Hess Midstream LP Financial Ratios — HESM Stock

Profitability (USD)

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	- -	-15.91	2.49	10.37	8.31	1.58	2.52	2.24	0.72	1.35	2.37	3.22	5.62	8.27
Return on Capital (%)	- -	- -	3.76	38.26	- -	-10.66	-8.11	- -	-11.33	-13.56	-9.86	-6.31	-0.92	6.09
Return on Invested Capital (%)	- -	- -	2.9	11.49	9.52	10.98	13.98	- -	17.97	21.65	22.47	21.93	21.99	21.15
Gross Margin (%)	40.07	24.81	82.57	84.76	80.44	79.9	82.18	83.19	85.63	86.24	85.76	85.7	86.39	86.76
EBITDA Margin (%)	-35.12	-56.1	31.08	49.73	60.02	65.5	70.94	61.24	67.19	74.17	76.38	74.99	75.21	75.58
Operating Margin (%)	-43.55	-60.73	13.66	34.49	40.47	45.4	53.12	44.43	52.81	60.41	62.14	60.69	61.6	62.34
Incremental Operating Margin (%)	- -	- -	-1,332.89	51.6	-20.61	81.49	86.87	-1.18	81.93	134.31	92.22	35.25	70.03	71.11
Pretax Margin (%)	-43.55	-60.73	12.91	34.22	40.19	41.76	45.72	37.47	45.07	52.53	50.83	47.96	48.98	49.37
Profit Margin (%)	-43.55	-60.73	12.91	34.22	40.19	7.11	9.94	8.27	2.2	3.85	6.59	8.81	14.95	21.82
Net Income to Common Margin (%)	-43.55	-60.73	12.91	34.22	40.19	6.97	9.71	7.87	2.2	3.85	6.59	8.81	14.95	21.82
Effective Tax Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	1.48	2.31	4.11	5.87	9.82	14.25
Dvd Payout Ratio (%)	- -	- -	83.89	175.34	149.78	115.31	11.58	13.29	3.34	4.15	7.86	11.62	21.49	34.46
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	423	833	1,019	- -	- -	- -	981	1,754	1,910	2,564	2,886	3,211	3,472	3,772
ST Debt	- -	- -	1,019	- -	- -	- -	11	- -	10	20	2	12	22	32
LT Debt	423	833	- -	- -	- -	- -	970	1,754	1,900	2,544	2,883	3,199	3,449	3,740
Total Debt/EBITDA	-7.09	-5.51	12.86	- -	- -	- -	1.94	3.38	2.6	2.87	2.97	3.18	3.09	3.09
Net Debt/EBITDA	-7.09	-5.51	12.86	- -	- -	-0.12	1.73	3.37	2.6	2.87	2.96	3.18	3.09	3.08
Total Debt/EBIT	-5.72	-5.09	29.28	- -	- -	- -	2.59	4.66	3.31	3.53	3.65	3.93	3.78	3.74
Net Debt/EBIT	-5.72	-5.09	29.28	- -	- -	-0.18	2.31	4.65	3.31	3.52	3.64	3.92	3.77	3.74
EBITDA to Interest Expense	- -	- -	41.68	187.33	218.57	14.71	9.48	8.32	7.74	8.47	6.51	5.64	5.55	5.42
EBITDA-CapEx/Interest Expense	- -	- -	-57.16	-53.87	30.29	9.12	4.94	3.41	4.56	6.92	4.92	4.39	4.04	4.28
EBIT to Interest Expense	- -	- -	18.32	129.93	147.36	10.2	7.1	6.04	6.09	6.9	5.3	4.56	4.55	4.47
Interest Expense	- -	- -	2	2	1	26	53	62	95	105	149	179	202	226
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	179.3	308.21	- -	- -	- -	- -	51.69	131.63	143.3	337.74	545.01	880.75	741.33	853.96
Long-Term Debt/Capital (%)	100	100	- -	- -	- -	- -	41.46	59.36	61.07	81.72	90.96	98.9	101.26	102.69
Long-Term Debt/Total Assets (%)	53.53	65.67	- -	- -	- -	- -	32.42	53.5	56.31	72.97	80.35	84.41	83.1	85.22
Total Debt/Equity (%)	179.3	308.21	369.7	- -	- -	- -	52.29	131.63	144.05	340.39	545.48	884.2	746.16	861.38
Total Debt/Capital (%)	100	100	100	- -	- -	- -	41.94	59.36	61.4	82.36	91.04	99.29	101.92	103.58
Total Debt/Total Assets (%)	53.53	65.67	74.11	- -	- -	- -	32.8	53.5	56.6	73.55	80.42	84.74	83.64	85.96
Net Debt to Equity	179.3	308.21	369.7	- -	-0.01	-1.85	46.47	131.39	143.85	340.1	544.9	882.71	745.24	860.95
Net Debt/Capital (%)	100	100	100	- -	100	-2.38	39.1	59.31	61.36	82.35	91.03	99.29	101.92	103.58
EBITDA	-60	-151	79	281	306	380	505	519	733	893	972	1,009	1,122	1,222
EBITDA-CapEx	-407	-624	-109	-81	42	235	263	213	432	730	734	786	816	967
Operating Income (Loss)	-74	-164	35	195	206	263	378	377	576	727	791	817	919	1,008

Liquidity (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	- -	- -	0.63	0.79	0.02	0.02	0.01	0.02	0.03	0.02	0.01
Current Ratio	- -	0.05	0.03	0.22	0.14	1.5	1.31	0.54	0.81	0.78	0.83	0.65	0.68	0.85
Quick Ratio	- -	0.05	0.03	0.21	0.14	1.44	1.28	0.52	0.77	0.72	0.79	0.62	0.65	0.81
CFO/Avg Current Liab	- -	-0.92	0.05	0.64	1.32	1.66	4.39	3	4.26	5.38	5.21	4.69	4.38	4.83
Common Equity/Total Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Equity (%)	179.3	308.21	- -	- -	- -	- -	51.69	131.63	143.3	337.74	545.01	880.75	741.33	853.96
Long-Term Debt/Capital (%)	100	100	- -	- -	- -	- -	41.46	59.36	61.07	81.72	90.96	98.9	101.26	102.69
Long-Term Debt/Total Assets (%)	53.53	65.67	- -	- -	- -	- -	32.42	53.5	56.31	72.97	80.35	84.41	83.1	85.22
Total Debt/Equity (%)	179.3	308.21	369.7	- -	- -	- -	52.29	131.63	144.05	340.39	545.48	884.2	746.16	861.38
Total Debt/Capital (%)	100	100	100	- -	- -	- -	41.94	59.36	61.4	82.36	91.04	99.29	101.92	103.58
Total Debt/Total Assets (%)	53.53	65.67	74.11	- -	- -	- -	32.8	53.5	56.6	73.55	80.42	84.74	83.64	85.96
CFO/Total Liabilities	-9.62	-13.56	2.69	168.53	115.17	421.68	41.87	24.19	31.33	29.11	28.15	25.29	25.51	24.9
CFO/CapEx	-0.15	-0.29	0.16	1.2	1.47	2.33	1.93	1.54	2.13	4.87	3.62	3.88	3.07	3.85
Altman's Z-Score	-0.29	-0.36	-0.66	0.41	0.33	8.58	1.17	0.99	0.98	1.18	1.32	1.35	1.61	1.76

Working Capital (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	64.21	12.22	13.47	10.72	11.24	11.32	10.94	12.08	11.28	10.47	10.88	11.33	11.19
Days Sales Outstanding	- -	5.68	29.87	27.1	34.04	32.47	32.25	33.35	30.23	32.37	34.87	33.54	32.21	32.62
Inventory Turnover	- -	507	126.86	191.33	398.8	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	0.72	2.88	1.91	0.92	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	6.24	2.29	3.59	2.82	5.68	8.24	5.79	5.18	5.82	5.86	5.24	4.3	5.3
Accounts Payable Turnover Days	- -	58.46	159.53	101.62	129.33	64.23	44.29	63.01	70.49	62.71	62.31	69.68	84.83	68.87
Cash Conversion Cycle	- -	-52.06	-126.79	-72.62	-94.37	-31.76	-12.05	-29.66	-40.26	-30.34	-27.44	-36.14	-52.62	-36.25
Inventory to Cash Days	- -	4.96	26.99	25.19	33.13	32.47	32.25	33.35	30.23	32.37	34.87	33.54	32.21	32.62
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	- -	- -	1,066	927	1,238	353	707	1,236	1,778	3,296	4,247
- Cash & Cash Equivalents	- -	- -	- -	- -	- -	47	109	3	3	2	3	5	4	2
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	2,034	1,358	1,201	1,201	549	284	23	-65	-130
+ Total Debt	423	833	1,019	- -	- -	- -	981	1,754	1,910	2,564	2,886	3,211	3,472	3,772
Enterprise Value	423	833	1,019	- -	- -	3,053	3,157	4,189	3,462	3,818	4,402	5,007	6,698	7,887
Total Capital	423	833	1,019	- -	- -	2,034	2,339	2,954	3,111	3,112	3,170	3,234	3,406	3,642
Total Debt/Capital (%)	100	100	100	- -	- -	- -	41.94	59.36	61.4	82.36	91.04	99.29	101.92	103.58
Total Debt / EV	1	1	1	- -	- -	- -	0.31	0.42	0.55	0.67	0.66	0.64	0.52	0.48
EV/Sales	2.49	3.09	4	- -	- -	5.27	4.43	4.94	3.17	3.17	3.46	3.72	4.49	4.88
EV/EBITDA	- -	- -	12.86	- -	- -	8.04	6.25	8.07	4.72	4.28	4.53	4.96	5.97	6.45
EV/EBIT	- -	- -	29.28	- -	- -	11.6	8.35	11.12	6	5.25	5.56	6.13	7.29	7.82
EV/Cash Flow to Firm	- -	- -	32.35	- -	- -	8.43	6.07	7.86	4.71	4.25	4.38	4.84	5.97	6.7
EV/Free Cash Flow to Firm	1.44	2.47	4.65	- -	- -	6.03	4.14	4.99	3.34	3.6	3.54	3.98	4.69	5.5
Diluted Market Cap	- -	- -	- -	- -	- -	1,066	929	1,243	359	710	1,239	1,781	3,296	4,247
Diluted Enterprise Value	423	833	1,019	- -	- -	3,053	3,159	4,194	3,467	3,820	4,405	5,010	6,698	7,887
EV per Share	7.75	15.27	18.68	- -	- -	56.75	57.82	76.72	191.83	149.13	106.59	89.09	75.26	64.07
TTM Sales	170	270	255	565	510	580	712	848	1,092	1,204	1,273	1,346	1,492	1,617
TTM EBITDA	-60	-151	79	281	306	380	505	519	733	893	972	1,009	1,122	1,222
TTM Operating Income	-74	-164	35	195	206	263	378	377	576	727	791	817	919	1,008
TTM Cash Flow to Firm	-53	-135	32	436	389	362	520	533	735	898	1,004	1,035	1,123	1,177
TTM Free Cash Flow to Firm	294	338	219	798	652	506	762	840	1,036	1,062	1,242	1,258	1,429	1,433

Multiples (USD)

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	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	- -	- -	2.22	1.31	1.6	0.38	0.74	1.13	1.63	2.64	3.43
EV/EBIT	- -	- -	29.28	- -	- -	11.6	8.35	11.12	6	5.25	5.56	6.13	7.29	7.82
Enterprise Value	423	833	1,019	- -	- -	3,053	3,157	4,189	3,462	3,818	4,402	5,007	6,698	7,887
Low Price	- -	- -	- -	- -	- -	18.32	16.17	16.76	5.7	18.88	24.33	25.63	30.72	31.63
EV/Sales	2.49	3.09	4	- -	- -	5.27	4.43	4.94	3.17	3.17	3.46	3.72	4.49	4.88
EV/EBITDA	- -	- -	12.86	- -	- -	8.04	6.25	8.07	4.72	4.28	4.53	4.96	5.97	6.45
Price/Earnings	- -	- -	- -	- -	- -	26.38	13.42	18.57	14.71	15.24	14.73	14.99	14.77	12.03
Price/Earnings Average	- -	- -	- -	- -	- -	29.01	16.5	16.84	13.35	13.39	14.54	14.07	14.14	13.25
Price/Earnings High	- -	- -	- -	- -	- -	35.66	19.37	19.18	19.29	16.74	17.58	15.79	15.6	15.4
Price/Earnings Low	- -	- -	- -	- -	- -	24.4	12.78	13.72	4.29	10.42	11.98	12.15	12.25	11.03
Price/Book Value	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Average	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value High	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Book Value Low	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Price/Tangible Book Value	- -	- -	- -	- -	- -	0.42	0.49	0.93	0.27	0.94	2.34	4.89	7.08	9.7
Price/Tangible Book Value Average	- -	- -	- -	- -	- -	0.46	0.61	0.84	0.24	0.83	2.31	4.59	6.78	10.68
Price/Tangible Book Value High	- -	- -	- -	- -	- -	0.56	0.71	0.96	0.35	1.03	2.79	5.16	7.48	12.41
Price/Tangible Book Value Low	- -	- -	- -	- -	- -	0.39	0.47	0.69	0.08	0.64	1.9	3.97	5.88	8.89
Price/Sales	- -	- -	- -	- -	- -	1.84	1.3	1.46	0.32	0.59	0.97	1.32	2.21	2.63
Price/Sales Average	- -	- -	- -	- -	- -	2.02	1.6	1.33	0.29	0.52	0.96	1.24	2.12	2.89
Price/Sales High	- -	- -	- -	- -	- -	2.49	1.88	1.51	0.42	0.65	1.16	1.39	2.33	3.36
Price/Sales Low	- -	- -	- -	- -	- -	1.7	1.24	1.08	0.09	0.4	0.79	1.07	1.83	2.41
Price/Cash Flow	- -	- -	- -	- -	- -	3.17	1.99	2.63	0.55	0.89	1.44	2.05	3.5	4.32
Price/Cash Flow Average	- -	- -	- -	- -	- -	3.48	2.44	2.39	0.5	0.78	1.42	1.93	3.36	4.75
Price/Cash Flow High	- -	- -	- -	- -	- -	4.28	2.87	2.72	0.72	0.98	1.71	2.16	3.7	5.52
Price/Cash Flow Low	- -	- -	- -	- -	- -	2.93	1.89	1.94	0.16	0.61	1.17	1.66	2.91	3.96
Price/Free Cash Flow Average	- -	- -	- -	- -	- -	2.44	1.61	1.45	0.34	0.65	1.11	1.53	2.53	3.77
Price/Free Cash Flow High	- -	- -	- -	- -	- -	3	1.89	1.65	0.5	0.81	1.34	1.72	2.79	4.38
Price/Free Cash Flow Low	- -	- -	- -	- -	- -	2.05	1.25	1.18	0.11	0.51	0.92	1.32	2.19	3.14
EV/Sales Average	2.49	3.09	4	- -	- -	5.45	4.73	4.81	3.14	3.1	3.45	3.64	4.4	5.14
EV/Sales High	2.49	3.09	4	- -	- -	5.92	5.01	4.99	3.27	3.23	3.65	3.79	4.61	5.61
EV/Sales Low	2.49	3.09	4	- -	- -	5.13	4.37	4.56	2.94	2.99	3.28	3.47	4.11	4.66
EV/EBITDA Average	-7.09	-5.51	12.86	- -	- -	8.32	6.67	7.85	4.68	4.18	4.51	4.85	5.84	6.81
EV/EBITDA High	-7.09	-5.51	12.86	- -	- -	9.03	7.06	8.15	4.87	4.35	4.77	5.05	6.13	7.42
EV/EBITDA Low	-7.09	-5.51	12.86	- -	- -	7.83	6.16	7.45	4.38	4.03	4.29	4.63	5.47	6.16
EV/EBIT Average	-5.72	-5.09	29.28	- -	- -	12.01	8.91	10.82	5.95	5.13	5.54	6	7.14	8.25
EV/EBIT High	-5.72	-5.09	29.28	- -	- -	13.03	9.43	11.23	6.2	5.35	5.87	6.25	7.49	9
EV/EBIT Low	-5.72	-5.09	29.28	- -	- -	11.3	8.23	10.27	5.57	4.94	5.27	5.72	6.68	7.47
Last Price	- -	- -	- -	- -	- -	19.81	16.98	22.68	19.57	27.63	29.92	31.63	37.03	34.5
High Price	- -	- -	- -	- -	- -	26.78	24.51	23.43	25.66	30.35	35.71	33.32	39.11	44.14
Enterprise Value Average	423	833	1,019	- -	- -	3,159	3,370	4,074	3,429	3,732	4,386	4,897	6,558	8,317
Enterprise Value High	423	833	1,019	- -	- -	3,428	3,568	4,230	3,572	3,887	4,641	5,102	6,883	9,073
Enterprise Value Low	423	833	1,019	- -	- -	2,973	3,113	3,866	3,211	3,594	4,171	4,669	6,136	7,533

	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	55	55	55	55	55	55	55	18	18	34	44	68	104	129
Diluted Weighted Avg Shares	55	55	55	55	55	54	55	55	18	26	41	56	89	123
Basic Weighted Avg Shares	55	55	55	55	55	54	55	55	18	26	41	56	89	123
Revenue per Share	3.11	4.94	4.67	10.36	9.34	10.77	13.04	15.52	60.49	47.02	30.83	23.95	16.76	13.14
EBITDA per Share	-1.09	-2.77	1.45	5.15	5.61	7.06	9.25	9.51	40.64	34.88	23.55	17.96	12.61	9.93
Operating Income per Share	-1.35	-3	0.64	3.57	3.78	4.89	6.93	6.9	31.95	28.41	19.16	14.54	10.33	8.19
Basic EPS, GAAP	-1.35	-3	0.6	3.54	3.76	0.75	1.27	1.22	1.33	1.81	2.03	2.11	2.51	2.87
Basic EPS from Cont Ops	-1.35	-3	0.6	3.54	3.76	4.5	5.96	5.82	26.87	24.13	15.03	10.81	7.4	5.56
Diluted EPS, GAAP	-1.35	-3	0.6	3.54	3.76	0.75	1.26	1.22	1.31	1.81	2.03	2.11	2.51	2.87
Diluted EPS from Cont Ops	-1.35	-3	0.6	3.54	3.76	4.5	5.95	5.8	26.47	24.04	14.99	10.79	7.4	5.56
Dividend per Share	- -	- -	0.51	6.22	5.63	8.94	1.36	1.56	1.75	1.93	2.2	2.27	2.64	2.84
Cash Flow per Share	-0.98	-2.48	0.54	7.97	7.1	6.25	8.55	8.62	35.56	31.07	20.85	15.42	10.57	7.99
Free Cash Flow per Basic Share	-7.35	-11.15	-2.9	1.34	2.27	3.57	4.12	3.01	18.87	24.7	15.08	11.44	7.13	5.92
Cash & Equivalents per Share	- -	- -	- -	- -	0.01	0.88	2	0.06	0.14	0.09	0.08	0.1	0.05	0.02
Book Value per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Tangible Book Value per Share	4.32	4.95	5.05	38.44	41.03	47.5	34.36	24.4	73.48	29.42	12.81	6.46	5.23	3.56

Hess Midstream LP

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)