Latest Ratios: P/E Ratio 24.8x · EV/EBITDA 15.6x · 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 | $11.6B | $12.3B | $9.8B | $5.3B | $5.4B | $4.6B | — | — | — |
| Enterprise Value | $14.9B | $15.6B | $13.2B | $8.6B | $8.7B | $7.6B | — | — | — |
| P/E Ratio → | 24.78 | 27.02 | 27.62 | 13.91 | 14.50 | 15.14 | — | — | — |
| P/S Ratio | 8.70 | 9.87 | 9.97 | 5.80 | 5.84 | 5.53 | — | — | — |
| P/B Ratio | 2.39 | 2.51 | 2.05 | 1.25 | 1.29 | 1.15 | — | — | — |
| P/FCF | 21.75 | 27.82 | 23.69 | 205.50 | 13.88 | 10.74 | — | — | — |
| P/OCF | 13.37 | 14.15 | 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 | — | 12.54 | 13.49 | 9.28 | 9.49 | 9.04 | — | — | — |
| EV / EBITDA | 15.65 | 17.53 | 18.49 | 12.83 | 13.56 | 12.59 | — | — | — |
| EV / EBIT | 24.29 | 20.53 | 20.15 | 13.16 | 14.11 | 14.22 | — | — | — |
| EV / FCF | — | 35.34 | 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 | 4.4% | 4.4% | 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 | 6.4% | 6.4% | 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 | 0.69 | 0.69 | 0.74 | 0.76 | 0.82 | 0.77 | 0.76 | 0.80 | 0.65 |
| Debt / EBITDA | 3.79 | 3.79 | 4.92 | 4.90 | 5.32 | 5.11 | 5.54 | 6.21 | 4.77 |
| Net Debt / Equity | — | 0.68 | 0.72 | 0.75 | 0.81 | 0.73 | 0.75 | 0.78 | 0.64 |
| Net Debt / EBITDA | 3.73 | 3.73 | 4.82 | 4.82 | 5.22 | 4.89 | 5.47 | 6.11 | 4.69 |
| Debt / FCF | — | 7.52 | 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 | 2.8% | 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 | 4.0% | 3.7% | 3.6% | 7.2% | 6.9% | 6.6% | — | — | — |
| FCF Yield | 4.6% | 3.6% | 4.2% | 0.5% | 7.2% | 9.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | — | — | — |
| Total Shareholder Yield | 2.8% | 2.6% | 2.9% | 4.9% | 4.6% | 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 24.8x. The historical average is 19.6x. This places it at the 60th percentile of its historical range.
DT Midstream, Inc.'s current EV/EBITDA is 15.6x. 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 24.8x. This is at the 60th 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 2.78% 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
Leverage understated by low debt ratio
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained Growth
Based on the supplied valuation data, DTM trades at 25.48x trailing earnings and 16.72x EV/EBITDA, a premium to KMI and OKE that the market appears to justify only if recent expansion translates into durable earnings growth.
The forward P/E of 24.04x offers only modest compression from trailing levels, which suggests the market expects limited near-term earnings acceleration despite the reported 26.7% revenue growth. A PEG of 3.87 is elevated and may indicate that investors are paying heavily for growth that has not yet been confirmed in per-share earnings. Relative to WMB at 30.02x and TRGP at 31.90x, DTM's multiple appears moderate, but the peer set includes higher-ROE businesses, so the comparison may flatter DTM's valuation.
Margins Volatile Beneath Stable Operating Line
Reported operating margins held in a tight 48.8% to 53.3% band over ten quarters, while gross margins swung between roughly 48.6% and 78.9%, a spread that points to cost classification effects rather than operating change.
The stability of operating margin against gross margin volatility suggests that the swings reflect how costs are classified and reported rather than shifts in underlying pipeline economics. Net margin tracked between 29.3% and 39.3%, indicating that below-the-line items and interest costs have a meaningful but manageable effect on bottom-line conversion. Investors should treat operating margin as the more reliable gauge of earning power given the gross margin noise.
Returns Thin Despite Strong Margins
ROE of roughly 2.2% to 2.7% and ROIC of 1.1% to 1.6% across recent quarters, measured against WMB's 7.7% and OKE's 9.6% ROIC, suggest DTM's high margins are not converting into capital efficiency.
Low ROIC relative to peers suggests the large asset base, with net PPE near 58% of total assets, is dampening returns despite a 49% operating margin. The business is generating high margins on a heavy capital base, so returns depend heavily on asset turnover that remains modest at roughly 0.03 per quarter on the reported basis. Compounding would require either accelerated utilization of existing infrastructure or disciplined growth spending that lifts incremental returns.
Low Reported Debt Ratio Warrants Scrutiny
The reported debt-to-equity ratio of 0.67 to 0.74 sits against roughly $3.3B to $3.5B of total debt and debt-to-EBITDA near 13.8x to 20.6x, a combination that suggests the headline leverage ratio may understate true obligations.
Debt-to-EBITDA well above typical midstream thresholds, even as interest coverage held near 4.2x to 5.3x, points to a debt load that is serviceable at current earnings but sensitive to any EBITDA decline. The gap between the low D/E and high D/EBITDA suggests equity is large relative to book debt, which warrants further investigation into the balance sheet composition and any lease or off-balance-sheet obligations not captured in the supplied data. Investors should monitor whether coverage holds if EBITDA softens.
Thin Liquidity Buffer Relies on Timing
Current ratio swung from 0.73 to 1.37 over ten quarters while cash remained narrow, suggesting near-term liquidity depends heavily on working capital timing rather than a deep reserve position.
Current ratio below 1.0 in several periods indicates that short-term obligations have at times exceeded liquid assets, which appears to be managed through operating inflows rather than balance sheet cushion. Under a stress scenario in which receivables slowed or distributions continued at current levels, the current position would likely require reliance on credit facilities, an inference that warrants monitoring. The most commonly misapplied ratio for this model is the current ratio, which can understate pipeline liquidity given predictable take-or-pay cash flows.
Gas Concentration Could Undercut Premium Thesis
Based on the supplied peer data, DTM's single-commodity natural gas exposure contrasts with diversified peers like WMB and KMI, and the 1.1% to 1.6% ROIC gap suggests the market may be paying for growth that policy shifts could impair.
The most commonly misapplied metric here is ROE or P/E on a low-return base, since high reported margins do not capture the capital intensity of the asset base; ROIC and FCF yield are better measures of economic return. A reversal in LNG export policy or methane regulation would affect DTM more directly than diversified midstream peers, and that concentration may justify a discount rather than a premium multiple. Investors should monitor whether utilization and contract renewals hold up under such a scenario.