DT Midstream vs Kinetik
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The short version
- 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.
| 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 |
Revenue
FY17
DTM —
KNTK $15.1M
FY18
DTM —
KNTK $76.8M
FY19
DTM $504M
KNTK $136M
FY20
DTM $754M
KNTK $148M
FY21
DTM $840M
KNTK $161M
FY22
DTM $920M
KNTK $1.2B
FY23
DTM $922M
KNTK $1.3B
FY24
DTM $981M
KNTK $1.5B
FY25
DTM $1.2B
KNTK $1.8B
DTM
KNTK
Operating margin
FY17
DTM —
KNTK −76.2%
FY18
DTM —
KNTK −16.0%
FY19
DTM 51.8%
KNTK −946.8%
FY20
DTM 54.9%
KNTK −687.6%
FY21
DTM 47.9%
KNTK 33.3%
FY22
DTM 52.0%
KNTK 12.4%
FY23
DTM 51.1%
KNTK 12.7%
FY24
DTM 49.9%
KNTK 12.1%
FY25
DTM 49.4%
KNTK 9.4%
DTM
KNTK
Free cash flow
FY17
DTM —
KNTK $0.0M
FY18
DTM —
KNTK −$83.3M
FY19
DTM $179M
KNTK −$266M
FY20
DTM $79.0M
KNTK −$79.3M
FY21
DTM $432M
KNTK $158M
FY22
DTM $387M
KNTK $407M
FY23
DTM $26.0M
KNTK $272M
FY24
DTM $413M
KNTK $374M
FY25
DTM $441M
KNTK $112M
DTM
KNTK
Return on capital
FY17
DTM —
KNTK —
FY18
DTM —
KNTK —
FY19
DTM —
KNTK —
FY20
DTM —
KNTK −161.3%
FY21
DTM 5.5%
KNTK 1.8%
FY22
DTM 5.3%
KNTK 6.1%
FY23
DTM 5.0%
KNTK 5.7%
FY24
DTM 4.6%
KNTK 9.4%
FY25
DTM 5.7%
KNTK 8.6%
DTM
KNTK
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.