Hess Midstream (HESM) Net Margin (2018 - 2026)
Hess Midstream (HESM) posted Net Margin of 40.57% for Q1 2026, down 41.33% on a QoQ basis from 69.16% in Q4 2025, and down 179.0% year-on-year from 51.36% in Q1 2025.
Hess Midstream (HESM) Net Margin (2018 - 2026) Analysis & Trends
Hess Midstream has disclosed Net Margin across 9 years of filings, most recently posting 40.57% for Q1 2026.
- Net Margin for Q1 2026 came in at 40.57%, down 179.0% year-over-year; the trailing twelve-month figure through Mar 2026 was 48.73% (up 148.0% YoY), and the FY2025 annual result was 49.23%, up 120.0% from the prior year.
- Net Margin came in at 40.57% for Q1 2026 at Hess Midstream, down from 69.16% in the prior quarter.
- Over the last five years, Net Margin for HESM reached as high as 69.16% in Q4 2025 and fell as low as 40.57% in Q1 2026.
- Median Net Margin over the past 5 years was 45.53% (2024), compared with a mean of 47.82%.
- Year-over-year, Net Margin slumped 1322 bps in 2023 and soared 1550 bps in 2024.
- Over 5 years, Net Margin stood at 56.16% in 2022, then retreated by 24 bps to 42.95% in 2023, then surged by 36 bps to 58.45% in 2024, then climbed by 18 bps to 69.16% in 2025, then plunged by 41 bps to 40.57% in 2026.
- Per Business Quant, the three latest HESM Net Margin figures stand at 40.57% (Q1 2026), 69.16% (Q4 2025), and 41.7% (Q3 2025).
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 1,308.38 Bn | 1,309.08 Bn | 6.70 Bn | 7.47% |
| 2 | Kinder Morgan | 112.34 Bn | 113.42 Bn | 3.08 Bn | 20.73% |
| 3 | Enterprise Products Partners | 79.55 Bn | 78.40 Bn | - | 10.39% |
| 4 | Energy Transfer | 65.78 Bn | 65.07 Bn | 6.62 Bn | 4.30% |
| 5 | Targa Resources | 57.60 Bn | 57.63 Bn | 1.70 Bn | 11.71% |
| 6 | Mplx | 57.17 Bn | 55.67 Bn | 2.54 Bn | 30.35% |
| 7 | Oneok | 54.83 Bn | 54.70 Bn | 2.57 Bn | 8.07% |
| 8 | Cheniere Energy Partners | 29.50 Bn | 29.22 Bn | 838.00 Mn | 5.08% |
| 9 | Venture Global | 27.41 Bn | 27.36 Bn | 4.33 Bn | 10.61% |
| 10 | Hess Midstream | 4.86 Bn | 4.85 Bn | - | 40.57% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 40.57% |
| Dec 31, 2025 | 69.16% |
| Sep 30, 2025 | 41.70% |
| Jun 30, 2025 | 43.46% |
| Mar 31, 2025 | 42.36% |
| Dec 31, 2024 | 58.45% |
| Sep 30, 2024 | 43.62% |
| Jun 30, 2024 | 43.97% |
| Mar 31, 2024 | 45.53% |
| Dec 31, 2023 | 42.95% |
| Sep 30, 2023 | 45.46% |
| Jun 30, 2023 | 45.72% |
| Mar 31, 2023 | 46.62% |
| Dec 31, 2022 | 56.16% |
| Sep 30, 2022 | 47.61% |
| Jun 30, 2022 | 48.50% |
| Mar 31, 2022 | 51.14% |
| Dec 31, 2021 | 52.20% |
| Sep 30, 2021 | 43.14% |
| Jun 30, 2021 | 54.95% |