COMPARE · Data as of August 27, 2026
HESM vs PBA
Verdict: Side-by-side breakdown using the Bull Rankings model. HESM scored 61.1, PBA scored 47.5 — HESM leads.
Compare another set
Different reporting periods. HESM's fundamentals are as of June 2026, but PBA's are as of December 2025 — a 6-month gap. Growth, margin and valuation figures below therefore describe different windows and aren't strictly like-for-like.
HESM
Hess Midstream LP
61.1
$39.08 · $8.1B
fundamentals as of
Score gap
13.6
HESM leads
PBA
Pembina Pipeline Corporation
47.5
$48.39 · $28.1B
fundamentals as of
At a glance · who leads each dimension, on the model's own rules
- CheapestHESM13.5x
- Fastest growthPBA+5.3%
- Strongest balance sheetPBA0.81
- 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)
HESM
stronger →← stronger
PBA
80
Qualityreturns · margins · balance sheet
69
48
Growthrevenue & earnings expansion
50
59
Valuevaluation vs sector peers
36
HESM is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
HESM
PBA
$838mC+
FCF
$1.5bC+
+2.8%C
Rev
+5.3%C+
9.48D
D/E
0.81C+
13.5xB
P/E
23.6xC+
2.74C
PEG
1.76C+
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
HESM
PBA
62% below
Price vs fair valuelower is cheaper
2% above
~-17%/yr
Growth the price implies10-yr FCF · lower = less priced in
~3%/yr
+156%
1-yr DCF upside
+0%
+163%
5-yr DCF upside
-2%
+174%
10-yr DCF upside
-5%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
HESM
Why this score
- Buying back stock
- Raising its dividend
PBA
Why this score
- Cyclical growth
- Foreign reporter (CAD)
The companies
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 7.9% 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.
PBAPembina Pipeline Corporation
Why now
Oil & Gas Midstream · market cap $28.1b. 6% off the 52-week high of $51.58.
Moat
Net margin 22% sits well above the S&P median (~11%) — suggests structural pricing advantage or cost discipline competitors can't quickly close. ROE 10% meets the long-run market sustainable threshold — solid but not differentiated; the durability comes from elsewhere. FCF converts 126% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Dividend payout 101% of earnings on a 4.3% yield — distribution coverage is thin; one earnings stumble could force a dividend cut. Jurisdictional + permitting risk — mining and extraction operations concentrate exposure to political stability, royalty regimes, and environmental review timelines that can stall production for years.
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 HESM and PBA diverge
On the headline score the gap is 13.6 points in favor of HESM. The widest single difference is Value, where HESM leads by 22.7 points.
- ValueHESM 59.1 · PBA 36.4HESM +22.7
- QualityHESM 80.2 · PBA 68.8HESM +11.4
- GrowthHESM 48.0 · PBA 50.0level
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.