Last 45 quarters of trend data · Energy · Pipelines & Midstream
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 10.21 | 12.13 | 12.53 | 14.29 | 11.98 | 11.52 | 13.01 | 16.27 | 13.61 | 14.00 | 15.44 | 15.31 | 14.38 | 12.78 | 15.34 | 15.39 | 15.27 | 12.04 | 14.00 | 15.31 | 14.10 |
| — | +5.4% | -3.7% | -12.1% | -12.0% | -17.7% | -15.7% | +6.2% | -5.3% | +9.5% | +0.7% | -0.5% | -5.8% | +6.1% | +9.6% | +0.6% | +8.3% | -35.1% | -2.4% | +17.4% | +3.7% | |
| P/S Ratio | 3.87 | 2.93 | 3.02 | 3.23 | 2.77 | 2.68 | 2.84 | 3.07 | 2.44 | 2.17 | 2.09 | 1.91 | 1.50 | 1.26 | 1.19 | 1.05 | 1.05 | 0.84 | 0.98 | 0.81 | 0.72 |
| — | +9.1% | +6.7% | +5.1% | +13.5% | +23.5% | +35.4% | +60.6% | +62.2% | +73.0% | +75.9% | +82.6% | +43.2% | +49.1% | +21.8% | +29.1% | +45.4% | +44.5% | +81.8% | +115.7% | +114.8% | |
| P/B Ratio | 8.42 | 11.86 | 12.44 | 13.40 | 10.19 | 10.56 | 9.24 | 9.14 | 8.28 | 7.42 | 7.58 | 7.12 | 5.96 | 4.09 | 3.54 | 2.91 | 2.49 | 2.19 | 2.51 | 1.30 | 1.21 |
| — | +12.4% | +34.7% | +46.7% | +23.1% | +42.2% | +21.8% | +28.3% | +39.1% | +81.6% | +114.1% | +144.6% | +138.8% | +86.7% | +41.1% | +124.4% | +105.4% | +106.9% | +461.8% | +313.0% | +348.8% | |
| P/FCF | 8.17 | 4.95 | 4.72 | 5.59 | 31.44 | 6.29 | 5.49 | 7.47 | 5.90 | 6.18 | 3.68 | 5.20 | 2.94 | 2.80 | 2.38 | 2.37 | 2.05 | 1.67 | 1.94 | 1.87 | 1.27 |
| — | -21.3% | -14.0% | -25.1% | +433.1% | +1.7% | +49.4% | +43.4% | +100.7% | +121.2% | +54.3% | +119.2% | +43.4% | +67.7% | +22.5% | +27.2% | +61.6% | +8.0% | +143.8% | +138.1% | +68.8% | |
| EV / EBITDA | 8.11 | 6.61 | 6.91 | 7.41 | 6.73 | 6.57 | 6.73 | 7.14 | 6.22 | 5.97 | 5.88 | 5.55 | 5.15 | 4.64 | 4.70 | 4.51 | 4.33 | 4.04 | 4.33 | 3.72 | 3.57 |
| — | +0.6% | +2.7% | +3.8% | +8.2% | +10.1% | +14.5% | +28.6% | +20.7% | +28.7% | +25.1% | +23.0% | +19.1% | +14.8% | +8.6% | +21.3% | +21.2% | -2.3% | +58.8% | +42.2% | +22.7% | |
| EV / EBIT | 9.88 | 7.93 | 8.60 | 9.11 | 8.08 | 7.85 | 7.95 | 8.57 | 7.41 | 7.18 | 7.10 | 6.72 | 6.32 | 5.59 | 5.76 | 5.60 | 5.10 | 4.87 | 5.30 | 4.56 | 4.30 |
| — | +1.0% | +8.2% | +6.3% | +8.9% | +9.3% | +12.0% | +27.5% | +17.4% | +28.4% | +23.1% | +20.0% | +23.8% | +14.7% | +8.8% | +22.9% | +18.5% | -8.2% | +62.2% | +44.8% | +19.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 86.8% | 65.4% | 64.8% | 84.9% | 86.6% | 86.5% | 87.5% | 86.5% | 87.0% | 86.4% | 86.1% | 86.0% | 86.0% | 86.8% | 85.5% | 84.4% | 85.2% | 86.4% | 85.6% | 85.8% | 86.2% |
| — | -24.3% | -25.9% | -1.8% | -0.5% | +0.2% | +1.5% | +0.6% | +1.2% | -0.6% | +0.8% | +1.8% | +0.9% | +0.5% | -0.2% | -1.6% | -1.2% | +0.0% | -0.8% | -0.4% | +1.5% | |
| Operating Margin | 62.3% | 64.0% | 63.5% | 61.3% | 62.4% | 61.7% | 62.9% | 62.3% | 61.5% | 61.4% | 61.0% | 62.6% | 58.4% | 60.7% | 61.2% | 62.0% | 62.6% | 61.0% | 62.4% | 62.6% | 63.2% |
| — | +3.7% | +0.8% | -1.7% | +1.5% | +0.6% | +3.2% | -0.4% | +5.3% | +1.1% | -0.4% | +0.9% | -6.6% | -0.6% | -1.9% | -1.0% | -1.0% | +16.5% | -0.9% | -0.9% | +8.9% | |
| Net Margin | 21.8% | 24.2% | 24.2% | 22.5% | 23.1% | 23.3% | 21.8% | 18.8% | 17.8% | 15.5% | 13.6% | 12.6% | 10.4% | 9.7% | 7.8% | 6.8% | 6.9% | 6.9% | 7.0% | 5.4% | 5.3% |
| — | +4.1% | +10.6% | +19.9% | +29.9% | +50.0% | +60.9% | +49.5% | +70.9% | +59.4% | +75.0% | +84.8% | +50.2% | +40.3% | +10.4% | +25.6% | +30.0% | +113.1% | +88.4% | +81.8% | +115.7% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 78.1% | 25.1% | 25.3% | 21.6% | 21.6% | 20.9% | 17.7% | 14.6% | 15.5% | 13.9% | 12.6% | 12.0% | 9.3% | 8.0% | 5.7% | 4.3% | 4.2% | 4.6% | 3.5% | 2.2% | 2.4% |
| — | +19.9% | +42.8% | +47.3% | +39.1% | +50.7% | +40.2% | +22.2% | +67.3% | +73.0% | +119.6% | +179.8% | +121.9% | +73.1% | +65.8% | +94.3% | +75.9% | +388.6% | +341.8% | +247.1% | +376.3% | |
| ROA | 8.3% | 2.4% | 2.2% | 2.0% | 2.1% | 2.2% | 2.1% | 1.7% | 1.7% | 1.4% | 1.3% | 1.2% | 1.0% | 0.9% | 0.7% | 0.6% | 0.6% | 0.6% | 0.6% | 0.5% | 0.5% |
| — | +6.6% | +8.2% | +18.3% | +24.6% | +54.2% | +66.2% | +46.0% | +71.2% | +50.6% | +80.4% | +101.8% | +63.5% | +47.3% | +11.6% | +19.1% | +24.5% | +122.7% | +91.4% | +90.8% | +148.8% | |
| ROIC | 18.6% | 4.9% | 4.6% | 4.3% | 4.5% | 4.6% | 4.7% | 4.4% | 4.6% | 4.5% | 4.5% | 4.6% | 4.4% | 4.7% | 4.3% | 4.1% | 4.3% | 4.5% | 4.3% | 4.4% | 4.5% |
| — | +6.0% | -1.6% | -3.8% | -3.5% | +1.8% | +5.3% | -2.9% | +5.4% | -2.8% | +4.1% | +10.6% | +2.1% | +4.1% | -1.0% | -6.1% | -5.2% | +22.2% | +1.6% | +4.9% | +26.5% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 | Q3 '22 | Q2 '22 | Q1 '22 | Q4 '21 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 8.61 | 8.90 | 9.48 | 10.06 | 8.61 | 8.90 | 7.32 | 6.96 | 7.46 | 7.90 | 8.59 | 8.71 | 8.84 | 7.07 | 7.06 | 6.82 | 5.45 | 5.66 | 6.03 | 3.28 | 3.40 |
| — | -0.0% | +29.6% | +44.5% | +15.4% | +12.6% | -14.9% | -20.1% | -15.6% | +11.7% | +21.8% | +27.8% | +62.1% | +24.9% | +17.1% | +108.2% | +60.3% | +45.0% | +366.5% | +139.0% | +136.3% | |
| Debt / EBITDA | 3.09 | 11.34 | 11.96 | 12.72 | 12.33 | 12.03 | 11.91 | 12.36 | 11.80 | 12.32 | 12.68 | 12.23 | 12.33 | 11.76 | 12.52 | 12.66 | 11.88 | 11.66 | 12.22 | 10.67 | 10.53 |
| — | -5.8% | +0.5% | +2.9% | +4.6% | -2.4% | -6.1% | +1.1% | -4.3% | +4.8% | +1.3% | -3.4% | +3.7% | +0.9% | +2.4% | +18.6% | +12.8% | -10.4% | +50.8% | +25.2% | +7.4% | |
| Current Ratio | 0.85 | 0.25 | 0.77 | 0.92 | 0.85 | 0.75 | 0.71 | 0.81 | 0.68 | 0.70 | 1.11 | 0.89 | 0.65 | 0.79 | 0.77 | 0.84 | 0.83 | 0.93 | 1.04 | 1.02 | 0.78 |
| — | -67.1% | +9.0% | +13.4% | +24.3% | +7.4% | -36.6% | -9.0% | +4.7% | -11.9% | +45.3% | +5.3% | -21.5% | -15.0% | -26.2% | -17.8% | +6.5% | +3.8% | +19.5% | -15.2% | -4.0% | |
| Quick Ratio | 0.85 | 0.25 | 0.77 | 0.92 | 0.85 | 0.75 | 0.71 | 0.81 | 0.68 | 0.70 | 1.11 | 0.89 | 0.65 | 0.79 | 0.77 | 0.84 | 0.83 | 0.93 | 1.04 | 1.02 | 0.78 |
| — | -67.1% | +9.0% | +13.4% | +24.3% | +7.4% | -36.6% | -9.0% | +4.7% | -11.9% | +45.3% | +5.3% | -21.5% | -15.0% | -26.2% | -17.8% | +6.5% | +3.8% | +19.5% | -15.2% | -4.0% | |
| Interest Coverage | 4.54 | 4.94 | 4.53 | 4.36 | 4.50 | 4.63 | 4.77 | 4.27 | 4.73 | 4.54 | 4.55 | 4.63 | 4.45 | 4.85 | 4.56 | 4.57 | 5.06 | 5.18 | 5.25 | 6.26 | 6.43 |
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Includes 30+ ratios · 45 years · Updated daily
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Quick answers to the most common questions about buying HESM stock.
Hess Midstream LP's current P/E is 10.2x. The average P/E over the last 4 quarters is 12.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Hess Midstream LP's current operating margin is 62.3%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Hess Midstream LP's business trajectory between earnings reports.