Upside case
Bull case
$117-18.6%
The bull case prices DTM at 24x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewHoldUpdated Jun 18, 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
$151
+5.2% vs today
Scenario Range
$56 – $117
Model bear to bull value window
Coverage
13
Published analyst ratings
Valuation Context
29.6x
Forward P/E · Market cap $14.6B
DTM price targets
Three scenarios for where DTM stock could go
Current
~$143
Confidence
52 / 100
Updated
Jun 18, 2026
Where we are now
Current · $143
Bear
$56
Base
$89
Bull
$117
Market caseClosest to today
Base case
$89-38.2%
At 18x 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
$56-61.1%
If investor confidence fades or macro conditions deteriorate, a 18x multiple contraction could push DTM down roughly 61% 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
$14.6B
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
$1.4B
+9.0% YoY
FY2
$1.5B
+6.2% YoY
EPS Outlook
FY1
$4.80
+5.5% YoY
FY2
$4.92
+2.5% YoY
Trailing FCF (TTM)$727M
FCF Margin: 57.0%
Next Earnings
July 30, 2026
Expected EPS
$1.13
Expected Revenue
$323M
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
Fair versus peers
Fair value est. $138 — implies -3.8% from today's price.
Premium to Fair Value
3.8%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
DTM
32.3x
vs
S&P 500
24.4x
+32% premium
vs Energy Trailing P/E
DTM
32.3x
vs
Energy
15.5x
+109% premium
vs DTM 5Y Avg P/E
Today
32.3x
vs
5Y Average
19.6x
+65% premium
Forward PE
29.6x
S&P 500
18.8x
+57%
Energy
12.5x
+137%
5Y Avg
—
—
Trailing PE
32.3x
S&P 500
24.4x
+32%
Energy
15.5x
+109%
5Y Avg
19.6x
+65%
PEG Ratio
4.91x
S&P 500
1.66x
+196%
Energy
0.52x
+850%
5Y Avg
—
—
EV/EBITDA
20.2x
S&P 500
15.2x
+33%
Energy
7.8x
+158%
5Y Avg
15.0x
+35%
Price/FCF
29.8x
S&P 500
20.7x
+44%
Energy
13.8x
+116%
5Y Avg
18.3x
+63%
Price/Sales
11.8x
S&P 500
3.1x
+280%
Energy
1.4x
+731%
5Y Avg
7.4x
+59%
Dividend Yield
2.21%
S&P 500
1.91%
+15%
Energy
3.47%
-36%
5Y Avg
5.40%
-59%
| Metric | DTM | S&P 500 | Energy | 5Y Avg DTM |
|---|---|---|---|---|
| Forward PE | 29.6x | 18.8x+57% | 12.5x+137% | — |
| Trailing PE | 32.3x | 24.4x+32% | 15.5x+109% | 19.6x+65% |
| PEG Ratio | 4.91x | 1.66x+196% | 0.52x+850% | — |
| EV/EBITDA | 20.2x | 15.2x+33% | 7.8x+158% | 15.0x+35% |
| Price/FCF | 29.8x | 20.7x+44% | 13.8x+116% | 18.3x+63% |
| Price/Sales | 11.8x | 3.1x+280% | 1.4x+731% | 7.4x+59% |
| Dividend Yield | 2.21% | 1.91% | 3.47% | 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 June 18, 2026
Medium
Valuation de-rating
The bear case price target of $113 suggests potential downside risk based on revenue trajectory and margin path.
Lower
Market sentiment risk
Despite recent stock gains, the wide range in price targets (from $113 to $312) indicates uncertainty in market consensus.
High Risk
Earnings volatility risk
While Q1 2026 showed strong earnings, future performance may not sustain this beat, creating potential downside.
Medium
Sector concentration risk
As a natural gas pipeline operator, DTM faces concentrated exposure to energy sector volatility and regulatory changes.
Lower
Financial health uncertainty
Fundamental analysis suggests investors should scrutinize DTM's financial health indicators before committing capital.
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 June 18, 2026
Strong liquidity position
Healthy cash reserves of 98M provide 5.76x coverage of short-term debt 17M, demonstrating strong liquidity position and minimal refinancing risk.
Sustainable cash flow
Operating cash flow of 858M provides strong 34.32x coverage of stock compensation 25M, indicating sustainable incentive practices.
Midstream infrastructure ownership
DT Midstream owns and operates natural gas pipelines, storage, and gathering systems, providing essential infrastructure in the energy sector.
Diversified asset base
The company operates a range of facilities including compression, treatment, and surface facilities, enhancing operational resilience.
Stable financial practices
The company's financials show strong coverage ratios and sustainable practices, reducing risk for investors.
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
$143.30
52W Range Position
83%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$98.06
+46.1% from the low
52-Week High
$152.88
-6.3% from the high
1 Month
-3.72%
3 Month
+7.05%
YTD
+18.4%
1 Year
+36.2%
3Y CAGR
+44.0%
5Y CAGR
+27.9%
10Y CAGR
+13.1%
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
29.6x
vs 21.6x median
+37% above peer median
Revenue Growth
+9.0%
vs +5.8% median
+57% 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. | $14.6B | 29.6x | +9.0% | 36.6% | Hold | +5.2% |
WMB WMB The Williams Companies, Inc. | $89.4B | 30.9x | +6.8% | 23.8% | Buy | +14.5% |
KMI KMI Kinder Morgan, Inc. | $70.3B | 21.6x | +4.9% | 18.9% | Hold | +16.1% |
TRP TRP TC Energy Corporation | $70.5B | 18.7x | +4.7% | 23.2% | Buy | -8.4% |
TRG TRGP Targa Resources Corp. | $55.5B | 23.9x | +5.8% | 13.0% | Buy | +6.7% |
OKE OKE ONEOK, Inc. | $53.6B | 14.9x | +9.3% | 10.0% | Hold | +8.8% |
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 2.21% dividend, raised 5 consecutive years.
Dividend WatchFCF Well Covered
Total Shareholder Yield
2.2%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
2.21%
Payout Ratio
73.5%
How DTM Splits Its Return
Div 2.21%
Dividend 2.21%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
5Y
3Y Div CAGR
8.6%
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 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 $151, implying +5.2% from the current price of $143. The bear case scenario is $56 and the bull case is $117.
02What is the DTM stock price target for 2026?
The Wall Street consensus price target for DTM is $151 based on 13 analyst estimates. The high-end target is $176 (+22.8% from today), and the low-end target is $127 (-11.4%). The base case model target is $89.
03Is DT Midstream, Inc. (DTM) stock overvalued in 2026?
DTM trades at 29.6x 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 fair versus peers. 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) Earnings volatility risk — While Q1 2026 showed strong earnings, future performance may not sustain this beat, creating potential downside. (2) Valuation de-rating — The bear case price target of $113 suggests potential downside risk based on revenue trajectory and margin path. (3) Sector concentration risk — As a natural gas pipeline operator, DTM faces concentrated exposure to energy sector volatility and regulatory changes. 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 $1.4B (+9.0% year-over-year) and EPS of $4.80 (+5.5% year-over-year) for the upcoming fiscal year. The following year, analysts project $1.5B in revenue.
06When does DT Midstream, Inc. (DTM) report its next earnings?
DT Midstream, Inc. is expected to report its next earnings on approximately 2026-07-30. Consensus expects EPS of $1.13 and revenue of $323M. Over recent quarters, DTM has beaten EPS estimates 75% of the time.
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).