HESM EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
HESM's ev/ebitda is higher than 82% of the last 10 years.
EV/EBITDA History
HESM EV/EBITDA by year
Yearly range of HESM’s ev/ebitda from 2017 to 2026. Over the full period it ranged from 1.8 to 7.6, averaging 4.4.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 6.1 | 7.0 | 7.3 | 6.3 |
| 2025 | 6.5 | 6.8 | 7.6 | 6.7 |
| 2024 | 5.3 | 5.8 | 6.4 | 6.4 |
| 2023 | 4.1 | 4.6 | 5.2 | 5.1 |
| 2022 | 3.8 | 4.2 | 4.6 | 4.3 |
| 2021 | 2.9 | 3.2 | 3.9 | 3.9 |
| 2020 | 3.0 | 3.9 | 6.0 | 3.0 |
| 2019 | 1.9 | 2.7 | 5.7 | 5.7 |
| 2018 | 1.8 | 2.5 | 3.6 | 3.6 |
| 2017 | 2.5 | 3.2 | 4.4 | 2.7 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is HESM EV/EBITDA High or Low Right Now?
Hess Midstream LP's EV/EBITDA is currently 6.3, which is historically pricey relative to its 10-year historical range. The 10-year median EV/EBITDA for HESM is approximately 4.1. See all HESM valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.