The company maintains a highly leveraged capital structure with a debt-to-equity ratio of 10.06 and a tight liquidity profile evidenced by a current ratio of 0.92 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 165.8M | 159M | 149.4M | 136.8M | 132.3M | 133.1M | 101.4M | 95.9M | 180.4M | 111.4M | 47.4M | 55.5M | 38.3M | 8.6M | 600K |
| Cash & Short-Term Investments | 4.6M | 1.9M | 4.3M | 5.4M | 3.1M | 2.2M | 2.6M | 3.3M | 109.3M | 47.2M | 300K | 0 | 0 | 0 | 0 |
| Cash Only | 4.6M | 1.9M | 4.3M | 5.4M | 3.1M | 2.2M | 2.6M | 3.3M | 109.3M | 47.2M | 300K | 0 | 0 | 0 | 0 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 156.2M | 150.2M | 138.9M | 124.4M | 123M | 120.3M | 93.2M | 87.6M | 67.8M | 59.8M | 44.6M | 51.9M | 36.9M | 8.3M | 100K |
| Days Sales Outstanding | 33.67 | 33.81 | 33.98 | 33.73 | 35.26 | 36.48 | 31.16 | 37.72 | 34.76 | 37.67 | 31.93 | 33.52 | 52.86 | 11.23 | 0.22 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -300K | 500K | 400K | 300K | 500K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | 2.12 | 3.29 | 0.54 | 1.79 |
| Other Current Assets | 5M | 6.9M | 6.2M | 7M | 6.2M | 10.6M | 5.6M | 5M | 3.3M | 4.4M | 2.8M | 500K | 1M | 0 | 0 |
| Total Non-Current Assets | 4.15B | 4.23B | 4B | 3.65B | 3.46B | 3.35B | 3.27B | 3.18B | 2.81B | 2.52B | 2.53B | 2.3B | 1.34B | 1.26B | 789.2M |
| Property, Plant & Equipment | 3.32B | 3.37B | 3.33B | 3.23B | 3.17B | 3.13B | 3.11B | 3.01B | 2.74B | 2.52B | 2.52B | 2.29B | 1.33B | 1.26B | 789.2M |
| Fixed Asset Turnover | 0.49x | 0.48x | 0.45x | 0.42x | 0.40x | 0.39x | 0.35x | 0.28x | 0.26x | 0.23x | 0.20x | 0.25x | 0.19x | 0.21x | 0.22x |
| Goodwill | 0 | 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 | 0 |
| Long-Term Investments | 330.8M | 81.5M | 87M | 90.2M | 93.9M | 101.6M | 108.4M | 107.8M | 67.3M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.7M | 4.1M | 6.6M | 333.3M | 189.2M | 125.9M | 53.4M | 63.9M | 8.2M | 3.2M | 8.4M | 8.3M | 4.3M | 0 | -789.2M |
| Total Assets | 4.32B | 4.39B | 4.15B | 3.79B | 3.59B | 3.49B | 3.37B | 3.28B | 2.99B | 2.64B | 2.57B | 2.36B | 1.37B | 1.27B | 789.8M |
| Asset Turnover | 0.37x | 0.37x | 0.36x | 0.36x | 0.35x | 0.35x | 0.32x | 0.26x | 0.24x | 0.22x | 0.20x | 0.24x | 0.19x | 0.21x | 0.21x |
| Asset Growth % | 23.2% | 5.72% | 9.54% | 5.61% | 2.94% | 3.29% | 2.95% | 9.58% | 13.51% | 2.36% | 9.29% | 71.33% | 8.36% | 60.64% | - |
| Total Current Liabilities | 181.2M | 187.8M | 219.3M | 210.2M | 159.5M | 170.9M | 125M | 176.1M | 138.1M | 74.4M | 634.2M | 252.9M | 1.1B | 164.5M | 130.4M |
| Accounts Payable | 53.1M | 51.8M | 89.4M | 79.7M | 62.7M | 26.9M | 30M | 30.6M | 18.6M | 12.2M | 28.8M | 195.3M | 6.5M | 32.4M | 32.5M |
| Days Payables Outstanding | 42.31 | 32.34 | 160.66 | 151.12 | 126.23 | 59.29 | 69.79 | 78.38 | 53.5 | 38.22 | 105.44 | 827.93 | 53.43 | 58.31 | 116.64 |
| Short-Term Debt | 35M | 32.5M | 22.5M | 12.5M | 2.5M | 20M | 10M | 0 | 11.3M | 0 | 0 | 0 | 1.02B | 0 | 0 |
| Deferred Revenue (Current) | 22.1M | 6.4M | 0 | 0 | 0 | 0 | 0 | 0 | 85.6M | 0 | 0 | 2M | 71.3M | 0 | 0 |
| Other Current Liabilities | 77.4M | 97.1M | 27.3M | 43.5M | 24.8M | 64.2M | 34.6M | 43.6M | 59.2M | 22.8M | 272.2M | 3.6M | 59.3M | 117.6M | 1.1M |
| Current Ratio | 0.92x | 0.85x | 0.68x | 0.65x | 0.83x | 0.78x | 0.81x | 0.54x | 1.31x | 1.50x | 0.07x | 0.22x | 0.03x | 0.05x | 0.00x |
| Quick Ratio | 0.92x | 0.85x | 0.68x | 0.65x | 0.83x | 0.78x | 0.81x | 0.54x | 1.31x | 1.50x | 0.08x | 0.22x | 0.03x | 0.05x | 0.00x |
| Cash Conversion Cycle | -8.64 | - | - | - | - | - | - | - | - | - | - | -792.28 | 2.71 | -46.54 | -114.63 |
| Total Non-Current Liabilities | 3.76B | 3.76B | 3.47B | 3.22B | 2.9B | 2.56B | 1.92B | 1.77B | 977M | 5.4M | 4.3M | 5.1M | 1M | 833.9M | 423.6M |
| Long-Term Debt | 3.74B | 3.74B | 3.45B | 3.2B | 2.88B | 2.54B | 1.9B | 1.75B | 969.8M | 0 | 0 | 0 | 0 | 833.1M | 422.8M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 2M | 500K | 500K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 23.7M | 22.6M | 16.5M | 17.2M | 16.6M | 18.1M | 23.4M | 16M | 7.2M | 5.4M | 4.3M | 5.1M | 1M | 800K | 800K |
| Total Liabilities | 3.94B | 3.95B | 3.69B | 3.43B | 3.06B | 2.73B | 2.05B | 1.95B | 1.12B | 79.8M | 638.5M | 258M | 1.1B | 998.4M | 554M |
| Total Debt | 3.77B | 3.77B | 3.47B | 3.21B | 2.89B | 2.56B | 1.91B | 1.75B | 981.1M | 0 | 0 | 0 | 1.02B | 833.1M | 422.8M |
| Net Debt | 3.77B | 3.77B | 3.47B | 3.21B | 2.88B | 2.56B | 1.91B | 1.75B | 871.8M | -47.2M | -300K | 0 | 1.02B | 833.1M | 422.8M |
| Debt / Equity | 10.06x | 8.61x | 7.46x | 8.84x | 5.45x | 3.40x | 1.44x | 1.32x | 0.20x | - | - | - | 3.70x | 3.08x | 1.79x |
| Debt / EBITDA | 3.07x | 3.09x | 3.09x | 3.18x | 2.97x | 2.87x | 2.60x | 3.38x | 1.94x | - | - | - | 12.86x | - | - |
| Net Debt / EBITDA | 3.06x | 3.08x | 3.09x | 3.18x | 2.96x | 2.87x | 2.60x | 3.37x | 1.73x | -0.12x | -0.00x | - | 12.86x | - | - |
| Interest Coverage | 4.56x | 4.54x | 4.61x | 4.61x | 5.33x | 7.00x | 6.20x | 6.09x | 7.11x | 10.38x | 147.36x | 129.93x | 18.32x | - | - |
| Total Equity | 374.8M | 437.9M | 465.3M | 363.2M | 529M | 753.1M | 1.33B | 1.33B | 4.8B | 4.59B | 1.94B | 2.1B | 275.6M | 270.3M | 235.8M |
| Equity Growth % | -10.2% | -5.89% | 28.11% | -31.34% | -29.76% | -43.21% | -0.46% | -72.23% | 4.51% | 137.09% | -7.7% | 661.07% | 1.96% | 14.63% | - |
| Book Value per Share | 2.90 | 3.56 | 5.23 | 6.45 | 12.78 | 29.30 | 73.26 | 24.31 | 87.69 | 85.31 | 35.48 | 38.44 | 5.05 | 4.95 | 4.32 |
| Total Shareholders' Equity | 518M | 568.3M | 530.7M | 340.2M | 245.1M | 204.1M | 125M | 131.5M | 3.44B | 2.56B | 1.94B | 2.1B | 275.6M | 270.3M | 235.8M |
| Common Stock | 518M | 568.3M | 530.7M | 340.2M | 245.1M | 204.1M | 125M | 131.1M | 501.9M | 506M | 2.24B | 2.1B | 275.6M | 270.3M | 235.8M |
| Retained Earnings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 400K | 1.2M | -604M | -490.9M | -385M | -206M | -161.6M | -149.5M |
| Minority Interest | -143.2M | -130.4M | -65.4M | 23M | 283.9M | 549M | 1.2B | 1.2B | 1.36B | 2.03B | 0 | 0 | 0 | 0 | 0 |
High leverage and liquidity
As reported in financial statements, HESM maintains a debt-to-equity ratio of 10.06 as of 2026Q1, reflecting a capital structure heavily reliant on debt financing that appears to prioritize sponsor-backed distributions over the maintenance of a more conservative, deleveraged balance sheet profile for long-term operational stability.
The persistent D/E ratio above 8.0x across the last ten quarters suggests that the company operates with limited room for balance sheet expansion. Investors should monitor whether this high leverage level restricts the company's ability to navigate potential downturns in the Bakken basin without requiring external capital market access.
Based on HESM's reported figures, the current ratio has consistently hovered below 1.0, reaching 0.92 in 2026Q1, which indicates a reliance on ongoing operational cash flow to meet short-term obligations rather than maintaining a robust cash buffer to absorb unexpected capital expenditure or operational shocks.
The minimal cash balance of $4.6 million relative to the scale of operations suggests a just-in-time liquidity management strategy. This approach may leave the company vulnerable if there is any disruption in the timing of shortfall payments or sponsor-related cash inflows.
According to recent SEC filings, HESM's asset base is almost entirely comprised of $3.3 billion in net property, plant, and equipment, confirming an asset-heavy business model that is structurally tied to the long-term production viability of the Williston Basin's gathering and processing infrastructure.
The absence of goodwill on the balance sheet suggests that the company has avoided overpaying for acquisitions, focusing instead on organic infrastructure development. However, this concentration means the company's terminal value is inextricably linked to the geological longevity of the sponsor's acreage.
As evidenced by the company's financial data, the persistent absence of retained earnings alongside high debt levels suggests that HESM effectively distributes nearly all generated value to shareholders, which may mask the underlying risk of a balance sheet that lacks a meaningful equity cushion for future volatility.
The reliance on debt to fund operations while simultaneously paying out significant distributions warrants investigation into the sustainability of this model. If the sponsor's drilling activity slows, the lack of retained earnings could force the company to choose between cutting distributions or increasing its already high leverage.
Quick answers to the most common questions about buying HESM stock.
As of 2025, Hess Midstream LP (HESM) had total assets of $4.39B including $159.0M in current assets.
Hess Midstream LP (HESM) carries total debt of $3.77B, offset by $1.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Hess Midstream LP (HESM) has total shareholders' equity (book value) of $568.3M ($3.56 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Hess Midstream LP (HESM) reported a current ratio of 0.85x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.