Last 44 quarters of trend data · Energy · Oil & Gas Midstream
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Hess Midstream LP's quarterly P/E stands at 12.0x, down 12.0% year-over-year — suggesting improving earnings relative to price. EV/EBITDA has expanded 8.2% YoY to 6.7x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 12.86 | 11.98 | 11.52 | 13.01 | 16.27 | 13.61 | 14.00 | 15.44 | 15.31 | 14.38 | 12.78 | 15.34 | 15.39 |
| — | -12.0% | -17.7% | -15.7% | +6.2% | -5.3% | +9.5% | +0.7% | -0.5% | -5.8% | +6.1% | +9.6% | +0.6% | |
| P/S Ratio | 4.73 | 2.76 | 2.67 | 2.84 | 3.07 | 2.44 | 2.17 | 2.09 | 1.91 | 1.50 | 1.26 | 1.19 | 1.05 |
| — | +13.2% | +23.1% | +35.4% | +60.6% | +62.2% | +73.0% | +75.9% | +82.6% | +43.2% | +49.1% | +21.8% | +29.1% | |
| P/B Ratio | 10.34 | 10.19 | 10.56 | 9.24 | 9.14 | 8.28 | 7.42 | 7.58 | 7.12 | 5.96 | 4.09 | 3.54 | 2.91 |
| — | +23.1% | +42.2% | +21.8% | +28.3% | +39.1% | +81.6% | +114.1% | +144.6% | +138.8% | +86.7% | +41.1% | +124.4% | |
| P/FCF | 10.53 | 31.44 | 6.29 | 5.49 | 7.47 | 5.90 | 6.18 | 3.68 | 5.20 | 2.94 | 2.80 | 2.38 | 2.37 |
| — | +433.1% | +1.7% | +49.4% | +43.4% | +100.7% | +121.2% | +54.3% | +119.2% | +43.4% | +67.7% | +22.5% | +27.2% | |
| EV / EBITDA | 9.36 | 6.73 | 6.57 | 6.73 | 7.14 | 6.22 | 5.97 | 5.88 | 5.55 | 5.15 | 4.64 | 4.70 | 4.51 |
| — | +8.2% | +10.1% | +14.5% | +28.6% | +20.7% | +28.7% | +25.1% | +23.0% | +19.1% | +14.8% | +8.6% | +21.3% | |
| EV / EBIT | 11.34 | 8.08 | 7.85 | 7.95 | 8.57 | 7.41 | 7.18 | 7.10 | 6.72 | 6.32 | 5.59 | 5.76 | 5.60 |
| — | +8.9% | +9.3% | +12.0% | +27.5% | +17.4% | +28.4% | +23.1% | +20.0% | +23.8% | +14.7% | +8.8% | +22.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Hess Midstream LP's operating margin was 62.2% in Q4 2025, up 0.7 pp QoQ and up 0.7 pp YoY. Gross margin contracted 26.9% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 63.9% | 63.6% | 63.2% | 87.5% | 86.5% | 87.0% | 86.4% | 86.1% | 86.0% | 86.0% | 86.8% | 85.5% | 84.4% |
| — | -26.9% | -26.8% | +1.5% | +0.6% | +1.2% | -0.6% | +0.8% | +1.8% | +0.9% | +0.5% | -0.2% | -1.6% | |
| Operating Margin | 62.2% | 62.2% | 61.5% | 62.9% | 62.3% | 61.5% | 61.4% | 61.0% | 62.6% | 58.4% | 60.7% | 61.2% | 62.0% |
| — | +1.2% | +0.2% | +3.2% | -0.4% | +5.3% | +1.1% | -0.4% | +0.9% | -6.6% | -0.6% | -1.9% | -1.0% | |
| Net Margin | 21.8% | 23.1% | 23.2% | 21.8% | 18.8% | 17.8% | 15.5% | 13.6% | 12.6% | 10.4% | 9.7% | 7.8% | 6.8% |
| — | +29.5% | +49.6% | +60.9% | +49.5% | +70.9% | +59.4% | +75.0% | +84.8% | +50.2% | +40.3% | +10.4% | +25.6% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 78.1% | 21.6% | 20.9% | 17.7% | 14.6% | 15.5% | 13.9% | 12.6% | 12.0% | 9.3% | 8.0% | 5.7% | 4.3% |
| — | +39.1% | +50.7% | +40.2% | +22.2% | +67.3% | +73.0% | +119.6% | +179.8% | +121.9% | +73.1% | +65.8% | +94.3% | |
| ROA | 8.3% | 2.1% | 2.2% | 2.1% | 1.7% | 1.7% | 1.4% | 1.3% | 1.2% | 1.0% | 0.9% | 0.7% | 0.6% |
| — | +24.6% | +54.2% | +66.2% | +46.0% | +71.2% | +50.6% | +80.4% | +101.8% | +63.5% | +47.3% | +11.6% | +19.1% | |
| ROIC | 18.6% | 4.5% | 4.6% | 4.7% | 4.4% | 4.6% | 4.5% | 4.5% | 4.6% | 4.4% | 4.7% | 4.3% | 4.1% |
| — | -3.5% | +1.8% | +5.3% | -2.9% | +5.4% | -2.8% | +4.1% | +10.6% | +2.1% | +4.1% | -1.0% | -6.1% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Hess Midstream LP's Debt/EBITDA ratio is 12.3x — elevated, raising questions about debt serviceability. The current ratio has improved 24.3% YoY to 0.85x, strengthening the short-term liquidity position.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 8.61 | 8.61 | 8.90 | 7.32 | 6.96 | 7.46 | 7.90 | 8.59 | 8.71 | 8.84 | 7.07 | 7.06 | 6.82 |
| — | +15.4% | +12.6% | -14.9% | -20.1% | -15.6% | +11.7% | +21.8% | +27.8% | +62.1% | +24.9% | +17.1% | +108.2% | |
| Debt / EBITDA | 3.09 | 12.33 | 12.03 | 11.91 | 12.36 | 11.80 | 12.32 | 12.68 | 12.23 | 12.33 | 11.76 | 12.52 | 12.66 |
| — | +4.6% | -2.4% | -6.1% | +1.1% | -4.3% | +4.8% | +1.3% | -3.4% | +3.7% | +0.9% | +2.4% | +18.6% | |
| Current Ratio | 0.85 | 0.85 | 0.75 | 0.71 | 0.81 | 0.68 | 0.70 | 1.11 | 0.89 | 0.65 | 0.79 | 0.77 | 0.84 |
| — | +24.3% | +7.4% | -36.6% | -9.0% | +4.7% | -11.9% | +45.3% | +5.3% | -21.5% | -15.0% | -26.2% | -17.8% | |
| Quick Ratio | 0.85 | 0.85 | 0.75 | 0.71 | 0.81 | 0.68 | 0.70 | 1.11 | 0.89 | 0.65 | 0.79 | 0.77 | 0.84 |
| — | +24.3% | +7.4% | -36.6% | -9.0% | +4.7% | -11.9% | +45.3% | +5.3% | -21.5% | -15.0% | -26.2% | -17.8% | |
| Interest Coverage | 4.54 | 4.50 | 4.63 | 4.77 | 4.27 | 4.73 | 4.54 | 4.55 | 4.63 | 4.45 | 4.85 | 4.56 | 4.57 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 44 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying HESM stock.
Hess Midstream LP's current P/E is 12.9x. The average P/E over the last 4 quarters is 13.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Hess Midstream LP's current operating margin is 62.2%. Margins have been compressing 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.