A Business at a Glance
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Items 1. and 2. Business and Properties DT Midstream was incorporated in the state of Delaware in 2021. Our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and all amendments to such reports are available free of charge through the Investors Relations page of DT Midstream's website: www.dtmidstream.com, as soon as reasonably practicable after they are filed with or furnished to the SEC. Additionally, the public may read and copy any materials that we file electronically with the SEC at www.sec.gov. The DT Midstream Code of Conduct, Board of Directors' Code of Business Conduct and Ethics, Board of Directors' Governance Guidelines, Board of Directors' Committee Charters, and Categorical Standards for Director Independence are also posted on DT Midstream's website. The information on DT Midstream's website is not part of this report or any other report that DT Midstream files with, or furnishes to, the SEC.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 1.2B | 981M | 922M | 920M | 840M |
| Net Income | 441M | 441M | 354M | 384M | 370M | 307M |
| EPS | $4.30 | $4.30 | $3.60 | $3.94 | $3.81 | $3.16 |
| Free Cash Flow | 441M | 441M | 413M | 26M | 387M | 432M |
| ROIC | 5.7% | 5.8% | 4.6% | 5.1% | 5.4% | 9.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.71 | 0.71 | 0.76 | 0.79 | 0.85 | 0.80 |
| Dividends/Share | $3.16 | $3.28 | $2.94 | $2.76 | $2.56 | $1.20 |
| Operating Income | 614M | 614M | 489M | 471M | 478M | 402M |
| Operating Margin | 49.4% | 49.4% | 49.8% | 51.1% | 52.0% | 47.9% |
| ROE | 9.3% | 9.4% | 8.1% | 9.4% | 9.4% | 16.7% |
| Shares Outstanding | 103M | 103M | 98M | 97M | 97M | 97M |
| Metric | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 504M | 754M | 840M | 920M | 922M | 981M | 1.2B | 1.2B |
| 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 | 614M |
| Op. Margin | 51.8% | 54.9% | 47.9% | 52.0% | 51.1% | 49.8% | 49.4% | 49.4% |
| Net Income | 204M | 312M | 307M | 370M | 384M | 354M | 441M | 441M |
| Net Margin | 40.5% | 41.4% | 36.5% | 40.2% | 41.6% | 36.1% | 35.5% | 35.5% |
| Non-Recurring | 1.0M | 2.0M | 17M | 23M | 4.0M | 0 | 0 | 0 |
| Returns on Capital | ||||||||
| ROIC | 2.5% | 3.8% | 9.2% | 5.4% | 5.1% | 4.6% | 5.8% | 5.7% |
| ROE | -340.0% | -249.6% | 16.7% | 9.4% | 9.4% | 8.1% | 9.4% | 9.3% |
| ROA | 2.6% | 3.9% | 3.7% | 4.4% | 4.3% | 3.7% | 4.4% | 4.4% |
| Cash Flow | ||||||||
| Op. Cash Flow | 390M | 597M | 572M | 725M | 798M | 763M | 867M | 867M |
| Free Cash Flow | 179M | 79M | 432M | 387M | 26M | 413M | 441M | 441M |
| Owner Earnings | 291M | 80M | -59M | -20M | -70M | -258M | -351M | -351M |
| CapEx | 211M | 518M | 140M | 338M | 772M | 350M | 426M | 426M |
| Maint. CapEx | 93M | 511M | 619M | 728M | 848M | 998M | 1.2B | 1.2B |
| Growth CapEx | 118M | 7.0M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 93M | 511M | 619M | 728M | 848M | 998M | 1.2B | 1.2B |
| CapEx/OCF | N/A | N/A | 24.5% | 46.6% | 96.7% | 45.9% | 49.1% | 49.1% |
| Capital Allocation | ||||||||
| Dividends Paid | 0 | 0 | 58M | 244M | 263M | 280M | 324M | 324M |
| Dividend Yield | N/A | N/A | 1.6% | 5.4% | 5.8% | 4.1% | 3.1% | 2.4% |
| Share Buybacks | 0 | 0 | 0 | 3.0M | 0 | 3.0M | 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 | 3.3B |
| Cash & Equiv. | 46M | 42M | 132M | 61M | 56M | 68M | 54M | 54M |
| Long-Term Debt | 0 | 0 | 3.0B | 3.1B | 3.1B | 3.3B | 3.3B | 3.3B |
| Debt/Equity | 0.00 | -0.24 | 0.80 | 0.85 | 0.79 | 0.76 | 0.71 | 0.71 |
| Interest Coverage | 3.5 | 3.7 | 3.6 | 3.5 | 3.1 | 3.0 | 3.6 | 3.6 |
| Equity | -60M | -190M | 3.9B | 4.0B | 4.1B | 4.6B | 4.7B | 4.7B |
| Total Assets | 7.8B | 8.3B | 8.2B | 8.8B | 9.0B | 9.9B | 10.1B | 10.1B |
| Total Liabilities | 4.1B | 4.1B | 4.1B | 4.7B | 4.7B | 5.2B | 5.2B | 5.2B |
| Intangibles | N/A | 2.1B | 2.1B | 2.0B | 2.0B | 1.9B | 1.9B | 1.9B |
| Retained Earnings | N/A | 751M | 431M | 547M | 661M | 723M | 827M | 827M |
| Working Capital | N/A | -2.8B | 183M | -352M | -162M | -116M | 22M | 22M |
| Current Assets | N/A | 483M | 360M | 262M | 272M | 310M | 318M | 318M |
| Current Liabilities | N/A | 3.3B | 177M | 614M | 434M | 426M | 296M | 296M |
| Per Share Data | ||||||||
| EPS | 2.11 | 3.23 | 3.16 | 3.81 | 3.94 | 3.60 | 4.30 | 4.30 |
| Owner EPS | 3.01 | 0.83 | -0.61 | -0.21 | -0.72 | -2.62 | -3.42 | -3.42 |
| Book Value | -0.62 | -1.97 | 39.86 | 41.26 | 42.47 | 47.05 | 46.18 | 46.18 |
| Cash Flow/Share | 4.03 | 6.18 | 5.89 | 7.47 | 8.19 | 7.76 | 8.45 | 15.92 |
| Dividends/Share | 0.00 | 0.00 | 1.20 | 2.56 | 2.76 | 2.94 | 3.28 | 3.16 |
| Shares Out. | 96.7M | 96.6M | 97.2M | 97.1M | 97.5M | 98.3M | 102.6M | 102.6M |
| Valuation | ||||||||
| P/E Ratio | N/A | N/A | 12.8 | 12.7 | 13.0 | 26.9 | 28.0 | 31.0 |
| P/FCF | N/A | N/A | 9.1 | 12.1 | 191.8 | 23.1 | 28.0 | 31.0 |
| EV/EBIT | N/A | N/A | 16.7 | 16.7 | 17.2 | 26.3 | 25.4 | 27.6 |
| Price/Book | N/A | N/A | 1.0 | 1.2 | 1.2 | 2.1 | 2.6 | 2.9 |
| Price/Sales | N/A | N/A | 4.4 | 4.9 | 4.9 | 6.9 | 8.5 | 11.0 |
| FCF Yield | N/A | N/A | 11.0% | 8.2% | 0.5% | 4.3% | 3.6% | 3.2% |
| Market Cap | 0 | N/A | 3.9B | 4.7B | 5.0B | 9.5B | 12.4B | 13.6B |
| Avg. Price | 0.00 | N/A | 37.85 | 46.65 | 46.75 | 69.19 | 103.32 | 133.09 |
| Year-End Price | 0.00 | N/A | 40.48 | 48.41 | 51.16 | 96.96 | 120.48 | 133.09 |
DT Midstream, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
DT Midstream, Inc. trades at 31.0x 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 30.7x vs a median of 17.6x. The company's 5-year average ROIC is 6.0%. Total shareholder yield (dividends) is 2.4%. At current prices, the estimated annualized return to fair value is -12.3%.
DT Midstream, Inc. (DTM) has a current P/E ratio of 31.0, 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 6.0%. This is below average and may indicate limited pricing power.
DT Midstream, Inc. (DTM) has a market capitalization of $13.6B. It is classified as a large-cap stock.
Yes, DT Midstream, Inc. (DTM) pays a dividend with a trailing twelve-month yield of 2.37%.
Based on historical P/E analysis, DT Midstream, Inc. (DTM) appears expensive. The current P/E of 31.0 is 138% above its historical median of 13.0. The estimated fair value CAGR (P/E method) is 4.8%.
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, 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.