Hess Midstream (HESM) vs Plains All American Pipeline L.P. (PAA)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Plains All American Pipeline L.P. (PAA) has outperformed Hess Midstream (HESM) over the past year, gaining 48.5% versus a gain of 1.7%. Over five years, PAA leads with a +120.0% price change compared with +24.0% for HESM. Plains All American Pipeline L.P. is the larger company by market cap ($17.23 billion vs $7.01 billion), about 2.5 times the size, while Hess Midstream is growing revenue faster (+8.4% vs -9.5%).
On valuation, Hess Midstream trades at a lower forward P/E (10.9x vs 12.8x for Plains All American Pipeline L.P.). Hess Midstream offers the higher dividend yield (9.08% vs 6.69%). Hess Midstream converts more of its revenue into profit, with a net margin of 21.8% versus 3.2%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | HESM | PAA |
|---|---|---|
| Share price | $34.00 | $24.42 |
| Market cap | $7.01B | $17.23B |
| 1-day change | +2.94% | +1.37% |
| YTD return | -1.45% | +35.97% |
| 1-year return | +1.71% | +48.54% |
| 5-year return | +23.95% | +120.00% |
| P/E ratio (TTM) | 11.72 | 21.05 |
| Forward P/E | 10.95 | 12.76 |
| EPS (TTM) | $2.90 | $1.16 |
| Dividend yield | 9.08% | 6.69% |
| Annual dividend | $3.09 | $1.63 |
| Revenue (latest FY) | $1.62B | $44.26B |
| Revenue growth (YoY) | +8.41% | -9.46% |
| Net income (latest FY) | $352.90M | $1.44B |
| Gross margin | — | 8.65% |
| Operating margin | 62.18% | 3.24% |
| Net margin | 21.77% | 3.24% |
| 52-week high | $41.44 | $26.39 |
| 52-week low | $31.63 | $15.69 |
| Distance from 52-week high | -17.95% | -7.46% |
| Analyst consensus | underperform | buy |
| Avg. price target upside | +10.29% | +7.00% |
| Average volume | 1.46M | 2.52M |
| Shares outstanding | 128.35M | 705.57M |
| Employees | — | 3,900 |
| Sector | Energy | Energy |
| Industry | Oil & Gas Midstream | Oil & Gas Midstream |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- Plains All American Pipeline L.P. is about 2.5 times larger than Hess Midstream by market value ($17.23B vs $7.01B).
- PAA has outperformed HESM by 46.8 percentage points over the past year.
- Plains All American Pipeline L.P. trades at a higher earnings multiple (21.1x vs 11.7x trailing P/E).
- Hess Midstream offers a meaningfully higher dividend yield (9.08% vs 6.69%).
- Hess Midstream is more profitable, keeping 21.8 cents of every revenue dollar as net income versus 3.2 cents for Plains All American Pipeline L.P..
- Hess Midstream grew revenue faster in its latest fiscal year (+8.41% vs -9.46%).
About Hess Midstream
HESM stock →Hess Midstream LP acquires, owns, operates, and develops midstream assets and provide fee-based services to sponsor, its subsidiaries, and third-party customers in the United States. It operates through three segments: Gathering; Processing and Storage; and Terminaling and Export.
Energy · Oil & Gas Midstream
About Plains All American Pipeline L.P.
PAA stock →Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL.
Energy · Oil & Gas Midstream · 3,900 employees
HESM vs PAA FAQ
Which is bigger, Hess Midstream or Plains All American Pipeline L.P.?
Plains All American Pipeline L.P. (PAA) is larger, with a market capitalization of $17.23B compared with $7.01B for Hess Midstream (HESM).
Which stock has performed better over the past year, HESM or PAA?
PAA returned +48.54% over the past 12 months, compared with +1.71% for HESM (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, HESM or PAA?
HESM has the lower trailing P/E at 11.7, versus 21.1 for PAA. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Hess Midstream or Plains All American Pipeline L.P.?
Hess Midstream has the higher yield at 9.08%, compared with 6.69% for Plains All American Pipeline L.P..
Are Hess Midstream and Plains All American Pipeline L.P. in the same industry?
Yes. Both are classified in the Oil & Gas Midstream industry within the Energy sector.