Antero Midstream vs Hess Midstream

Antero Midstream and Hess Midstream are compared to explain their business models, financial performance, and market context. This page presents an objective view of how each company operates, the structural differences in their activities, and the external factors affecting them. The content aims to be neutral and accessible for readers. Educational content, not financial advice.

Comparison Snapshot

Key Financial Metrics

Metric

HESM

$8.73B

Market Cap

$7.21B

0.59%

Potential Profit

13.17%

Hold

Analyst Rating

Hold

Investment Analysis

Antero Midstream

Pros

Reported a 10% year-over-year increase in adjusted EBITDA to $281 million in Q3 2025, showing operational growth.
Strong free cash flow after dividends increased by 94% year-over-year to $78 million, enhancing financial flexibility.
Reduced absolute debt by $175 million, improving leverage ratio to 2.7x, indicating strengthening balance sheet.

Considerations

Missed revenue forecasts in Q3 2025 by approximately 8.5%, which may signal top-line growth challenges.
Stock price exhibited volatility with an 8.4% decline over the past 30 days, reflecting some market uncertainty.
Capital expenditures increased modestly, and expansion investments may represent execution risks amid market volatility.

Hess Midstream

HESM

Pros

Operates midstream assets with fee-based services to Hess and third parties, providing diversified revenue streams.
Demonstrated strong historical stock performance with a 5-year return of over 90%, indicating long-term growth potential.
Lower stock price volatility reflected by a beta of 0.59, suggesting relative stability in turbulent market conditions.

Considerations

Stock price declined about 8.6% year-to-date through late 2025, showing recent weakness in market sentiment.
Financial health metrics are comparatively weaker, scoring 2 out of 6, pointing to potential liquidity or leverage risks.
Uncertainties from Bakken shale development expose the company to commodity price and operational execution risks.

About The Companies

Antero Midstream (AM)

Antero Midstream Partners LP is an American energy company that focuses on 'midstream' infrastructure. This means it owns and operates the assets needed to transport, process, and store natural gas and oil produced by other companies. Its operations are concentrated in the Appalachian Basin, a major energy-producing region in the United States. Antero Midstream's key assets include an extensive network of pipelines, compressor stations for moving gas, and facilities for processing and water handling. A significant portion of its business is dedicated to servicing Antero Resources Corporation, a major natural gas producer. This relationship provides a degree of predictability to its operations, but also ties its success closely to the fortunes of a single key customer. Investors might see it as a way to engage with the energy sector, focusing on the infrastructure side rather than direct exploration and production.

Hess Midstream (HESM)

Hess Midstream Operations LP (HESM) is a midstream energy partnership focusing on gathering, processing and transporting hydrocarbons in regions where its parent and counterparties operate. With a market capitalisation around $6.98 billion, HESM typically earns revenue from fee-based and volume-based contracts that connect production to downstream markets. Investors often watch midstream names for steady cash generation and distributions, but HESM’s cash flows can still be influenced by production volumes, commodity prices, and contractual terms. The partnership may carry leverage associated with asset-heavy infrastructure and faces regulatory, permitting and operational risks common to oil and gas midstream businesses. This summary is educational, not personalised advice: prospective investors should review the company’s filings, distribution policy and balance sheet, and consider whether exposure to midstream infrastructure suits their risk profile and investment objectives. Past performance is no guarantee of future returns and capital is at risk.

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Antero Midstream vs Hess Midstream

Comparison Snapshot

Investment Analysis

Antero Midstream

Pros

Considerations

Hess Midstream

Pros

Considerations

About The Companies

Which Baskets Do They Appear In?

Which Baskets Do They Appear In?

Buy AM or HESM in Nemo

Zero Commission

Trusted & Regulated

6% Interest on Cash

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Frequently asked questions

What is the difference between a midstream company’s operations and its revenue model in this comparison?

How should I interpret ‘adjusted EBITDA’ versus net income in these profiles?

What does leverage tell us about a midstream company’s balance sheet in this context?

How should I view free cash flow generation in evaluating these stocks?

What is the significance of volatility and stock price trends shown for these companies?

Why are growth indicators like revenue growth or capacity expansion important here?

How do external factors affect midstream firms in this comparison?

What does diversification of revenue streams mean for risk in stock_2?

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Educational disclaimer: what should I keep in mind when using this comparison?

Comparison Snapshot

About The Companies