | 1,018.9 | 0 | 0 |
| Deferred Revenue | 6.4 | 0 | 0 | 0 | 0 | 0 | 0 | 85.6 | 0 | 0 | 2 | 71.3 | 0 | 0 |
| Other Current Liabilities | 97.1 | 27.3 | 43.5 | 24.8 | 64.2 | 34.6 | 43.6 | 59.2 | 22.8 | 272.2 | 3.6 | 59.3 | 117.6 | 1.1 |
| Total Current Liabilities | 187.8 | 219.3 | 210.2 | 159.5 | 170.9 | 125 | 176.1 | 138.1 | 74.4 | 634.2 | 252.9 | 1,098.2 | 164.5 | 130.4 |
| Non-Current Liabilities | ||||||||||||||
| Long-Term Debt | 3,739.5 | 3,449.4 | 3,198.9 | 2,883.1 | 2,543.5 | 1,900.1 | 1,753.5 | 969.8 | 0 | 0 | 0 | 0 | 833.1 | 422.8 |
| Deferred Tax Liabilities | 0.5 | 0.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 22.6 | 16.5 | 17.2 | 16.6 | 18.1 | 23.4 | 16 | 7.2 | 5.4 | 4.3 | 5.1 | 1 | 0.8 | 0.8 |
| Total Non-Current Liabilities | 3,762.6 | 3,466.4 | 3,216.1 | 2,899.7 | 2,561.6 | 1,923.5 | 1,769.5 | 977 | 5.4 | 4.3 | 5.1 | 1 | 833.9 | 423.6 |
| Total Liabilities | 3,950.4 | 3,685.7 | 3,426.3 | 3,059.2 | 2,732.5 | 2,048.5 | 1,945.6 | 1,115.1 | 79.8 | 638.5 | 258 | 1,099.2 | 998.4 | 554 |
| Stockholders' Equity | ||||||||||||||
| Common Stock | 568.3 | 530.7 | 340.2 | 245.1 | 204.1 | 125 | 131.1 | 501.9 | 506 | 2,238.4 | 2,097.5 | 275.6 | 270.3 | 235.8 |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 | 0 | 0 | 0.4 | 1.2 | (604) | (490.9) | (385) | (206) | (161.6) | (149.5) |
| Total Stockholders' Equity | 568.3 | 530.7 | 340.2 | 245.1 | 204.1 | 125 | 131.5 | 3,438.7 | 2,555.3 | 1,935.9 | 2,097.5 | 275.6 | 270.3 | 235.8 |
| Total Liabilities & Equity | 4,388.3 | 4,151 | 3,789.5 | 3,588.2 | 3,485.6 | 3,374.5 | 3,277.7 | 2,473.2 | 2,114.3 | 2,574.4 | 2,355.5 | 1,374.8 | 1,268.7 | 789.8 |
| Debt Metrics | ||||||||||||||
| Total Debt | 3,772 | 3,471.9 | 3,211.4 | 2,885.6 | 2,563.5 | 1,910.1 | 1,753.5 | 981.1 | 0 | 0 | 0 | 1,018.9 | 833.1 | 422.8 |
| Net Debt | 3,770.1 | 3,467.6 | 3,206 | 2,882.5 | 2,561.3 | 1,907.5 | 1,750.2 | 871.8 | (47.2) | (0.3) | 0 | 1,018.9 | 833.1 | 422.8 |
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||
| Net Income | 352.9 | 659 | 118.6 | 620.6 | 617.8 | 484.9 | 317.7 | 325.5 | 284.8 | 206.3 | 193.4 | 32.9 | (163.8) | (73.9) |
| Depreciation & Amortization | 214.1 | 203.1 | 192.5 | 181.3 | 165.6 | 156.9 | 142.5 | 126.9 | 113.1 | 99.7 | 86.1 | 44.4 | 12.5 | 14.3 |
| Stock-Based Compensation | 0 | 1.8 | 1.7 | 1.6 | 1.4 | 1.5 | 1.5 | 0.9 | 0.2 | 0 | 0 | 2.2 | 3.6 | 3.1 |
| Change in Working Capital | (49.8) | (8) | 14.5 | 14.5 | (18) | (14.3) | 12.3 | 9.6 | 1.2 | 81.7 | 155.3 | (47.7) | 15.9 | 6.3 |
| Other Non-Cash Items | 352.9 | 12.8 | 501.2 | 16.5 | 14.1 | 5.4 | (3.2) | 5 | 0.6 | 119.3 | 169.4 | (8.9) | 9 | 6.3 |
| Operating Cash Flow | 983.8 | 940.3 | 866.4 | 861.1 | 795.5 | 641.7 | 470.7 | 466.9 | 399.9 | 387.7 | 434.8 | 29.6 | (135.4) | (53.3) |
| Investing Activities | ||||||||||||||
| Capital Expenditure | (255.6) | (306.1) | (223.5) | (238.2) | (163.2) | (301.1) | (306.4) | (241.9) | (136.4) | (263.6) | (361.8) | (187.8) | (473.2) | (347.5) |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0.1 | (191.1) | (67.3) | 78.5 | 0 | 0 | 0 | 0 | 0 |
| Purchases of Investments | 0 | 0 | 0 | 0 | 0 | 0 | (33) | (67.3) | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 134.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing Activities | 0 | 0 | 0 | 0 | 0 | 0 | (101.9) | 1.6 | 12.8 | 0 | 0 | 0 | 0 | 0 |
| Investing Cash Flow | (255.6) | (306.1) | (223.5) | (238.2) | (163.2) | (301) | (497.5) | (307.6) | (136.4) | (263.6) | (361.8) | (187.8) | (473.2) | (347.5) |
| Financing Activities | ||||||||||||||
| Net Debt Issuance | 288 | 262.5 | 319.5 | 324 | 660 | 150.7 | 784.5 | (2.5) | 262 | 0 | (397.6) | 185.8 | 410.3 | 308.6 |
| Stock Repurchased | (400) | (300) | (400) | (400) | (750) | 0 | (156.1) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | (350.2) | (235.3) | (127.5) | (91) | (49.4) | (31.6) | (85.4) | (396.1) | (477.1) | (306.9) | (339.1) | (27.6) | 0 | 0 |
| Other Financing Activities | (268.4) | (362.5) | (432.6) | (455) | (493.3) | (460.5) | (622.2) | (329.1) | (441.4) | 183.2 | 663.7 | 0 | 198.3 | 92.2 |
| Financing Cash Flow | (730.6) | (635.3) | (640.6) | (622) | (632.7) | (341.4) | (79.2) | (405.7) | (216.6) | (124.1) | (73) | 158.2 | 608.6 | 400.8 |
| Cash Position | ||||||||||||||
| Net Change in Cash | (2.4) | (1.1) | 2.3 | 0.9 | (0.4) | (0.7) | (106) | (246.4) | 46.9 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 4.3 | 5.4 | 3.1 | 2.2 | 2.6 | 3.3 | 109.3 | 355.7 | 0.3 | 0.3 | 0 | 0 | 0 | 0 |
| Cash at End | 1.9 | 4.3 | 5.4 | 3.1 | 2.2 | 2.6 | 3.3 | 109.3 | 47.2 | 0.3 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 728.2 | 634.2 | 642.9 | 622.9 | 632.3 | 340.6 | 164.3 | 225 | 263.5 | 124.1 | 73 | (158.2) | (608.6) | (400.8) |
| Key Metrics | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||||
| Revenue | 1,621.3 | 1,491.9 | 1,346.1 | 1,273.2 | 1,203.8 | 1,091.6 | 847.6 | 712 | 579.5 | 509.8 | 565.1 | 254.8 | 269.7 | 169.7 |
| Gross Profit | 1,036.6 | 1,288.8 | 1,153.6 | 1,091.9 | 1,038.2 | 934.7 | 705.1 | 585.1 | 463 | 410.1 | 479 | 210.4 | 66.9 | 68 |
| Operating Income | 1,008.1 | 919 | 816.9 | 791.2 | 727.2 | 576.5 | 376.6 | 378.2 | 263.1 | 206.3 | 194.9 | 34.8 | (163.8) | (73.9) |
| Net Income | 352.9 | 223.1 | 118.6 | 83.9 | 46.4 | 24 | 70.1 | 69.1 | 41.2 | 204.9 | 193.4 | 32.9 | (163.8) | (73.9) |
| EPS (Diluted) | 2.86 | 2.49 | 2.08 | 2.01 | 1.76 | 1.31 | 1.22 | 1.27 | 0.75 | 3.76 | 3.54 | 0.60 | -3.00 | -1.35 |
| Balance Sheet | ||||||||||||||
| Cash & Equivalents | 1.9 | 4.3 | 5.4 | 3.1 | 2.2 | 2.6 | 3.3 | 109.3 | 47.2 | 0.3 | 0 | 0 | 0 | 0 |
| Total Assets | 4,388.3 | 4,151 | 3,789.5 | 3,588.2 | 3,485.6 | 3,374.5 | 3,277.7 | 2,991.2 | 2,635.1 | 2,574.4 | 2,355.5 | 1,374.8 | 1,268.7 | 789.8 |
| Total Debt | 3,772 | 3,471.9 | 3,211.4 | 2,885.6 | 2,563.5 | 1,910.1 | 1,753.5 | 981.1 | 0 | 0 | 0 | 1,018.9 | 833.1 | 422.8 |
| Stockholders' Equity | 568.3 | 530.7 | 340.2 | 245.1 | 204.1 | 125 | 131.5 | 3,438.7 | 2,555.3 | 1,935.9 | 2,097.5 | 275.6 | 270.3 | 235.8 |
| Cash Flow | ||||||||||||||
| Operating Cash Flow | 983.8 | 940.3 | 866.4 | 861.1 | 795.5 | 641.7 | 470.7 | 466.9 | 399.9 | 387.7 | 434.8 | 29.6 | (135.4) | (53.3) |
| Capital Expenditure | (255.6) | (306.1) | (223.5) | (238.2) | (163.2) | (301.1) | (306.4) | (241.9) | (136.4) | (263.6) | (361.8) | (187.8) | (473.2) | (347.5) |
| Free Cash Flow | 728.2 | 634.2 | 642.9 | 622.9 | 632.3 | 340.6 | 164.3 | 225 | 263.5 | 124.1 | 73 | (158.2) | (608.6) | (400.8) |