HESM (Hess Midstream LP) EBIT: $1,025 Mil (TTM As of Mar. 2026)

What is Hess Midstream LP EBIT?

Hess Midstream LP HESM +1.15% 67 EBIT is $1,025 Mil as of Mar. 2026. GuruFocus rates HESM with a GF Score™ of 67/100 and a GF Value™ of $24.43 (Significantly Overvalued). The stock has 8 warning signs investors should review.

Hess Midstream LP's earnings before interest and taxes (EBIT) for the three months ended in Mar. 2026 was $241 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2026 was $1,025 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Hess Midstream LP's annualized ROC % for the quarter that ended in Mar. 2026 was 19.08%. Hess Midstream LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 28.77%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Hess Midstream LP's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 12.10%.

Hess Midstream LP (NYSE:HESM) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Hess Midstream LP's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

	ROC % (Q: Mar. 2026 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Dec. 2025 )	+	Invested Capital (Q: Mar. 2026 ))	/ count )
=	952.4 * ( 1 - 15.17% )	/	( (4262	+	4206.7)	/ 2 )
=	807.92092	/	4234.35
=	19.08 %

where

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	4388.3	-	155.1	-	( 1.9	-	max(0, 187.8	-	159	+	1.9	))
=	4262

	Invested Capital		(Q: Mar. 2026 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	4317.2	-	125.9	-	( 4.6	-	max(0, 181.2	-	165.8	+	4.6	))
=	4206.7

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Hess Midstream LP's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Mar. 2026 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Dec. 2025		Q: Mar. 2026
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	965.2	/	( ( (3369.8 + max(1.8, 0))	+	(3322.1 + max(15, 0)) )	/	2 )
=	965.2	/	( ( 3371.6	+	3337.1 )	/	2 )
=	965.2	/	3354.35
=	28.77 %

where Working Capital is:

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(150.2	+	0	+	6.9)	-	(155.1	+	0	+	0.20000000000002)
=	1.8

	Working Capital		(Q: Mar. 2026 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(156.2	+	0	+	5)	-	(125.9	+	15.7	+	4.6)
=	15

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Hess Midstream LP's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %	=	EBIT (TTM)	/	Enterprise Value (Q: Mar. 2026 )
	=	1024.5	/	8464.310
	=	12.10 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Hess Midstream LP EBIT Related Terms

Hess Midstream LP EBIT Historical Data

* Premium members only.

The historical data trend for Hess Midstream LP's EBIT can be seen below:

Hess Midstream LP EBIT Chart

Hess Midstream LP Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

EBIT

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737.80

796.50

824.60

933.00

1,024.00

Hess Midstream LP Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
EBIT	Get a 7-Day Free Trial															240.80	264.20	264.10	254.90	241.30

HESM vs PAGP, GLNG, INSW: EBIT Comparison

For the Oil & Gas Midstream subindustry, Hess Midstream LP's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Hess Midstream LP EV-to-EBIT vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Hess Midstream LP's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Hess Midstream LP's EV-to-EBIT falls into.

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67GF Score

Hess Midstream LP HESM

EBIT is just one metric. See GF Score™, valuation, warning signs, and more.

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Hess Midstream LP EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,025 Mil.

Frequently Asked Questions Learn more about EBIT →

What does a EBIT of $1,025 Mil mean?

Hess Midstream LP (HESM) has a EBIT of $1,025 Mil as of Mar. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Hess Midstream LP.

Is Hess Midstream LP's EBIT too high?

Hess Midstream LP's current EBIT is $1,025 Mil. Overall, Hess Midstream LP has a GF Score™ of 67/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Hess Midstream LP's EBIT compare to PAGP and GLNG?

Hess Midstream LP's EBIT of $1,025 Mil can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good EBIT for an Oil & Gas company?

A good EBIT depends on the Oil & Gas industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high EBIT mean?

A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Hess Midstream LP. Hess Midstream LP's current EBIT is $1,025 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Hess Midstream LP stock overvalued right now?

Based on GuruFocus' analysis, Hess Midstream LP (HESM) is currently considered Significantly Overvalued. The stock's GF Value™ is $24.43, compared to a current price of $37.71 — trading 54.4% above its estimated fair value. The current EBIT is $1,025 Mil. Hess Midstream LP's overall GF Score™ is 67/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is EBIT calculated?

EBIT is calculated from a company's financial statements. For Hess Midstream LP (HESM), the current EBIT is $1,025 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Hess Midstream LP (HESM) Overvalued in 2026?

Based on GuruFocus' analysis, Hess Midstream LP stock appears to be overvalued. The current stock price of $37.71 is trading 54.4% above its estimated GF Value™ of $24.43. GuruFocus considers Hess Midstream LP to be Significantly Overvalued.

Key valuation signals for HESM:

EBIT: $1,025 Mil
GF Value™: $24.43 vs. price of $37.71 (54.4% above fair value)
GF Score™: 67/100 with 8 warning signs

No single metric tells the full story. See the HESM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Hess Midstream LP Business Description

Industry Energy Oil & Gas

Comparable Companies PAGP GLNG INSW STNG KNTK SUNC DHT TNK NGL FRO TSX:ENB WMB EPD TSX:TRP KMI ET MPLX TRGP OKE LNG

Address 1400 Smith Street, Houston, TX, USA, 77002

Website https://www.hessmidstream.com

Hess Midstream LP is a fee-based, growth-oriented limited partnership that owns, operates, develops, and acquires a portfolio of midstream assets. The company provides fee-based services to Chevron Corporation and generates all of its revenue by charging fees for gathering, compressing, and processing natural gas, fractionating NGLs, gathering, terminaling, loading, and transporting crude oil and NGLs, storing and terminaling propane, and gathering and disposing of produced water. It operates through gathering, processing, and storage, and terminaling and export segments, with the gathering segment contributing the maximum share of revenue and comprising natural gas gathering and compression, as well as crude oil gathering and produced water gathering and disposal assets.

67GF Score

Get the complete analysis for HESM

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$37.71

Price

$24.43

GF Value

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