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DT Midstream

DTM NYSE Oil & Gas Storage & Transportation Financials FY2019–FY2025

DT Midstream's revenue rose 26.7% to $1.2 billion in fiscal 2025. Its operating margin was 49.4%, down from 49.9% a year earlier. Free cash flow was $441 million, up 6.8%. It paid out $324 million in dividends and buybacks, 73% of free cash flow. The diluted share count rose 4.2%.

Last close · Oct 23, 2026

$123.91

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$1.2B
26.7% vs prior year
Operating margin Operating income as a share of revenue.
49.4%
0.5 pts
Net income Profit after all expenses, interest and tax.
$441M
24.6%
Free cash flow Cash from operations minus capital spending.
$441M
6.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.7%
1.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$12.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
27.1x
On $4.57 EPS (TTM)

What DT Midstream does

No business description yet.

Legal name
DT Midstream, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001842022-26-000003
0001842022

Revenue and margins

DT Midstream had $1.2B of revenue in fiscal 2025, up 26.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2019 to 2025, diluted EPS grew 12.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $441M in fiscal 2025, 35.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

DT Midstream returned $324M to shareholders in fiscal 2025, 73% of free cash flow. The diluted share count rose 4.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value DT Midstream yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$3.3B and divides by 102.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 27.1x · peers 19.8x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably DT Midstream can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $132M$61.0M$56.0M$68.0M$54.0M
Debt incl. finance leases $3.0B$3.4B$3.2B$3.5B$3.3B
Net debt / EBITDA 5.1x5.1x4.9x4.9x3.8x
Debt / equity 0.8x0.9x0.8x0.8x0.7x
Interest coverage 3.6x3.5x3.1x3.2x3.8x
Current ratio 2.0x0.4x0.6x0.7x1.1x
Quick ratio 2.0x0.4x0.6x0.7x1.1x
Total assets $8.2B$8.8B$9.0B$9.9B$10.1B
Total liabilities $4.1B$4.7B$4.7B$5.2B$5.2B
Shareholders' equity $3.9B$4.0B$4.1B$4.6B$4.7B
Net debt (− = net cash) $2.9B$3.3B$3.2B$3.4B$3.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.3M

2 insiders

Sold, 12 months

$0.3M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Elaine M PickleDirector Bought 1,500 $132.61 $0.2M Form 4
Aug 5, 2026 Jeffrey A JewellExecutive V.P., CFO Bought 145 $133.78 $0.0M Form 4
May 15, 2026 Jeffrey A JewellExecutive V.P., CFO Bought 150 $147.73 $0.0M Form 4
Feb 26, 2026 Peter I TumminelloDirector Sold 2,002 $135.79 $0.3M Form 4
Feb 25, 2026 Jeffrey A JewellExecutive V.P., CFO Bought 185 $136.33 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 85 / 87 / 8
Accruals ratio −4.7%−4.3%−4.3%
Altman Z'' 1.431.461.68

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
DT Midstream DTM $12.7B 26.7% 49.4% 35.5% 5.7% 27.1x 7
Antero Midstream AM $9.9B 7.4% 54.3% — 9.2% 24.8x 7 Compare →
Viper Energy VNOM $9.1B 62.0% −10.0% — −1.3% — 3 Compare →
Kinetik KNTK $4.2B 19.0% 9.4% 6.3% 8.6% 19.8x 5 Compare →
International Seaways INSW $5.5B −11.4% 41.0% 44.9% — 7.1x 6 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $504M $754M $840M $920M $922M $981M $1.2B
Operating income $261M $414M $402M $478M $471M $489M $614M
Interest expense $75.0M $113M $112M $137M $150M $153M $161M
Pretax income $292M $440M $422M $482M $500M $504M $598M
Income tax $72.0M $116M $104M $100M $104M $137M $144M
Net income $204M $312M $307M $370M $384M $354M $441M
Diluted EPS $2.11 $3.23 $3.16 $3.81 $3.94 $3.60 $4.30
Diluted shares 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B 0.10B
Cash flow
Cash from operations $390M $597M $572M $725M $798M $763M $867M
Capital expenditure $211M $518M $140M $338M $772M $350M $426M
Free cash flow $179M $79.0M $432M $387M $26.0M $413M $441M
Depreciation and amortization $93.0M $152M $166M $170M $182M $209M $258M
Stock-based compensation $6.0M $6.0M $12.0M $17.0M $20.0M $23.0M $26.0M
Acquisitions $2.3B $0.0M $0.0M $0.0M $0.0M $1.2B $10.0M
Share buybacks $0.0M $0.0M $0.0M $3.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $58.0M $244M $263M $280M $324M
Dividends and buybacks $0.0M $0.0M $58.0M $247M $263M $280M $324M
Balance sheet
Cash and short-term investments $46.0M $42.0M $132M $61.0M $56.0M $68.0M $54.0M
Total debt — $0.0M $3.0B $3.4B $3.2B $3.5B $3.3B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $483M $360M $262M $272M $310M $318M
Current liabilities — $3.3B $177M $614M $434M $426M $296M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $3.5B $3.5B $3.8B $4.4B $5.5B $5.8B
Total assets $7.8B $8.3B $8.2B $8.8B $9.0B $9.9B $10.1B
Total liabilities — $4.1B $4.1B $4.7B $4.7B $5.2B $5.2B
Shareholders' equity $3.7B $4.2B $3.9B $4.0B $4.1B $4.6B $4.7B
Margins
Operating margin 51.8% 54.9% 47.9% 52.0% 51.1% 49.9% 49.4%
EBITDA margin 70.2% 75.1% 67.6% 70.4% 70.8% 71.2% 70.2%
Net margin 40.5% 41.4% 36.6% 40.2% 41.7% 36.1% 35.5%
FCF margin 35.5% 10.5% 51.4% 42.1% 2.8% 42.1% 35.5%
Returns
Return on capital — — 5.5% 5.3% 5.0% 4.6% 5.7%
Return on capital employed — — 6.2% 5.9% 5.6% 5.4% 6.4%
Return on equity — 7.9% 7.6% 9.4% 9.4% 8.1% 9.4%
Return on assets — 3.9% 3.7% 4.4% 4.3% 3.7% 4.4%
Growth
Revenue growth — 49.6% 11.4% 9.5% 0.2% 6.4% 26.7%
Net income growth — 52.9% −1.6% 20.5% 3.8% −7.8% 24.6%
EPS growth — 53.1% −2.2% 20.6% 3.4% −8.6% 19.4%
FCF growth — −55.9% 446.8% −10.4% −93.3% 1,488.5% 6.8%
Share count change — 0.0% 0.2% 0.3% 0.3% 0.9% 4.2%
Financial health
Net debt / EBITDA — −0.1x 5.1x 5.1x 4.9x 4.9x 3.8x
Debt / equity — 0.0x 0.8x 0.9x 0.8x 0.8x 0.7x
Interest coverage 3.5x 3.7x 3.6x 3.5x 3.1x 3.2x 3.8x
Current ratio — 0.2x 2.0x 0.4x 0.6x 0.7x 1.1x
Quick ratio — 0.2x 2.0x 0.4x 0.6x 0.7x 1.1x
Capital allocation
Capex / revenue 41.9% 68.7% 16.7% 36.7% 83.7% 35.7% 34.3%
Stock comp / revenue 1.2% 0.8% 1.4% 1.9% 2.2% 2.3% 2.1%
Payouts / FCF 0.0% 0.0% 13.4% 63.8% 1,011.5% 67.8% 73.5%
Quality scores
Piotroski F-score — — 5.0 5.0 5.0 5.0 7.0
Altman Z'' — −0.5 1.7 1.2 1.4 1.5 1.7
Accruals ratio — −3.5% −3.2% −4.2% −4.7% −4.3% −4.3%

Source: SEC EDGAR XBRL filings (CIK 0001842022). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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