undamentalytics Newsletter
Sign in

DT Midstream, Inc. (DTM) stock

Add to watchlist

Add holding +

NYSE: DTM NYSE Oil & Gas Storage & Transportation Next results ~February 18, 2027

B Fundamentals grade

DT Midstream, Inc. is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$150

Cash-flow model

Base case. Range ~$110–$210 across our lower- and higher-growth cases (8.2%–18.2% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 22% below our base value.

Price used: $120.98, November 2, 2026

DT Midstream, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 1 selling4 purchases and 1 sale by directors and officers, last 12 monthsInsider trades
  • Funds337 adding, 246 cuttingOf 56 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter DT Midstream files

10-Q filed October 29: DT Midstream

Model value +2.3%

DT Midstream's revenue over the twelve months to September 2026 reached $1.33bn, a 13.4% rise on the year before, though this marks a deceleration from 18.1% growth the previous quarter. Margins told a steadier story: free cash flow held at 40.0% of revenue. Despite this, the fundamentals grade slipped from B to C+. Our model value nonetheless edged up, from $151 to $154 a share, well above the current price of $129. Hold remains our rating. At $129, the market appears to be pricing in roughly 10.8% annual cash-flow growth over five years, a figure not far off the 9.7% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where DT Midstream stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.31bn, up 18.1% on a year earlier, slower than 22.2% a quarter earlier. Free-cash-flow margin fell to 36.6% from 42.0% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $125 a share, against a share price of $123. At that price, our model says the market is pricing in about 15.0% a year of cash-flow growth for five years, faster than the 9.3% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 18, 2027 (estimated)

DT Midstream, Inc.'s trailing-twelve-month revenue grew 13.4% year on year, with a free-cash-flow margin of 40.0%. Where it stands out: net margin of 35.4% ranks 3 of 29 oil & gas storage & transportation companies we cover. Where it lags: stock pay as % of revenue of 1.9% ranks 18 of 20 oil & gas storage & transportation companies we cover.

Our discounted-cash-flow model values the business at ~$150 per share in the base case (~$110–$210 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth decelerating: TTM revenue growth slowed to 13.4% (-4.8pp vs the prior quarter), the 3rd consecutive quarterly slowdown.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $120.98 is 28% below our value per share of $150.
  • High operating margin. 49.4% of revenue is left as operating profit, against a median of 28.1% for oil & gas storage & transportation companies we cover.
  • Strong cash generation. 40.0% of revenue turned into free cash flow, against a median of 13.6% for oil & gas storage & transportation companies we cover.

Things to watch

  • High debt. Long-term debt exceeds cash by $3.0bn, more than 1.5 times annual revenue.
  • Growth easing. The growth rate is 4.8 points lower than a quarter earlier.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 1.9% ranks 18 of 20 oil & gas storage & transportation companies we cover (median 0.8%).
  • Below peers: change in growth rate. Change in growth rate of -4.8pp ranks 22 of 29 oil & gas storage & transportation companies we cover (median +0.5pp).
  • Short interest rising. Shares sold short rose 23% in a month to 8.7% of tradable shares.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$1.16 against an average estimate of $1.13: beat by 3.1%
Revenue
$336m, up 7.0% on a year earlier
Share reaction
-0.4% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
adjusted EBITDA $1,185m to $1,225m (2026)
Next report
October 29, 2026; average EPS estimate $1.22

DT Midstream's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-2.7%
  • 1 week-4.7%
  • 1 month-0.0%
  • This year+3.1%
  • 1 year+13.5%
  • 5 years+210.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.3B
Operating margin
49.4%
Net margin
35.4%
EPS (TTM, diluted)
$4.59

Growth

Revenue growth
+13.4%
Change in growth rate
−4.8 pts
Share count change
+0.7%

Cash

Free cash flow (TTM)
$533M
FCF margin
40.0%
Stock pay % of revenue
1.9%

Earnings

Last results
October 29, 2026
Next results (est.)
February 18, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance
  3. Results
  4. Announcement
  5. Results
  6. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

DT Midstream, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 8.7% a year of cash-flow growth for five years.That is close to the 9.7% a year revenue growth DT Midstream has delivered.

  • Priced in8.7%
  • Last 12 months13.4%
  • 3 years a year13.1%
  • 5 years a year9.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($123.97, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$150
Price used
$123.97close November 3, 2026
Implied change
▲ +25%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of DT Midstream, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($653M, FY2026 Q3 TTM), growing 9.6% and 10.8% in the next two years (forecasts, guidance and its record), then back to 13.2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$110–~$210 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of DT Midstream, Inc.'s free cash flow after stock-based pay ( $653M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value DT Midstream, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 7.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.65 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$150 ~$110–$210 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$71 ~$60–$84 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$57 ~$40–$82 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$62 ~$51–$78 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$100 ~$57–$150 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare DT Midstream, Inc. with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −29%
  • Revenue growth 5 points higher ▲ +37%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −1%
  • Discount rate 1 point higher ▼ −18%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $61$94$138$195$270$368
8.5% $39$63$95$136$189$258
10% $26$45$69$100$141$194

Valuation multiples over time Market data may be delayed

At fiscal year end 20212022202320242025Now
Share price$39.58$47.78$50.03$94.54$117.35$120.98
Market value$3.8bn$4.6bn$4.9bn$9.3bn$12.0bn$12.4bn
+ Net debt (− = net cash)$3.0bn$3.3bn$3.2bn$3.4bn$3.3bn$3.1bn
Enterprise value$6.8bn$8.0bn$8.1bn$12.7bn$15.3bn$15.5bn
Multiples
Price / sales 4.6x5.0x5.3x9.5x9.7x9.3x
Price / earnings 12.5x12.6x12.7x26.3x27.3x26.4x
Price / free cash flow 8.9x12.0x187.6x22.5x27.3x23.3x
EV / EBITDA 12.0x12.3x12.3x18.2x17.6x16.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

71 /100

Strong moat

How hard DT Midstream's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 4.2% of total assets over 6 years.

  • Durability 20 / 20

    Operating margin has been a median 50.1%; its worst year was 46.8%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 5 of 6 years, at a median 40.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.72 +10% $1.4bn +11%
Next $5.01 +6% $1.5bn +6%

Next year's EPS estimate has moved +0.7% in 90 days, across 9 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.7% on 90 days ago. In the last 30 days, 1 analyst raised DT Midstream, Inc.'s forecast and 2 cut it.

Consensus EPS forecast DT Midstream, Inc., last 90 days
$4.60 $4.70 $4.80 $4.90 $5.00 $5.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.80 Current fiscal year, 60 days ago: $4.69 Current fiscal year, 30 days ago: $4.69 Current fiscal year, 7 days ago: $4.64 Current fiscal year, Now: $4.72 $4.72 Next fiscal year, 90 days ago: $4.98 Next fiscal year, 60 days ago: $4.90 Next fiscal year, 30 days ago: $4.90 Next fiscal year, 7 days ago: $4.85 Next fiscal year, Now: $5.01 $5.01

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.80$4.98
60 days ago $4.69$4.90
30 days ago $4.69$4.90
7 days ago $4.64$4.85
Now $4.72$5.01

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.13 $1.16 +3.1%
Jun 2026 $1.15 $1.09 −4.8%
Mar 2026 $1.13 $1.27 +12.4%
Dec 2025 $1.15 $1.08 −6.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026
  • Adjusted EBITDA 2026 $1,185m to $1,225m Non-GAAP Raised
    “Based on our strong performance and outlook for the remainder of the year, we are raising our 2026 Adjusted EBITDA guidance to a range of $1,185-$1,225 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows DT Midstream, Inc.'s revenue by +9.6% next year and +10.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.8%, weight 67%) and the company's own record (+13.2%, weight 33%) . How the weights are set.

Analyst recommendations

15 analysts, Oct 2026
Buy960%
Hold533%
Sell17%

Monthly trend

  1. Oct 202636515
  2. Sep 202636515
  3. Aug 202626615
  4. Jul 202625715

Counts of recommendations published by analysts covering DT Midstream, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.7%
of tradable shares
Days to cover
7.43
at average volume
Short interest, 1 month
+23%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
0.6%
of shares
Employees
588
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +13.5%

$106.63 on October 31, 2025 to $120.98

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.3bn +18.1%
Net margin 33.9% 35.7% +5.4%
P/E multiple 28.6x 26.5x −7.2%
Share count 101m 103m −1.8%

Biggest factor: revenue.

Last 3 years +137.4%

$50.96 on November 3, 2023 to $120.98

ThenNowEffect
Revenue (last 12 months) $922m $1.3bn +42.1%
Net margin 40.1% 35.7% −11.0%
P/E multiple 13.4x 26.5x +97.7%
Share count 97m 103m −5.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
DTM+21%+5%+89%+24%+3%
Industry peers (median)+22%+11%+27%+8%+23%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
DTM67%42%83%67%46%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
DTM−20%−17%−12%−24%−21%
S&P 500−25%−10%−8%−19%−9%

Worst fall since July 1, 2021: 24% from January 21, 2025 to March 10, 2025. Getting back needed a 31% gain, reached on September 25, 2025, 199 days after the low.

Price behaviour

52-week range
$107.32 – $149.69
From 52-week high
−19.2%
vs 50-day average
−3.3%
vs 200-day average
−9.4%
Volatility (1 year)
23%
Beta vs S&P 500
0.15

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±2.9%
After a week
8 up, 3 down
typical move ±3.7%
After a month
8 up, 3 down
typical move ±6.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 −0.4% −2.1% — —
July 30, 2026 +1.5% +2.4% −2.2% −4.7%
April 30, 2026 +6.2% +1.3% +3.8% −0.3%
February 19, 2026 +1.9% +0.5% +3.9% −0.5%
October 30, 2025 +2.9% −0.8% +4.9% +13.9%
July 31, 2025 +4.1% −2.0% +2.8% +2.7%
April 30, 2025 −0.7% +0.7% +2.9% +6.3%
February 26, 2025 −3.0% −1.5% −2.3% +2.1%
October 29, 2024 +4.0% −0.1% +5.5% +21.0%
July 30, 2024 +1.5% +1.1% −2.7% +3.0%
April 30, 2024 −2.5% −1.9% +1.3% +4.5%
February 16, 2024 +6.1% −1.0% +8.3% +13.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How DT Midstream, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

DT Midstream, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) DT Midstream, Inc.
$800M $1B $1.2B $1.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $922M Revenue (TTM), FY24 Q1: $942M Revenue (TTM), FY24 Q2: $962M Revenue (TTM), FY24 Q3: $976M Revenue (TTM), FY24 Q4: $981M Revenue (TTM), FY25 Q1: $1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.2B Revenue (TTM), FY25 Q4: $1.2B Revenue (TTM), FY26 Q1: $1.3B Revenue (TTM), FY26 Q2: $1.3B Revenue (TTM), FY26 Q3: $1.3B $1.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $922M
FY24 Q1 $942M
FY24 Q2 $962M
FY24 Q3 $976M
FY24 Q4 $981M
FY25 Q1 $1B
FY25 Q2 $1.1B
FY25 Q3 $1.2B
FY25 Q4 $1.2B
FY26 Q1 $1.3B
FY26 Q2 $1.3B
FY26 Q3 $1.3B
Revenue growth, TTM YoY DT Midstream, Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 0.2% Revenue growth, TTM YoY, FY24 Q1: 1.8% Revenue growth, TTM YoY, FY24 Q2: 4.3% Revenue growth, TTM YoY, FY24 Q3: 6.0% Revenue growth, TTM YoY, FY24 Q4: 6.4% Revenue growth, TTM YoY, FY25 Q1: 10.8% Revenue growth, TTM YoY, FY25 Q2: 15.3% Revenue growth, TTM YoY, FY25 Q3: 20.4% Revenue growth, TTM YoY, FY25 Q4: 26.7% Revenue growth, TTM YoY, FY26 Q1: 22.2% Revenue growth, TTM YoY, FY26 Q2: 18.1% Revenue growth, TTM YoY, FY26 Q3: 13.4% 13.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 0.2%
FY24 Q1 1.8%
FY24 Q2 4.3%
FY24 Q3 6.0%
FY24 Q4 6.4%
FY25 Q1 10.8%
FY25 Q2 15.3%
FY25 Q3 20.4%
FY25 Q4 26.7%
FY26 Q1 22.2%
FY26 Q2 18.1%
FY26 Q3 13.4%
Operating margin (TTM) DT Midstream, Inc.
48% 49% 50% 51% 52% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 51.1% Operating margin (TTM), FY24 Q1: 51.5% Operating margin (TTM), FY24 Q2: 51.8% Operating margin (TTM), FY24 Q3: 50.8% Operating margin (TTM), FY24 Q4: 49.8% Operating margin (TTM), FY25 Q1: 49.1% Operating margin (TTM), FY25 Q2: 48.5% Operating margin (TTM), FY25 Q3: 48.6% Operating margin (TTM), FY25 Q4: 49.4% Operating margin (TTM), FY26 Q1: 49.5% Operating margin (TTM), FY26 Q2: 49.6% Operating margin (TTM), FY26 Q3: 49.4% 49.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 51.1%
FY24 Q1 51.5%
FY24 Q2 51.8%
FY24 Q3 50.8%
FY24 Q4 49.8%
FY25 Q1 49.1%
FY25 Q2 48.5%
FY25 Q3 48.6%
FY25 Q4 49.4%
FY26 Q1 49.5%
FY26 Q2 49.6%
FY26 Q3 49.4%
FCF margin (TTM) DT Midstream, Inc.
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 2.8% FCF margin (TTM), FY24 Q1: 16.2% FCF margin (TTM), FY24 Q2: 29.6% FCF margin (TTM), FY24 Q3: 39.4% FCF margin (TTM), FY24 Q4: 42.1% FCF margin (TTM), FY25 Q1: 42.7% FCF margin (TTM), FY25 Q2: 42.0% FCF margin (TTM), FY25 Q3: 40.3% FCF margin (TTM), FY25 Q4: 35.5% FCF margin (TTM), FY26 Q1: 36.6% FCF margin (TTM), FY26 Q2: 36.6% FCF margin (TTM), FY26 Q3: 40.0% 40.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 2.8%
FY24 Q1 16.2%
FY24 Q2 29.6%
FY24 Q3 39.4%
FY24 Q4 42.1%
FY25 Q1 42.7%
FY25 Q2 42.0%
FY25 Q3 40.3%
FY25 Q4 35.5%
FY26 Q1 36.6%
FY26 Q2 36.6%
FY26 Q3 40.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar DT Midstream took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.2B
  2. Other operating costs $629M · 50.6%
  3. Operating income $614M · 49.4%
  4. Income tax $144M · 11.6%
  5. Interest and other $29M · 2.3%
  6. Net income $441M · 35.5%

Shares of revenue. Source: DT Midstream's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 504 754 840 920 922 981 1,243 1,332
EBITDA 354 566 568 648 653 698 872 933
Operating income 261 414 402 478 471 489 614 658
Net income 204 312 307 370 384 354 441 471
Diluted EPS $2.11 $3.23 $3.16 $3.81 $3.94 $3.60 $4.30 $4.59
Growth (year on year)
Revenue — +49.6% +11.4% +9.5% +0.2% +6.4% +26.7% +13.4%
EBITDA — +59.9% +0.4% +14.1% +0.8% +6.9% +24.9% +14.5%
Operating income — +58.6% −2.9% +18.9% −1.5% +3.8% +25.6% +15.2%
Net income — +52.9% −1.6% +20.5% +3.8% −7.8% +24.6% +16.9%
Diluted EPS — +53.1% −2.2% +20.6% +3.4% −8.6% +19.4% +16.0%
Margins
EBITDA margin 70.2% 75.1% 67.6% 70.4% 70.8% 71.2% 70.2% 70.0%
Operating margin 51.8% 54.9% 47.9% 52.0% 51.1% 49.8% 49.4% 49.4%
Net margin 40.5% 41.4% 36.5% 40.2% 41.6% 36.1% 35.5% 35.4%
Free-cash-flow margin 35.5% 10.5% 51.4% 42.1% 2.8% 42.1% 35.5% 40.0%
Cash flow
Cash from operations 390 597 572 725 798 763 867 938
Capital spending 211 518 140 338 772 350 426 405
Free cash flow 179 79 432 387 26 413 441 533
Stock-based pay 6 6 12 17 20 23 26 25
Free cash flow after stock pay 173 73 420 370 6 390 415 508
Balance sheet
Cash 46 42 132 61 56 68 54 231
Total debt 0 0 3,095 3,389 3,230 3,500 3,350 3,300
Net debt (negative = net cash) −46 −42 2,963 3,328 3,174 3,432 3,296 3,069
Diluted shares 97m 97m 97m 97m 98m 98m 103m 103m
Returned to shareholders
Dividends 0 0 58 244 263 280 324 345
Buybacks — 0 0 3 0 — — —
Total returned 0 0 58 247 263 280 324 345

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $10.3bn
Short-term assets $469mLonger-term assets $9.9bn
What it owes, and who funded it · $10.2bn
Short-term liabilities $403mLonger-term liabilities $5.0bnShareholders' equity $4.8bn
  • Short-term assets cover short-term liabilities $469m of assets due within a year against $403m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $469m short-term assets against $5.0bn of longer-dated liabilities.
  • More cash than debt $231m of cash against $3.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 68% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 78% to 68% over five years.
  • A year's operating cash flow covers at least 20% of debt $938m of operating cash flow against $3.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $658m against $163m of interest.

From DT Midstream, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$345M
Returned to shareholders
65%
of free cash flow
Diluted share count
+0.7%
year over year
Total shareholder yield
2.8%
dividends 2.8% + buybacks 0.0% of market value
Dividend payout ratio
73%
of net income paid out
Days sales outstanding
51 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated DTM TRMD NFE AM EE DKL Median
Revenue, last 12 months $1.3bn $1.3bn $1.3bn $1.3bn $1.5bn $1.2bn $2.0bn
Revenue growth, last 12 months 13.4% −14.1% −37.3% 7.3% 49.0% 30.3% 8.8%
Revenue growth, 3-year average 13.1% — −19.4% 7.3% −8.2% 4.4% 4.0%
Revenue growth, latest quarter 7.0% — 2.8% 10.9% 61.0% 56.2% 10.7%
Gross margin — — 35.5% — — 17.6% 42.6%
Operating margin 49.4% 26.6% −86.3% 81.3% 21.8% 15.3% 27.3%
Operating margin, 3-year average 49.6% — −20.5% 67.2% 22.5% 19.2% 20.8%
Net margin 35.4% 21.3% −149.4% 53.4% 3.2% 12.8% 13.1%
Cash from operations / revenue 70.4% 37.2% −41.5% 106.6% 26.7% 28.3% 29.5%
Free-cash-flow margin 40.0% 14.2% −59.8% 95.2% 1.6% 9.9% 11.8%
Free-cash-flow margin, 3-year average 39.9% — −72.8% 76.8% 17.9% 7.9% 8.8%
Stock pay / revenue 1.9% 2.5% 1.6% 3.4% 0.9% 0.3% 0.5%
Change in share count 0.7% 3.9% 12.5% −1.2% — — 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth 13.4% 8.8% 9 of 29
Change in growth rate Growth -4.8pp +0.5pp 22 of 29
Operating margin Profitability 49.4% 28.1% 5 of 27
Net margin Profitability 35.4% 13.1% 3 of 29
Free-cash-flow margin Cash generation 40.0% 13.6% 3 of 28
Stock pay as % of revenue Cash generation 1.9% 0.8% 18 of 20
Long-term debt as % of assets Balance sheet 31.7% 46.2% 8 of 26
Change in share count Balance sheet 0.7% 0.2% 13 of 19
Days sales outstanding Balance sheet 51 days 43 days 11 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Pipeline $687M 55.3% ▲ 55.1%
Gathering $556M 44.7% ▲ 3.3%

From DT Midstream, Inc.'s 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$13B
Institutions reporting
702
Shares held vs prior quarter
▲ 4.1%
Positions opened / closed
71 / 50

Top buyers and sellers, Q2 2026: 337 institutions bought and 246 sold ; the biggest buyer was Clearbridge Investments, LLC (+1.4M shares) and the biggest seller 59 North Capital Management, LP (−648K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.7B 11.4M 12.9% ▲ 4.4%
Vanguard Portfolio Management LLC $848M 5.8M 6.5% ▼ 1.8%
Vanguard Capital Management LLC $676M 4.6M 5.2% ▲ 0.9%
Geode Capital Management, LLC $499M 3.4M 3.8% ▲ 47.2%
State Street Corp $498M 3.4M 3.8% ▲ 4.0%
Deutsche Bank Ag\ $445M 3.0M 3.4% ▼ 0.7%
Neuberger Berman Group LLC $439M 3.0M 3.4% ▲ 1.8%
Tortoise Capital Advisors, L.L.C. $437M 3.0M 3.4% ▼ 1.1%
Blackstone Inc. $365M 2.5M 2.8% ▼ 7.1%
Dimensional Fund Advisors LP $334M 2.3M 2.6% ▼ 0.1%
T. Rowe Price Investment Management, Inc. $314M 2.1M 2.4% ▲ 5.7%
59 North Capital Management, LP $290M 2.0M 2.2% ▼ 24.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not DT Midstream, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $265,694 4 trades by 2 insiders, last 12 months Insider sales History → $271,852 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $6,158 net selling
Insider Date Trade Shares Price Value
Pickle Elaine M Director August 7, 2026 Buy 1,500 $132.61 $198,915
Jewell Jeffrey A Executive V.P., CFO August 5, 2026 Buy 145 $133.78 $19,398
Jewell Jeffrey A Executive V.P., CFO May 15, 2026 Buy 150 $147.73 $22,160
Tumminello Peter I Director February 26, 2026 Sell 2,002 $135.79 $271,852
Jewell Jeffrey A Executive V.P., CFO February 25, 2026 Buy 185 $136.33 $25,221

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 5 trades and filings

No trades in DT Midstream, Inc. disclosed in the last 12 months; 5 earlier trades on record.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded April 29, 2025, filed May 6, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded April 7, 2025, filed May 14, 2025
  • Maria Elvira Salazar(R-FL 27):Purchase, $15,001 - $50,000, traded May 1, 2024, filed June 10, 2024

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 18, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • February 19, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on DT Midstream, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

DT Midstream, Inc. in brief

What does DT Midstream, Inc. do?
DT Midstream, Inc. is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is DT Midstream, Inc.'s stock ticker?
DT Midstream, Inc. trades under the ticker DTM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is DT Midstream, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, DT Midstream, Inc. reported revenue of $1.3B, 13.4% higher than a year earlier, according to its SEC filings.
What is DT Midstream, Inc.'s free cash flow?
DT Midstream, Inc.'s free-cash-flow margin is 40.0% of revenue over the trailing twelve months, ranking 3 of the 28 oil & gas storage & transportation companies we cover.
What is DT Midstream, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of DT Midstream, Inc.'s free cash flow after stock-based pay gives ~$150 per share in the base case, and ~$110–$210 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are DT Midstream, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is DT Midstream, Inc.'s market cap?
On November 2, 2026, DT Midstream, Inc.'s market capitalisation was about $12.4B, with a price-to-earnings ratio of 26.4 and net debt of $3.1B. Market figures come from third-party market data and may be delayed.
Does DT Midstream, Inc. pay a dividend?
Yes: DT Midstream, Inc. paid $345M in dividends over the trailing twelve months, a dividend yield of 2.80% and a payout ratio of 73.2%.
How much debt does DT Midstream, Inc. have?
DT Midstream, Inc.'s debt-to-equity ratio is 68.1%, from its latest balance sheet (78.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are DT Midstream, Inc.'s competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to DT Midstream, Inc. are Torm plc, New Fortress Energy Inc., Antero Midstream Corp, Excelerate Energy, Inc. and Delek Logistics Partners, LP. The side-by-side comparison below sets their revenue, margins and growth against DT Midstream, Inc.'s.
Are insiders buying or selling DT Midstream, Inc. stock?
Over the last 12 months, DT Midstream, Inc.'s directors and officers reported 4 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is DT Midstream, Inc.'s next earnings date?
Around February 18, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — DT Midstream, Inc. announces its own schedule.