DT Midstream
DTM · Oil & Gas Storage & Transportation
$123.91
0.4%Dorian LPG
LPG · Oil & Gas Storage & Transportation
$54.06
5.1%The short version
- DT Midstream is the larger business, with $1.2B of revenue in fiscal 2025 against $482M for Dorian LPG, about 2.6 times as much.
- Dorian LPG grew revenue faster (36.3%, against 26.7%).
- DT Midstream kept more of each dollar of sales as operating profit (49.4% operating margin, against 43.7% operating margin).
- Dorian LPG earned a higher return on the capital invested in it (12.5%, against 5.7%).
- Investors pay more for each dollar of DT Midstream’s earnings: a P/E of 27.1x against 7.2x for Dorian LPG.
| Latest fiscal year | DTM · FY25 | LPG · FY26 |
|---|---|---|
| Size | ||
| Market cap | $12.7B | $2.3B |
| Revenue | $1.2B | $482M |
| Free cash flow | $441M | — |
| Net income | $441M | $194M |
| Growth | ||
| Revenue growth | 26.7% | 36.3% |
| 5-year growth | 10.5% | 8.8% |
| Share count change | 4.2% | 0.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 49.4% | 43.7% |
| Net margin | 35.5% | 40.2% |
| FCF margin | 35.5% | — |
| Return on capital | 5.7% | 12.5% |
| Return on equity | 9.4% | 17.7% |
| Balance sheet | ||
| Net debt | $3.3B | $233M |
| Net debt / EBITDA | 3.8x | 0.8x |
| Dividends and buybacks | $324M | $112M |
| Valuation & quality | ||
| P/E | 27.1x | 7.2x |
| Piotroski F-score | 7 | 5 |
FY17
DTM —
LPG $167M
FY18
DTM —
LPG $159M
FY19
DTM $504M
LPG $158M
FY20
DTM $754M
LPG $333M
FY21
DTM $840M
LPG $316M
FY22
DTM $920M
LPG $274M
FY23
DTM $922M
LPG $390M
FY24
DTM $981M
LPG $561M
FY25
DTM $1.2B
LPG $353M
FY26
DTM —
LPG $482M
DTM
LPG
FY17
DTM —
LPG 8.4%
FY18
DTM —
LPG 2.4%
FY19
DTM 51.8%
LPG −5.0%
FY20
DTM 54.9%
LPG 48.3%
FY21
DTM 47.9%
LPG 36.8%
FY22
DTM 52.0%
LPG 33.7%
FY23
DTM 51.1%
LPG 50.9%
FY24
DTM 49.9%
LPG 58.6%
FY25
DTM 49.4%
LPG 31.9%
FY26
DTM —
LPG 43.7%
DTM
LPG
FY17
DTM —
LPG $50.2M
FY18
DTM —
LPG $57.0M
FY19
DTM $179M
LPG $4.9M
FY20
DTM $79.0M
LPG $149M
FY21
DTM $432M
LPG $161M
FY22
DTM $387M
LPG $95.5M
FY23
DTM $26.0M
LPG $155M
FY24
DTM $413M
LPG —
FY25
DTM $441M
LPG —
FY26
DTM —
LPG —
DTM
LPG
FY17
DTM —
LPG 0.6%
FY18
DTM —
LPG 0.2%
FY19
DTM —
LPG −0.4%
FY20
DTM —
LPG 8.1%
FY21
DTM 5.5%
LPG 6.1%
FY22
DTM 5.3%
LPG 5.2%
FY23
DTM 5.0%
LPG 11.5%
FY24
DTM 4.6%
LPG 19.1%
FY25
DTM 5.7%
LPG 6.8%
FY26
DTM —
LPG 12.5%
DTM
LPG
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.