DT Midstream (DTM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

DT Midstream

NYSE•Energy•Oil & Gas Midstream

$125.86-0.04(<0.01%)Market closed

Market Cap

$12.84B

P/E

27.4x

P/S

9.8x

P/B

2.7x

DT Midstream, Inc., together with its subsidiaries, provides integrated natural gas services in the United States. The company operates in two segments, Pipeline and Gathering. The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines. This segment also engages in the transportation and storage of natural gas for intermediate and end-user customers. The Gathering segment owns and operates gas gathering systems. This segment is involved in the collection of natural gas for delivery to plants for treating, to gathering pipelines for further gathering, or to pipelines for transportation; and associated ancillary services, including compression, dehydration, gas treatment, water impoundment, water transportation, water disposal, and sand mining. It serves natural gas producers, local distribution companies, electric power generators, industrials, and national marketers. The company was incorporated in 2021 and is headquartered in Detroit, Michigan.

How this company scores

GoodMetricSide Score: 79/100

Strongest: Growth (22/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability21/25

Growth22/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality21/25

Strengths

Growing revenueStrong marginsRising earningsCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 27.4x5y range 16.5x – 29.7x

Currently above its 18-quarter median.

P/S · 9.8x5y range 6.8x – 10.7x

Currently near its 18-quarter median.

P/B · 2.7x5y range 1.8x – 2.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Share Dilution

Red Flag

Shares outstanding increased 5.0% — significant dilution, likely from stock compensation or capital raises.

Price & Volume

Market Cap $12.84B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.31B
Q. Revenue: $343.00M
TTM EBITDA: $919.00M
TTM Op. Income: $650.00M
Q. Op. Income: $173.00M
TTM Net Income: $468.00M
Q. Net Income: $112.00M
EPS: $1.1
Shares Out.: $102.00M

$1.31B in TTM revenue grew 18.1% YoY, reaching $343.00M last quarter. TTM EBITDA of $919.00M and TTM operating income of $650.00M show growth is flowing through to the bottom line. TTM net income of $468.00M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 70.3%
Op. Margin: 50.4%
Net Margin: 32.7%

Op. margin of 50.4% is up 0.3% YoY — cost efficiency is improving. Net margin at 32.7% Across the last 8 quarters, operating margin has risen for 2 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 27.4x
P/S Ratio: 9.8x
P/B Ratio: 2.7x

At 27.4x P/E, the stock trades within typical market levels. P/S of 9.8x and P/B of 2.7x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 8% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $10.21B
Cash: $172.00M
Long-Term Debt: $3.33B
Book Value: $4.78B
D/E Ratio: 0.7
Debt/EBITDA: 13.8

With $10.21B in assets and $3.33B in long-term debt, D/E is 0.7and book value is $4.78B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 6 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $222.00M
TTM Free Cash Flow: $480.00M
FCF Margin: 36.6%
FCF / Net Income: 1.0

TTM FCF of $480.00M on $222.00M in operating cash flow. The FCF / Net Income ratio of 1.0x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.