# Hess Midstream LP (HESM) · Edgar & Edgarette company card

> Hess Midstream (HESM) grew revenue 8.4% in FY2025 to $1.6 billion, operating margin 62.2% against a 16.8% median for crude petroleum & natural gas. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1789832 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/HESM) · [JSON](https://www.pops4.com/boards/company/HESM.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $1.6B |
| Revenue growth, 1 year | 8.4% |
| Revenue growth per year | 7.7% |
| Operating margin | 62.2% (prior year 61.5%) |
| Net margin | 42.2% |
| Operating cash flow | $984M |
| Capital spending | $256M |
| Free cash flow | $728M |
| Cash | $2M |
| Long-term debt | $3.8B |
| Total assets | $4.4B |
| Total equity | — |
| Equity ÷ assets | — |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 5 of 9 (middling)
- Health Harbor boat: New ship · no warning signs
- Cash Compass: Cash cow later · growing fast, and already turning revenue into cash

## Edgarette's reading

Exposure: revenue $1.6B (FY2025), total debt $3.8B. Experience: revenue up 8.4% on the year, up 7.7% a year over 4 years; operating margin 62.2%, up from 61.5%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $1.6B and $1.9B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $1.5B to $2.0B. A statistical range, not company guidance. Against peers (45 filers, $50M+ revenue, crude petroleum & natural gas): operating margin 62.2% against a 16.8% median; growth 8.4% against 7.8%.

Range logged 2026-10-09, receipt ae384cafa25d942b, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-10-08 ([filing](https://www.sec.gov/Archives/edgar/data/1789832/000119312526418053/0001193125-26-418053-index.htm))

## Recent filings

- 8-K · filed 2026-10-30 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1789832/000119312526439859/0001193125-26-439859-index.htm)
- 8-K · filed 2026-10-08 · 1.01 Entry into a Material Definitive Agreement; 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1789832/000119312526418053/0001193125-26-418053-index.htm)
- 10-Q · filed 2026-08-06 · [filing](https://www.sec.gov/Archives/edgar/data/1789832/000119312526338055/0001193125-26-338055-index.htm)
- 8-K · filed 2026-08-03 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1789832/000119312526329567/0001193125-26-329567-index.htm)
- 10-Q · filed 2026-05-07 · [filing](https://www.sec.gov/Archives/edgar/data/1789832/000119312526211991/0001193125-26-211991-index.htm)
- 8-K · filed 2026-05-04 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1789832/000119312526202613/0001193125-26-202613-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001789832.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1789832

## Cite

POPS4, Edgar & Edgarette: Hess Midstream LP (HESM) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/HESM. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.