DT Midstream vs International Seaways
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The short version
- DT Midstream is the larger business, with $1.2B of revenue in fiscal 2025 against $843M for International Seaways.
- DT Midstream grew revenue faster (26.7%, against −11.4%).
- DT Midstream kept more of each dollar of sales as operating profit (49.4% operating margin, against 41.0%).
- International Seaways turned more of its sales into free cash flow (44.9% FCF margin, against 35.5%).
- Investors pay more for each dollar of DT Midstream’s earnings: a P/E of 27.1x against 7.1x for International Seaways.
| Latest fiscal year | DTM · FY25 | INSW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.7B | $5.5B |
| Revenue | $1.2B | $843M |
| Free cash flow | $441M | $379M |
| Net income | $441M | $309M |
| Growth | ||
| Revenue growth | 26.7% | −11.4% |
| 5-year growth | 10.5% | 14.9% |
| Share count change | 4.2% | −0.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 49.4% | 41.0% |
| Net margin | 35.5% | 36.7% |
| FCF margin | 35.5% | 44.9% |
| Return on capital | 5.7% | — |
| Return on equity | 9.4% | 16.0% |
| Balance sheet | ||
| Net debt | $3.3B | $400M |
| Net debt / EBITDA | 3.8x | 0.8x |
| Dividends and buybacks | $324M | $145M |
| Valuation & quality | ||
| P/E | 27.1x | 7.1x |
| Piotroski F-score | 7 | 6 |
FY16
DTM —
INSW $398M
FY17
DTM —
INSW $290M
FY18
DTM —
INSW $270M
FY19
DTM $504M
INSW $366M
FY20
DTM $754M
INSW $422M
FY21
DTM $840M
INSW $273M
FY22
DTM $920M
INSW $865M
FY23
DTM $922M
INSW $1.1B
FY24
DTM $981M
INSW $952M
FY25
DTM $1.2B
INSW $843M
DTM
INSW
FY16
DTM —
INSW 1.8%
FY17
DTM —
INSW −37.2%
FY18
DTM —
INSW −20.2%
FY19
DTM 51.8%
INSW 15.1%
FY20
DTM 54.9%
INSW 9.5%
FY21
DTM 47.9%
INSW −41.1%
FY22
DTM 52.0%
INSW 51.2%
FY23
DTM 51.1%
INSW 57.4%
FY24
DTM 49.9%
INSW 47.8%
FY25
DTM 49.4%
INSW 41.0%
DTM
INSW
FY16
DTM —
INSW $127M
FY17
DTM —
INSW −$156M
FY18
DTM —
INSW −$161M
FY19
DTM $179M
INSW $86.9M
FY20
DTM $79.0M
INSW $216M
FY21
DTM $432M
INSW −$77.2M
FY22
DTM $387M
INSW $287M
FY23
DTM $26.0M
INSW $687M
FY24
DTM $413M
INSW $546M
FY25
DTM $441M
INSW $379M
DTM
INSW
FY16
DTM —
INSW 0.4%
FY17
DTM —
INSW −5.5%
FY18
DTM —
INSW −2.6%
FY19
DTM —
INSW 2.6%
FY20
DTM —
INSW 2.2%
FY21
DTM 5.5%
INSW −5.1%
FY22
DTM 5.3%
INSW 20.3%
FY23
DTM 5.0%
INSW 27.5%
FY24
DTM 4.6%
INSW —
FY25
DTM 5.7%
INSW —
DTM
INSW
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.