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Friday 6 November 2026
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DT Midstream, Inc.
DTM Energy Oil & Gas Midstream
DT Midstream, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 26.7% from fiscal 2024.
- Revenue
- +7.01%
- EPS
- +4.92%
- Free cash flow
- +40.5%
- Total debt
- −1.35%
Quarter to September 2026, against a year earlier
113.28
4.30
−3.66%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 485 | 504 | 754 | 840 | 920 | 922 | 981 | 1,243 | 1,332 | +14.4% | 963 | 1,023 | 1,113 | (3.6%) | |
| Gross margin, % | — | — | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 0.0 pt | ||||||
| EBT | — | — | 331 | 292 | 440 | 422 | 482 | 500 | 504 | 598 | 656 | +8.8% | ||||||
| EBT margin, % | — | — | 68.25 | 57.94 | 58.36 | 50.24 | 52.39 | 54.23 | 51.38 | 48.11 | 49.25 | (20.1) pt | ||||||
| Net income | — | — | 259 | 220 | 324 | 318 | 382 | 396 | 367 | 454 | 486 | +8.3% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 5.01 | 5.21 | 7.80 | 8.69 | 9.51 | 9.52 | 10.05 | 12.23 | 13.06 | +13.6% | |||||
| Earnings | — | — | 2.39 | 2.28 | 3.35 | 3.17 | 3.83 | 3.94 | 3.63 | 4.34 | 4.65 | +8.9% | ||||||
| Cash flow | — | — | 3.71 | 4.03 | 6.17 | 5.92 | 7.50 | 8.24 | 7.82 | 8.53 | 9.20 | +12.7% | ||||||
| Capex | — | — | (1.82) | (2.18) | (5.36) | (1.45) | (3.50) | (7.97) | (3.59) | (4.19) | (3.97) | +12.7% | ||||||
| Free cash flow | — | — | 1.89 | 1.85 | 0.82 | 4.47 | 4.00 | 0.27 | 4.23 | 4.34 | 5.23 | +12.6% | ||||||
| Book value | — | — | 0.00 | 38.51 | 43.72 | 41.58 | 42.96 | 44.17 | 48.83 | 48.01 | 48.58 | n/m | ||||||
| Shares, m | — | — | 97 | 97 | 97 | 97 | 97 | 97 | 98 | 102 | 102 | +0.7% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 12.35 | 12.35 | 12.35 | 15.01 | 13.91 | 13.95 | 27.47 | 27.58 | 24.38 | 16.9 | |||||
| P/S | — | — | 5.17 | 5.17 | 5.17 | 5.52 | 5.59 | 5.79 | 9.89 | 9.78 | 8.67 | 6.5 | ||||||
| P/B | — | — | 1.04 | 1.04 | 1.04 | 1.15 | 1.24 | 1.25 | 2.04 | 2.49 | 2.33 | 1.4 | ||||||
| EV/Sales | — | — | 9.09 | 9.09 | 9.09 | 8.99 | 9.20 | 9.24 | 13.36 | 12.43 | 10.98 | 10.1 | ||||||
| EV/FCF | — | — | 33.06 | 33.06 | 33.06 | 17.49 | 21.88 | 327.50 | 31.73 | 35.04 | 27.44 | 66.6 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | 359 | 390 | 597 | 572 | 725 | 798 | 763 | 867 | 938 | +13.4% | |||||
| Capex | — | — | (176) | (211) | (518) | (140) | (338) | (772) | (350) | (426) | (405) | +13.5% | ||||||
| Free cash flow | — | — | 183 | 179 | 79 | 432 | 387 | 26 | 413 | 441 | 533 | +13.4% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | (3,100) | (2,805) | 183 | (352) | (162) | (116) | 22 | 66 | n/m | |||||
| Net debt | — | — | — | 2,876 | 3,161 | 2,914 | 3,328 | 3,174 | 3,401 | 3,270 | 3,046 | +2.2% | ||||||
| Shareholders’ equity | — | — | — | 3,724 | 4,228 | 4,021 | 4,154 | 4,280 | 4,766 | 4,878 | 4,955 | +4.6% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 5.93 | 5.24 | 3.87 | 3.72 | 4.35 | 4.31 | 3.74 | 4.41 | 4.62 | (1.5) pt | |||||
| ROIC | — | — | 0.00 | 2.47 | 3.50 | 3.62 | 3.99 | 3.95 | 3.74 | 4.71 | 5.14 | +4.7 pt | ||||||
| ROE | — | — | 0.00 | 5.13 | 7.85 | 7.44 | 9.05 | 9.11 | 7.83 | 9.15 | 9.61 | +9.2 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 258 | 280 | 362 | 402 | 556 | 588 | — | +17.9% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 2.92 | 3.00 | 2.54 | 2.29 | 1.76 | 2.11 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Pipeline | 687 | 55.27% |
|---|---|---|
| Gathering | 556 | 44.73% |
| Gross margin | 100.00% | |
| Operating margin | 49.40% | |
| Pre-tax margin | 48.11% |
DT Midstream, Inc. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| PAGP Plains Group Holdings, L.P. | $20.1B | 9.4× | 9.6× | +66.26% (above 0%: growing) | +1,213.33% (above 0%: growing) | +50.93% (above 0%: growing) | 4.57% | 2.24% | Compare |
| PAA Plains All American Pipeline, L.P. | $17.3B | 6.8× | 7.2× | +66.26% (above 0%: growing) | +1,095.24% (above 0%: growing) | +50.92% (above 0%: growing) | 4.57% | 2.25% | Compare |
| WES Western Midstream Partners, LP | $16.5B | 12.9× | 12.5× | +25.38% (above 0%: growing) | −9.20% (below 0%: shrinking) | +44.45% (above 0%: growing) | 89.81% | 38.65% | Compare |
| VNOM Viper Energy Inc. | $14.4B | 18.1× | 16.7× | +58.13% (above 0%: growing) | n/m | +57.25% (above 0%: growing) | 100.00% | 60.36% | Compare |
| DTM DT Midstream, Inc. | $11.5B | 24.4× | 26.7× | +7.01% (above 0%: growing) | +4.92% (above 0%: growing) | +40.46% (above 0%: growing) | 100.00% | 48.51% | |
| FRO Frontline PLC | $10.0B | 6.7× | 5.4× | +112.25% (above 0%: growing) | +745.71% (above 0%: growing) | +155.42% (above 0%: growing) | 74.15% | 65.92% | Compare |
| AM Antero Midstream Corporation | $9.1B | 13.4× | 15.8× | +10.92% (above 0%: growing) | +244.92% (above 0%: growing) | +232.64% (above 0%: growing) | 74.54% | 170.39% | Compare |
| KNTK Kinetik Holdings Inc. | $8.0B | 16.3× | 38.9× | +22.72% (above 0%: growing) | +766.67% (above 0%: growing) | +692.49% (above 0%: growing) | 34.67% | 11.19% | Compare |
| SOBO South Bow Corporation | $6.6B | 14.4× | 19.5× | +4.20% (above 0%: growing) | +39.13% (above 0%: growing) | +48.75% (above 0%: growing) | 55.68% | 48.90% | Compare |
| Median of peers | $12.2B | 13.2× | 14.2× | +41.76% | +745.71% | +54.09% | 64.92% | 43.78% |
From the latest earnings call
- CEO David Slater said DT Midstream reached investment decisions on three pipeline projects, bringing committed capital to approximately $2.4 billion.
- Slater said weak short-term gas prices had led to Northeast producer curtailments, even as he expected longer-term demand growth.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
86.32%
Held by the ten largest
44.59%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 11.40m | 11.17% | +481.90k |
| Vanguard | 11.21m | 10.99% | −39.78k |
| Geode Capital Management | 3.40m | 3.33% | +1.09m |
| State Street | 3.38m | 3.31% | +130.70k |
| Deutsche Bank (DWS) | 3.03m | 2.97% | −21.99k |
| Neuberger Berman | 2.99m | 2.93% | +52.47k |
| TORTOISE CAPITAL ADVISORS, L.L.C. | 2.98m | 2.92% | −31.59k |
| Blackstone Inc. | 2.49m | 2.44% | −189.74k |
| Franklin Templeton | 2.34m | 2.29% | +1.32m |
| Dimensional Fund Advisors | 2.27m | 2.23% | −2.60k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 26 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.33m | 25.16m | 347.74 |
| 2024 | 9.05m | 41.72m | 280.16 |
| 2023 | 7.97m | 6.64m | 148.29 |
| 2022 | 6.82m | 8.60m | 141.56 |
| 2021 | 6.49m | 8.55m | 117.18 |
Ownership
Directors and executive officers, together
less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
DT Midstream, Inc. (DTM) Latest News
29 Oct
30 Jul
1 May
DTM metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
DT Midstream owns, operates and develops natural gas infrastructure. It helps move gas from production areas to customers and markets, and stores gas for later use. Its customers include natural gas producers, local distribution companies, power generators, industrial businesses and gas marketers. The company was incorporated in 2021, is headquartered in Detroit, Michigan, and is led by Chairman and Chief Executive Officer David Slater.
The business has two segments. Pipeline includes interstate and intrastate pipelines, storage facilities and gathering lateral pipelines, which connect gas collection points to larger pipelines and export terminals. DT Midstream also owns interests in joint ventures whose interstate pipelines connect to its wholly owned assets.