Scaled Net Operating Assets (SNOA) is calculated as the difference between operating assets and operating liabilities, scaled by lagged total assets.
Hess Midstream LP's operating assets for the quarter that ended in Mar. 2026 was $4,313 Mil. Hess Midstream LP's operating liabilities for the quarter that ended in Mar. 2026 was $170 Mil. Hess Midstream LP's Total Assets for the quarter that ended in Dec. 2025 was $4,388 Mil. Therefore, Hess Midstream LP's scaled net operating assets (SNOA) for the quarter that ended in Mar. 2026 was 0.94.
Hess Midstream LP Scaled Net Operating Assets Related Terms
Hess Midstream LP Scaled Net Operating Assets Historical Data
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The historical data trend for Hess Midstream LP's Scaled Net Operating Assets 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 Scaled Net Operating Assets Chart
HESM vs PAGP, GLNG, INSW: Scaled Net Operating Assets Comparison
For the Oil & Gas Midstream subindustry, Hess Midstream LP's Scaled Net Operating Assets, along with its competitors' market caps and Scaled Net Operating Assets 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 Scaled Net Operating Assets vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Hess Midstream LP's Scaled Net Operating Assets distribution charts can be found below:
* The bar in red indicates where Hess Midstream LP's Scaled Net Operating Assets falls into.
* 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.
What does a Scaled Net Operating Assets of 0.94 mean?
Hess Midstream LP (HESM) has a Scaled Net Operating Assets of 0.94 as of Mar. 2026. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Hess Midstream LP and its competitors.
Is Hess Midstream LP's Scaled Net Operating Assets too high?
Hess Midstream LP's current Scaled Net Operating Assets is 0.94. 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 Scaled Net Operating Assets compare to PAGP and GLNG?
Hess Midstream LP's Scaled Net Operating Assets of 0.94 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 Scaled Net Operating Assets for an Oil & Gas company?
A good Scaled Net Operating Assets depends on the Oil & Gas industry context. However, Scaled Net Operating Assets 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 Scaled Net Operating Assets mean?
A high Scaled Net Operating Assets can signal that a stock is expensive relative to its fundamentals. Scaled net operating assets equals current-period operating assets less operating liabilities less prior-period total assets. View historical data on Hess Midstream LP and its competitors. Hess Midstream LP's current Scaled Net Operating Assets is 0.94. 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 $37.67 — trading 54.2% above its estimated fair value. The current Scaled Net Operating Assets is 0.94. 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 Scaled Net Operating Assets calculated?
Scaled Net Operating Assets is calculated from a company's financial statements. For Hess Midstream LP (HESM), the current Scaled Net Operating Assets is 0.94 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 $37.67 is trading 54.2% above its estimated GF Value™ of $24.43.
GuruFocus considers Hess Midstream LP to be Significantly Overvalued.
Key valuation signals for HESM:
Scaled Net Operating Assets: 0.94
GF Value™: $24.43 vs. price of $37.67 (54.2% above fair value)
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 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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