DT Midstream, Inc. (DTM) vs Plains Group Holdings, L.P. (PAGP)

DT Midstream, Inc. and Plains Group Holdings, L.P. are both Oil & Gas Midstream companies. Plains Group Holdings, L.P. is the larger, with a market value of $20.3B against $12.7B — 1.6× the size. Plains Group Holdings, L.P. trades at the lower P/E: 9.5× against 26.7×. 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 1.06%) and the higher return on invested capital (5.03% vs 4.51%). Both pay a dividend; Plains Group Holdings, L.P. yields more (6.88% vs 5.34%). Across the 23 metrics below, Plains Group Holdings, L.P. leads on 12 and DT Midstream, Inc. on 11.

Valuation

Metric DTM PAGP Oil & Gas Midstream median
P/E 26.69 9.47 13.19
P/S 9.54 0.10 2.60
P/B 2.54 0.34 2.08
Price to free cash flow 26.03 2.16 10.14
EV/EBITDA 16.76 4.84 8.11
EV/Sales 11.97 0.24 3.89
Earnings yield 3.75% 10.56% 6.83%
Free cash flow yield 3.84% 46.37% 6.94%

Profitability

Metric DTM PAGP Oil & Gas Midstream median
Gross margin 100.00% 5.55% 58.81%
Operating margin 49.62% 3.13% 32.14%
Net margin 35.73% 1.06% 21.16%
Free cash flow margin 36.64% 4.65% 10.15%
Return on equity 9.61% 3.77% 11.30%
Return on assets 4.64% 1.90% 5.00%
Return on invested capital 5.03% 4.51% 6.13%

Growth

Metric DTM PAGP Oil & Gas Midstream median
Revenue growth (TTM) 18.12% 13.08% 15.44%
EPS growth (last fiscal year) 19.44% 150.00% —
Revenue growth, 5-year CAGR 10.51% 13.70% 8.96%
Net income growth, 5-year CAGR 7.17% 0.00% 0.00%

Health

Metric DTM PAGP Oil & Gas Midstream median
Debt to equity 0.68 0.55 0.78
Current ratio 1.37 1.12 1.19
Net debt to EBITDA 3.68 4.59 3.42

Dividend

Metric DTM PAGP Oil & Gas Midstream median
Dividend yield 5.34% 6.88% 7.29%
Payout ratio 0.70 — 0.64

Size

Metric DTM PAGP Oil & Gas Midstream median
Market cap 12.73b 20.34b 3.61b

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