Hess Midstream (HESM) vs SM Energy (SM)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
SM Energy (SM) has outperformed Hess Midstream (HESM) over the past year, gaining 46.9% versus a gain of 1.7%. Over five years, HESM leads with a +24.0% price change compared with +21.2% for SM. SM Energy is the larger company by market cap ($8.82 billion vs $7.01 billion), about 1.3 times the size.
On valuation, SM Energy trades at a lower forward P/E (4.5x vs 10.9x for Hess Midstream). Hess Midstream offers the higher dividend yield (9.08% vs 2.21%). Hess Midstream converts more of its revenue into profit, with a net margin of 21.8% versus 20.5%.
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 | SM |
|---|---|---|
| Share price | $34.00 | $37.08 |
| Market cap | $7.01B | $8.82B |
| 1-day change | +2.94% | +5.19% |
| YTD return | -1.45% | +98.29% |
| 1-year return | +1.71% | +46.91% |
| 5-year return | +23.95% | +21.18% |
| P/E ratio (TTM) | 11.72 | 6.57 |
| Forward P/E | 10.95 | 4.54 |
| EPS (TTM) | $2.90 | $5.64 |
| Dividend yield | 9.08% | 2.21% |
| Annual dividend | $3.09 | $0.82 |
| Revenue (latest FY) | $1.62B | $3.15B |
| Revenue growth (YoY) | +8.41% | +17.25% |
| Net income (latest FY) | $352.90M | $648.00M |
| Gross margin | — | 71.94% |
| Operating margin | 62.18% | 31.71% |
| Net margin | 21.77% | 20.55% |
| 52-week high | $41.44 | $41.56 |
| 52-week low | $31.63 | $17.45 |
| Distance from 52-week high | -17.95% | -10.78% |
| Analyst consensus | underperform | buy |
| Avg. price target upside | +10.29% | +18.18% |
| Average volume | 1.46M | 3.70M |
| Shares outstanding | 128.35M | 237.85M |
| Employees | — | 1,241 |
| Sector | Energy | Energy |
| Industry | Oil & Gas Midstream | Oil & Gas Production |
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
- SM has outperformed HESM by 45.2 percentage points over the past year.
- Hess Midstream trades at a higher earnings multiple (11.7x vs 6.6x trailing P/E).
- Hess Midstream offers a meaningfully higher dividend yield (9.08% vs 2.21%).
- SM Energy grew revenue faster in its latest fiscal year (+17.25% vs +8.41%).
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 SM Energy
SM stock →SM Energy Company, an independent energy company, engages in the acquisition, exploration, development, and production of oil, gas, and natural gas liquids in the United States. The company holds working interests in oil and gas producing wells in the Midland Basin, South Texas, Uinta Basin, and DJ Basin.
Energy · Oil & Gas Production · 1,241 employees
HESM vs SM FAQ
Which is bigger, Hess Midstream or SM Energy?
SM Energy (SM) is larger, with a market capitalization of $8.82B compared with $7.01B for Hess Midstream (HESM).
Which stock has performed better over the past year, HESM or SM?
SM returned +46.91% 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 SM?
SM has the lower trailing P/E at 6.6, versus 11.7 for HESM. 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 SM Energy?
Hess Midstream has the higher yield at 9.08%, compared with 2.21% for SM Energy.
Are Hess Midstream and SM Energy in the same industry?
Both are in the Energy sector, but in different industries: Oil & Gas Midstream for Hess Midstream and Oil & Gas Production for SM Energy.