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Side-by-side financial comparison of Hess Midstream LP (HESM) and IBEX Ltd (IBEX). Click either name above to swap in a different company.
Hess Midstream LP is the larger business by last-quarter revenue ($204.1M vs $164.2M, roughly 1.2× IBEX Ltd). Hess Midstream LP runs the higher net margin — 77.3% vs 7.4%, a 69.8% gap on every dollar of revenue. On growth, IBEX Ltd posted the faster year-over-year revenue change (16.7% vs 2.1%). Over the past eight quarters, IBEX Ltd's revenue compounded faster (13.8% CAGR vs -25.3%).
Hess Corporation is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petroleum in 1968. Leon Hess was CEO from the early 1960s until 1995, after which his son John B Hess succeeded him as chairman and CEO. The company agreed to be acquired by rival oil company Chevron in October 2023, and the acquisition closed in July 2025.
The IBEX 35 is the benchmark stock market index of the Bolsa de Madrid, Spain's principal stock exchange. Initiated in 1992, the index is administered and calculated by Sociedad de Bolsas, a subsidiary of Bolsas y Mercados Españoles (BME), the company which runs Spain's securities markets. It is a market capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the Madrid Stock Exchange General Index and is reviewed twice annually. Trading on options and futures con...
HESM vs IBEX — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $204.1M | $164.2M |
| Net Profit | $157.7M | $12.2M |
| Gross Margin | — | — |
| Operating Margin | 116.7% | 9.3% |
| Net Margin | 77.3% | 7.4% |
| Revenue YoY | 2.1% | 16.7% |
| Net Profit YoY | -2.3% | 31.8% |
| EPS (diluted) | $0.68 | $0.83 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $204.1M | — | ||
| Q4 25 | $404.2M | $164.2M | ||
| Q3 25 | $420.9M | $151.2M | ||
| Q2 25 | $414.2M | $147.1M | ||
| Q1 25 | $382.0M | $140.7M | ||
| Q4 24 | $395.9M | $140.7M | ||
| Q3 24 | $378.5M | $129.7M | ||
| Q2 24 | $365.5M | $124.5M |
| Q1 26 | $157.7M | — | ||
| Q4 25 | $93.3M | $12.2M | ||
| Q3 25 | $97.7M | $12.0M | ||
| Q2 25 | $90.3M | $9.6M | ||
| Q1 25 | $71.6M | $10.5M | ||
| Q4 24 | $70.4M | $9.3M | ||
| Q3 24 | $58.6M | $7.5M | ||
| Q2 24 | $49.5M | $9.8M |
| Q1 26 | 116.7% | — | ||
| Q4 25 | 62.2% | 9.3% | ||
| Q3 25 | 61.5% | 9.1% | ||
| Q2 25 | 62.8% | 8.3% | ||
| Q1 25 | 62.1% | 9.5% | ||
| Q4 24 | 61.4% | 8.5% | ||
| Q3 24 | 61.2% | 7.0% | ||
| Q2 24 | 60.8% | 10.3% |
| Q1 26 | 77.3% | — | ||
| Q4 25 | 23.1% | 7.4% | ||
| Q3 25 | 23.2% | 8.0% | ||
| Q2 25 | 21.8% | 6.5% | ||
| Q1 25 | 18.7% | 7.4% | ||
| Q4 24 | 17.8% | 6.6% | ||
| Q3 24 | 15.5% | 5.8% | ||
| Q2 24 | 13.5% | 7.9% |
| Q1 26 | $0.68 | — | ||
| Q4 25 | — | $0.83 | ||
| Q3 25 | — | $0.82 | ||
| Q2 25 | — | $0.63 | ||
| Q1 25 | — | $0.73 | ||
| Q4 24 | — | $0.57 | ||
| Q3 24 | — | $0.43 | ||
| Q2 24 | — | $0.55 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $15.5M |
| Total DebtLower is stronger | — | $594.0K |
| Stockholders' EquityBook value | — | $154.5M |
| Total Assets | — | $295.8M |
| Debt / EquityLower = less leverage | — | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.9M | $15.5M | ||
| Q3 25 | $5.5M | $22.7M | ||
| Q2 25 | $4.5M | $15.3M | ||
| Q1 25 | $6.1M | $13.0M | ||
| Q4 24 | $4.3M | $20.2M | ||
| Q3 24 | $10.3M | $62.3M | ||
| Q2 24 | $99.6M | $62.7M |
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $594.0K | ||
| Q3 25 | — | $726.0K | ||
| Q2 25 | — | $796.0K | ||
| Q1 25 | — | $735.0K | ||
| Q4 24 | $3.5B | $695.0K | ||
| Q3 24 | — | $802.0K | ||
| Q2 24 | — | $867.0K |
| Q1 26 | — | — | ||
| Q4 25 | — | $154.5M | ||
| Q3 25 | — | $143.6M | ||
| Q2 25 | — | $134.3M | ||
| Q1 25 | — | $124.2M | ||
| Q4 24 | — | $108.9M | ||
| Q3 24 | — | $171.1M | ||
| Q2 24 | — | $165.8M |
| Q1 26 | — | — | ||
| Q4 25 | $4.4B | $295.8M | ||
| Q3 25 | $4.4B | $283.9M | ||
| Q2 25 | $4.4B | $273.2M | ||
| Q1 25 | $4.3B | $274.7M | ||
| Q4 24 | $4.2B | $272.5M | ||
| Q3 24 | $4.1B | $306.3M | ||
| Q2 24 | $4.1B | $293.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.00× | ||
| Q3 25 | — | 0.01× | ||
| Q2 25 | — | 0.01× | ||
| Q1 25 | — | 0.01× | ||
| Q4 24 | — | 0.01× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | — | 0.01× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $253.3M | $6.6M |
| Free Cash FlowOCF − Capex | — | $-5.1M |
| FCF MarginFCF / Revenue | — | -3.1% |
| Capex IntensityCapex / Revenue | 51.4% | 7.1% |
| Cash ConversionOCF / Net Profit | 1.61× | 0.54× |
| TTM Free Cash FlowTrailing 4 quarters | — | $29.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $253.3M | — | ||
| Q4 25 | $245.6M | $6.6M | ||
| Q3 25 | $258.9M | $15.7M | ||
| Q2 25 | $276.9M | $27.9M | ||
| Q1 25 | $202.4M | $8.8M | ||
| Q4 24 | $258.5M | $1.1M | ||
| Q3 24 | $224.9M | $7.8M | ||
| Q2 24 | $271.6M | $17.4M |
| Q1 26 | — | — | ||
| Q4 25 | $178.9M | $-5.1M | ||
| Q3 25 | $178.9M | $8.0M | ||
| Q2 25 | $213.5M | $22.8M | ||
| Q1 25 | $156.9M | $3.6M | ||
| Q4 24 | $163.4M | $-3.2M | ||
| Q3 24 | $132.6M | $4.1M | ||
| Q2 24 | $207.7M | $15.2M |
| Q1 26 | — | — | ||
| Q4 25 | 44.3% | -3.1% | ||
| Q3 25 | 42.5% | 5.3% | ||
| Q2 25 | 51.5% | 15.5% | ||
| Q1 25 | 41.1% | 2.5% | ||
| Q4 24 | 41.3% | -2.3% | ||
| Q3 24 | 35.0% | 3.2% | ||
| Q2 24 | 56.8% | 12.2% |
| Q1 26 | 51.4% | — | ||
| Q4 25 | 16.5% | 7.1% | ||
| Q3 25 | 19.0% | 5.1% | ||
| Q2 25 | 15.3% | 3.5% | ||
| Q1 25 | 11.9% | 3.7% | ||
| Q4 24 | 24.0% | 3.1% | ||
| Q3 24 | 24.4% | 2.8% | ||
| Q2 24 | 17.5% | 1.8% |
| Q1 26 | 1.61× | — | ||
| Q4 25 | 2.63× | 0.54× | ||
| Q3 25 | 2.65× | 1.30× | ||
| Q2 25 | 3.07× | 2.91× | ||
| Q1 25 | 2.83× | 0.84× | ||
| Q4 24 | 3.67× | 0.12× | ||
| Q3 24 | 3.84× | 1.03× | ||
| Q2 24 | 5.49× | 1.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HESM
| Affiliate services | $197.9M | 97% |
| Third-party services | $6.2M | 3% |
IBEX
| Transferred Over Time | $147.1M | 90% |
| Transferred At Point In Time | $17.1M | 10% |
