DT Midstream, Inc. (DTM) Financial Ratios
8 years of historical data (2018–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↑
20.31
↑+35% vs avg
5yr avg: 15.01
30Y Low12.6·High18.5
P/FCF
↑
30.01
↓-46% vs avg
5yr avg: 55.77
30Y Low10.7·High25.0
P/B Ratio
↑
3.03
↑+83% vs avg
5yr avg: 1.65
30Y Low1.2·High2.5
ROE
↑
9.1%
↓+7% vs avg
5yr avg: 8.5%
30Y Low6%·High9%
Debt/EBITDA
↓
3.83
↓-20% vs avg
5yr avg: 4.82
30Y Low3.8·High6.2
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DTM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
DT Midstream, Inc. trades at 32.5x earnings, 66% above its 5-year average of 19.6x, sitting at the 100th percentile of its historical range. Compared to the Energy sector median P/E of 16.8x, the stock trades at a premium of 94%. On a free-cash-flow basis, the stock trades at 30.0x P/FCF, 46% below the 5-year average of 55.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.7B | $12.3B | $9.8B | $5.3B | $5.4B | $4.6B | — | — | — |
| Enterprise Value | $18.1B | $15.6B | $13.2B | $8.6B | $8.7B | $7.6B | — | — | — |
| P/E Ratio → | 32.54 | 27.02 | 27.62 | 13.91 | 14.50 | 15.14 | — | — | — |
| P/S Ratio | 11.83 | 9.87 | 9.97 | 5.80 | 5.84 | 5.53 | — | — | — |
| P/B Ratio | 3.03 | 2.51 | 2.05 | 1.25 | 1.29 | 1.15 | — | — | — |
| P/FCF | 30.01 | 25.04 | 23.69 | 205.50 | 13.88 | 10.74 | — | — | — |
| P/OCF | 16.05 | 13.39 | 12.82 | 6.70 | 7.41 | 8.11 | — | — | — |
P/E links to full P/E history page with 30-year chart
DTM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
DT Midstream, Inc.'s enterprise value stands at 20.3x EBITDA, 35% above its 5-year average of 15.0x. The Energy sector median is 8.1x, placing the stock at a 152% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.56 | 13.49 | 9.28 | 9.49 | 9.04 | — | — | — |
| EV / EBITDA | 20.31 | 17.57 | 18.49 | 12.83 | 13.56 | 12.59 | — | — | — |
| EV / EBIT | 29.41 | 20.58 | 20.15 | 13.16 | 14.11 | 14.22 | — | — | — |
| EV / FCF | — | 31.87 | 32.05 | 329.12 | 22.57 | 17.57 | — | — | — |
DTM Profitability
Margins and return-on-capital ratios measuring operating efficiency
DT Midstream, Inc. earns an operating margin of 49.4%, significantly above the Energy sector average of 14.3%. Operating margins have compressed from 50.7% to 49.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 9.1% is modest. ROIC of 5.6% represents adequate returns on invested capital versus a sector median of 6.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.5% | 73.5% | 53.8% | 53.7% | 52.5% | 52.7% | 56.6% | 79.4% | 74.8% |
| Operating Margin | 49.4% | 49.4% | 49.8% | 50.7% | 49.5% | 49.9% | 54.6% | 73.0% | 56.3% |
| Net Profit Margin | 35.5% | 35.5% | 36.1% | 41.6% | 40.2% | 36.5% | 41.4% | 40.5% | 47.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.1% | 9.1% | 7.8% | 9.1% | 9.1% | 7.4% | 7.8% | 6.4% | 8.8% |
| ROA | 4.3% | 4.3% | 3.7% | 4.3% | 4.4% | 3.7% | 3.9% | 3.2% | 4.7% |
| ROIC | 5.6% | 5.6% | 4.7% | 4.7% | 4.7% | 4.4% | 4.4% | 5.1% | 4.8% |
| ROCE | 6.3% | 6.3% | 5.4% | 5.6% | 5.6% | 6.4% | 8.7% | 9.8% | 8.8% |
DTM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
DT Midstream, Inc. carries a Debt/EBITDA ratio of 3.8x, which is moderately leveraged (58% above the sector average of 2.4x). Net debt stands at $3.4B ($3.4B total debt minus $54M cash). Interest coverage of 4.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.70 | 0.70 | 0.74 | 0.76 | 0.82 | 0.77 | 0.76 | 0.80 | 0.65 |
| Debt / EBITDA | 3.83 | 3.83 | 4.92 | 4.90 | 5.32 | 5.11 | 5.54 | 6.21 | 4.77 |
| Net Debt / Equity | — | 0.69 | 0.72 | 0.75 | 0.81 | 0.73 | 0.75 | 0.78 | 0.64 |
| Net Debt / EBITDA | 3.77 | 3.77 | 4.82 | 4.82 | 5.22 | 4.89 | 5.47 | 6.11 | 4.69 |
| Debt / FCF | — | 6.84 | 8.36 | 123.62 | 8.69 | 6.83 | 40.23 | 16.32 | 9.08 |
| Interest Coverage | 4.71 | 4.71 | 4.29 | 4.33 | 4.52 | 4.77 | 4.89 | 4.89 | 5.80 |
DTM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.07x means DT Midstream, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 0.63x to 1.07x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.07 | 1.07 | 0.73 | 0.63 | 0.43 | 2.03 | 0.15 | 0.09 | 0.18 |
| Quick Ratio | 1.07 | 1.07 | 0.73 | 0.63 | 0.39 | 1.89 | 0.15 | 0.09 | 0.18 |
| Cash Ratio | 0.18 | 0.18 | 0.16 | 0.13 | 0.10 | 0.75 | 0.01 | 0.01 | 0.01 |
| Asset Turnover | — | 0.12 | 0.10 | 0.10 | 0.10 | 0.10 | 0.09 | 0.06 | 0.10 |
| Inventory Turnover | — | — | — | — | 19.86 | 15.88 | — | — | — |
| Days Sales Outstanding | — | 55.21 | 66.97 | 66.90 | 63.88 | 77.35 | 193.63 | 79.66 | 44.40 |
DTM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
DT Midstream, Inc. returns 2.2% to shareholders annually primarily through dividends. The payout ratio of 73.5% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 3.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 2.6% | 2.9% | 4.9% | 4.5% | 12.0% | — | — | — |
| Payout Ratio | 73.5% | 73.5% | 79.1% | 68.5% | 65.9% | 182.1% | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 3.7% | 3.6% | 7.2% | 6.9% | 6.6% | — | — | — |
| FCF Yield | 3.3% | 4.0% | 4.2% | 0.5% | 7.2% | 9.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 2.2% | 2.6% | 2.9% | 4.9% | 4.5% | 12.0% | — | — | — |
| Shares Outstanding | — | $103M | $98M | $98M | $97M | $97M | $97M | $97M | $97M |
Peer Comparison
Compare DTM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DTMYou | $15B | 32.5 | 20.3 | 30.0 | 73.5% | 49.4% | 9.1% | 5.6% | 3.8 |
 WMB | $89B | 34.1 | 17.6 | 88.8 | 42.9% | 36.8% | 17.5% | 7.7% | 4.4 |
 KMI | $70B | 23.0 | 14.1 | 21.8 | 43.7% | 28.4% | 9.5% | 5.6% | 4.5 |
 TRP | $68B | 27.2 | 16.1 | 44.5 | 50.0% | 44.2% | 9.3% | 5.2% | 6.4 |
 TRGP | $54B | 29.6 | 14.4 | 92.9 | 26.5% | 20.1% | 48.4% | 13.2% | 3.5 |
 OKE | $54B | 15.8 | 10.2 | 22.1 | 21.5% | 20.7% | 15.2% | 9.6% | 3.9 |
 AM | $10B | 24.7 | 15.5 | 13.1 | 65.3% | 51.2% | 20.2% | 9.4% | 3.8 |
 CTRA | $25B | 14.5 | 5.9 | 15.1 | 60.4% | 89.1% | 12.3% | 10.9% | 0.8 |
 HESM | $8B | 13.5 | 9.7 | 11.0 | 63.9% | 62.2% | 78.1% | 18.6% | 3.1 |
 DKL | $3B | 15.5 | 8.8 | — | 20.9% | 18.0% | 847.5% | 14.1% | 0.1 |
 MPLX | $57B | 11.7 | 13.3 | 13.9 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
| Energy Median | — | 16.8 | 8.1 | 14.3 | 31.9% | 14.3% | 7.8% | 6.3% | 2.4 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonDTM — Frequently Asked Questions
Quick answers to the most common questions about buying DTM stock.
What is DT Midstream, Inc.'s P/E ratio?
DT Midstream, Inc.'s current P/E ratio is 32.5x. The historical average is 19.6x. This places it at the 100th percentile of its historical range.
What is DT Midstream, Inc.'s EV/EBITDA?
DT Midstream, Inc.'s current EV/EBITDA is 20.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
What is DT Midstream, Inc.'s ROE?
DT Midstream, Inc.'s return on equity (ROE) is 9.1%. The historical average is 8.2%.
Is DTM stock overvalued?
Based on historical data, DT Midstream, Inc. is trading at a P/E of 32.5x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is DT Midstream, Inc.'s dividend yield?
DT Midstream, Inc.'s current dividend yield is 2.19% with a payout ratio of 73.5%.
What are DT Midstream, Inc.'s profit margins?
DT Midstream, Inc. has 73.5% gross margin and 49.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does DT Midstream, Inc. have?
DT Midstream, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.