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Side-by-side financial comparison of Hess Midstream LP (HESM) and Ultragenyx Pharmaceutical Inc. (RARE). Click either name above to swap in a different company.
Hess Midstream LP is the larger business by last-quarter revenue ($404.2M vs $207.3M, roughly 2.0× Ultragenyx Pharmaceutical Inc.). Hess Midstream LP runs the higher net margin — 23.1% vs -62.0%, a 85.1% gap on every dollar of revenue. On growth, Ultragenyx Pharmaceutical Inc. posted the faster year-over-year revenue change (25.9% vs 2.1%). Hess Midstream LP produced more free cash flow last quarter ($178.9M vs $-100.8M). Over the past eight quarters, Ultragenyx Pharmaceutical Inc.'s revenue compounded faster (38.0% CAGR vs 6.6%).
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.
Ultragenyx Pharmaceutical Inc. is an American biopharmaceutical company involved in the research and development of novel products for treatment of rare and ultra-rare genetic diseases for which there are typically no approved treatments and high unmet medical need. The company works with multiple drug modalities including biologics, small molecule, gene therapies, and ASO and mRNAs in the disease categories of bone, endocrine, metabolic, muscle and CNS diseases.
HESM vs RARE — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $404.2M | $207.3M |
| Net Profit | $93.3M | $-128.6M |
| Gross Margin | — | — |
| Operating Margin | 62.2% | -54.7% |
| Net Margin | 23.1% | -62.0% |
| Revenue YoY | 2.1% | 25.9% |
| Net Profit YoY | 32.5% | 3.5% |
| EPS (diluted) | — | $-1.28 |
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.
| Q4 25 | $404.2M | $207.3M | ||
| Q3 25 | $420.9M | $159.9M | ||
| Q2 25 | $414.2M | $166.5M | ||
| Q1 25 | $382.0M | $139.3M | ||
| Q4 24 | $395.9M | $164.6M | ||
| Q3 24 | $378.5M | $139.5M | ||
| Q2 24 | $365.5M | $147.0M | ||
| Q1 24 | $355.6M | $108.8M |
| Q4 25 | $93.3M | $-128.6M | ||
| Q3 25 | $97.7M | $-180.4M | ||
| Q2 25 | $90.3M | $-115.0M | ||
| Q1 25 | $71.6M | $-151.1M | ||
| Q4 24 | $70.4M | $-133.2M | ||
| Q3 24 | $58.6M | $-133.5M | ||
| Q2 24 | $49.5M | $-131.6M | ||
| Q1 24 | $44.6M | $-170.7M |
| Q4 25 | 62.2% | -54.7% | ||
| Q3 25 | 61.5% | -106.9% | ||
| Q2 25 | 62.8% | -64.8% | ||
| Q1 25 | 62.1% | -102.6% | ||
| Q4 24 | 61.4% | -74.3% | ||
| Q3 24 | 61.2% | -94.6% | ||
| Q2 24 | 60.8% | -79.1% | ||
| Q1 24 | 62.4% | -151.9% |
| Q4 25 | 23.1% | -62.0% | ||
| Q3 25 | 23.2% | -112.8% | ||
| Q2 25 | 21.8% | -69.0% | ||
| Q1 25 | 18.7% | -108.5% | ||
| Q4 24 | 17.8% | -80.9% | ||
| Q3 24 | 15.5% | -95.7% | ||
| Q2 24 | 13.5% | -89.5% | ||
| Q1 24 | 12.5% | -156.8% |
| Q4 25 | — | $-1.28 | ||
| Q3 25 | — | $-1.81 | ||
| Q2 25 | — | $-1.17 | ||
| Q1 25 | — | $-1.57 | ||
| Q4 24 | — | $-1.34 | ||
| Q3 24 | — | $-1.40 | ||
| Q2 24 | — | $-1.52 | ||
| Q1 24 | — | $-2.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9M | $421.0M |
| Total DebtLower is stronger | $3.8B | — |
| Stockholders' EquityBook value | — | $-80.0M |
| Total Assets | $4.4B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9M | $421.0M | ||
| Q3 25 | $5.5M | $202.5M | ||
| Q2 25 | $4.5M | $176.3M | ||
| Q1 25 | $6.1M | $127.1M | ||
| Q4 24 | $4.3M | $174.0M | ||
| Q3 24 | $10.3M | $150.6M | ||
| Q2 24 | $99.6M | $480.7M | ||
| Q1 24 | $4.2M | $112.3M |
| Q4 25 | $3.8B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $-80.0M | ||
| Q3 25 | — | $9.2M | ||
| Q2 25 | — | $151.3M | ||
| Q1 25 | — | $144.2M | ||
| Q4 24 | — | $255.0M | ||
| Q3 24 | — | $346.8M | ||
| Q2 24 | — | $432.4M | ||
| Q1 24 | — | $140.3M |
| Q4 25 | $4.4B | $1.5B | ||
| Q3 25 | $4.4B | $1.2B | ||
| Q2 25 | $4.4B | $1.3B | ||
| Q1 25 | $4.3B | $1.3B | ||
| Q4 24 | $4.2B | $1.5B | ||
| Q3 24 | $4.1B | $1.5B | ||
| Q2 24 | $4.1B | $1.6B | ||
| Q1 24 | $3.9B | $1.3B |
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 | $245.6M | $-99.8M |
| Free Cash FlowOCF − Capex | $178.9M | $-100.8M |
| FCF MarginFCF / Revenue | 44.3% | -48.6% |
| Capex IntensityCapex / Revenue | 16.5% | 0.5% |
| Cash ConversionOCF / Net Profit | 2.63× | — |
| TTM Free Cash FlowTrailing 4 quarters | $728.2M | $-472.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $245.6M | $-99.8M | ||
| Q3 25 | $258.9M | $-91.4M | ||
| Q2 25 | $276.9M | $-108.3M | ||
| Q1 25 | $202.4M | $-166.5M | ||
| Q4 24 | $258.5M | $-79.3M | ||
| Q3 24 | $224.9M | $-67.0M | ||
| Q2 24 | $271.6M | $-77.0M | ||
| Q1 24 | $185.3M | $-190.7M |
| Q4 25 | $178.9M | $-100.8M | ||
| Q3 25 | $178.9M | $-92.7M | ||
| Q2 25 | $213.5M | $-110.7M | ||
| Q1 25 | $156.9M | $-167.8M | ||
| Q4 24 | $163.4M | $-79.5M | ||
| Q3 24 | $132.6M | $-68.6M | ||
| Q2 24 | $207.7M | $-79.0M | ||
| Q1 24 | $130.5M | $-193.9M |
| Q4 25 | 44.3% | -48.6% | ||
| Q3 25 | 42.5% | -58.0% | ||
| Q2 25 | 51.5% | -66.5% | ||
| Q1 25 | 41.1% | -120.5% | ||
| Q4 24 | 41.3% | -48.3% | ||
| Q3 24 | 35.0% | -49.2% | ||
| Q2 24 | 56.8% | -53.7% | ||
| Q1 24 | 36.7% | -178.2% |
| Q4 25 | 16.5% | 0.5% | ||
| Q3 25 | 19.0% | 0.8% | ||
| Q2 25 | 15.3% | 1.5% | ||
| Q1 25 | 11.9% | 1.0% | ||
| Q4 24 | 24.0% | 0.1% | ||
| Q3 24 | 24.4% | 1.2% | ||
| Q2 24 | 17.5% | 1.4% | ||
| Q1 24 | 15.4% | 3.0% |
| Q4 25 | 2.63× | — | ||
| Q3 25 | 2.65× | — | ||
| Q2 25 | 3.07× | — | ||
| Q1 25 | 2.83× | — | ||
| Q4 24 | 3.67× | — | ||
| Q3 24 | 3.84× | — | ||
| Q2 24 | 5.49× | — | ||
| Q1 24 | 4.15× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HESM
| Gathering | $217.3M | 54% |
| Processing And Storage | $154.7M | 38% |
| Terminaling And Export | $32.2M | 8% |
RARE
| Royalty | $105.6M | 51% |
| Products | $101.7M | 49% |
