The company maintains a conservative capital structure, evidenced by a debt-to-equity ratio that dropped to 0.01 in 2026Q1, significantly lower than the 0.76 observed in 2023Q4.
| Total Current Assets | 0 | 318M | 310M | 272M | 262M | 360M | 483M | 300M | 313M |
| Cash & Short-Term Investments | 0 | 54M | 68M | 56M | 61M | 132M | 42M | 46M | 26M |
| Cash Only | 0 | 54M | 68M | 56M | 61M | 132M | 42M | 46M | 26M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 188M | 180M | 169M | 161M | 178M | 400M | 110M | 59M |
| Days Sales Outstanding | 37.69 | 55.21 | 66.97 | 66.9 | 63.88 | 77.35 | 193.63 | 79.66 | 44.4 |
| Inventory | 0 | 0 | 0 | 0 | 22M | 25M | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | 18.38 | 22.98 | - | - | - |
| Other Current Assets | 0 | 76M | 62M | 47M | 18M | 25M | 41M | 144M | 228M |
| Total Non-Current Assets | 0 | 10.03B | 9.63B | 8.71B | 8.57B | 7.81B | 7.86B | 7.49B | 4.56B |
| Property, Plant & Equipment | 0 | 0 | 5.58B | 4.47B | 3.84B | 3.53B | 3.52B | 3.11B | 1.92B |
| Fixed Asset Turnover | 0.30x | - | 0.18x | 0.21x | 0.24x | 0.24x | 0.21x | 0.16x | 0.25x |
| Goodwill | 0 | 781M | 776M | 473M | 473M | 473M | 473M | 471M | 299M |
| Intangible Assets | 0 | 1.86B | 1.92B | 1.97B | 2.02B | 2.08B | 2.14B | 2.19B | 745M |
| Long-Term Investments | 3.81B | 1.26B | 1.3B | 1.76B | 2.2B | 1.69B | 1.69B | 1.68B | 1.58B |
| Other Non-Current Assets | 0 | 6.13B | 55M | 35M | -34M | 32M | 21M | 26M | 19M |
| Total Assets | 0 | 10.35B | 9.94B | 8.98B | 8.83B | 8.17B | 8.34B | 7.79B | 4.88B |
| Asset Turnover | 0.17x | 0.12x | 0.10x | 0.10x | 0.10x | 0.10x | 0.09x | 0.06x | 0.10x |
| Asset Growth % | -67.81% | 4.19% | 10.61% | 1.69% | 8.17% | -2.11% | 7.13% | 59.67% | - |
| Total Current Liabilities | 150M | 296M | 426M | 434M | 614M | 177M | 3.29B | 3.4B | 1.77B |
| Accounts Payable | 57M | 65M | 77M | 94M | 119M | 22M | 39M | 49M | 44M |
| Days Payables Outstanding | 59.14 | 72.11 | 62.04 | 80.35 | 99.39 | 20.23 | 43.53 | 171.97 | 131.64 |
| Short-Term Debt | 46M | 16M | 150M | 165M | 330M | 10M | 3.17B | 2.92B | 1.69B |
| Deferred Revenue (Current) | 67M | 0 | 18M | 18M | 4M | 82M | 771M | 0 | 0 |
| Other Current Liabilities | 47M | 215M | 92M | 126M | 86M | 2M | -714M | 414M | 41M |
| Current Ratio | 0.00x | 1.07x | 0.73x | 0.63x | 0.43x | 2.03x | 0.15x | 0.09x | 0.18x |
| Quick Ratio | 0.00x | 1.07x | 0.73x | 0.63x | 0.39x | 1.89x | 0.15x | 0.09x | 0.18x |
| Cash Conversion Cycle | -21.45 | - | - | - | -17.14 | 80.1 | - | - | - |
| Total Non-Current Liabilities | 5.11B | 5.18B | 4.74B | 4.27B | 4.07B | 3.97B | 826M | 663M | 0 |
| Long-Term Debt | 0 | 3.36B | 3.32B | 3.06B | 3.06B | 3.04B | 0 | 0 | 0 |
| Capital Lease Obligations | 105M | 32M | 36M | 27M | 19M | 21M | 28M | 31M | 0 |
| Deferred Tax Liabilities | 5.27B | 1.54B | 1.13B | 1.03B | 923M | 856M | 743M | 0 | 0 |
| Other Non-Current Liabilities | 3.81B | 88M | 124M | 34M | 36M | 55M | 55M | 632M | 0 |
| Total Liabilities | 5.26B | 5.47B | 5.17B | 4.7B | 4.68B | 4.14B | 4.11B | 4.06B | 1.77B |
| Total Debt | 46M | 3.4B | 3.52B | 3.27B | 3.42B | 3.08B | 3.22B | 2.97B | 1.69B |
| Net Debt | 46M | 3.35B | 3.45B | 3.21B | 3.36B | 2.95B | 3.18B | 2.92B | 1.66B |
| Debt / Equity | 0.01x | 0.70x | 0.74x | 0.76x | 0.82x | 0.77x | 0.76x | 0.80x | 0.65x |
| Debt / EBITDA | 0.05x | 3.83x | 4.92x | 4.90x | 5.32x | 5.11x | 5.54x | 6.21x | 4.77x |
| Net Debt / EBITDA | 0.05x | 3.77x | 4.82x | 4.82x | 5.22x | 4.89x | 5.47x | 6.11x | 4.69x |
| Interest Coverage | 3.56x | 4.71x | 4.29x | 4.33x | 4.52x | 4.77x | 4.89x | 4.89x | 5.80x |
| Total Equity | 4.89B | 4.88B | 4.77B | 4.28B | 4.15B | 4.02B | 4.23B | 3.72B | 2.61B |
| Equity Growth % | 26.94% | 2.35% | 11.36% | 3.03% | 3.31% | -4.9% | 13.53% | 42.57% | - |
| Book Value per Share | 47.66 | 47.59 | 48.43 | 43.90 | 42.74 | 41.57 | 43.65 | 38.45 | 26.97 |
| Total Shareholders' Equity | 4.75B | 4.74B | 4.63B | 4.14B | 4.01B | 3.87B | 4.07B | 3.57B | 2.15B |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 0 | 0 | 0 |
| Retained Earnings | 867M | 827M | 723M | 661M | 547M | 431M | 751M | 501M | 361M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7M | -7M | -8M | -8M | -10M | -10M | -11M | -13M | -13M |
| Minority Interest | 142M | 142M | 139M | 141M | 147M | 149M | 155M | 155M | 457M |
Basin-specific volume concentration
As reported in financial statements, DTM has grown its total assets from $9.0 billion in 2023Q4 to $10.4 billion by 2025Q4, signaling a successful transition from a post-spin-off entity to a more robust infrastructure provider with a significantly larger footprint in key natural gas corridors.
The steady increase in total assets suggests that management is effectively deploying capital into high-value infrastructure projects. This trajectory implies a strengthening competitive position, as the company scales its capacity to meet rising demand for natural gas transportation.
Based on the provided balance sheet data, DTM has maintained a remarkably stable debt-to-equity ratio, hovering near 0.70x throughout 2025, which suggests a conservative approach to financing growth compared to the significantly higher leverage profiles observed in peer midstream operators like Targa Resources.
This low leverage profile appears to provide the company with substantial financial flexibility to navigate potential industry volatility. Investors should monitor whether this disciplined capital structure persists as the company continues to pursue brownfield expansions or if future growth necessitates a shift toward higher debt utilization.
According to recent quarterly filings, net property, plant, and equipment (PPE) grew to $5.8 billion by 2025Q4, representing the core of the company's asset base and confirming that the firm's value is primarily derived from tangible, long-lived infrastructure rather than speculative intangible assets.
The concentration of value in PPE suggests a high barrier to entry, as these physical assets are difficult to replicate. This asset-heavy model appears to provide a stable foundation for long-term cash flow generation, provided that maintenance capital expenditures remain sufficient to preserve system integrity.
As indicated by the reported figures, the current ratio fluctuated between 0.63 and 1.07 over the last ten quarters, which suggests that DTM operates with a relatively lean liquidity buffer that may leave the company sensitive to sudden, unexpected working capital requirements or seasonal cash flow timing.
While the current ratio is consistent with industry norms for capital-intensive midstream firms, the variability warrants further investigation into the company's cash management practices. Investors should monitor whether this liquidity profile remains adequate to cover short-term obligations during periods of intensive capital investment.
Based on the provided financial data, goodwill increased from $473 million in 2024Q3 to $781 million by 2025Q4, which may indicate recent acquisitions or accounting adjustments that could introduce future impairment risk if the underlying assets fail to meet projected performance targets.
The rise in goodwill warrants careful scrutiny, as it represents a non-cash asset that could be subject to write-downs if regional gas production or throughput volumes in the Haynesville basin underperform. This potential distortion suggests that headline equity figures may be slightly inflated by intangible valuations.
Quick answers to the most common questions about buying DTM stock.
As of 2025, DT Midstream, Inc. (DTM) had total assets of $10.35B including $318.0M in current assets.
DT Midstream, Inc. (DTM) carries total debt of $3.40B, offset by $54.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DT Midstream, Inc. (DTM) has total shareholders' equity (book value) of $4.74B ($47.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DT Midstream, Inc. (DTM) reported a current ratio of 1.07x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.