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

$123.84+2.86(0.02%)Market open

Market Cap

$12.34B

P/E

26.2x

P/S

9.3x

P/B

2.6x

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: 77/100

Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (15/25).

Profitability18/25

Growth21/25

Balance Sheet & Red Flags15/25

Cash & Earnings Quality23/25

Strengths

Strong marginsRising earningsCash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

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

P/E · 26.2x5y range 19.3x – 32.2x

Currently near its 19-quarter median.

P/S · 9.3x5y range 7.9x – 11.5x

Currently near its 19-quarter median.

P/B · 2.6x5y range 2.1x – 3.2x

Watch items

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

Some Concerns

Share Dilution

Watch

Shares outstanding rose 2.8% — mild dilution. Compare to earnings growth to assess the net per-share impact.

Price & Volume

Market Cap $12.34B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $1.33B
Q. Revenue: $336.00M
TTM EBITDA: $933.00M
TTM Op. Income: $658.00M
Q. Op. Income: $163.00M
TTM Net Income: $471.00M
Q. Net Income: $118.00M
EPS: $1.16
Shares Out.: $102.00M

$1.33B in TTM revenue grew 13.4% YoY, reaching $336.00M last quarter. TTM EBITDA of $933.00M and TTM operating income of $658.00M show growth is flowing through to the bottom line. TTM net income of $471.00M 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: 69.6%
Op. Margin: 48.5%
Net Margin: 35.1%

Op. margin of 48.5% is down 0.9% YoY — costs are rising relative to revenue. Net margin at 35.1% Over the past year, operating margin is down 2% — a weakening trend.

Price Ratios

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

P/E Ratio: 26.2x
P/S Ratio: 9.3x
P/B Ratio: 2.6x

At 26.2x P/E, the stock trades within typical market levels. P/S of 9.3x and P/B of 2.6x 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: $10.33B
Cash: $231.00M
Long-Term Debt: $3.28B
Book Value: $4.82B
D/E Ratio: 0.7
Debt/EBITDA: 14.0

With $10.33B in assets and $3.28B in long-term debt, D/E is 0.7and book value is $4.82B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $275.00M
TTM Free Cash Flow: $533.00M
FCF Margin: 40.0%
FCF / Net Income: 1.1

TTM FCF of $533.00M on $275.00M in operating cash flow. The FCF / Net Income ratio of 1.1x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 3 consecutive quarters — an improving trend.