Hess Midstream (HESM) Net Margin (2018 - 2026)
Hess Midstream (HESM) reported Net Margin of 24.24% for Q3 2026, up 1.03 percentage points from 23.21% a year earlier and up 0.08 percentage points from the prior quarter.
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Analysis
Hess Midstream (HESM) Net Margin (2018 - 2026) Analysis & Trends
Over the twelve months ended Sep 30, 2026, Hess Midstream's Net Margin came in at 23.49%, up 3.04 percentage points year-over-year; for FY2025, it came in at 21.77%, up 6.85 percentage points from FY2024.
- Net Margin has increased for five consecutive years, with a five-year change of +19.57 percentage points (FY2020 to FY2025).
- By year, Net Margin came in at 14.92% in FY2024 (+6.12 pp), 8.79% in FY2023 (+2.21 pp), 6.58% in FY2022 (+2.72 pp) and 3.85% in FY2021 (+1.66 pp).
- The Q3 2026 figure ranks as the highest quarterly Net Margin in data going back to Q4 2018.
- Year over year, Net Margin has now increased in each of the last 23 quarters, with an average year-over-year change of +5.23 percentage points over the last eight quarters.
- Over the past five years, the year-over-year gain in Net Margin ranged from 0.73 percentage points (Q2 2023) to 8.26 percentage points (Q2 2025).
- Per Business Quant data, the three quarters before Q3 2026 came in at 24.16% (Q2 2026), 22.46% (Q1 2026) and 23.08% (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Enbridge | 106.26 Bn | 104.14 Bn | 4.35 Bn | 6.11% |
| 2 | Williams Companies | 86.41 Bn | 89.20 Bn | 2.59 Bn | 21.69% |
| 3 | Enterprise Products Partners | 82.58 Bn | 80.98 Bn | 14.00 Mn | 9.05% |
| 4 | Kinder Morgan | 71.13 Bn | 71.22 Bn | 2.97 Bn | 16.82% |
| 5 | Tc Energy | 67.40 Bn | 71.05 Bn | - | - |
| 6 | Energy Transfer | 66.89 Bn | 62.98 Bn | 6.57 Bn | 3.07% |
| 7 | Targa Resources | 63.77 Bn | 62.98 Bn | 2.02 Bn | 11.76% |
| 8 | Cheniere Energy | 63.04 Bn | 62.60 Bn | 2.97 Bn | 18.95% |
| 9 | Mplx | 58.00 Bn | 52.25 Bn | 3.19 Bn | 32.29% |
| 10 | Hess Midstream | 3.97 Bn | 3.85 Bn | - | 24.24% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 24.24% |
| Jun 30, 2026 | 24.16% |
| Mar 31, 2026 | 22.46% |
| Dec 31, 2025 | 23.08% |
| Sep 30, 2025 | 23.21% |
| Jun 30, 2025 | 21.80% |
| Mar 31, 2025 | 18.74% |
| Dec 31, 2024 | 17.78% |
| Sep 30, 2024 | 15.48% |
| Jun 30, 2024 | 13.54% |
| Mar 31, 2024 | 12.54% |
| Dec 31, 2023 | 10.52% |
| Sep 30, 2023 | 9.72% |
| Jun 30, 2023 | 7.75% |
| Mar 31, 2023 | 6.79% |
| Dec 31, 2022 | 6.93% |
| Sep 30, 2022 | 6.93% |
| Jun 30, 2022 | 7.02% |
| Mar 31, 2022 | 5.41% |
| Dec 31, 2021 | 5.34% |
API Access
Hess Midstream Net Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=net-margin&ticker=HESM&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-margin", "ticker": "HESM", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=net-margin&ticker=HESM&period=max&api_key=YOUR_API_KEY");
const data = await res.json();