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$143.30$14.6B
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DTM logoDT Midstream, Inc.(DTM)Earnings, Financials & Key Ratios

DTM•NYSE
32.3× P/E·Price updated Jun 19, 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%

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
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 10.5%
  • ✓Healthy dividend yield of 2.2%
  • ✓Healthy 5Y average net margin of 38.0%

✗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.

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DTM Price & Volume

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

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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
Metric
Actual
Est
EPS
$1.27+14.4%
$1.11
Rev
$336M+7.1%
$314M
Q1 2026
Feb 19, 2026
Metric
Actual
Est
EPS
$1.08-2.7%
$1.11
Rev
$317M-0.0%
$317M
Q4 2025
Oct 30, 2025
Metric
Actual
Est
EPS
$1.13+9.7%
$1.03
Rev
$314M-1.9%
$320M
Q3 2025
Jul 31, 2025
Metric
Actual
Est
EPS
$1.04+6.1%
$0.98
Rev
$309M-1.1%
$312M
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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
WMB logoWMBThe Williams Companies, Inc.Direct Competitor89.43B73.1234.1713.78%23.82%18.98%1.96
KMI logoKMIKinder Morgan, Inc.Direct Competitor70.28B31.5923.0612.45%18.92%10.27%1.00
TRP logoTRPTC Energy CorporationDirect Competitor70.49B67.7029.2010.29%23.23%9.37%1.65
TRGP logoTRGPTarga Resources Corp.Direct Competitor55.5B258.5830.353.06%12.98%70.77%5.49
OKE logoOKEONEOK, Inc.Direct Competitor53.57B85.0315.6955.42%10.04%15.86%1.45
AM logoAMAntero Midstream CorporationProduct Competitor10.31B21.7125.246.99%31.94%20.38%1.63
CTRA logoCTRACoterra Energy Inc.Product Competitor24.72B32.5614.47-49.62%25.71%11.26%0.27
HESM logoHESMHess Midstream LPProduct Competitor7.67B36.7912.868.67%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
MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
485M504M754M840M920M922M981M1.24B1.28B
Revenue Growth %
-3.92%49.6%11.41%9.52%0.22%6.4%26.71%22.22%
Cost of Goods Sold
122M104M327M397M437M427M453M329M466M
COGS % of Revenue
25.15%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 Expenses
212M242M15M24M28M28M39M300M178M
OpEx % of Revenue
43.71%48.02%1.99%2.86%3.04%3.04%3.98%24.14%-
Selling, General & Admin
019M0000000
SG&A % of Revenue
-3.77%-------
Research & Development
000000000
R&D % of Revenue
---------
Other Operating Expenses
90M223M15M24M28M28M39M300M4M
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%-
EBITDA
354M478M581M603M644M667M716M889M905M
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
EBIT
400M367M553M534M619M650M657M759M573M
Net Interest Income
-60M-67M-104M-108M-134M-149M-146M-159M-120M
Interest Income
9M8M9M4M3M1M7M2M0
Interest Expense
69M75M113M112M137M150M153M161M161M
Other Income/Expense
58M-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 Tax
72M72M116M104M100M104M137M144M145M
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 Operations
000000000
Minority Interest
457M155M155M149M147M141M139M142M142M
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 Outstanding
96.86M96.86M96.86M96.73M97.2M97.5M98.4M102.5M102.7M
Basic Shares Outstanding
96.86M96.7M96.86M96.73M96.7M96.9M97.6M101.6M101.8M
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

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
313M300M483M360M262M272M310M318M0
Cash & Short-Term Investments
26M46M42M132M61M56M68M54M0
Cash Only
26M46M42M132M61M56M68M54M0
Short-Term Investments
000000000
Accounts Receivable
59M110M400M178M161M169M180M188M0
Days Sales Outstanding
44.479.66193.6377.3563.8866.966.9755.2137.69
Inventory
00025M22M0000
Days Inventory Outstanding
---22.9818.38----
Other Current Assets
228M144M41M25M18M47M62M76M0
Total Non-Current Assets
4.56B7.49B7.86B7.81B8.57B8.71B9.63B10.03B0
Property, Plant & Equipment
1.92B3.11B3.52B3.53B3.84B4.47B5.58B00
Fixed Asset Turnover
0.25x0.16x0.21x0.24x0.24x0.21x0.18x-0.30x
Goodwill
299M471M473M473M473M473M776M781M0
Intangible Assets
745M2.19B2.14B2.08B2.02B1.97B1.92B1.86B0
Long-Term Investments
1.58B1.68B1.69B1.69B2.2B1.76B1.3B1.26B3.81B
Other Non-Current Assets
19M26M21M32M-34M35M55M6.13B0
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 Turnover
0.10x0.06x0.09x0.10x0.10x0.10x0.10x0.12x0.17x
Asset Growth %
-59.67%7.13%-2.11%8.17%1.69%10.61%4.19%-67.81%
Total Current Liabilities
1.77B3.4B3.29B177M614M434M426M296M150M
Accounts Payable
44M49M39M22M119M94M77M65M57M
Days Payables Outstanding
131.64171.9743.5320.2399.3980.3562.0472.1159.14
Short-Term Debt
1.69B2.92B3.17B10M330M165M150M16M46M
Deferred Revenue (Current)
00771M82M4M18M18M067M
Other Current Liabilities
41M414M-714M2M86M126M92M215M47M
Current Ratio
0.18x0.09x0.15x2.03x0.43x0.63x0.73x1.07x0.00x
Quick Ratio
0.18x0.09x0.15x1.89x0.39x0.63x0.73x1.07x0.00x
Cash Conversion Cycle
---80.1-17.14----21.45
Total Non-Current Liabilities
0663M826M3.97B4.07B4.27B4.74B5.18B5.11B
Long-Term Debt
0003.04B3.06B3.06B3.32B3.36B0
Capital Lease Obligations
031M28M21M19M27M36M32M105M
Deferred Tax Liabilities
00743M856M923M1.03B1.13B1.54B5.27B
Other Non-Current Liabilities
0632M55M55M36M34M124M88M3.81B
Total Liabilities
1.77B4.06B4.11B4.14B4.68B4.7B5.17B5.47B5.26B
Total Debt
1.69B2.97B3.22B3.08B3.42B3.27B3.52B3.4B46M
Net Debt
1.66B2.92B3.18B2.95B3.36B3.21B3.45B3.35B46M
Debt / Equity
0.65x0.80x0.76x0.77x0.82x0.76x0.74x0.70x0.01x
Debt / EBITDA
4.77x6.21x5.54x5.11x5.32x4.90x4.92x3.83x0.05x
Net Debt / EBITDA
4.69x6.11x5.47x4.89x5.22x4.82x4.82x3.77x0.05x
Interest Coverage
5.80x4.89x4.89x4.77x4.52x4.33x4.29x4.71x3.56x
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 Share
26.9738.4543.6541.5742.7443.9048.4347.5947.66
Total Shareholders' Equity
2.15B3.57B4.07B3.87B4.01B4.14B4.63B4.74B4.75B
Common Stock
0001M1M1M1M1M1M
Retained Earnings
361M501M751M431M547M661M723M827M867M
Treasury Stock
000000000
Accumulated OCI
-13M-13M-11M-10M-10M-8M-8M-7M-7M
Minority Interest
457M155M155M149M147M141M139M142M142M

DTM Cash Flow Statement

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

MetricDec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
359M390M597M572M725M798M763M916M930M
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 Income
259M220M312M307M382M384M367M441M467M
Depreciation & Amortization
81M110M169M184M189M200M227M275M281M
Stock-Based Compensation
06M6M12M17M20M23M012M
Deferred Taxes
068M111M104M70M110M120M137M137M
Other Non-Cash Items
037M30M19M27M31M4M88M91M
Working Capital Changes
19M-51M-31M-54M40M53M22M-25M-62M
Change in Receivables
2M-20M-16M-43M8M7M11M-24M-28M
Change in Inventory
000000000
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 Revenue
36.29%41.87%68.7%16.67%36.74%83.73%35.68%34.27%21.47%
Acquisitions
-650M-2.44B-35M-11M-557M0-1.2B17M12M
Investments
---------
Other Investing
106M91M-161M274M41M421M117M0-149M
Cash from Financing
349M2.19B113M-605M58M-452M330M-516M-449M
Debt Issued (Net)
131M1.24B253M-133M-5M-165M230M-150M-65M
Equity Issued (Net)
000000406M00
Dividends Paid
000-559M-244M-263M-280M-324M-332M
Share Repurchases
000000000
Other Financing
218M956M-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 Share
1.891.850.824.473.980.274.204.787.08
FCF Conversion (FCF/Net Income)
1.55x1.91x1.91x1.86x1.96x2.08x2.16x2.08x1.56x
Interest Paid
67M75M113M103M125M140M140M00
Taxes Paid
2M8M3M3M24M22M12M00

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%6.44%
Gross Margin
79.37%56.63%52.74%52.5%53.69%53.82%73.53%63.48%
Net Margin
40.48%41.38%36.55%40.22%41.65%36.09%35.48%36.6%
Debt / Equity
0.80x0.76x0.77x0.82x0.76x0.74x0.70x0.01x
Interest Coverage
4.89x4.89x4.77x4.52x4.33x4.29x4.71x3.56x
FCF Conversion
1.91x1.91x1.86x1.96x2.08x2.16x2.08x1.56x
Revenue Growth
3.92%49.6%11.41%9.52%0.22%6.4%26.71%22.22%
Related:DTM Dividend History·DTM Revenue History·DTM Price History·DTM P/E History·DTM Financial Ratios·DTM Institutional Holders

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 2.21%. 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.

What if you invested $1,000 in DTM back in 2018?

Total return calculator · dividends reinvested · 8+ years of data

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How much would $100/month in DTM be worth today?

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