MeritValue

Hess Midstream LP

HESMdata completeness 75%9 fiscal years on file

Data notes: no data for concept 'stockholdersEquity'; no data for concept 'epsDiluted'; no data for concept 'interestExpense'

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.2B1$1.27B2$1.35B3$1.49B3$1.62B3
Net income$46.4M4$83.9M5$118.6M6$223.1M6$352.9M6
Operating cash flow$795.5M7$861.1M8$866.4M9$940.3M9$983.8M9
Capital expenditure$163.2M10$238.2M11$223.5M12$306.1M12$255.6M12
Free cash flow (derived)$632.3M7$622.9M8$642.9M9$634.2M9$728.2M9
Total debt$5.13B13$5.77B14$6.42B15$6.94B16$7.54B16
Cash & equivalents$2.2M17$3.1M18$5.4M19$4.3M20$1.9M20
Diluted shares—————

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

iii. Is this a good business?
Moat signal · return on equity
— avg · 5y

Not enough data in the filings for a return-on-capital reading.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 47% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
no diluted share count — cannot compute per-share value
DCF · Growth Exit 5Y
not applicable
no diluted share count — cannot compute per-share value
Earnings Power Value
not applicable
no diluted share count
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-24-023098 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000950170-25-029068 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001193125-26-071592 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000950170-24-023098 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000950170-25-029068 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001193125-26-071592 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000950170-24-023098 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000950170-25-029068 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001193125-26-071592 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000950170-24-023098 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000950170-25-029068 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001193125-26-071592 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000950170-23-004459 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000950170-24-023098 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000950170-25-029068 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001193125-26-071592 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000950170-23-004459 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000950170-24-023098 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000950170-25-029068 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001193125-26-071592 (CashAndCashEquivalentsAtCarryingValue)