Hess Midstream LP (HESM) is a publicly traded company in the Energy — Oil & Gas Midstream industry listed on NYSE. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Hess Midstream LP specializes in the ownership, development, operation, and acquisition of energy infrastructure assets positioned midstream in the value chain. The company organizes its business activities into three distinct operational segments: Gathering, Processing and Storage, and Terminaling and Export. The Gathering segment manages systems for the collection and compression of natural gas, the transportation of crude oil, and the disposal of produced water.
Is Hess Midstream LP stock overvalued or undervalued in 2026?
Hess Midstream LP (HESM) trades at 10.6× earnings (P/E), below the median of the 140 energy companies over $2bn in Kaplio's universe. At the decade median (15.9×) $46 (+50 %); at its sector median (17.3×) $50 (+64 %).
Kaplio overview: Hess Midstream LP
Market cap $6B · 52 weeks $30 – $41 (23 % below the high) · P/E 10.6× · 2027 expected P/E 11.1× · Dividend 9.7 % · 6 years rising · Next earnings November 2, 2026 · expected EPS $0.72 · Closing price, Oct 28 · accounts published Aug 3.
- Valuation: P/E 10.6× (cheap).
- Business: 5-year ROIC 21.2 % (excellent).
- Balance sheet: Net debt/EBITDA 3.0× (fragile).
- Earnings: 6 of 8 (on track).
What would it be worth at its usual multiples?
At the decade median (15.9×) $46 (+50 %); at its sector median (17.3×) $50 (+64 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in energy: 6 of 8 pass
- Net debt / EBITDA 3.0×, fails.
- EV/EBITDA vs own 10y 8.3×, fails.
- FCF yield 11.8 %, passes.
- 5y avg ROIC 21.2 %, passes.
- Positive FCF through the cycle 10 de 10 ejercicios, passes.
- Dividend coverage (FCF / div) 2.1×, passes.
- Capex / Revenue 15.8 %, passes.
- P/E read in reverse (cyclicals) 10.6×, passes.
Against its peers (reference peers) — Hess Midstream LP: P/E 10.6×; EV/EBITDA 8.3×; ROIC 20.8 %; $6.3B. Antero Midstream Corporation (P/E 24.7×; EV/EBITDA 14.0×; ROIC 8.6 %; $9.8B), Delek Logistics Partners, LP (P/E 19.7×; EV/EBITDA 12.2×; ROIC 7.7 %; $3.3B), DT Midstream, Inc. (P/E 27.4×; EV/EBITDA 14.9×; ROIC 4.9 %; $12.7B).
Expensive or cheap against its last 8 years?
P/E at each close: today 10.6× · median 15.9× · minimum 6.6× · maximum 25.1× · cheap below 14.7× · expensive above 17.4×. It has been cheaper than today only 1% of the time over its last 8 years.
Dividend
tight · Yield 9.7 % ($2.84 per share in 2025) · Years raising it 6 · 5-year growth +10 % a year · Free cash flow coverage 3.2× · With $1,000 invested today you'd collect $97.30 a year ($8.11 a month).
Profitability
| Return on Equity | 69.02% |
| Return on Invested Capital | 20.77% |
| Return on Assets | 8.81% |
| Gross Margin | 80.77% |
| Operating Margin | 62.21% |
| Net Margin | 23.29% |
Financial Health
| Debt / Equity | 7.15 |
| Current Ratio | 0.77 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.76 |
Price Performance
| 1 month | -15.73% |
| 3 months | -22.34% |
| Year-to-date | -8.09% |
| 1 year | -6.04% |
| 3 years | +7.46% |
| 5 years | +25.98% |
Dividend History
Paid in the last 12 months: $3.0869 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-08-06 | $0.7888 |
| 2026-05-07 | $0.7792 |
| 2026-02-05 | $0.7641 |
| 2025-11-06 | $0.7548 |
| 2025-08-07 | $0.7370 |
| 2025-05-08 | $0.7098 |
| 2025-02-06 | $0.7012 |
| 2024-11-07 | $0.6846 |
| 2024-08-08 | $0.6677 |
| 2024-05-01 | $0.6516 |
Amounts adjusted for stock splits.
Related companies: WMB · EPD · MPLX · TRGP · WES · DTM · AM · DKL
Explore sector: Energy · Oil & Gas Midstream
More sections of HESM: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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