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Hess Midstream HESM Operating margin

Operating margin at other companies

Enbridge logo
EnbridgeENB
15.2%-2.2pp
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OneokOKE
16.9%-3.7pp
Energy Transfer logo
Energy TransferET
10.3%-1.0pp
TRG
Targa ResourcesTRGP
21.9%+6.1pp
Enterprise Products Partners logo
Enterprise Products PartnersEPD
14.4%+1.6pp
National Fuel Gas logo
National Fuel GasNFG
41.2%

Other financials

Income statement

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Revenue$390.1M+2.1%
Operating income$238.1M+0.3%
Net income$87.6M+22.3%

Balance sheet

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Cash & equivalents$4.6M-24.6%
Total debt$3.8B+5.6%
Total assets$4.3B+1.3%

Cash flow

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Operating cash flow$253.3M+25.1%
CapEx$28.8M-36.7%
Free cash flow$224.5M+43.1%

Valuation

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Market cap$4.72B+1.9%
Enterprise value$8.49B+3.5%
P/E12.8×-5.7×
P/S2.9×-0.1×

Profitability

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Net margin22.6%+6.2pp
FCF margin48.8%+5.4pp

Returns & leverage

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Current ratio0.9×+0.1×

Where this comes from

Calculated from Hess Midstream’s reported figures.

Based on trailing twelve months.

The official record: Hess Midstream’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Hess Midstream's operating margin?
Hess Midstream (HESM) reported operating margin of 61.9% in Q1 2026.
How has Hess Midstream's operating margin changed year-over-year?
Hess Midstream's operating margin increased by 0.8% year-over-year, from 61.4% to 61.9%.
What is the long-term trend for Hess Midstream's operating margin?
Over 5 years (2020 to 2025), Hess Midstream's operating margin has grown at a 3.3% compound annual growth rate (CAGR), from 52.8% to 62.2%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.