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DTM logoDT Midstream, Inc.(DTM)Earnings, Financials & Key Ratios

DTM•NYSE
$144.58
$14.75B mkt cap·32.6× P/E·Price updated May 6, 2026
SectorEnergyIndustryMidstream Oil & GasSub-IndustryNatural Gas Pipelines and Storage
AboutDT Midstream, Inc. provides integrated natural gas services in the United States. The company operates through two segments, Pipeline and Gathering. It develops, owns, and operates an integrated portfolio of interstate pipelines, intrastate pipelines, storage systems, lateral pipelines, gathering systems, related treatment plants, and compression and surface facilities. The company engages in the transportation and storage of natural gas for intermediate and end user customers; and collecting natural gas from points at or near customers' wells for delivery to plants for processing, to gathering pipelines for gathering, or to pipelines for transportation, as well as offers compression, dehydration, gas treatment, water impoundment, water storage, water transportation, and sand mining services. It serves natural gas producers, local distribution companies, electric power generators, industrials, and national marketers. The company was incorporated in 2021 and is headquartered in Detroit, Michigan.Show more
  • Revenue$1.24B+26.7%
  • EBITDA$889M+24.2%
  • Net Income$441M+24.6%
  • EPS (Diluted)4.43+23.1%
  • Gross Margin73.53%+36.6%
  • EBITDA Margin71.52%-2.0%
  • Operating Margin49.4%-0.9%
  • Net Margin35.48%-1.7%
  • ROE9.15%+16.9%
  • ROIC5.6%+20.0%
  • Debt/Equity0.70-5.5%
  • Interest Coverage4.71+9.8%
Analysis→Technical→

DTM Key Insights

DT Midstream, Inc. (DTM) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 8/9
  • ✓FCF machine: 39.4% free cash flow margin
  • ✓Momentum leader: RS Rating 80 (top 20%)
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 10.5%
  • ✓Healthy dividend yield of 2.2%

✗Weaknesses

  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

DTM Price & Volume

DT Midstream, Inc. (DTM) stock price & volume — 10-year historical chart

Loading chart...

DTM Growth Metrics

DT Midstream, Inc. (DTM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years10.51%
3 Years10.55%
TTM22.22%

Profit CAGR

10 Years-
5 Years7.17%
3 Years6.03%
TTM27.95%

EPS CAGR

10 Years-
5 Years6.59%
3 Years5.15%
TTM24.04%

Return on Capital

10 Years7.08%
5 Years5.86%
3 Years5.75%
Last Year6.28%

DTM Recent Earnings

DT Midstream, Inc. (DTM) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 7/12 qtrs (58%)
Q2 2026Latest
Apr 30, 2026
EPS
$1.27
Est $1.11
+14.4%
Revenue
$336M
Est $314M
+7.1%
Q1 2026
Feb 19, 2026
EPS
$1.08
Est $1.11
-2.7%
Revenue
$317M
Est $317M
-0.0%
Q4 2025
Oct 30, 2025
EPS
$1.13
Est $1.03
+9.7%
Revenue
$314M
Est $320M
-1.9%
Q3 2025
Jul 31, 2025
EPS
$1.04
Est $0.98
+6.1%
Revenue
$309M
Est $312M
-1.1%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 30, 2026
$1.27vs $1.11+14.4%
$336Mvs $314M+7.1%
Q1 2026Feb 19, 2026
$1.08vs $1.11-2.7%
$317Mvs $317M-0.0%
Q4 2025Oct 30, 2025
$1.13vs $1.03+9.7%
$314Mvs $320M-1.9%
Q3 2025Jul 31, 2025
$1.04vs $0.98+6.1%
$309Mvs $312M-1.1%
Based on last 12 quarters of dataView full earnings history →

DTM Peer Comparison

DT Midstream, Inc. (DTM) competitors in Natural Gas Pipelines and Storage — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
WMB logoWMBThe Williams Companies, Inc.Direct Competitor90.21B73.7634.4713.78%23.82%18.98%1.96
KMI logoKMIKinder Morgan, Inc.Direct Competitor70.26B31.5823.0512.45%18.92%10.27%1.00
TRP logoTRPTC Energy CorporationDirect Competitor68.19B65.4927.2110.29%23.23%9.37%1.65
TRGP logoTRGPTarga Resources Corp.Direct Competitor53.6B249.5029.283.06%9.44%58.24%5.45
OKE logoOKEONEOK, Inc.Direct Competitor53.93B85.6015.7955.42%10.04%15.86%1.45
AM logoAMAntero Midstream CorporationProduct Competitor10.05B21.1624.606.99%31.94%20.38%1.63
CTRA logoCTRACoterra Energy Inc.Product Competitor24.72B32.5514.47-49.62%25.71%11.26%0.27
HESM logoHESMHess Midstream LPProduct Competitor7.96B38.2213.368.67%21.79%74.89%8.61

Compare DTM vs Peers

DT Midstream, Inc. (DTM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs WMB

Most directly comparable listed peer for DTM.

Scale Benchmark

vs EPD

Larger-name benchmark to compare DTM against a more recognizable public peer.

Peer Set

Compare Top 5

vs WMB, KMI, TRP, TRGP

DTM Income Statement

DT Midstream, Inc. (DTM) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue485M504M754M840M920M922M981M1.24B1.28B
Revenue Growth %-3.92%49.6%11.41%9.52%0.22%6.4%26.71%22.22%
Cost of Goods Sold122M104M327M397M437M427M453M329M466M
COGS % of Revenue25.15%20.63%43.37%47.26%47.5%46.31%46.18%26.47%-
Gross Profit
363M▲ 0%
400M▲ 10.2%
427M▲ 6.8%
443M▲ 3.7%
483M▲ 9.0%
495M▲ 2.5%
528M▲ 6.7%
914M▲ 73.1%
810M▲ 0%
Gross Margin %74.85%79.37%56.63%52.74%52.5%53.69%53.82%73.53%63.48%
Gross Profit Growth %-10.19%6.75%3.75%9.03%2.48%6.67%73.11%-
Operating Expenses212M242M15M24M28M28M39M300M178M
OpEx % of Revenue43.71%48.02%1.99%2.86%3.04%3.04%3.98%24.14%-
Selling, General & Admin019M0000000
SG&A % of Revenue-3.77%-------
Research & Development000000000
R&D % of Revenue---------
Other Operating Expenses90M223M15M24M28M28M39M300M4M
Operating Income
273M▲ 0%
368M▲ 34.8%
412M▲ 12.0%
419M▲ 1.7%
455M▲ 8.6%
467M▲ 2.6%
489M▲ 4.7%
614M▲ 25.6%
632M▲ 0%
Operating Margin %56.29%73.02%54.64%49.88%49.46%50.65%49.85%49.4%49.53%
Operating Income Growth %-34.8%11.96%1.7%8.59%2.64%4.71%25.56%-
EBITDA354M478M581M603M644M667M716M889M905M
EBITDA Margin %72.99%94.84%77.06%71.79%70%72.34%72.99%71.52%70.92%
EBITDA Growth %-35.03%21.55%3.79%6.8%3.57%7.35%24.16%20.19%
D&A (Non-Cash Add-back)81M110M169M184M189M200M227M275M273M
EBIT400M367M553M534M619M650M657M759M573M
Net Interest Income-60M-67M-104M-108M-134M-149M-146M-159M-120M
Interest Income9M8M9M4M3M1M7M2M0
Interest Expense69M75M113M112M137M150M153M161M161M
Other Income/Expense58M-76M28M3M27M33M15M-16M-10M
Pretax Income
331M▲ 0%
292M▼ 11.8%
440M▲ 50.7%
422M▼ 4.1%
482M▲ 14.2%
500M▲ 3.7%
504M▲ 0.8%
598M▲ 18.7%
622M▲ 0%
Pretax Margin %68.25%57.94%58.36%50.24%52.39%54.23%51.38%48.11%48.75%
Income Tax72M72M116M104M100M104M137M144M145M
Effective Tax Rate %21.75%24.66%26.36%24.64%20.75%20.8%27.18%24.08%23.31%
Net Income
231M▲ 0%
204M▼ 11.7%
312M▲ 52.9%
307M▼ 1.6%
370M▲ 20.5%
384M▲ 3.8%
354M▼ 7.8%
441M▲ 24.6%
467M▲ 0%
Net Margin %47.63%40.48%41.38%36.55%40.22%41.65%36.09%35.48%36.6%
Net Income Growth %--11.69%52.94%-1.6%20.52%3.78%-7.81%24.58%27.95%
Net Income (Continuing)259M220M324M318M382M396M367M454M477M
Discontinued Operations000000000
Minority Interest457M155M155M149M147M141M139M142M142M
EPS (Diluted)
2.38▲ 0%
2.11▼ 11.3%
3.22▲ 52.6%
3.17▼ 1.6%
3.81▲ 20.2%
3.94▲ 3.4%
3.60▼ 8.6%
4.43▲ 23.1%
4.55▲ 0%
EPS Growth %--11.34%52.61%-1.55%20.19%3.41%-8.63%23.06%24.04%
EPS (Basic)2.382.113.223.173.833.963.634.47-
Diluted Shares Outstanding96.86M96.86M96.86M96.73M97.2M97.5M98.4M102.5M102.7M
Basic Shares Outstanding96.86M96.7M96.86M96.73M96.7M96.9M97.6M101.6M101.8M
Dividend Payout Ratio---182.08%65.95%68.49%79.1%73.47%-

DTM Balance Sheet

DT Midstream, Inc. (DTM) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets313M300M483M360M262M272M310M318M0
Cash & Short-Term Investments26M46M42M132M61M56M68M54M0
Cash Only26M46M42M132M61M56M68M54M0
Short-Term Investments000000000
Accounts Receivable59M110M400M178M161M169M180M188M0
Days Sales Outstanding44.479.66193.6377.3563.8866.966.9755.2137.69
Inventory00025M22M0000
Days Inventory Outstanding---22.9818.38----
Other Current Assets228M144M41M25M18M47M62M76M0
Total Non-Current Assets4.56B7.49B7.86B7.81B8.57B8.71B9.63B10.03B0
Property, Plant & Equipment1.92B3.11B3.52B3.53B3.84B4.47B5.58B00
Fixed Asset Turnover0.25x0.16x0.21x0.24x0.24x0.21x0.18x-0.30x
Goodwill299M471M473M473M473M473M776M781M0
Intangible Assets745M2.19B2.14B2.08B2.02B1.97B1.92B1.86B0
Long-Term Investments1.58B1.68B1.69B1.69B2.2B1.76B1.3B1.26B3.81B
Other Non-Current Assets19M26M21M32M-34M35M55M6.13B156M
Total Assets
4.88B▲ 0%
7.79B▲ 59.7%
8.34B▲ 7.1%
8.17B▼ 2.1%
8.83B▲ 8.2%
8.98B▲ 1.7%
9.94B▲ 10.6%
10.35B▲ 4.2%
0▲ 0%
Asset Turnover0.10x0.06x0.09x0.10x0.10x0.10x0.10x0.12x0.17x
Asset Growth %-59.67%7.13%-2.11%8.17%1.69%10.61%4.19%-67.81%
Total Current Liabilities1.77B3.4B3.29B177M614M434M426M296M150M
Accounts Payable44M49M39M22M119M94M77M65M57M
Days Payables Outstanding131.64171.9743.5320.2399.3980.3562.0472.1159.14
Short-Term Debt1.69B2.92B3.17B10M330M165M150M16M46M
Deferred Revenue (Current)00771M82M4M18M18M067M
Other Current Liabilities41M414M-714M2M86M126M92M215M47M
Current Ratio0.18x0.09x0.15x2.03x0.43x0.63x0.73x1.07x1.07x
Quick Ratio0.18x0.09x0.15x1.89x0.39x0.63x0.73x1.07x1.07x
Cash Conversion Cycle---80.1-17.14----21.45
Total Non-Current Liabilities0663M826M3.97B4.07B4.27B4.74B5.18B5.11B
Long-Term Debt0003.04B3.06B3.06B3.32B3.36B0
Capital Lease Obligations031M28M21M19M27M36M32M105M
Deferred Tax Liabilities00743M856M923M1.03B1.13B1.54B5.27B
Other Non-Current Liabilities0632M55M55M36M34M124M88M4.13B
Total Liabilities1.77B4.06B4.11B4.14B4.68B4.7B5.17B5.47B5.26B
Total Debt1.69B2.97B3.22B3.08B3.42B3.27B3.52B3.4B46M
Net Debt1.66B2.92B3.18B2.95B3.36B3.21B3.45B3.35B46M
Debt / Equity0.65x0.80x0.76x0.77x0.82x0.76x0.74x0.70x0.70x
Debt / EBITDA4.77x6.21x5.54x5.11x5.32x4.90x4.92x3.83x0.05x
Net Debt / EBITDA4.69x6.11x5.47x4.89x5.22x4.82x4.82x3.77x3.77x
Interest Coverage5.80x4.89x4.89x4.77x4.52x4.33x4.29x4.71x3.56x
Total Equity
2.61B▲ 0%
3.72B▲ 42.6%
4.23B▲ 13.5%
4.02B▼ 4.9%
4.15B▲ 3.3%
4.28B▲ 3.0%
4.77B▲ 11.4%
4.88B▲ 2.3%
4.89B▲ 0%
Equity Growth %-42.57%13.53%-4.9%3.31%3.03%11.36%2.35%26.94%
Book Value per Share26.9738.4543.6541.5742.7443.9048.4347.5947.66
Total Shareholders' Equity2.15B3.57B4.07B3.87B4.01B4.14B4.63B4.74B4.75B
Common Stock0001M1M1M1M1M1M
Retained Earnings361M501M751M431M547M661M723M827M867M
Treasury Stock000000000
Accumulated OCI-13M-13M-11M-10M-10M-8M-8M-7M-7M
Minority Interest457M155M155M149M147M141M139M142M142M

DTM Cash Flow Statement

DT Midstream, Inc. (DTM) cash flow — operating, investing & free cash flow history

Line itemDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations359M390M597M572M725M798M763M916M916M
Operating CF Margin %74.02%77.38%79.18%68.1%78.8%86.55%77.78%73.69%-
Operating CF Growth %-8.64%53.08%-4.19%26.75%10.07%-4.39%20.05%82.25%
Net Income259M220M312M307M382M384M367M441M467M
Depreciation & Amortization81M110M169M184M189M200M227M275M281M
Stock-Based Compensation06M6M12M17M20M23M012M
Deferred Taxes068M111M104M70M110M120M137M137M
Other Non-Cash Items037M30M19M27M31M4M88M91M
Working Capital Changes19M-51M-31M-54M40M53M22M-25M-62M
Change in Receivables2M-20M-16M-43M8M7M11M-24M-28M
Change in Inventory000000000
Change in Payables-1M0-1M-6M7M-5M11M-13M-6M
Cash from Investing-720M-2.56B-714M123M-854M-351M-1.08B-414M-414M
Capital Expenditures-176M-211M-518M-140M-338M-772M0-426M-274M
CapEx % of Revenue36.29%41.87%68.7%16.67%36.74%83.73%35.68%34.27%-
Acquisitions-650M-2.44B-35M-11M-557M0-1.2B17M12M
Investments---------
Other Investing106M91M-161M274M41M421M117M0-149M
Cash from Financing349M2.19B113M-605M58M-452M330M-516M-449M
Debt Issued (Net)131M1.24B253M-133M-5M-165M230M-150M-65M
Equity Issued (Net)000000406M00
Dividends Paid000-559M-244M-263M-280M-324M-332M
Share Repurchases000000000
Other Financing218M956M-140M87M307M-24M-26M-42M-52M
Net Change in Cash
-12M▲ 0%
20M▲ 266.7%
-4M▼ 120.0%
90M▲ 2350.0%
-71M▼ 178.9%
-5M▲ 93.0%
12M▲ 340.0%
-14M▼ 216.7%
67M▲ 0%
Free Cash Flow
183M▲ 0%
179M▼ 2.2%
79M▼ 55.9%
432M▲ 446.8%
387M▼ 10.4%
26M▼ 93.3%
413M▲ 1488.5%
490M▲ 18.6%
727M▲ 0%
FCF Margin %37.73%35.52%10.48%51.43%42.07%2.82%42.1%39.42%56.97%
FCF Growth %--2.19%-55.87%446.84%-10.42%-93.28%1488.46%18.64%63%
FCF per Share1.891.850.824.473.980.274.204.784.78
FCF Conversion (FCF/Net Income)1.55x1.91x1.91x1.86x1.96x2.08x2.16x2.08x1.56x
Interest Paid67M75M113M103M125M140M140M00
Taxes Paid2M8M3M3M24M22M12M00

DTM Key Ratios

DT Midstream, Inc. (DTM) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2019202020212022202320242025TTM
Return on Equity (ROE)6.44%7.85%7.44%9.05%9.11%7.83%9.15%9.61%
Return on Invested Capital (ROIC)5.06%4.4%4.37%4.71%4.67%4.67%5.6%5.6%
Gross Margin79.37%56.63%52.74%52.5%53.69%53.82%73.53%63.48%
Net Margin40.48%41.38%36.55%40.22%41.65%36.09%35.48%36.6%
Debt / Equity0.80x0.76x0.77x0.82x0.76x0.74x0.70x0.70x
Interest Coverage4.89x4.89x4.77x4.52x4.33x4.29x4.71x3.56x
FCF Conversion1.91x1.91x1.86x1.96x2.08x2.16x2.08x1.56x
Revenue Growth3.92%49.6%11.41%9.52%0.22%6.4%26.71%22.22%

DTM SEC Filings & Documents

DT Midstream, Inc. (DTM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 30, 2026·SEC

Material company update

Feb 19, 2026·SEC

Material company update

Jan 29, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 16, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 31, 2025·SEC

DTM Frequently Asked Questions

DT Midstream, Inc. (DTM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

DT Midstream, Inc. (DTM) reported $1.28B in revenue for fiscal year 2025. This represents a 163% increase from $485.0M in 2018.

DT Midstream, Inc. (DTM) grew revenue by 26.7% over the past year. This is strong growth.

Yes, DT Midstream, Inc. (DTM) is profitable, generating $467.0M in net income for fiscal year 2025 (35.5% net margin).

Dividend & Returns

Yes, DT Midstream, Inc. (DTM) pays a dividend with a yield of 2.19%. This makes it attractive for income-focused investors.

DT Midstream, Inc. (DTM) has a return on equity (ROE) of 9.1%. This is below average, suggesting room for improvement.

DT Midstream, Inc. (DTM) generated $727.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Explore More DTM

DT Midstream, Inc. (DTM) financial analysis — history, returns, DCA and operating performance tools

Full DTM Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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