A Business at a Glance
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DT Midstream, Inc.
DTM
$14.9B
Mkt Cap
$145.69
-0.34%
DT Midstream, Inc. (DTM) has a current P/E ratio of 33.9, compared to its historical median P/E of 13.0. The stock is currently considered Expensive based on its historical valuation range.
DT Midstream, Inc. (DTM) has a 5-year average return on invested capital (ROIC) of 5.3%. This is below average and may indicate limited pricing power.
DT Midstream, Inc. (DTM) has a market capitalization of $14.9B. It is classified as a large-cap stock.
Yes, DT Midstream, Inc. (DTM) pays a dividend with a trailing twelve-month yield of 2.23%.
Based on historical P/E analysis, DT Midstream, Inc. (DTM) appears expensive. The current P/E of 33.9 is 161% above its historical median of 13.0. The estimated fair value CAGR (P/E method) is 4.5%.
DT Midstream, Inc. (DTM) operates in the Natural Gas Transmission industry, within the Utilities sector.
DT Midstream, Inc. (DTM) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
DT Midstream is an owner, operator, and developer of an integrated portfolio of natural gas midstream assets that provides multiple services to customers through interstate pipelines, intrastate pipelines, storage systems, gathering lateral pipelines, compression and surface facilities, and gathering systems with related treatment plants. The company's core assets strategically connect key demand centers in the Midwestern U.S., Eastern Canada, and Northeastern U.S. regions to premium production areas of the Marcellus/Utica natural gas formation in the Appalachian Basin, and connect key demand centers and LNG export terminals in the Gulf Coast region to premium production areas of the Haynesville natural gas formation. DT Midstream generates contractual cash flows from customers including natural gas producers, local distribution companies, electric power generators, industrials, and national marketers through long-term negotiated rate contracts and service agreements. The company operates a capital-intensive, regulated utility-like business model with stable, long-term growth supported by its strategically positioned asset footprint and established customer relationships. DT Midstream's competitive advantages include its integrated system connectivity to both supply and demand markets, operational excellence in asset execution, and disciplined capital deployment focused on high-quality, investment-grade counterparties in regulated asset constructs.
【Strong organic growth acceleration】 Management expects generational investment opportunities across its footprint, with accelerating demand for natural gas to serve power generation and data centers in the Upper Midwest and Northeast, supported by approximately 50 GW of utility-announced contracted and potential large load opportunities and approximately 35 GW of coal plant retirements expected over the next 10–15 years. The company is advancing a significantly expanded organic project backlog of $3.4 billion over the next five years, with approximately 75% comprising pipeline projects, and expects to continue announcing additional projects as market fundamentals strengthen and customer demand signals accelerate. LNG demand is projected to grow by 11 Bcf through 2030, with two-thirds expected to be served by the Haynesville system, positioning DT Midstream's integrated network to capture incremental opportunities across both supply and demand corridors. Management remains confident in delivering on its 2026 and 2027 guidance ranges and expects to maintain disciplined capital allocation while preserving its newly achieved investment-grade credit rating and growing dividends in line with Adjusted EBITDA growth.
| Metric | Target | Period |
|---|---|---|
| Adjusted EBITDA | $1.155 billion–$1.225 billion | FY2026 |
| Adjusted EBITDA | $1.225 billion–$1.295 billion | FY2027 |
| Growth capital investment | $420 million–$480 million | FY2026 |
Adjusted EBITDA (FY2026): “For 2026, our Adjusted EBITDA guidance range is $1.155 billion-$1.225 billion, with the midpoint representing 6% growth over our 2025 original guidance midpoint.”
Adjusted EBITDA (FY2027): “Our 2027 early outlook range for Adjusted EBITDA is $1.225 billion-$1.295 billion, with the midpoint representing a 6% increase over the 2026 guidance midpoint.”
Growth capital investment (FY2026): “Our 2026 growth capital guidance is $420 million-$480 million, and we've increased our committed capital to reflect the new FID growth projects, with approximately $390 million now committed.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.3B | 1.2B | 981M | 922M | 920M | 840M |
| Net Income | 463M | 441M | 354M | 384M | 370M | 307M |
| EPS | $4.55 | $4.30 | $3.60 | $3.94 | $3.81 | $3.16 |
| Free Cash Flow | 467M | 441M | 413M | 26M | 387M | 432M |
| ROIC | 6.1% | 5.8% | 4.6% | 5.1% | 5.4% | 5.5% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.70 | 0.71 | 0.76 | 0.79 | 0.85 | 0.80 |
| Dividends/Share | $3.25 | $3.28 | $2.94 | $2.76 | $2.56 | $0.60 |
| Operating Income | 632M | 614M | 489M | 471M | 478M | 402M |
| Operating Margin | 49.5% | 49.4% | 49.8% | 51.1% | 52.0% | 47.9% |
| ROE | 9.7% | 9.4% | 8.1% | 9.4% | 9.4% | 7.6% |
| Shares Outstanding | 102M | 103M | 98M | 97M | 97M | 97M |
| Metric | ||||||||
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 504M | 754M | 840M | 920M | 922M | 981M | 1.2B | 1.3B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EBIT | 261M | 414M | 402M | 478M | 471M | 489M | 614M | 632M |
| Op. Margin | 51.8% | 54.9% | 47.9% | 52.0% | 51.1% | 49.8% | 49.4% | 49.5% |
| Net Income | 204M | 312M | 307M | 370M | 384M | 354M | 441M | 463M |
| Net Margin | 40.5% | 41.4% | 36.5% | 40.2% | 41.6% | 36.1% | 35.5% | 36.3% |
| Non-Recurring | 1.0M | 2.0M | 17M | 23M | 4.0M | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | 5.3% | 7.7% | 5.5% | 5.4% | 5.1% | 4.6% | 5.8% | 6.1% |
| ROE | 5.5% | 7.8% | 7.6% | 9.4% | 9.4% | 8.1% | 9.4% | 9.7% |
| ROA | 2.6% | 3.9% | 3.7% | 4.4% | 4.3% | 3.7% | 4.4% | 4.6% |
| Cash Flow | ||||||||
| Op. Cash Flow | 390M | 597M | 572M | 725M | 798M | 763M | 867M | 900M |
| Free Cash Flow | 179M | 79M | 432M | 387M | 26M | 413M | 441M | 467M |
| Owner Earnings | 291M | 439M | 394M | 538M | 596M | 531M | 583M | -517M |
| CapEx | 211M | 518M | 140M | 338M | 772M | 350M | 426M | 433M |
| Maint. CapEx | 93M | 152M | 166M | 170M | 182M | 209M | 258M | 1.4B |
| Growth CapEx | 118M | 366M | 0 | 168M | 590M | 141M | 168M | 0 |
| D&A | 93M | 152M | 166M | 170M | 182M | 209M | 258M | 1.4B |
| CapEx/OCF | N/A | N/A | 24.5% | 46.6% | 96.7% | 45.9% | 49.1% | 48.1% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 58M | 244M | 263M | 280M | 324M | 332M |
| Dividend Yield | N/A | N/A | 1.6% | 5.4% | 5.8% | 4.1% | 3.1% | 2.2% |
| Share Buybacks | 0 | 0 | 0 | 3.0M | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | 0.1% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 6.0M | 6.0M | 12M | 17M | 20M | 23M | 26M | 26M |
| Debt Repayment | 0 | 0 | 5.0M | 596M | 0 | 399M | 0 | 0 |
| Balance Sheet | ||||||||
| Net Debt | -46M | 3.0M | 3.0B | 3.4B | 3.2B | 3.5B | 3.3B | 3.2B |
| Cash & Equiv. | 46M | 42M | 132M | 61M | 56M | 68M | 54M | 150M |
| Long-Term Debt | 0 | 0 | 3.0B | 3.1B | 3.1B | 3.3B | 3.3B | 3.3B |
| Debt/Equity | 0.00 | 0.01 | 0.80 | 0.85 | 0.79 | 0.76 | 0.71 | 0.70 |
| Interest Coverage | 3.5 | 3.7 | 3.6 | 3.5 | 3.1 | 3.0 | 3.6 | 3.7 |
| Equity | 3.7B | 4.2B | 3.9B | 4.0B | 4.1B | 4.6B | 4.7B | 4.8B |
| Total Assets | 7.8B | 8.3B | 8.2B | 8.8B | 9.0B | 9.9B | 10.1B | 10.2B |
| Total Liabilities | 4.1B | 4.1B | 4.1B | 4.7B | 4.7B | 5.2B | 5.2B | 5.3B |
| Intangibles | N/A | 2.1B | 2.1B | 2.0B | 2.0B | 1.9B | 1.9B | 1.8B |
| Retained Earnings | N/A | 751M | 431M | 547M | 661M | 723M | 827M | 867M |
| Working Capital | N/A | -2.8B | 183M | -352M | -162M | -116M | 22M | 83M |
| Current Assets | N/A | 483M | 360M | 262M | 272M | 310M | 318M | 404M |
| Current Liabilities | N/A | 3.3B | 177M | 614M | 434M | 426M | 296M | 321M |
| Per Share Data | ||||||||
| EPS | 2.11 | 3.23 | 3.16 | 3.81 | 3.94 | 3.60 | 4.30 | 4.55 |
| Owner EPS | 3.01 | 4.54 | 4.06 | 5.54 | 6.12 | 5.40 | 5.68 | -5.07 |
| Book Value | 38.52 | 43.77 | 39.86 | 41.26 | 42.47 | 47.05 | 46.18 | 46.59 |
| Cash Flow/Share | 4.03 | 6.18 | 5.89 | 7.47 | 8.19 | 7.76 | 8.45 | 18.17 |
| Dividends/Share | 0.00 | 0.00 | 0.60 | 2.56 | 2.76 | 2.94 | 3.28 | 3.25 |
| Shares Out. | 96.7M | 96.6M | 97.2M | 97.1M | 97.5M | 98.3M | 102.6M | 102.0M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 12.8 | 12.7 | 13.0 | 26.9 | 28.0 | 32.0 |
| P/FCF | N/A | N/A | 9.1 | 12.1 | 191.8 | 23.1 | 28.0 | 31.8 |
| EV/EBIT | N/A | N/A | 16.7 | 16.7 | 17.2 | 26.3 | 25.4 | 28.5 |
| Price/Book | N/A | N/A | 1.0 | 1.2 | 1.2 | 2.1 | 2.6 | 3.1 |
| Price/Sales | N/A | N/A | 4.4 | 4.9 | 4.9 | 6.9 | 8.5 | 11.6 |
| FCF Yield | N/A | N/A | 11.0% | 8.2% | 0.5% | 4.3% | 3.6% | 3.1% |
| Market Cap | 0 | N/A | 3.9B | 4.7B | 5.0B | 9.5B | 12.4B | 14.9B |
| Avg. Price | 0.00 | N/A | 37.85 | 46.65 | 46.75 | 69.19 | 103.32 | 145.69 |
| Year-End Price | 0.00 | N/A | 40.48 | 48.41 | 51.16 | 96.96 | 120.48 | 145.69 |
DT Midstream, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
DT Midstream, Inc. trades at 33.9x trailing earnings, compared to its 15-year median P/E of 13.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 33.6x vs a median of 17.6x. The company's 5-year average ROIC is 5.3%. Total shareholder yield (dividends) is 2.2%. At current prices, the estimated annualized return to fair value is -11.6%.
DT Midstream, Inc. (DTM) has a net profit margin of 35.5%. This is a strong margin indicating high profitability.
DT Midstream, Inc. (DTM) generated $441 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DT Midstream, Inc. (DTM) has a debt-to-equity ratio of 0.71. This indicates moderate leverage.
DT Midstream, Inc. (DTM) reported earnings per share (EPS) of $4.30 in its most recent fiscal year.
DT Midstream, Inc. (DTM) has a return on equity (ROE) of 9.4%. This indicates moderate shareholder returns.
The Ledger Terminal provides 7 years of financial data for DT Midstream, Inc. (DTM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DT Midstream, Inc. (DTM) has a book value per share of $46.18, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects generational investment opportunities across its footprint, with accelerating demand for natural gas to serve power generation and data centers in the Upper Midwest and Northeast, supported by approximately 50 GW of utility-announced contracted and potential large load opportunities and approximately 35 GW of coal plant retirements expected over the next 10–15 years. The company is advancing a significantly expanded organic project backlog of $3.4 billion over the next five years, with approximately 75% comprising pipeline projects, and expects to continue announcing additional projects as market fundamentals strengthen and customer demand signals accelerate. LNG demand is projected to grow by 11 Bcf through 2030, with two-thirds expected to be served by the Haynesville system, positioning DT Midstream's integrated network to capture incremental opportunities across both supply and demand corridors. Management remains confident in delivering on its 2026 and 2027 guidance ranges and expects to maintain disciplined capital allocation while preserving its newly achieved investment-grade credit rating and growing dividends in line with Adjusted EBITDA growth.
Based on recent SEC filings and earnings calls, DT Midstream, Inc. (DTM) has provided the following forward guidance: Adjusted EBITDA: $1.155 billion–$1.225 billion (FY2026); Adjusted EBITDA: $1.225 billion–$1.295 billion (FY2027); Growth capital investment: $420 million–$480 million (FY2026).