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DT Midstream, Inc. (DTM)

NYSE / Energy / Oil & Gas Midstream

Share price

118.81 USD Market dataClose of Oct 15, 2026

Market capitalisation

12.12B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 19, 2026
Ratios computed
Oct 15, 2026
Filed years
7, FY2019 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

5.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

27.38x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

3.6% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2019 Revenue: 504.0M USDFY2019 Net income: 204.0M USDFY2020 Revenue: 754.0M USDFY2020 Net income: 312.0M USDFY2021 Revenue: 840.0M USDFY2021 Net income: 307.0M USDFY2022 Revenue: 920.0M USDFY2022 Net income: 370.0M USDFY2023 Revenue: 922.0M USDFY2023 Net income: 384.0M USDFY2024 Revenue: 981.0M USDFY2024 Net income: 354.0M USDFY2025 Revenue: 1.24B USDFY2025 Net income: 441.0M USD
Revenue Net income7 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 27.38x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Oil & Gas Midstream industry (36 companies), 27.38x sits at the 88th percentile; the middle half of that group runs from 12.29x to 21.32x.

Is it good

Return on invested capital was 5.8% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Energy sector (108 companies), 5.8% sits at the 41st percentile; the middle half of that group runs from 2.6% to 11.9%.

Is it safe

Interest coverage was 3.81x in FY2025, in the band labelled "Investment grade" (3.00x to 6.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether DT Midstream, Inc.'s return on invested capital stayed above the median of the Energy sector, year by year. (FY2021 to FY2025, 5 fiscal years of DT Midstream, Inc. with a comparable figure)
The direction
Which way DT Midstream, Inc.'s operating margin has moved, and how steadily. (FY2019 to FY2025, 7 filed years of DT Midstream, Inc.)
What could explain it
What in DT Midstream, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines DT Midstream, Inc. filed)
What to check next
What to check next on DT Midstream, Inc., and where in its filings. (3 questions for DT Midstream, Inc.)
In one paragraph
One paragraph on DT Midstream, Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for DT Midstream, Inc.)

These are DTM’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research DTMPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 19, 2026, accession 0001842022-26-000003.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

DT Midstream, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax5.8% ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Return on equity9.3% ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Return on capital employed, pre-tax6.3% ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Return on assets4.4% ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Operating margin49.4% ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Net margin35.5% ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
DTM 35.5%
WES 30.7%CQP 27.8%FRO 19.2%LNG 26.7%MPLX 38.1%
19.2%38.1%
Net margin: DTM against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

DT Midstream, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.71 ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Current ratio1.07 ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Quick ratio1.07 ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Interest coverage3.81x ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Altman Z-score1.85 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Net debt3.32B ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Total assets 10.08BTotal liabilities 5.20BShareholders' equity 4.74BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What DT Midstream, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 19, 2026, 0001842022-26-000003).

DT Midstream, Inc: balance sheet position
Total assets10.08B FiledFY2025 10-K, filed Feb 19, 2026
Total liabilities5.20B FiledFY2025 10-K, filed Feb 19, 2026
Shareholders' equity4.74B FiledFY2025 10-K, filed Feb 19, 2026
Cash54.0M FiledFY2025 10-K, filed Feb 19, 2026
Total debt3.37B FiledFY2025 10-K, filed Feb 19, 2026
Net debt3.32B
Current ratio1.07
Debt to equity0.71

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

DT Midstream, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings27.38x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
P/E on trailing twelve months27.75x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.57x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Price to sales9.80x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Enterprise value to EBIT25.24x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Enterprise value to EBITDA17.77x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Price to earnings over growth4.50 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Diluted earnings per share4.30 USD FiledFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Graham number67.17 USD ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003

We publish no fair value or price target of our own. Value DTM on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for DT Midstream, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

DT Midstream, Inc: valuation
Share price118.81 USD
Market capitalisation12.12B USD
Enterprise value to EBITDA17.77x
Graham number67.17 USD
Diluted earnings per share, FY20254.30 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Nov 5, 2021: low 11.93x, median 16.86x, high 33.71x, latest 27.75x. 1,238 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like DT Midstream, Inc

  1. Western Midstream Partners, LP (WES)Market cap 18.24B USD
  2. Cheniere Energy Partners, L.P. (CQP)Market cap 30.13B USD
  3. Frontline Ltd. (FRO)Market cap 11.70B USD
  4. Cheniere Energy, Inc. (LNG)Market cap 57.65B USD
  5. MPLX Lp (MPLX)Market cap 57.91B USD

Same industry (Oil & Gas Midstream) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

DT Midstream, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield3.6% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Free cash flow441.0M USD ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Free cash flow margin35.5% ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Dividend yield2.9% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Payout ratio73.5% ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
FY2019 Free cash flow: 179.0M USDFY2019 Net income: 204.0M USDFY2020 Free cash flow: 79.0M USDFY2020 Net income: 312.0M USDFY2021 Free cash flow: 432.0M USDFY2021 Net income: 307.0M USDFY2022 Free cash flow: 387.0M USDFY2022 Net income: 370.0M USDFY2023 Free cash flow: 26.0M USDFY2023 Net income: 384.0M USDFY2024 Free cash flow: 413.0M USDFY2024 Net income: 354.0M USDFY2025 Free cash flow: 441.0M USDFY2025 Net income: 441.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

DT Midstream, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
27.38xFY2025Oct 15, 2026
2.57xFY2025Oct 15, 2026
25.24xFY2025Oct 15, 2026
3.6%FY2025Oct 15, 2026
5.8%FY2025Feb 19, 2026
2.9%FY2025Oct 15, 2026
0.71FY2025Feb 19, 2026
1.07FY2025Feb 19, 2026
9.80xFY2025Oct 15, 2026
4.50FY2025Oct 15, 2026
1.85FY2025Oct 15, 2026
-2.44FY2025Feb 19, 2026
7/9FY2025Feb 19, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 7 filed fiscal years on record, FY2019 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

7 filed fiscal years, FY2019 to FY2025, read from the annual reports DT Midstream, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

DT Midstream, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.24B614.0M441.0M4.30441.0M49.4%9.3%10-K, Feb 19, 20260001842022-26-000003
FY2024981.0M489.0M354.0M3.60413.0M49.9%7.7%10-K, Feb 26, 20250001842022-25-000003
FY2023922.0M471.0M384.0M3.9426.0M51.1%9.3%10-K, Feb 16, 20240001842022-24-000003
FY2022920.0M478.0M370.0M3.81387.0M52.0%9.2%10-K, Feb 16, 20230001842022-23-000006
FY2021840.0M402.0M307.0M3.16432.0M47.9%7.9%10-K, Feb 25, 20220001842022-22-000006
FY2020754.0M414.0M312.0M3.2379.0M54.9%7.7%10-K, Feb 25, 20220001842022-22-000006
FY2019504.0M261.0M204.0M2.11179.0M51.8%n/a10-K, Feb 25, 20220001842022-22-000006
  • Revenue, compound annual growth FY2019 to FY2025: 16.2%
  • Earnings, compound annual growth FY2019 to FY2025: 13.7%
  • Earnings per share, compound annual growth FY2019 to FY2025: 12.6%
  • Free cash flow, compound annual growth FY2019 to FY2025: 16.2%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

DT Midstream, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.44 ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Piotroski F-score7/9 ComputedFY2025 10-K, filed Feb 19, 2026, 0001842022-26-000003
Named tests met1 of 30 Computed
Beta0.40 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 29 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(2)
  • Positive Earnings Streak: We hold 7 profitable filed years in a row; the test needs 10.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 2 figures could not be read on this company: Positive Earnings Streak, Gross Margin.
  • We hold 7 filed fiscal years rather than 10, so the run above is shorter than a full decade and is counted as what it is.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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