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 $17.7B against $12.1B — 1.5× the size. Plains All American Pipeline, L.P. trades at the lower P/E: 7.0× against 26.9×. DT Midstream, Inc. grew revenue faster over the last twelve months: 18.1% against 13.1%. DT Midstream, Inc. has the higher net margin (35.7% vs 4.87%) and the higher return on invested capital (5.03% vs 4.74%). Both pay a dividend; Plains All American Pipeline, L.P. yields more (8.12% vs 2.80%). 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 26.94 6.99 12.77
P/S 9.63 0.34 2.36
P/B 2.56 1.45 2.09
Price to free cash flow 26.28 7.31 9.71
EV/EBITDA 16.89 9.64 8.30
EV/Sales 12.06 0.48 3.88
Earnings yield 3.71% 14.30% 7.15%
Free cash flow yield 3.81% 13.68% 6.86%

Profitability

Metric DTM PAA Oil & Gas Midstream median
Gross margin 100.00% 5.55% 56.58%
Operating margin 49.62% 3.14% 34.18%
Net margin 35.73% 4.87% 22.50%
Free cash flow margin 36.64% 4.66% 13.70%
Return on equity 9.61% 21.98% 14.65%
Return on assets 4.64% 9.03% 5.00%
Return on invested capital 5.03% 4.74% 6.13%

Growth

Metric DTM PAA Oil & Gas Midstream median
Revenue growth (TTM) 18.12% 13.08% 15.60%
EPS growth (last fiscal year) 19.44% 127.40% (7.86%)
Revenue growth, 5-year CAGR 10.51% 13.70% 9.59%
Net income growth, 5-year CAGR 7.17% 0.00% 0.00%

Health

Metric DTM PAA Oil & Gas Midstream median
Debt to equity 0.68 0.59 0.78
Current ratio 1.37 1.12 1.19
Net debt to EBITDA 3.68 4.58 3.42

Dividend

Metric DTM PAA Oil & Gas Midstream median
Dividend yield 2.80% 8.12% 4.54%
Payout ratio 0.76 0.57 0.76

Size

Metric DTM PAA Oil & Gas Midstream median
Market cap 12.12b 17.74b 3.73b

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