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Side-by-side financial comparison of Hess Midstream LP (HESM) and RLJ Lodging Trust (RLJ). Click either name above to swap in a different company.
RLJ Lodging Trust is the larger business by last-quarter revenue ($340.0M vs $204.1M, roughly 1.7× Hess Midstream LP). Hess Midstream LP runs the higher net margin — 77.3% vs -1.9%, a 79.2% gap on every dollar of revenue. On growth, RLJ Lodging Trust posted the faster year-over-year revenue change (3.6% vs 2.1%). Over the past eight quarters, RLJ Lodging Trust's revenue compounded faster (-4.1% 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 RLJ Companies is an American asset management firm owned by entrepreneur Robert Louis Johnson. After selling Black Entertainment Television in 2001, Johnson's first company, he created RLJ Companies in Bethesda, Maryland. The company's network includes hotel real estate investment, private equity, financial services, asset management, insurance services, car dealerships, sports and entertainment, and video lottery terminal (VLT) gaming. The company is headquartered in Bethesda and has add...
HESM vs RLJ — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $204.1M | $340.0M |
| Net Profit | $157.7M | $-6.4M |
| Gross Margin | — | — |
| Operating Margin | 116.7% | 8.2% |
| Net Margin | 77.3% | -1.9% |
| Revenue YoY | 2.1% | 3.6% |
| Net Profit YoY | -2.3% | — |
| EPS (diluted) | $0.68 | — |
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 | $340.0M | ||
| Q4 25 | $404.2M | $328.6M | ||
| Q3 25 | $420.9M | $330.0M | ||
| Q2 25 | $414.2M | $363.1M | ||
| Q1 25 | $382.0M | $328.1M | ||
| Q4 24 | $395.9M | $330.0M | ||
| Q3 24 | $378.5M | $345.7M | ||
| Q2 24 | $365.5M | $369.3M |
| Q1 26 | $157.7M | $-6.4M | ||
| Q4 25 | $93.3M | $430.0K | ||
| Q3 25 | $97.7M | $-3.7M | ||
| Q2 25 | $90.3M | $28.5M | ||
| Q1 25 | $71.6M | $3.4M | ||
| Q4 24 | $70.4M | $5.4M | ||
| Q3 24 | $58.6M | $20.6M | ||
| Q2 24 | $49.5M | $37.1M |
| Q1 26 | 116.7% | 8.2% | ||
| Q4 25 | 62.2% | 0.2% | ||
| Q3 25 | 61.5% | -1.0% | ||
| Q2 25 | 62.8% | 8.0% | ||
| Q1 25 | 62.1% | 1.1% | ||
| Q4 24 | 61.4% | 1.8% | ||
| Q3 24 | 61.2% | 6.1% | ||
| Q2 24 | 60.8% | 10.2% |
| Q1 26 | 77.3% | -1.9% | ||
| Q4 25 | 23.1% | 0.1% | ||
| Q3 25 | 23.2% | -1.1% | ||
| Q2 25 | 21.8% | 7.8% | ||
| Q1 25 | 18.7% | 1.0% | ||
| Q4 24 | 17.8% | 1.6% | ||
| Q3 24 | 15.5% | 6.0% | ||
| Q2 24 | 13.5% | 10.0% |
| Q1 26 | $0.68 | — | ||
| Q4 25 | — | $-0.05 | ||
| Q3 25 | — | $-0.07 | ||
| Q2 25 | — | $0.15 | ||
| Q1 25 | — | $-0.02 | ||
| Q4 24 | — | $-0.01 | ||
| Q3 24 | — | $0.09 | ||
| Q2 24 | — | $0.20 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $353.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $2.1B |
| Total Assets | — | $4.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $353.1M | ||
| Q4 25 | $1.9M | $410.2M | ||
| Q3 25 | $5.5M | $374.8M | ||
| Q2 25 | $4.5M | $373.9M | ||
| Q1 25 | $6.1M | $347.5M | ||
| Q4 24 | $4.3M | $409.8M | ||
| Q3 24 | $10.3M | $385.4M | ||
| Q2 24 | $99.6M | $371.1M |
| Q1 26 | — | — | ||
| Q4 25 | $3.8B | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | $3.5B | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.3B | ||
| Q2 24 | — | $2.3B |
| Q1 26 | — | $4.7B | ||
| Q4 25 | $4.4B | $4.7B | ||
| Q3 25 | $4.4B | $4.8B | ||
| Q2 25 | $4.4B | $4.8B | ||
| Q1 25 | $4.3B | $4.8B | ||
| Q4 24 | $4.2B | $4.9B | ||
| Q3 24 | $4.1B | $4.9B | ||
| Q2 24 | $4.1B | $4.9B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.01× | ||
| Q3 25 | — | 1.01× | ||
| Q2 25 | — | 1.00× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | 0.97× | ||
| Q3 24 | — | 0.96× | ||
| Q2 24 | — | 0.95× |
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 | — |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 51.4% | — |
| Cash ConversionOCF / Net Profit | 1.61× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $253.3M | — | ||
| Q4 25 | $245.6M | $243.8M | ||
| Q3 25 | $258.9M | $63.3M | ||
| Q2 25 | $276.9M | $101.3M | ||
| Q1 25 | $202.4M | $16.3M | ||
| Q4 24 | $258.5M | $285.4M | ||
| Q3 24 | $224.9M | $80.1M | ||
| Q2 24 | $271.6M | $113.5M |
| Q1 26 | — | — | ||
| Q4 25 | $178.9M | $117.4M | ||
| Q3 25 | $178.9M | $33.6M | ||
| Q2 25 | $213.5M | $66.1M | ||
| Q1 25 | $156.9M | $-30.5M | ||
| Q4 24 | $163.4M | $148.9M | ||
| Q3 24 | $132.6M | $45.4M | ||
| Q2 24 | $207.7M | $74.9M |
| Q1 26 | — | — | ||
| Q4 25 | 44.3% | 35.7% | ||
| Q3 25 | 42.5% | 10.2% | ||
| Q2 25 | 51.5% | 18.2% | ||
| Q1 25 | 41.1% | -9.3% | ||
| Q4 24 | 41.3% | 45.1% | ||
| Q3 24 | 35.0% | 13.1% | ||
| Q2 24 | 56.8% | 20.3% |
| Q1 26 | 51.4% | — | ||
| Q4 25 | 16.5% | 38.5% | ||
| Q3 25 | 19.0% | 9.0% | ||
| Q2 25 | 15.3% | 9.7% | ||
| Q1 25 | 11.9% | 14.3% | ||
| Q4 24 | 24.0% | 41.4% | ||
| Q3 24 | 24.4% | 10.0% | ||
| Q2 24 | 17.5% | 10.4% |
| Q1 26 | 1.61× | — | ||
| Q4 25 | 2.63× | 566.97× | ||
| Q3 25 | 2.65× | — | ||
| Q2 25 | 3.07× | 3.56× | ||
| Q1 25 | 2.83× | 4.85× | ||
| Q4 24 | 3.67× | 53.09× | ||
| Q3 24 | 3.84× | 3.89× | ||
| Q2 24 | 5.49× | 3.06× |
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% |
RLJ
| Room revenue | $275.3M | 81% |
| Food and beverage revenue | $39.7M | 12% |
| Other revenue | $25.0M | 7% |
