DT Midstream vs Kinetik
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KIRA’s take AI analyst
I put DT Midstream and Kinetik side by side, using each one’s latest annual report. Here is what stands out:
- Kinetik is the larger business, with $1.8B of revenue in fiscal 2025 against $1.2B for DT Midstream.
- DT Midstream grew revenue faster (26.7%, against 19.0%).
- DT Midstream kept more of each dollar of sales as operating profit (49.4% operating margin, against 9.4%).
- DT Midstream turned more of its sales into free cash flow (35.5% FCF margin, against 6.3%).
- Kinetik earned a higher return on the capital invested in it (8.6%, against 5.7%).
- Investors pay more for each dollar of DT Midstream’s earnings: a P/E of 27.1x against 19.8x for Kinetik.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
DT Midstream
DTM
7/9
Revenue growthOperating marginNet marginFCF marginPiotroski F-scoreNet debt / EBITDAShare count change
Kinetik
KNTK
2/9
5-year growthReturn on capital
Side by side
Best in the row
| Latest fiscal year | DTM FY25 | KNTK FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.7B | $4.2B |
| Revenue | $1.2B | $1.8B |
| Free cash flow | $441M | $112M |
| Net income | $441M | $178M |
| Growth | ||
| Revenue growth | 26.7% | 19.0% |
| 5-year growth | 10.5% | 64.1% |
| Share count change | 4.2% | 4.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 49.4% | 9.4% |
| Net margin | 35.5% | 10.1% |
| FCF margin | 35.5% | 6.3% |
| Return on capital | 5.7% | 8.6% |
| Return on equity | 9.4% | — |
| Balance sheet | ||
| Net debt | $3.3B | $3.6B |
| Net debt / EBITDA | 3.8x | 6.7x |
| Dividends and buybacks | $324M | $370M |
| Valuation & quality | ||
| P/E | 27.1x | 19.8x |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.