Latest Ratios: P/E Ratio 28.4x · EV/EBITDA 18.2x · ROE 9.1%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.8B | $12.3B | $9.8B | $5.3B | $5.4B | $4.6B | — | — | — |
| Enterprise Value | $16.2B | $15.6B | $13.2B | $8.6B | $8.7B | $7.6B | — | — | — |
| P/E Ratio → | 28.40 | 27.02 | 27.62 | 13.91 | 14.50 | 15.14 | — | — | — |
| P/S Ratio | 10.33 | 9.87 | 9.97 | 5.80 | 5.84 | 5.53 | — | — | — |
| P/B Ratio | 2.64 | 2.51 | 2.05 | 1.25 | 1.29 | 1.15 | — | — | — |
| P/FCF | 26.20 | 25.04 | 23.69 | 205.50 | 13.88 | 10.74 | — | — | — |
| P/OCF | 14.01 | 13.39 | 12.82 | 6.70 | 7.41 | 8.11 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 18.21 | 17.57 | 18.49 | 12.83 | 13.56 | 12.59 | — | — | — |
| EV / EBIT | 26.36 | 20.58 | 20.15 | 13.16 | 14.11 | 14.22 | — | — | — |
| EV / FCF | — | 31.87 | 32.05 | 329.12 | 22.57 | 17.57 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 2.5% | 2.6% | 2.9% | 4.9% | 4.5% | 12.0% | — | — | — |
| Payout Ratio | 73.5% | 73.5% | 79.1% | 68.5% | 65.9% | 182.1% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.5% | 3.7% | 3.6% | 7.2% | 6.9% | 6.6% | — | — | — |
| FCF Yield | 3.8% | 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 | 2.5% | 2.6% | 2.9% | 4.9% | 4.5% | 12.0% | — | — | — |
| Shares Outstanding | — | $103M | $98M | $98M | $97M | $97M | $97M | $97M | $97M |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying DTM stock.
DT Midstream, Inc.'s current P/E ratio is 28.4x. The historical average is 19.6x. This places it at the 100th percentile of its historical range.
DT Midstream, Inc.'s current EV/EBITDA is 18.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
DT Midstream, Inc.'s return on equity (ROE) is 9.1%. The historical average is 8.2%.
Based on historical data, DT Midstream, Inc. is trading at a P/E of 28.4x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DT Midstream, Inc.'s current dividend yield is 2.51% with a payout ratio of 73.5%.
DT Midstream, Inc. has 73.5% gross margin and 49.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
DT Midstream, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Haynesville concentration risk
Metrics are mathematically derived from official filings.
Premium Multiple for Utility-Like Cash Flows
DTM trades at 30.1x trailing earnings and 19.0x EV/EBITDA, a premium to KMI's 22.7x and 14.0x, as per recent market data, reflecting its contracted, low-commodity-risk profile.
The forward P/E of 27.4x implies the market expects sustained earnings growth, but the PEG of 4.56 suggests that growth is already heavily priced in. Compared to peers like WMB (PEG 0.51) and KMI (PEG 0.24), DTM's valuation appears stretched unless the LEAP expansions deliver above-consensus volume growth. Investors should monitor whether the 26.7% revenue growth translates into proportional EPS growth to justify the multiple.
Toll-Road Margins Mask Quarterly Volatility
Gross margin averaged 73.5% in 2026Q2, as reported in financial statements, but swung between 48.6% and 73.8% over ten quarters, while operating margin held near 50%, indicating stable core profitability.
The stability of operating margin around 49-50% despite gross margin volatility suggests that COGS fluctuations are largely non-cash or timing-related, possibly due to MVC adjustments. Net margin improved to 32.7% in 2026Q2 from 29.3% a year earlier, reflecting operating leverage and lower interest costs. The true earning power is best captured by operating margin, which remains resilient and above the peer average of roughly 20%.
Low ROIC Reflects Heavy Capital Base
ROIC has been stable at 1.4-1.6% over the last four quarters, as per DTM's financials, far below the 5-13% range of peers like KMI and TRGP, due to its massive PP&E base.
The low ROIC is a function of the capital-intensive nature of midstream assets and the recent commissioning of LEAP expansions, which have not yet generated full returns. ROE similarly trails peers at 2.3% versus WMB's 20.4%, but this understates the business's cash-generative capacity. As new assets ramp, ROIC should improve, but investors should expect a multi-year trajectory before it approaches peer levels.
Working Capital Efficiency Improving
Current ratio improved from 0.71 in 2024Q1 to 1.37 in 2026Q2, as reported in DTM's balance sheet, while DSO fell from 60 to 50 days, indicating tighter receivables management.
The improvement in liquidity ratios suggests better working capital management, though the quick ratio equals the current ratio, indicating minimal inventory dependence—typical for a pipeline operator. DPO fluctuated widely, from 36 to 99 days, reflecting timing of payables, but the overall CCC remains negative or near zero, which is favorable. Asset turnover is extremely low at 0.03x, consistent with the heavy fixed-asset base, but this is not a meaningful efficiency metric for midstream firms.
Leverage Appears Manageable Despite High D/EBITDA
Debt-to-EBITDA rose to 13.8x in 2026Q2, as per DTM's financials, but interest coverage improved to 5.0x, suggesting that debt service remains comfortable despite elevated leverage.
The D/EBITDA ratio is distorted by the low trailing EBITDA relative to the capital base; however, the stable D/E of 0.69 and flat total debt of $3.4B indicate disciplined financing. Interest coverage of 5.0x is above the 4.3x seen in 2024Q4, reflecting lower rates or higher EBITDA. The reported debt/equity of 0.70% in the data appears to be a typo or misstatement, as the balance sheet shows D/E around 0.69, which is still conservative for the sector.
Liquidity Buffer Strengthens but Remains Thin
Current ratio reached 1.37 in 2026Q2, up from 0.71 in 2024Q1, as per DTM's balance sheet, with cash of $172M, providing a modest cushion against short-term obligations.
The improvement in liquidity is notable, but the quick ratio of 1.37 still leaves little room for stress, especially given the volatility in operating cash flow. The company's ability to weather a downturn is supported by its investment-grade balance sheet and access to credit, but the thin current ratio suggests reliance on ongoing cash generation. Investors should monitor whether the current ratio remains above 1.0 as growth capex continues.
Premium Valuation vs. Diversified Peers
DTM's EV/EBITDA of 19.0x exceeds KMI's 14.0x and OKE's 10.3x, as per market data, reflecting its pure-play gas focus and contracted cash flows, but also its smaller scale.
The premium is justified by DTM's lower commodity exposure and higher growth potential from LEAP, but it also implies higher expectations. DTM's net margin of 32.7% is well above the peer average of ~17%, indicating superior profitability, yet its ROIC lags due to the capital base. The market appears to be pricing DTM as a 'utility-lite' rather than a typical midstream, which may be appropriate given its stable cash flows.
Misapplied ROIC in Capital-Intensive Midstream
ROIC is often misapplied to DTM because it penalizes the heavy PP&E base, as per financial statements, obscuring the true cash-generative nature of contracted pipelines.
For midstream companies, ROIC understates economic returns because it fails to capture the long-term contracted revenue streams and the low maintenance capex relative to initial investment. A better metric is cash flow return on invested capital (CFROI) or distributable cash flow yield, which adjusts for the non-cash depreciation and the stability of take-or-pay contracts. Investors should focus on DTM's FCF margin of 34.1% and its ability to self-fund growth, rather than ROIC, to assess value creation.