Upside case
Bull case
$358+147.5%
DTM would need investors to value it at roughly 76x earnings — about 45x more generous than today's 31x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
DT Midstream, Inc. (DTM) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
13
analysts
5 bullish · 1 bearish · 13 covering DTM
Strong Buy
0
Buy
5
Hold
7
Sell
1
Strong Sell
0
Consensus Target
$145
-0.0% vs today
Scenario Range
$130 – $358
Model bear to bull value window
Coverage
13
Published analyst ratings
Valuation Context
30.5x
Forward P/E · Market cap $14.7B
DTM price targets
Three scenarios for where DTM stock could go
Current
~$145
Confidence
54 / 100
Updated
May 1, 2026
Where we are now
Current · $145
Bear
$130
Base
$188
Bull
$358
Market caseClosest to today
Base case
$188+30.1%
At 40x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$130-10.1%
If investor confidence fades or macro conditions deteriorate, a 3x multiple contraction could push DTM down roughly 10% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
DT Midstream, Inc.
DTM · NYSEEnergyOil & Gas MidstreamDecember year-end
DT Midstream is a natural gas infrastructure company that owns and operates pipelines, storage systems, and gathering facilities across the United States. It generates revenue primarily through long-term, fee-based contracts for pipeline transportation and storage services—with its Pipeline segment contributing about 70% of revenue and Gathering about 30%. The company's competitive advantage lies in its strategically located assets in key natural gas basins and its ownership of critical infrastructure that faces high barriers to entry.
Market Cap
$14.7B
Revenue TTM
$1.3B
Net Income TTM
$467M
Net Margin
36.6%
DTM Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
75%Exceptional
12 quarters tracked
Revenue Beat Rate
58%Exceptional
vs consensus estimates
Avg EPS Surprise
+7.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$1.04/$0.98
Revenue
$309M/$312M
Q4 2025
EPS
$1.13/$1.03
Revenue
$314M/$320M
Q1 2026
EPS
$1.08/$1.11
Revenue
$317M/$317M
Q2 2026
EPS
$1.27/$1.11
Revenue
$336M/$314M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.04/$0.98 | +6.1% | $309M/$312M | -1.1% |
| Q4 2025 | $1.13/$1.03 | +9.7% | $314M/$320M | -1.9% |
| Q1 2026 | $1.08/$1.11 | -2.7% | $317M/$317M | -0.0% |
| Q2 2026 | $1.27/$1.11 | +14.4% | $336M/$314M | +7.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$1.5B
+14.7% YoY
FY2
$1.7B
+17.0% YoY
EPS Outlook
FY1
$5.09
+11.9% YoY
FY2
$5.76
+13.2% YoY
Trailing FCF (TTM)$727M
FCF Margin: 57.0%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
DTM beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
DTM Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $1.2B
Product Mix
Latest annual revenue by segment or product family
Pipeline Segment
55.3%
+55.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Pipeline Segment is the largest disclosed segment at 55.3% of FY 2025 revenue, up 55.1% YoY.
DTM Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Overvalued
Fair value est. $113 — implies -23.6% from today's price.
Premium to Fair Value
23.6%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
DTM
32.6x
vs
S&P 500
25.2x
+29% premium
vs Energy Trailing P/E
DTM
32.6x
vs
Energy
16.9x
+93% premium
vs DTM 5Y Avg P/E
Today
32.6x
vs
5Y Average
19.6x
+66% premium
Forward PE
30.5x
S&P 500
19.1x
+60%
Energy
13.2x
+131%
5Y Avg
—
—
Trailing PE
32.6x
S&P 500
25.2x
+29%
Energy
16.9x
+93%
5Y Avg
19.6x
+66%
PEG Ratio
4.95x
S&P 500
1.75x
+184%
Energy
0.52x
+848%
5Y Avg
—
—
EV/EBITDA
20.4x
S&P 500
15.3x
+33%
Energy
8.1x
+150%
5Y Avg
15.0x
+36%
Price/FCF
30.1x
S&P 500
21.3x
+41%
Energy
14.1x
+113%
5Y Avg
18.3x
+64%
Price/Sales
11.9x
S&P 500
3.1x
+279%
Energy
1.6x
+660%
5Y Avg
7.4x
+60%
Dividend Yield
2.19%
S&P 500
1.88%
+16%
Energy
2.97%
-26%
5Y Avg
5.40%
-60%
| Metric | DTM | S&P 500 | Energy | 5Y Avg DTM |
|---|---|---|---|---|
| Forward PE | 30.5x | 19.1x+60% | 13.2x+131% | — |
| Trailing PE | 32.6x | 25.2x+29% | 16.9x+93% | 19.6x+66% |
| PEG Ratio | 4.95x | 1.75x+184% | 0.52x+848% | — |
| EV/EBITDA | 20.4x | 15.3x+33% | 8.1x+150% | 15.0x+36% |
| Price/FCF | 30.1x | 21.3x+41% | 14.1x+113% | 18.3x+64% |
| Price/Sales | 11.9x | 3.1x+279% | 1.6x+660% | 7.4x+60% |
| Dividend Yield | 2.19% | 1.88% | 2.97% | 5.40% |
DTM trades above S&P 500 benchmarks on 6 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolDTM Financial Health
Verdict
Strong
DTM generates $727M in free cash flow at a 57.0% margin — returns 2.2% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$1.3B
Revenue Growth
TTM vs prior year
+22.2%
Gross Margin
Gross profit as a share of revenue
63.5%
Operating Margin
Operating income divided by revenue
49.5%
Net Margin
Net income divided by revenue
36.6%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$4.55
Free Cash Flow (TTM)
Cash generation after capex
$727M
FCF Margin
FCF as share of revenue — the primary cash quality signal
57.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.6%
ROA
Return on assets, trailing twelve months
6.2%
Cash & Equivalents
Liquid assets on the balance sheet
$54M
Net Debt
Total debt minus cash
$3.4B
Debt Serviceability
Net debt as a multiple of annual free cash flow
4.6× FCF
~4.6 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
9.6%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
2.2%
Dividend
2.2%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
$3.16
Payout Ratio
Share of earnings distributed as dividends
73.5%
Shares Outstanding
Current diluted share count
102M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageDTM Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Debt Levels
DT Midstream carries approximately $3.32 billion in debt as of Q1 2026, with a net debt to EBITDA ratio of 4.5 times. This significant level of debt poses a risk if earnings decline or interest rates rise.
High Risk
Recessionary Pressures
External economic pressures, such as a potential recession, pose a substantial risk to DT Midstream's operational stability and long-term growth. A downturn could significantly impact revenue and profitability.
High Risk
Cyclical Nature of Industry
The midstream industry is cyclical, and there is a risk that market optimism may overlook the potential for a downturn. Such a downturn could slow growth rates significantly, impacting stock price appreciation.
Medium
Valuation Concerns
DT Midstream's price-to-earnings ratio stands at 31.30, suggesting that the stock is priced for sustained high growth. Any slowdown in growth could lead to a price correction.
Medium
Asset Concentration
The company has significant asset concentration in the Haynesville and Northeast regions, which exposes it to market fluctuations and potential revenue volatility if these regions experience downturns.
Medium
Dependence on Key Customers
DT Midstream's heavy reliance on Expand Energy for revenue generation presents a risk. Any changes in the relationship or performance of this key customer could adversely affect the company's financial health.
Lower
Regulatory Scrutiny
Increasing regulatory scrutiny could affect DT Midstream's operational stability and growth prospects. Compliance with new regulations may lead to increased costs and operational challenges.
Lower
Overvaluation Concerns
Some analyses indicate that DT Midstream may be overvalued, with a Value Score of D. This could make it a poor choice for value investors, potentially leading to a decline in stock attractiveness.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why DTM Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
Robust Demand Growth
Industry trends indicate rising demand for natural gas, driven by data centers and liquefied natural gas (LNG) exports. North America is projected to require significant new natural gas pipeline capacity in the coming decades.
Expanding Project Backlog
DT Midstream has a substantial and growing organic project backlog, valued at $3.4 billion, representing a 50% increase. This backlog is largely concentrated in pipeline projects and signals confidence in capturing future demand.
Dividend Growth Commitment
The company has a commitment to an annual dividend growth target of 5-7%, which aligns with its expected EBITDA growth. This suggests solid financial performance and a reliable stream of cash flows from take-or-pay contracts and minimum volume commitments.
Strategic Midwest Positioning
DT Midstream's Midwest pipeline footprint positions it well to capitalize on demand from data centers and LNG. This strategic positioning enhances its ability to meet the growing needs of the market.
Positive Analyst Sentiment
A majority of analysts covering DT Midstream maintain a 'Buy' or 'Strong Buy' consensus rating. This positive sentiment reflects confidence in the company's growth prospects and strategic advantages.
Strong Financial Projections
Analysts project continued revenue and earnings growth for DT Midstream, with some forecasts suggesting a 12.9% compound annual growth rate for EBITDA through 2030. This growth rate exceeds the company's long-term target, indicating strong operational performance.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
DTM Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$144.58
52W Range Position
89%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$98.06
+47.4% from the low
52-Week High
$150.45
-3.9% from the high
1 Month
+8.42%
3 Month
+12.44%
YTD
+19.5%
1 Year
+43.9%
3Y CAGR
+46.0%
5Y CAGR
+28.1%
10Y CAGR
+13.2%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
DTM vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
30.5x
vs 22.3x median
+37% above peer median
Revenue Growth
+14.7%
vs +8.6% median
+70% above peer median
Net Margin
36.6%
vs 18.9% median
+93% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
DTM DTM DT Midstream, Inc. | $14.7B | 30.5x | +14.7% | 36.6% | Hold | -0.0% |
WMB WMB The Williams Companies, Inc. | $90.2B | 31.6x | +8.9% | 23.8% | Buy | +7.1% |
KMI KMI Kinder Morgan, Inc. | $70.3B | 22.3x | +4.7% | 18.9% | Hold | +10.8% |
TRP TRP TC Energy Corporation | $68.2B | 17.5x | +8.6% | 23.2% | Hold | -5.3% |
TRG TRGP Targa Resources Corp. | $53.6B | 24.6x | +6.7% | 9.4% | Buy | -4.7% |
OKE OKE ONEOK, Inc. | $53.9B | 15.2x | +21.1% | 10.0% | Hold | +5.0% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
DTM Dividend and Capital Return
DTM returns 2.2% total yield, led by a 2.19% dividend.
Dividend WatchFCF Well Covered
Total Shareholder Yield
2.2%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
2.19%
Payout Ratio
73.5%
How DTM Splits Its Return
Div 2.19%
Dividend 2.19%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$3.16
Growth Streak
Consecutive years of dividend increases
4Y
3Y Div CAGR
8.6%
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$0
Estimated Shares Retired
0
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
102M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.76 | — | — | — |
| 2025 | $3.28 | +11.6% | 0.0% | 2.6% |
| 2024 | $2.94 | +6.5% | 0.0% | 2.9% |
| 2023 | $2.76 | +7.8% | 0.0% | 4.9% |
| 2022 | $2.56 | +113.3% | 0.0% | 4.5% |
FAQ
7 questionsDTM Investor Questions
Common questions answered from live analyst data and company financials.
01Is DT Midstream, Inc. (DTM) stock a buy or sell in 2026?
DT Midstream, Inc. (DTM) is rated Hold by Wall Street analysts as of 2026. Of 13 analysts covering the stock, 5 rate it Buy or Strong Buy, 7 rate it Hold, and 1 rate it Sell or Strong Sell. The consensus 12-month price target is $145, implying -0.0% from the current price of $145. The bear case scenario is $130 and the bull case is $358.
02What is the DTM stock price target for 2026?
The Wall Street consensus price target for DTM is $145 based on 13 analyst estimates. The high-end target is $166 (+14.8% from today), and the low-end target is $127 (-12.2%). The base case model target is $188.
03Is DT Midstream, Inc. (DTM) stock overvalued in 2026?
DTM trades at 30.5x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for DT Midstream, Inc. (DTM) stock in 2026?
The primary risks for DTM in 2026 are: (1) Debt Levels — DT Midstream carries approximately $3. (2) Recessionary Pressures — External economic pressures, such as a potential recession, pose a substantial risk to DT Midstream's operational stability and long-term growth. (3) Cyclical Nature of Industry — The midstream industry is cyclical, and there is a risk that market optimism may overlook the potential for a downturn. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is DT Midstream, Inc.'s revenue and earnings forecast?
Analyst consensus estimates DTM will report consensus revenue of $1.5B (+14.7% year-over-year) and EPS of $5.09 (+11.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $1.7B in revenue.
06When does DT Midstream, Inc. (DTM) report its next earnings?
A confirmed upcoming earnings date for DTM is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does DT Midstream, Inc. generate?
DT Midstream, Inc. (DTM) generated $727M in free cash flow over the trailing twelve months — a free cash flow margin of 57.0%. DTM returns capital to shareholders through dividends (2.2% yield) and share repurchases ($0 TTM).