COMPARE · Data as of August 21, 2026
FRO vs HESM
Verdict: Side-by-side breakdown using the Bull Rankings model. FRO scored 33.0, HESM scored 60.8 — HESM leads.
Compare another set
FRO
Frontline plc
33
$43.67 · $9.7B
Score gap
27.8
HESM leads
HESM
Hess Midstream LP
60.8
$39.14 · $8.1B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
- CheapestFRO10.8x
- Fastest growthFRO+49.5%
- Strongest balance sheetFRO0.93
- Highest qualityHESM80 / 100
- Largest discount to fair valueHESM-62%
Side by side · every name on one set of axes
Growth against the P/E multiple. Up and to the right is cheaper and faster — the quality-growth idea in one picture. Points beyond the axis are pinned to the edge and marked off-scale rather than allowed to compress everything else.
The model, pillar by pillar (0–100 each)
FRO
stronger →← stronger
HESM
50
Qualityreturns · margins · balance sheet
80
50
Growthrevenue & earnings expansion
48
14
Valuevaluation vs sector peers
58
HESM is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
FRO
HESM
$592mC+
FCF
$838mC+
+49.5%A
Rev
+2.8%C
0.93C+
D/E
9.48D
10.8xB+
P/E
13.5xB
5.58D
PEG
2.74C
Winner per row is the stronger grade; where grades tie, the better figure breaks it. A true tie or a missing value shows no highlight.
Valuation · DCF cross-check
FRO
HESM
35% above
Price vs fair valuelower is cheaper
62% below
~6%/yr
Growth the price implies10-yr FCF · lower = less priced in
~-17%/yr
-17%
1-yr DCF upside
+156%
-26%
5-yr DCF upside
+163%
-36%
10-yr DCF upside
+173%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
FRO
Why this score
- Raising its dividend
- Cyclical growth
HESM
Why this score
- Buying back stock
- Raising its dividend
The companies
FROFrontline plc
Why now
Oil & Gas Midstream · market cap $9.7b. 3% off the 52-week high of $45.17. Revenue growing +49% — in hypergrowth territory. 4 sell-side analysts rate this a Buy with a mean 1-yr target of $44.25 (implying +1% upside).
Moat
Moat signals from the quantitative card are modest — profitability and capital efficiency are middle-of-pack. The thesis here depends on softer factors (switching costs, brand, distribution, regulatory protection) not captured by the quality-growth screen.
Risk
Currently unprofitable (margin -1.7%) — path to GAAP profitability is the core thesis risk. P/S 15.2x embeds aggressive forward growth — disappointing top-line guidance would compress the multiple hard. ROE -1% is below the long-run sustainable threshold of ~10% — capital efficiency would need to improve for the equity base to compound at the market rate.
HESMHess Midstream LP
Why now
Oil & Gas Midstream · market cap $8.1b. 6% off the 52-week high of $41.75. 6 sell-side analysts rate this an Underperform with a mean 1-yr target of $37.50 (implying -4% upside).
Moat
Net margin 23% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. Free cash flow runs well ahead of reported net income — non-cash charges (depreciation, intangible amortization) are holding down GAAP earnings while cash generation stays strong.
Risk
D/E 9.48 is elevated — limits strategic flexibility and raises refinancing exposure if rates stay higher for longer. Dividend payout 105% of earnings on a 7.8% yield — distribution coverage is thin; one earnings stumble could force a dividend cut. Hedge-book exposure — many commodity producers hedge forward production; if the hedge book is concentrated at prices well below spot, the upside the market expects is already locked away.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.
Where FRO and HESM diverge
On the headline score the gap is 27.8 points in favor of HESM. The widest single difference is Value, where HESM leads by 44.1 points.
- ValueFRO 14.3 · HESM 58.4HESM +44.1
- QualityFRO 50.2 · HESM 80.4HESM +30.2
- GrowthFRO 50.0 · HESM 48.0level
Pillars run 0–100 against sector peers, so a score is a statement about a company relative to its own industry rather than to the other name here. A wide Value gap usually means the market already prices the difference in quality or growth — which is the trade-off this comparison comes down to.