Hess Midstream LP (HESM) P/E Ratio History
Fairly ValuedTrading at 13.7x, near 5Y avg of 15.0x · 20th percentile · In line with own history · Data 2017–2026
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P/E Ratio Analysis
As of July 8, 2026, Hess Midstream LP (HESM) trades at a price-to-earnings ratio of 13.7x, with a stock price of $39.15 and trailing twelve-month earnings per share of $2.86.
The current P/E is roughly in line with its 5-year average of 15.0x. Over the past five years, HESM's P/E has ranged from a low of 12.1x to a high of 17.5x, placing the current valuation at the 20th percentile of its historical range.
Compared to the Energy sector median P/E of 16.0x, HESM is roughly in line with its sector peers. The sector includes 174 companies with P/E ratios ranging from 0.5x to 158.7x.
The PEG ratio of 0.81 (P/E divided by 15% EPS growth) suggests the stock may be undervalued relative to its earnings growth. Peter Lynch popularized the rule that a PEG below 1.0 indicates an attractive entry point.
Relative to the broader market, HESM trades at a notable discount to the S&P 500 median P/E of 25.9x. Investors should consider the company's growth prospects, competitive position, and earnings quality when evaluating whether the current valuation is justified.
For a comprehensive intrinsic value estimate using discounted cash flow analysis, see our HESM DCF Valuation Calculator →
Note: P/E ratio is just one valuation metric. It does not account for balance sheet strength, cash flow quality, or growth sustainability. Always conduct comprehensive due diligence before making investment decisions.
HESM Cross-Benchmark Valuation
How does the current P/E compare to sector peers and the broader market?
HESM P/E vs Peers
Gas Gathering, Processing and NGLs peers sorted by market cap
| Company | Market Cap | P/E Ratio | PEG Ratio | EPS Growth (1Y) |
|---|---|---|---|---|
| $59B | 32.1 | - | +48% | |
| $3B | 16.2 | - | +10% | |
| $18B | 14.9 | 0.73Best | -25% | |
| $11B | 26.4 | - | +4% | |
| $58B | 11.9 | - | +14% | |
| $346B | 26.2 | - | -32% | |
| $72B | 14.8 | - | -19% | |
| $118M | 5.2Lowest | - | +239%Best | |
| $68B | 14.7 | - | +5% | |
| $81B | 14.2 | 1.53 | -1% |
Lower P/E can signal a discount or weaker growth expectations; PEG adds growth context.
HESM Historical P/E Data (2017–2026)
Quarterly P/E ratios calculated from closing price and TTM EPS
| Quarter | Period End | Price | TTM EPS | P/E Ratio | vs Avg |
|---|---|---|---|---|---|
| FY2026 Q1 | - | $38.87 | $2.89 | 13.4x | -7% |
| FY2025 Q4 | Dec 31 2025 | $34.50 | $2.86 | 12.1x | -17% |
| FY2025 Q3 | - | $34.55 | $2.82 | 12.3x | -15% |
| FY2025 Q2 | Jun 30 2025 | $38.51 | $2.70 | 14.3x | -2% |
| FY2025 Q1 | Mar 31 2025 | $42.29 | $2.55 | 16.6x | +14% |
| FY2024 Q4 | - | $37.03 | $2.49 | 14.9x | +3% |
| FY2024 Q3 | Sep 30 2024 | $35.27 | $2.36 | 14.9x | +3% |
| FY2024 Q2 | Jun 30 2024 | $36.44 | $2.30 | 15.8x | +9% |
| FY2024 Q1 | Mar 31 2024 | $36.13 | $2.21 | 16.3x | +13% |
| FY2023 Q4 | Dec 31 2023 | $31.63 | $2.09 | 15.1x | +4% |
| FY2023 Q3 | Sep 30 2023 | $29.13 | $2.03 | 14.3x | -1% |
| FY2023 Q2 | Jun 30 2023 | $30.68 | $1.99 | 15.4x | +6% |
| FY2023 Q1 | Mar 31 2023 | $28.94 | $1.99 | 14.5x | +0% |
| FY2022 Q4 | Dec 31 2022 | $29.92 | $2.01 | 14.9x | +3% |
| FY2022 Q3 | Sep 30 2022 | $25.52 | $2.01 | 12.7x | -12% |
| FY2022 Q2 | - | $28.00 | $1.86 | 15.1x | +4% |
| FY2022 Q1 | - | $30.00 | $1.80 | 16.7x | +15% |
| FY2021 Q4 | Dec 31 2021 | $27.63 | $1.74 | 15.9x | +10% |
| FY2021 Q3 | - | $28.21 | $1.61 | 17.5x | +21% |
| FY2021 Q2 | Jun 30 2021 | $25.25 | $1.54 | 16.4x | +13% |
| FY2021 Q1 | Mar 31 2021 | $22.42 | $1.39 | 16.1x | +11% |
| FY2020 Q4 | - | $19.57 | $1.31 | 14.9x | +3% |
| FY2020 Q3 | Sep 30 2020 | $15.10 | $1.24 | 12.2x | -16% |
| FY2020 Q2 | - | $18.32 | $1.26 | 14.5x | +0% |
| FY2020 Q1 | - | $10.16 | $1.26 | 8.1x | -44% |
| FY2019 Q4 | - | $22.68 | $1.23 | 18.4x | +27% |
| FY2019 Q3 | Sep 30 2019 | $19.26 | $1.25 | 15.4x | +6% |
| FY2019 Q2 | Jun 30 2019 | $19.50 | $1.25 | 15.6x | +8% |
| FY2019 Q1 | Mar 31 2019 | $21.20 | $1.28 | 16.6x | +14% |
| FY2018 Q4 | Dec 31 2018 | $16.98 | $1.26 | 13.5x | -7% |
| FY2018 Q3 | Sep 30 2018 | $22.81 | $1.21 | 18.9x | +30% |
| FY2018 Q2 | Jun 30 2018 | $19.70 | $1.15 | 17.1x | +18% |
| FY2018 Q1 | Mar 31 2018 | $19.04 | $1.04 | 18.3x | +26% |
| FY2017 Q4 | Dec 31 2017 | $19.81 | $1.90 | 10.4x | -28% |
| FY2017 Q3 | Sep 30 2017 | $21.97 | $2.92 | 7.5x | -48% |
| FY2017 Q2 | Jun 30 2017 | $20.37 | $4.28 | 4.8x | -67% |
Average P/E for displayed period: 14.5x
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
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DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
HESM — Frequently Asked Questions
Quick answers to the most common questions about buying HESM stock.
What is HESM's P/E ratio?
Hess Midstream LP (HESM) trailing twelve-month P/E ratio is 13.7x, based on TTM diluted EPS of $2.86. The 5-year average P/E is 15.0x and the historical range spans 12.1x to 17.5x.
Is HESM stock overvalued or undervalued?
HESM trades at 13.7x P/E, near its 5-year average of 15.0x. The 20th percentile ranking within the 12.1x–17.5x historical range places valuation within normal bounds.
Is HESM stock expensive?
HESM is fairly valued relative to its own history. The current P/E of 13.7x is near the 5-year average of 15.0x (20th percentile of historical range).
What is HESM's historical P/E range?
Over the past 5 years, HESM's P/E ratio has ranged from 12.1x to 17.5x, with a median of 15.1x and an average of 15.0x. The current P/E of 13.7x places the stock at the 20th percentile of this range. Full historical data spans 2017–2026.
How does HESM's P/E compare to the S&P 500?
HESM trades at 13.7x P/E versus the S&P 500 median of 25.9x. The 47% discount to the market suggests lower growth expectations or perceived higher risk.
How does HESM's valuation compare to Energy peers?
Hess Midstream LP P/E of 13.7x compares to the Energy sector median of 16.0x. The discount suggests lower growth expectations, weaker margins, or higher perceived risk relative to peers. See the peer comparison table on this page for ticker-by-ticker P/E and PEG.
What is HESM's PEG ratio?
HESM PEG ratio is 0.81, based on a P/E of 13.7x and EPS growth of 14.9%. A PEG below 1.0 indicates the valuation is supported by the earnings growth rate — typically considered attractive.
What is HESM's earnings yield?
HESM earnings yield is 7.31%, the inverse of its 13.7x P/E ratio. Earnings yield represents the percentage of each dollar invested that the company earns. It can be compared directly to bond yields to assess relative attractiveness of stocks versus fixed income.