DT Midstream, Inc. (DTM) 10-Year Financial Performance & Capital Metrics

DTM • • Industrial / General

EnergyMidstream Oil & GasPipeline & Gathering SystemsNatural Gas Pipeline Operators

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 $981M +6.4%
EBITDA $716M +7.3%
Net Income $354M -7.8%
EPS (Diluted) 3.60 -8.6%
Gross Margin 53.82% +0.3%
EBITDA Margin 72.99% +0.9%
Operating Margin 49.85% -1.6%
Net Margin 36.09% -13.4%
ROE 7.83% -14.0%
ROIC 4.67%
Debt/Equity 0.74 -3.3%
Interest Coverage 3.20 +2.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 42.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.2%
✓Healthy dividend yield of 2.4%
✓Healthy 5Y average net margin of 39.2%
✓Trading near 52-week high

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y14.25%

3Y5.31%

TTM20.39%

Profit (Net Income) CAGR

10Y-

5Y11.65%

3Y4.86%

TTM0.25%

EPS CAGR

10Y-

5Y11.28%

3Y4.33%

TTM-4.37%

ROCE

10Y Avg7.2%

5Y Avg6.35%

3Y Avg5.53%

Latest5.42%

Peer Comparison

Natural Gas Pipeline Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNTKKinetik Holdings Inc.	2.4B	37.54	36.80	18.03%	7.29%	4.78%	15.04%	1.19
DTMDT Midstream, Inc.	11.9B	117.03	32.51	6.4%	34.3%	8.32%	3.47%	0.74
AMAntero Midstream Corporation	8.5B	17.84	21.49	5.79%	37.81%	22.87%	7.08%	1.47
HESMHess Midstream LP	4.51B	34.89	14.01	10.83%	18.56%	57.31%	14.05%	7.46
WESWestern Midstream Partners, LP	17B	41.67	10.37	16.06%	35.18%	39.54%	7.5%	2.41
VNOMViper Energy, Inc.	6.29B	37.32	9.77	3.99%	21.25%	2.24%		0.28
SMCSummit Midstream Corp.	324.7M	26.48	-2.07	-6.38%	-2.82%	-1.35%	2.51%	1.03

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	485M	504M	754M	840M	920M	922M	981M
Revenue Growth %	-	0.04%	0.5%	0.11%	0.1%	0%	0.06%
Cost of Goods Sold+	122M	104M	327M	397M	437M	427M	453M
COGS % of Revenue	0.25%	0.21%	0.43%	0.47%	0.47%	0.46%	0.46%
Gross Profit+	363M	400M	427M	443M	483M	495M	528M
Gross Margin %	0.75%	0.79%	0.57%	0.53%	0.53%	0.54%	0.54%
Gross Profit Growth %	-	0.1%	0.07%	0.04%	0.09%	0.02%	0.07%
Operating Expenses+	212M	242M	15M	24M	28M	28M	39M
OpEx % of Revenue	0.44%	0.48%	0.02%	0.03%	0.03%	0.03%	0.04%
Selling, General & Admin	0	19M	0	0	0	0	0
SG&A % of Revenue	-	0.04%	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	90M	223M	15M	24M	28M	28M	39M
Operating Income+	273M	368M	412M	419M	455M	467M	489M
Operating Margin %	0.56%	0.73%	0.55%	0.5%	0.49%	0.51%	0.5%
Operating Income Growth %	-	0.35%	0.12%	0.02%	0.09%	0.03%	0.05%
EBITDA+	354M	478M	581M	603M	644M	667M	716M
EBITDA Margin %	0.73%	0.95%	0.77%	0.72%	0.7%	0.72%	0.73%
EBITDA Growth %	-	0.35%	0.22%	0.04%	0.07%	0.04%	0.07%
D&A (Non-Cash Add-back)	81M	110M	169M	184M	189M	200M	227M
EBIT	400M	367M	553M	534M	619M	650M	657M
Net Interest Income+	-60M	-67M	-104M	-108M	-134M	-149M	-146M
Interest Income	9M	8M	9M	4M	3M	1M	7M
Interest Expense	69M	75M	113M	112M	137M	150M	153M
Other Income/Expense	58M	-76M	28M	3M	27M	33M	15M
Pretax Income+	331M	292M	440M	422M	482M	500M	504M
Pretax Margin %	0.68%	0.58%	0.58%	0.5%	0.52%	0.54%	0.51%
Income Tax+	72M	72M	116M	104M	100M	104M	137M
Effective Tax Rate %	0.7%	0.7%	0.71%	0.73%	0.77%	0.77%	0.7%
Net Income+	231M	204M	312M	307M	370M	384M	354M
Net Margin %	0.48%	0.4%	0.41%	0.37%	0.4%	0.42%	0.36%
Net Income Growth %	-	-0.12%	0.53%	-0.02%	0.21%	0.04%	-0.08%
Net Income (Continuing)	259M	220M	324M	318M	382M	396M	367M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	457M	155M	155M	149M	147M	141M	139M
EPS (Diluted)+	2.38	2.11	3.22	3.17	3.81	3.94	3.60
EPS Growth %	-	-0.11%	0.53%	-0.02%	0.2%	0.03%	-0.09%
EPS (Basic)	2.38	2.11	3.22	3.17	3.83	3.96	3.63
Diluted Shares Outstanding	96.86M	96.86M	96.86M	96.73M	97.2M	97.5M	98.4M
Basic Shares Outstanding	96.86M	96.7M	96.86M	96.73M	96.7M	96.9M	97.6M
Dividend Payout Ratio	-	-	-	1.82%	0.66%	0.68%	0.79%

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	313M	300M	483M	360M	262M	272M	310M
Cash & Short-Term Investments	26M	46M	42M	132M	61M	56M	68M
Cash Only	26M	46M	42M	132M	61M	56M	68M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	59M	110M	400M	178M	161M	169M	180M
Days Sales Outstanding	44.4	79.66	193.63	77.35	63.88	66.9	66.97
Inventory	0	0	0	25M	22M	0	0
Days Inventory Outstanding	-	-	-	22.98	18.38	-	-
Other Current Assets	228M	144M	41M	25M	18M	47M	62M
Total Non-Current Assets+	4.56B	7.49B	7.86B	7.81B	8.57B	8.71B	9.63B
Property, Plant & Equipment	1.92B	3.11B	3.52B	3.53B	3.84B	4.47B	5.58B
Fixed Asset Turnover	0.25x	0.16x	0.21x	0.24x	0.24x	0.21x	0.18x
Goodwill	299M	471M	473M	473M	473M	473M	776M
Intangible Assets	745M	2.19B	2.14B	2.08B	2.02B	1.97B	1.92B
Long-Term Investments	1.58B	1.68B	1.69B	1.69B	2.2B	1.76B	1.3B
Other Non-Current Assets	19M	26M	21M	32M	-34M	35M	55M
Total Assets+	4.88B	7.79B	8.34B	8.17B	8.83B	8.98B	9.94B
Asset Turnover	0.10x	0.06x	0.09x	0.10x	0.10x	0.10x	0.10x
Asset Growth %	-	0.6%	0.07%	-0.02%	0.08%	0.02%	0.11%
Total Current Liabilities+	1.77B	3.4B	3.29B	177M	614M	434M	426M
Accounts Payable	44M	49M	39M	22M	119M	94M	77M
Days Payables Outstanding	131.64	171.97	43.53	20.23	99.39	80.35	62.04
Short-Term Debt	1.69B	2.92B	3.17B	10M	330M	165M	150M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	41M	414M	-714M	2M	86M	126M	92M
Current Ratio	0.18x	0.09x	0.15x	2.03x	0.43x	0.63x	0.73x
Quick Ratio	0.18x	0.09x	0.15x	1.89x	0.39x	0.63x	0.73x
Cash Conversion Cycle	-	-	-	80.1	-17.14	-	-
Total Non-Current Liabilities+	0	663M	826M	3.97B	4.07B	4.27B	4.74B
Long-Term Debt	0	0	0	3.04B	3.06B	3.06B	3.32B
Capital Lease Obligations	0	31M	28M	21M	19M	27M	36M
Deferred Tax Liabilities	0	0	743M	856M	923M	1.03B	1.13B
Other Non-Current Liabilities	0	632M	55M	55M	36M	34M	124M
Total Liabilities	1.77B	4.06B	4.11B	4.14B	4.68B	4.7B	5.17B
Total Debt+	1.69B	2.97B	3.22B	3.08B	3.42B	3.27B	3.52B
Net Debt	1.66B	2.92B	3.18B	2.95B	3.36B	3.21B	3.45B
Debt / Equity	0.65x	0.80x	0.76x	0.77x	0.82x	0.76x	0.74x
Debt / EBITDA	4.77x	6.21x	5.54x	5.11x	5.32x	4.90x	4.92x
Net Debt / EBITDA	4.69x	6.11x	5.47x	4.89x	5.22x	4.82x	4.82x
Interest Coverage	3.96x	4.91x	3.65x	3.74x	3.32x	3.11x	3.20x
Total Equity+	2.61B	3.72B	4.23B	4.02B	4.15B	4.28B	4.77B
Equity Growth %	-	0.43%	0.14%	-0.05%	0.03%	0.03%	0.11%
Book Value per Share	26.97	38.45	43.65	41.57	42.74	43.90	48.43
Total Shareholders' Equity	2.15B	3.57B	4.07B	3.87B	4.01B	4.14B	4.63B
Common Stock	0	0	0	1M	1M	1M	1M
Retained Earnings	361M	501M	751M	431M	547M	661M	723M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	-13M	-13M	-11M	-10M	-10M	-8M	-8M
Minority Interest	457M	155M	155M	149M	147M	141M	139M

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	359M	390M	597M	572M	725M	798M	763M
Operating CF Margin %	0.74%	0.77%	0.79%	0.68%	0.79%	0.87%	0.78%
Operating CF Growth %	-	0.09%	0.53%	-0.04%	0.27%	0.1%	-0.04%
Net Income	259M	220M	312M	307M	382M	384M	367M
Depreciation & Amortization	81M	110M	169M	184M	189M	200M	227M
Stock-Based Compensation	0	6M	6M	12M	17M	20M	23M
Deferred Taxes	0	68M	111M	104M	70M	110M	120M
Other Non-Cash Items	0	37M	30M	19M	27M	31M	4M
Working Capital Changes	19M	-51M	-31M	-54M	40M	53M	22M
Change in Receivables	2M	-20M	-16M	-43M	8M	7M	11M
Change in Inventory	0	0	0	0	0	0	0
Change in Payables	-1M	0	-1M	-6M	7M	-5M	11M
Cash from Investing+	-720M	-2.56B	-714M	123M	-854M	-351M	-1.08B
Capital Expenditures	-176M	-211M	-518M	-140M	-338M	-772M	0
CapEx % of Revenue	0.36%	0.42%	0.69%	0.17%	0.37%	0.84%	0.36%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	106M	91M	-161M	274M	41M	421M	117M
Cash from Financing+	349M	2.19B	113M	-605M	58M	-452M	330M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-559M	-244M	-263M	-280M
Share Repurchases	-	-	-	-	-	-	-
Other Financing	218M	956M	-140M	87M	307M	-24M	-26M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	183M	179M	79M	432M	387M	26M	413M
FCF Margin %	0.38%	0.36%	0.1%	0.51%	0.42%	0.03%	0.42%
FCF Growth %	-	-0.02%	-0.56%	4.47%	-0.1%	-0.93%	14.88%
FCF per Share	1.89	1.85	0.82	4.47	3.98	0.27	4.20
FCF Conversion (FCF/Net Income)	1.55x	1.91x	1.91x	1.86x	1.96x	2.08x	2.16x
Interest Paid	67M	75M	113M	103M	125M	140M	140M
Taxes Paid	2M	8M	3M	3M	24M	22M	12M

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.84%	6.44%	7.85%	7.44%	9.05%	9.11%	7.83%
Return on Invested Capital (ROIC)	4.79%	5.06%	4.4%	4.37%	4.71%	4.67%	4.67%
Gross Margin	74.85%	79.37%	56.63%	52.74%	52.5%	53.69%	53.82%
Net Margin	47.63%	40.48%	41.38%	36.55%	40.22%	41.65%	36.09%
Debt / Equity	0.65x	0.80x	0.76x	0.77x	0.82x	0.76x	0.74x
Interest Coverage	3.96x	4.91x	3.65x	3.74x	3.32x	3.11x	3.20x
FCF Conversion	1.55x	1.91x	1.91x	1.86x	1.96x	2.08x	2.16x
Revenue Growth	-	3.92%	49.6%	11.41%	9.52%	0.22%	6.4%

Revenue by Segment

	2021	2022	2023	2024
Gathering	534M	581M	545M	538M
Gathering Growth	-	8.80%	-6.20%	-1.28%
Pipeline	307M	339M	377M	443M
Pipeline Growth	-	10.42%	11.21%	17.51%

Frequently Asked Questions

Valuation & Price

DT Midstream, Inc. (DTM) has a price-to-earnings (P/E) ratio of 32.5x. This suggests investors expect higher future growth.

Growth & Financials

DT Midstream, Inc. (DTM) reported $1.18B in revenue for fiscal year 2024. This represents a 142% increase from $485.0M in 2018.

DT Midstream, Inc. (DTM) grew revenue by 6.4% over the past year. This is steady growth.

Yes, DT Midstream, Inc. (DTM) is profitable, generating $403.0M in net income for fiscal year 2024 (36.1% net margin).

Dividend & Returns

Yes, DT Midstream, Inc. (DTM) pays a dividend with a yield of 2.43%. This makes it attractive for income-focused investors.

DT Midstream, Inc. (DTM) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.

DT Midstream, Inc. (DTM) generated $640.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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DT Midstream, Inc. (DTM) 10-Year Financial Performance & Capital Metrics

DTM • • Industrial / General

EnergyMidstream Oil & GasPipeline & Gathering SystemsNatural Gas Pipeline Operators

Revenue $981M +6.4%
EBITDA $716M +7.3%
Net Income $354M -7.8%
EPS (Diluted) 3.60 -8.6%
Gross Margin 53.82% +0.3%
EBITDA Margin 72.99% +0.9%
Operating Margin 49.85% -1.6%
Net Margin 36.09% -13.4%
ROE 7.83% -14.0%
ROIC 4.67%
Debt/Equity 0.74 -3.3%
Interest Coverage 3.20 +2.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 42.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 14.2%
✓Healthy dividend yield of 2.4%
✓Healthy 5Y average net margin of 39.2%
✓Trading near 52-week high

✗Weaknesses

✗Low asset turnover indicates capital-intensive operations

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y14.25%

3Y5.31%

TTM20.39%

Profit (Net Income) CAGR

10Y-

5Y11.65%

3Y4.86%

TTM0.25%

EPS CAGR

10Y-

5Y11.28%

3Y4.33%

TTM-4.37%

ROCE

10Y Avg7.2%

5Y Avg6.35%

3Y Avg5.53%

Latest5.42%

Peer Comparison

Natural Gas Pipeline Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNTKKinetik Holdings Inc.	2.4B	37.54	36.80	18.03%	7.29%	4.78%	15.04%	1.19
DTMDT Midstream, Inc.	11.9B	117.03	32.51	6.4%	34.3%	8.32%	3.47%	0.74
AMAntero Midstream Corporation	8.5B	17.84	21.49	5.79%	37.81%	22.87%	7.08%	1.47
HESMHess Midstream LP	4.51B	34.89	14.01	10.83%	18.56%	57.31%	14.05%	7.46
WESWestern Midstream Partners, LP	17B	41.67	10.37	16.06%	35.18%	39.54%	7.5%	2.41
VNOMViper Energy, Inc.	6.29B	37.32	9.77	3.99%	21.25%	2.24%		0.28
SMCSummit Midstream Corp.	324.7M	26.48	-2.07	-6.38%	-2.82%	-1.35%	2.51%	1.03

Profit & Loss

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	485M	504M	754M	840M	920M	922M	981M
Revenue Growth %	-	0.04%	0.5%	0.11%	0.1%	0%	0.06%
Cost of Goods Sold+	122M	104M	327M	397M	437M	427M	453M
COGS % of Revenue	0.25%	0.21%	0.43%	0.47%	0.47%	0.46%	0.46%
Gross Profit+	363M	400M	427M	443M	483M	495M	528M
Gross Margin %	0.75%	0.79%	0.57%	0.53%	0.53%	0.54%	0.54%
Gross Profit Growth %	-	0.1%	0.07%	0.04%	0.09%	0.02%	0.07%
Operating Expenses+	212M	242M	15M	24M	28M	28M	39M
OpEx % of Revenue	0.44%	0.48%	0.02%	0.03%	0.03%	0.03%	0.04%
Selling, General & Admin	0	19M	0	0	0	0	0
SG&A % of Revenue	-	0.04%	-	-	-	-	-
Research & Development	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-
Other Operating Expenses	90M	223M	15M	24M	28M	28M	39M
Operating Income+	273M	368M	412M	419M	455M	467M	489M
Operating Margin %	0.56%	0.73%	0.55%	0.5%	0.49%	0.51%	0.5%
Operating Income Growth %	-	0.35%	0.12%	0.02%	0.09%	0.03%	0.05%
EBITDA+	354M	478M	581M	603M	644M	667M	716M
EBITDA Margin %	0.73%	0.95%	0.77%	0.72%	0.7%	0.72%	0.73%
EBITDA Growth %	-	0.35%	0.22%	0.04%	0.07%	0.04%	0.07%
D&A (Non-Cash Add-back)	81M	110M	169M	184M	189M	200M	227M
EBIT	400M	367M	553M	534M	619M	650M	657M
Net Interest Income+	-60M	-67M	-104M	-108M	-134M	-149M	-146M
Interest Income	9M	8M	9M	4M	3M	1M	7M
Interest Expense	69M	75M	113M	112M	137M	150M	153M
Other Income/Expense	58M	-76M	28M	3M	27M	33M	15M
Pretax Income+	331M	292M	440M	422M	482M	500M	504M
Pretax Margin %	0.68%	0.58%	0.58%	0.5%	0.52%	0.54%	0.51%
Income Tax+	72M	72M	116M	104M	100M	104M	137M
Effective Tax Rate %	0.7%	0.7%	0.71%	0.73%	0.77%	0.77%	0.7%
Net Income+	231M	204M	312M	307M	370M	384M	354M
Net Margin %	0.48%	0.4%	0.41%	0.37%	0.4%	0.42%	0.36%
Net Income Growth %	-	-0.12%	0.53%	-0.02%	0.21%	0.04%	-0.08%
Net Income (Continuing)	259M	220M	324M	318M	382M	396M	367M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	457M	155M	155M	149M	147M	141M	139M
EPS (Diluted)+	2.38	2.11	3.22	3.17	3.81	3.94	3.60
EPS Growth %	-	-0.11%	0.53%	-0.02%	0.2%	0.03%	-0.09%
EPS (Basic)	2.38	2.11	3.22	3.17	3.83	3.96	3.63
Diluted Shares Outstanding	96.86M	96.86M	96.86M	96.73M	97.2M	97.5M	98.4M
Basic Shares Outstanding	96.86M	96.7M	96.86M	96.73M	96.7M	96.9M	97.6M
Dividend Payout Ratio	-	-	-	1.82%	0.66%	0.68%	0.79%

Balance Sheet

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	313M	300M	483M	360M	262M	272M	310M
Cash & Short-Term Investments	26M	46M	42M	132M	61M	56M	68M
Cash Only	26M	46M	42M	132M	61M	56M	68M
Short-Term Investments	0	0	0	0	0	0	0
Accounts Receivable	59M	110M	400M	178M	161M	169M	180M
Days Sales Outstanding	44.4	79.66	193.63	77.35	63.88	66.9	66.97
Inventory	0	0	0	25M	22M	0	0
Days Inventory Outstanding	-	-	-	22.98	18.38	-	-
Other Current Assets	228M	144M	41M	25M	18M	47M	62M
Total Non-Current Assets+	4.56B	7.49B	7.86B	7.81B	8.57B	8.71B	9.63B
Property, Plant & Equipment	1.92B	3.11B	3.52B	3.53B	3.84B	4.47B	5.58B
Fixed Asset Turnover	0.25x	0.16x	0.21x	0.24x	0.24x	0.21x	0.18x
Goodwill	299M	471M	473M	473M	473M	473M	776M
Intangible Assets	745M	2.19B	2.14B	2.08B	2.02B	1.97B	1.92B
Long-Term Investments	1.58B	1.68B	1.69B	1.69B	2.2B	1.76B	1.3B
Other Non-Current Assets	19M	26M	21M	32M	-34M	35M	55M
Total Assets+	4.88B	7.79B	8.34B	8.17B	8.83B	8.98B	9.94B
Asset Turnover	0.10x	0.06x	0.09x	0.10x	0.10x	0.10x	0.10x
Asset Growth %	-	0.6%	0.07%	-0.02%	0.08%	0.02%	0.11%
Total Current Liabilities+	1.77B	3.4B	3.29B	177M	614M	434M	426M
Accounts Payable	44M	49M	39M	22M	119M	94M	77M
Days Payables Outstanding	131.64	171.97	43.53	20.23	99.39	80.35	62.04
Short-Term Debt	1.69B	2.92B	3.17B	10M	330M	165M	150M
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	41M	414M	-714M	2M	86M	126M	92M
Current Ratio	0.18x	0.09x	0.15x	2.03x	0.43x	0.63x	0.73x
Quick Ratio	0.18x	0.09x	0.15x	1.89x	0.39x	0.63x	0.73x
Cash Conversion Cycle	-	-	-	80.1	-17.14	-	-
Total Non-Current Liabilities+	0	663M	826M	3.97B	4.07B	4.27B	4.74B
Long-Term Debt	0	0	0	3.04B	3.06B	3.06B	3.32B
Capital Lease Obligations	0	31M	28M	21M	19M	27M	36M
Deferred Tax Liabilities	0	0	743M	856M	923M	1.03B	1.13B
Other Non-Current Liabilities	0	632M	55M	55M	36M	34M	124M
Total Liabilities	1.77B	4.06B	4.11B	4.14B	4.68B	4.7B	5.17B
Total Debt+	1.69B	2.97B	3.22B	3.08B	3.42B	3.27B	3.52B
Net Debt	1.66B	2.92B	3.18B	2.95B	3.36B	3.21B	3.45B
Debt / Equity	0.65x	0.80x	0.76x	0.77x	0.82x	0.76x	0.74x
Debt / EBITDA	4.77x	6.21x	5.54x	5.11x	5.32x	4.90x	4.92x
Net Debt / EBITDA	4.69x	6.11x	5.47x	4.89x	5.22x	4.82x	4.82x
Interest Coverage	3.96x	4.91x	3.65x	3.74x	3.32x	3.11x	3.20x
Total Equity+	2.61B	3.72B	4.23B	4.02B	4.15B	4.28B	4.77B
Equity Growth %	-	0.43%	0.14%	-0.05%	0.03%	0.03%	0.11%
Book Value per Share	26.97	38.45	43.65	41.57	42.74	43.90	48.43
Total Shareholders' Equity	2.15B	3.57B	4.07B	3.87B	4.01B	4.14B	4.63B
Common Stock	0	0	0	1M	1M	1M	1M
Retained Earnings	361M	501M	751M	431M	547M	661M	723M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	-13M	-13M	-11M	-10M	-10M	-8M	-8M
Minority Interest	457M	155M	155M	149M	147M	141M	139M

Cash Flow

	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	359M	390M	597M	572M	725M	798M	763M
Operating CF Margin %	0.74%	0.77%	0.79%	0.68%	0.79%	0.87%	0.78%
Operating CF Growth %	-	0.09%	0.53%	-0.04%	0.27%	0.1%	-0.04%
Net Income	259M	220M	312M	307M	382M	384M	367M
Depreciation & Amortization	81M	110M	169M	184M	189M	200M	227M
Stock-Based Compensation	0	6M	6M	12M	17M	20M	23M
Deferred Taxes	0	68M	111M	104M	70M	110M	120M
Other Non-Cash Items	0	37M	30M	19M	27M	31M	4M
Working Capital Changes	19M	-51M	-31M	-54M	40M	53M	22M
Change in Receivables	2M	-20M	-16M	-43M	8M	7M	11M
Change in Inventory	0	0	0	0	0	0	0
Change in Payables	-1M	0	-1M	-6M	7M	-5M	11M
Cash from Investing+	-720M	-2.56B	-714M	123M	-854M	-351M	-1.08B
Capital Expenditures	-176M	-211M	-518M	-140M	-338M	-772M	0
CapEx % of Revenue	0.36%	0.42%	0.69%	0.17%	0.37%	0.84%	0.36%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	106M	91M	-161M	274M	41M	421M	117M
Cash from Financing+	349M	2.19B	113M	-605M	58M	-452M	330M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-559M	-244M	-263M	-280M
Share Repurchases	-	-	-	-	-	-	-
Other Financing	218M	956M	-140M	87M	307M	-24M	-26M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	183M	179M	79M	432M	387M	26M	413M
FCF Margin %	0.38%	0.36%	0.1%	0.51%	0.42%	0.03%	0.42%
FCF Growth %	-	-0.02%	-0.56%	4.47%	-0.1%	-0.93%	14.88%
FCF per Share	1.89	1.85	0.82	4.47	3.98	0.27	4.20
FCF Conversion (FCF/Net Income)	1.55x	1.91x	1.91x	1.86x	1.96x	2.08x	2.16x
Interest Paid	67M	75M	113M	103M	125M	140M	140M
Taxes Paid	2M	8M	3M	3M	24M	22M	12M

Key Ratios

Metric	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.84%	6.44%	7.85%	7.44%	9.05%	9.11%	7.83%
Return on Invested Capital (ROIC)	4.79%	5.06%	4.4%	4.37%	4.71%	4.67%	4.67%
Gross Margin	74.85%	79.37%	56.63%	52.74%	52.5%	53.69%	53.82%
Net Margin	47.63%	40.48%	41.38%	36.55%	40.22%	41.65%	36.09%
Debt / Equity	0.65x	0.80x	0.76x	0.77x	0.82x	0.76x	0.74x
Interest Coverage	3.96x	4.91x	3.65x	3.74x	3.32x	3.11x	3.20x
FCF Conversion	1.55x	1.91x	1.91x	1.86x	1.96x	2.08x	2.16x
Revenue Growth	-	3.92%	49.6%	11.41%	9.52%	0.22%	6.4%

Revenue by Segment

	2021	2022	2023	2024
Gathering	534M	581M	545M	538M
Gathering Growth	-	8.80%	-6.20%	-1.28%
Pipeline	307M	339M	377M	443M
Pipeline Growth	-	10.42%	11.21%	17.51%

Frequently Asked Questions

Valuation & Price

DT Midstream, Inc. (DTM) has a price-to-earnings (P/E) ratio of 32.5x. This suggests investors expect higher future growth.

Growth & Financials

DT Midstream, Inc. (DTM) reported $1.18B in revenue for fiscal year 2024. This represents a 142% increase from $485.0M in 2018.

DT Midstream, Inc. (DTM) grew revenue by 6.4% over the past year. This is steady growth.

Yes, DT Midstream, Inc. (DTM) is profitable, generating $403.0M in net income for fiscal year 2024 (36.1% net margin).

Dividend & Returns

Yes, DT Midstream, Inc. (DTM) pays a dividend with a yield of 2.43%. This makes it attractive for income-focused investors.

DT Midstream, Inc. (DTM) has a return on equity (ROE) of 7.8%. This is below average, suggesting room for improvement.

DT Midstream, Inc. (DTM) generated $640.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.