DT Midstream
DTM · Oil & Gas Storage & Transportation
$123.91
0.4%Viper Energy
VNOM · Oil & Gas Storage & Transportation
$46.94
3.5%The short version
- Viper Energy is the larger business, with $1.4B of revenue in fiscal 2025 against $1.2B for DT Midstream.
- Viper Energy grew revenue faster (62.0%, against 26.7%).
- DT Midstream kept more of each dollar of sales as operating profit (49.4% operating margin, against −10.0% operating margin).
- DT Midstream earned a higher return on the capital invested in it (5.7%, against −1.3%).
| Latest fiscal year | DTM · FY25 | VNOM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.7B | $9.1B |
| Revenue | $1.2B | $1.4B |
| Free cash flow | $441M | — |
| Net income | $441M | −$68.0M |
| Growth | ||
| Revenue growth | 26.7% | 62.0% |
| 5-year growth | 10.5% | 41.0% |
| Share count change | 4.2% | 51.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 49.4% | −10.0% |
| Net margin | 35.5% | −4.9% |
| FCF margin | 35.5% | — |
| Return on capital | 5.7% | −1.3% |
| Return on equity | 9.4% | −2.2% |
| Balance sheet | ||
| Net debt | $3.3B | $2.2B |
| Net debt / EBITDA | 3.8x | 4.7x |
| Dividends and buybacks | $324M | $328M |
| Valuation & quality | ||
| P/E | 27.1x | — |
| Piotroski F-score | 7 | 3 |
FY16
DTM —
VNOM $79.1M
FY17
DTM —
VNOM $172M
FY18
DTM —
VNOM $289M
FY19
DTM $504M
VNOM $298M
FY20
DTM $754M
VNOM $251M
FY21
DTM $840M
VNOM $505M
FY22
DTM $920M
VNOM $867M
FY23
DTM $922M
VNOM $828M
FY24
DTM $981M
VNOM $861M
FY25
DTM $1.2B
VNOM $1.4B
DTM
VNOM
FY16
DTM —
VNOM −11.8%
FY17
DTM —
VNOM 66.2%
FY18
DTM —
VNOM 70.3%
FY19
DTM 51.8%
VNOM 64.9%
FY20
DTM 54.9%
VNOM 21.1%
FY21
DTM 47.9%
VNOM 71.6%
FY22
DTM 52.0%
VNOM 78.5%
FY23
DTM 51.1%
VNOM 74.9%
FY24
DTM 49.9%
VNOM 65.9%
FY25
DTM 49.4%
VNOM −10.0%
DTM
VNOM
FY16
DTM —
VNOM $68.6M
FY17
DTM —
VNOM $139M
FY18
DTM —
VNOM $240M
FY19
DTM $179M
VNOM $237M
FY20
DTM $79.0M
VNOM $197M
FY21
DTM $432M
VNOM —
FY22
DTM $387M
VNOM —
FY23
DTM $26.0M
VNOM —
FY24
DTM $413M
VNOM —
FY25
DTM $441M
VNOM —
DTM
VNOM
FY16
DTM —
VNOM —
FY17
DTM —
VNOM 13.9%
FY18
DTM —
VNOM 15.6%
FY19
DTM —
VNOM 8.8%
FY20
DTM —
VNOM 1.6%
FY21
DTM 5.5%
VNOM 13.4%
FY22
DTM 5.3%
VNOM 23.3%
FY23
DTM 5.0%
VNOM 16.7%
FY24
DTM 4.6%
VNOM 12.8%
FY25
DTM 5.7%
VNOM −1.3%
DTM
VNOM
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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.