HESM (Hess Midstream LP) Beneish M-Score: -3.12 (As of Jun. 25, 2026)

What is Hess Midstream LP Beneish M-Score?

Hess Midstream LP HESM +0.97% 67 Beneish M-Score is -3.12 as of Jun. 25, 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. Among 822 Oil & Gas companies, Hess Midstream LP ranks better than 76.4% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -3.12 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Hess Midstream LP's Beneish M-Score or its related term are showing as below:

HESM' s Beneish M-Score Range Over the Past 10 Years
Min: -9.8 Med: -3.06 Max: 3.87
Current: -3.12

During the past 13 years, the highest Beneish M-Score of Hess Midstream LP was 3.87. The lowest was -9.80. And the median was -3.06.

Hess Midstream LP Beneish M-Score Related Terms

Hess Midstream LP Beneish M-Score Historical Data

* Premium members only.

The historical data trend for Hess Midstream LP's Beneish M-Score can be seen below:

* 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 Beneish M-Score Chart

Hess Midstream LP Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-3.22

-3.42

-3.27

-3.00

-3.03

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
Beneish M-Score	Get a 7-Day Free Trial															-3.04	-2.82	-3.03	-3.03	-3.12

HESM vs PAGP, GLNG, INSW: Beneish M-Score Comparison

For the Oil & Gas Midstream subindustry, Hess Midstream LP's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, Hess Midstream LP's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Hess Midstream LP's Beneish M-Score falls into.

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67GF Score

Hess Midstream LP HESM

Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.

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Hess Midstream LP Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Hess Midstream LP for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.0373

0.528 * 1.0014

0.404 * 1.0379

0.892 * 1.0703

0.115 * 0.93

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 0.9678

4.679 * -0.157857

0.327 * 1.0366

-3.12

This Year (Mar26) TTM:

Last Year (Mar25) TTM:

Total Receivables was $156 Mil.
Revenue was 388.7 + 403.1 + 419.6 + 413.5 = $1,625 Mil.
Gross Profit was 330.2 + 348.9 + 363 + 361.7 = $1,404 Mil.
Total Current Assets was $166 Mil.
Total Assets was $4,317 Mil.
Property, Plant and Equipment(Net PPE) was $3,322 Mil.
Depreciation, Depletion and Amortization(DDA) was $221 Mil.
Selling, General, & Admin. Expense(SGA) was $29 Mil.
Total Current Liabilities was $181 Mil.
Long-Term Debt & Capital Lease Obligation was $3,737 Mil.
Net Income was 87.6 + 93.3 + 97.7 + 90.3 = $369 Mil.
Non Operating Income was 3.2 + 3.3 + 5.2 + 4 = $16 Mil.
Cash Flow from Operations was 253.3 + 245.6 + 258.9 + 276.9 = $1,035 Mil.

Total Receivables was $141 Mil.
Revenue was 381 + 395 + 377.6 + 364.6 = $1,518 Mil.
Gross Profit was 329.5 + 343.7 + 326.1 + 314.1 = $1,313 Mil.
Total Current Assets was $150 Mil.
Total Assets was $4,264 Mil.
Property, Plant and Equipment(Net PPE) was $3,324 Mil.
Depreciation, Depletion and Amortization(DDA) was $205 Mil.
Selling, General, & Admin. Expense(SGA) was $28 Mil.
Total Current Liabilities was $186 Mil.
Long-Term Debt & Capital Lease Obligation was $3,547 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(156.2 / 1624.9)	/	(140.7 / 1518.2)
	=	0.096129	/	0.092676
	=	1.0373

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(1313.4 / 1518.2)	/	(1403.8 / 1624.9)
	=	0.865103	/	0.86393
	=	1.0014

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (165.8 + 3322.1) / 4317.2)	/	(1 - (150.1 + 3324.4) / 4263.6)
	=	0.192092	/	0.185078
	=	1.0379

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	1624.9	/	1518.2
	=	1.0703

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(204.8 / (204.8 + 3324.4))	/	(221.1 / (221.1 + 3322.1))
	=	0.05803	/	0.062401
	=	0.93

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(28.9 / 1624.9)	/	(27.9 / 1518.2)
	=	0.017786	/	0.018377
	=	0.9678

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((3737 + 181.2) / 4317.2)	/	((3546.8 + 186.1) / 4263.6)
	=	0.907579	/	0.875528
	=	1.0366

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(368.9 - 15.7	-	1034.7)	/	4317.2
	=	-0.157857

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Hess Midstream LP has a M-score of -3.12 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -3.12 mean?

Hess Midstream LP (HESM) has a Beneish M-Score of -3.12 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hess Midstream LP and its competitors. According to the industry distribution chart, Hess Midstream LP ranks #194 out of 822 companies in the Oil & Gas industry, placing it in the top 23.6%.

Is Hess Midstream LP's Beneish M-Score too high?

Hess Midstream LP's current Beneish M-Score is -3.12. Based on the distribution chart, Hess Midstream LP ranks #194 out of 822 companies in the Oil & Gas industry, which is in the top quartile — a strong position relative to peers. 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 Beneish M-Score compare to PAGP and GLNG?

According to the Oil & Gas industry distribution chart, Hess Midstream LP ranks #194 out of 822 companies for Beneish M-Score. This places Hess Midstream LP in the top 24% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score 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 Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Hess Midstream LP and its competitors. Hess Midstream LP's current Beneish M-Score is -3.12. 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 $37.64 — trading 54.1% above its estimated fair value. The current Beneish M-Score is -3.12. 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 Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For Hess Midstream LP (HESM), the current Beneish M-Score is -3.12 as of Jun. 25, 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 $37.64 is trading 54.1% above its estimated GF Value™ of $24.43. GuruFocus considers Hess Midstream LP to be Significantly Overvalued.

Key valuation signals for HESM:

Beneish M-Score: -3.12
GF Value™: $24.43 vs. price of $37.64 (54.1% 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

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

$37.64

Price

$24.43

GF Value

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