Hess Midstream LP

HESMNYSEEnergy● Active

$38.89

+$0.07(+0.17%)

Market Cap$8.0B

P/E Ratio—

52W High$44.14

52W Low$31.63

Avg Volume2.0M

Open$38.93

Beta0.51

Free Cash Flow Financials Revenue

Hess Midstream LP (HESM) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

HESM · free cash flow · updated Jun 8, 2026

Core FCF metrics

HESM · FCF · TTM · margin & CAGR

Free cash flow was $728.2M for FY2025 (fiscal year ending 2025-12-31), up 14.8% year-over-year The FCF margin was 44.9%. Five-year CAGR stands at +16.4%.

FY2025 Free Cash Flow$728.2M▲ +14.8% YoY

Trailing 12M (TTM)$652.4Mtrailing 4 quarters sum

FCF Margin44.9%$728.2M ÷ revenue

3-Year CAGR+5.3%FY2022 → FY2025

5-Year CAGR+16.4%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

HESM · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$983.8M(256M)$728.2M▲ +14.8%44.9%

FY2024$940.3M(306M)$634.2M▼ 1.4%42.5%

FY2023$866.4M(224M)$642.9M▲ +3.2%47.8%

FY2022$861.1M(238M)$622.9M▼ 1.5%48.9%

FY2021$795.5M(163M)$632.3M▲ +85.6%52.5%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

HESM · P/FCF · FCF yield · FCF per share

Hess Midstream LP (HESM) trades at a FCF yield of 8.08% and a price-to-free-cash-flow ratio of 7.3x. FCF per share stands at $5.30, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

8.08%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$5.30

TTM FCF ÷ Shares Outstanding

Price / FCF

x7.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x18.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

HESM · cash flow statement · operating / investing / financing

For FY2025, Hess Midstream LP generated $983.8M in operating cash flow and spent 256M in capital expenditures, yielding $728.2M in free cash flow.

Operating Activities

+$983.8M

Cash from core business operations

2025-12-31

Investing Activities

−$255.6M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$730.6M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($983.8M) − |CapEx| (256M) = FCF ($728.2M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Energy)

HESM vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Hess Midstream LPYOU

HESM

$728.2M+14.8%44.9%

Exxon Mobil Corporation

Energy · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Hess Midstream LP (HESM) reported free cash flow of $728.2M for FY2025 (fiscal year ending 2025-12-31), up 14.8% year-over-year. The FCF margin was 44.9%.

Based on available data, Hess Midstream LP has maintained positive free cash flow for at least 11 fiscal year(s). FCF peaked at $728.2M in FY2025. The 5-year CAGR stands at +16.4%.

Hess Midstream LP's FCF yield is 8.08% and price-to-FCF ratio is 7.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

HESM free cash flow · 8 questions

Hess Midstream LP free cash flow was $728.2M for FY2025, up 14.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $652.4M.

HESM free cash flowHESM FCFHESM FCF 2025HESM free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Hess Midstream LP · Hess Midstream LP SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026