Company Analysis

Hess Midstream LP Class A Share representing a limited partner Interest (HESM)

NYSE: HESM · Crude Petroleum & Natural Gas · Houston, TX · filing with the SEC since 2019
Grade6.1
◀ Past 6.7● Present 5.3▶ Future 6.0
2 est.

The grade of Hess Midstream LP Class A Share representing a limited partner Interest

Nine metrics read from its own filings, by tense
Headline grade
6.1/10
◀ Past6.740% of the headline
● Present5.335% of the headline
▶ Future6.025% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

6.7/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
4.3/10

Has it survived what it has been through?

1 warning event since 2019; the latest 2024-05-16.

weight 45% of this tense · 43rd percentile among 83 sector filers · read for itself

From the record

Hess Midstream LP Class A Share representing a limited partner Interest's filings since 2019 show 1 warning event: an auditor change (8-K item 4.01, the latest 2024-05-16) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
8.7/10

What has it actually done, year after year?

+13.7% a year over 9 filed years; profitable in 9 of 9.

weight 33% of this tense · 87th percentile among 74 sector filers · read for its customers

From the record

Hess Midstream LP Class A Share representing a limited partner Interest's 9 filed years say what it did: revenue went from $580 million in fiscal 2017 to $1.6 billion in fiscal 2025, up 13.7% a year; it rose in 8 of 8 years; it never fell from a peak; net income was positive in 9 of 9 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span13.7%top 42% of its family
  • the share of years revenue rosetop 3% of its family
  • the share of filed years with a profittop 3% of its family
  • the deepest fall from a revenue peak0.0%top 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
8.8/10

How has it treated the people who own it?

SI estimate 8.8/10, confidence 35 of 100 (one part).

weight 22% of this tense · 88th percentile among 78 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the cash returned against operating cash flow, which ranks in the top 12% of 78 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: cash returned against operating cash flow, the one part on file, ranked among 78 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Hess Midstream LP Class A Share representing a limited partner Interest's shareholder treatment is put at 8.8 of 10 with a confidence of 35 of 100, because read from one part only, the cash returned against operating cash flow, which ranks in the top 12% of 78 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

5.3/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

SI estimate
4.8/10

Is it financially healthy right now?

SI estimate 4.8/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 76 sector filers · read for itself

SI estimate Inferred, not read as filed

Why it is an estimate
No balance sheet on file, so the desk assumes the typical reading of its industry family, the median of 76 members with one.
What the record cannot read
No balance sheet on file.
How it was reasoned
family median, 76 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Hess Midstream LP Class A Share representing a limited partner Interest's financial health is put at 4.8 of 10 with a confidence of 20 of 100, because no balance sheet on file, so the desk assumes the typical reading of its industry family, the median of 76 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Industry position

as filed
7.3/10

How strong is its position in its industry?

top 27% of 76 in its family; net margin 21.8%.

weight 33% of this tense · 73rd percentile among 76 sector filers · read for its customers

From the record

Hess Midstream LP Class A Share representing a limited partner Interest's standing among 76 graded names in its industry family: revenue of $1.6 billion in fiscal 2025 ranks in the top 42% by size; a net margin of 21.8% ranks in the top 15%; revenue growth of 8.3% a year over the last 3 filed years ranks in the top 24% (its annual reports).

What it rests on

  • revenue against the family$1.62Btop 42% of its family
  • net margin21.8%top 15% of its family
  • three-year revenue growth8.3%top 24% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
3.5/10

What are the people in charge doing?

bottom 35% of 51 in its family for leadership; chief executive since 2026.

weight 22% of this tense · 35th percentile among 51 sector filers · read for its shareholders

From the record

Hess Midstream LP Class A Share representing a limited partner Interest's leadership, from its insiders' filings and its current reports: the chief executive on the record is Stein, Jonathan C. (Chief Executive Officer, as filed), filing under that title since 2026-03-10, 8 months (bottom 16% of its family); the 7 officers and directors filing in the last fifteen months have been on the record a median of 6.9 years (top 25%); 6 officer or director changes were reported on Form 8-K since 2023-11-13, against the 7 people in charge now (bottom 16%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge6 in three years among 7 peoplebottom 16% of its family
  • the median years the people in charge have filed6.9 yearstop 25% of its family
  • the chief executive's years on the record8 monthsbottom 16% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

6.0/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed
3.6/10

How much room does it have to grow?

bottom 36% of 74 in its family for room to expand.

weight 22% of this tense · 36th percentile among 74 sector filers · read for itself

From the record

Hess Midstream LP Class A Share representing a limited partner Interest's room to grow, from the newest filed statements (fiscal 2025): cash of $2 million against debt of $3.8 billion leaves -85.9% of its assets as net cash, bottom 1% of its family; cash from operations less capital spending is 44.9% of revenue (top 29%) (its annual report).

What it rests on

  • cash less debt against assets-85.9%bottom 1% of its family
  • cash from operations less capital spending against revenue44.9%top 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
5.7/10

What could actually drive growth from here?

top 43% of 72 in its family for growth drivers.

weight 33% of this tense · 57th percentile among 72 sector filers · read for its customers

From the record

Hess Midstream LP Class A Share representing a limited partner Interest's growth drivers, from the filed years to fiscal 2025: revenue grew 8.3% a year over the last three filed years against 13.7% over all 9, slowing (top 28% of its family); the newest year grew 8.4% (top 36%); capital spending grew 2.4% a year (bottom 35%) (its annual reports). Hess Midstream LP Class A Share representing a limited partner Interest reported 2 product lines in fiscal 2025: Affiliate Services at $1.6 billion (97%), Third Party Services at $44 million (3%); 2 of 2 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span-5.4 points a yeartop 28% of its family
  • the newest year's revenue growth8.4%top 36% of its family
  • three-year growth of capital spending2.4%bottom 35% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
7.5/10

Did its newest year beat what its own record pointed to?

top 25% of 69 in its family for expectations against reality.

weight 45% of this tense · 75th percentile among 69 sector filers · read for its shareholders

From the record

Hess Midstream LP Class A Share representing a limited partner Interest's newest year against its own record: revenue of $1.6 billion in fiscal 2025 came in 0.1% above the $1.6 billion its prior three years' pace pointed to (bottom 37% of its family); net income of $353 million against a prior three-year average of $142 million (top 7%); a net margin of 21.8% against 10.1% before (top 5%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace0.1%bottom 37% of its family
  • net income against the prior three years' average+149%top 7% of its family
  • net margin against its prior average+11.7 pointstop 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton HESM · research, not advice