WBI vs HESM vs DKL vs NCSM

For growth investors, NCS Multistage Holdings, Inc.

(NCSM) is the stronger pick with 13. 6% revenue growth year-over-year, versus 7. 7% for Delek Logistics Partners, LP (DKL). NCS Multistage Holdings, Inc. (NCSM) offers the better valuation at 6. 2x trailing P/E (15. 9x forward), making it the more compelling value choice. Analysts rate WaterBridge Infrastructure LLC (WBI) a "Buy" — based on 5 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, NCS Multistage Holdings, Inc.

(NCSM) is the cheapest at 6. 2x versus Delek Logistics Partners, LP at 16. 3x. On forward P/E, Hess Midstream LP is actually cheaper at 13. 1x — notably different from the trailing picture, reflecting expected earnings growth.

Over the past 5 years, Hess Midstream LP (HESM) delivered a total return of +97.

2%, compared to +21. 5% for WaterBridge Infrastructure LLC (WBI). Over 10 years, the gap is even starker: DKL returned +247. 8% versus NCSM's -86. 4%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Hess Midstream LP (HESM) is the lower-risk stock at 0.

08β versus NCS Multistage Holdings, Inc. 's 0. 39β — meaning NCSM is approximately 405% more volatile than HESM relative to the S&P 500. On balance sheet safety, WaterBridge Infrastructure LLC (WBI) carries a lower debt/equity ratio of 1% versus 9% for Hess Midstream LP — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), NCS Multistage Holdings, Inc.

(NCSM) is pulling ahead at 13. 6% versus 7. 7% for Delek Logistics Partners, LP (DKL). On earnings-per-share growth, the picture is similar: NCS Multistage Holdings, Inc. grew EPS 239. 2% year-over-year, compared to 10. 4% for Delek Logistics Partners, LP. Over a 3-year CAGR, HESM leads at 8. 4% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Hess Midstream LP (HESM) is the more profitable company, earning 21.

8% net margin versus -0. 9% for WaterBridge Infrastructure LLC — meaning it keeps 21. 8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: HESM leads at 62. 2% versus 6. 4% for NCSM. At the gross margin level — before operating expenses — HESM leads at 63. 9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

On forward earnings alone, Hess Midstream LP (HESM) trades at 13.

1x forward P/E versus 62. 5x for WaterBridge Infrastructure LLC — 49. 4x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for WBI: 11. 5% to $34. 00.

In this comparison, DKL (8.

3% yield), HESM (7. 4% yield) pay a dividend. WBI, NCSM do not pay a meaningful dividend and should not be held primarily for income.

For long-horizon retirement investors, Hess Midstream LP (HESM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.

08), 7. 4% yield, +123. 8% 10Y return). Both have compounded well over 10 years (HESM: +123. 8%, WBI: +29. 2%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: WBI is a small-cap quality compounder stock; HESM is a small-cap deep-value stock; DKL is a small-cap deep-value stock; NCSM is a small-cap deep-value stock. HESM, DKL pay a dividend while WBI, NCSM do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.