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DT Midstream, Inc. key statistics and ratios

In fiscal 2025, DT Midstream, Inc. had return on equity of 9.4%, an operating margin of 49.4%, debt equal to 70.7% of equity and a current ratio of 1.07. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin51.8%54.9%47.9%52.0%51.1%49.8%49.4%49.4%
Net margin40.5%41.4%36.5%40.2%41.6%36.1%35.5%35.4%
Free-cash-flow margin35.5%10.5%51.4%42.1%2.8%42.1%35.5%40.0%
Return on equity5.5%7.8%7.6%9.4%9.4%8.1%9.4%9.9%
Return on assets2.6%3.9%3.7%4.4%4.3%3.7%4.4%4.6%
Asset turnover0.060.090.100.110.100.100.120.13
Current ratio—0.152.030.430.630.731.071.16
Debt to equity0.0%0.0%79.9%84.6%78.0%75.6%70.7%68.5%
Interest cover (operating income ÷ interest)3.5x3.7x3.6x3.5x3.1x3.2x3.8x4.0x
Effective tax rate24.7%26.4%24.6%20.7%20.8%27.2%24.1%25.9%
Capital spending as % of revenue41.9%68.7%16.7%36.7%83.7%35.7%34.3%30.4%
Free cash flow ÷ net income87.7%25.3%140.7%104.6%6.8%116.7%100.0%113.2%
Dividends ÷ net income0.0%0.0%18.9%65.9%68.5%79.1%73.5%73.2%
Dividends and buybacks ÷ free cash flow0.0%0.0%13.4%63.8%>999%67.8%73.5%64.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: DTM vs TRMDDTM vs NFEAM vs DTMDTM vs EE

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Figures from DT Midstream, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to DT Midstream, Inc.