DT Midstream, Inc. (DTM) vs Plains All American Pipeline, L.P. (PAA)

DT Midstream, Inc. and Plains All American Pipeline, L.P. are both Oil & Gas Midstream companies. Plains All American Pipeline, L.P. is the larger, with a market value of $17.3B against $11.5B — 1.5× the size. Plains All American Pipeline, L.P. trades at the lower P/E: 6.8× against 24.4×. DT Midstream, Inc. grew revenue faster over the last twelve months: 13.4% against 13.1%. DT Midstream, Inc. has the higher net margin (35.4% vs 4.87%) and the higher return on invested capital (5.14% vs 4.74%). Both pay a dividend; Plains All American Pipeline, L.P. yields more (6.80% vs 3.05%). Across the 23 metrics below, Plains All American Pipeline, L.P. leads on 14 and DT Midstream, Inc. on 9.

Valuation

Metric DTM PAA Oil & Gas Midstream median
P/E 24.38 6.81 11.68
P/S 8.67 0.33 2.39
P/B 2.33 1.42 1.68
Price to free cash flow 21.68 7.11 8.52
EV/EBITDA 15.40 9.46 9.03
EV/Sales 10.98 0.47 3.43
Earnings yield 4.10% 14.69% 7.78%
Free cash flow yield 4.61% 14.06% 7.11%

Profitability

Metric DTM PAA Oil & Gas Midstream median
Gross margin 100.00% 5.55% 54.87%
Operating margin 49.40% 3.14% 34.73%
Net margin 35.36% 4.87% 20.12%
Free cash flow margin 40.02% 4.66% 14.43%
Return on equity 9.61% 21.98% 11.73%
Return on assets 4.62% 9.03% 4.43%
Return on invested capital 5.14% 4.74% 6.10%

Growth

Metric DTM PAA Oil & Gas Midstream median
Revenue growth (TTM) 13.36% 13.08% 14.88%
EPS growth (last fiscal year) 19.44% 127.40% (7.78%)
Revenue growth, 5-year CAGR 10.51% 13.70% 10.05%
Net income growth, 5-year CAGR 7.17% 0.00% 0.00%

Health

Metric DTM PAA Oil & Gas Midstream median
Debt to equity 0.66 0.59 0.77
Current ratio 1.16 1.12 1.19
Net debt to EBITDA 3.68 4.58 3.46

Dividend

Metric DTM PAA Oil & Gas Midstream median
Dividend yield 3.05% 6.80% 4.94%
Payout ratio 0.75 0.46 0.73

Size

Metric DTM PAA Oil & Gas Midstream median
Market cap 11.52b 17.31b 3.56b

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