DT Midstream, Inc.DTM
NYSE•Energy•Oil & Gas Midstream
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.
DT Midstream, Inc. (DTM) reported trailing twelve months revenue of $1.28B as of March 2026, a 22.2% increase year-over-year. Quarterly revenue reached $336.00M, reflecting continued top-line momentum.
DT Midstream, Inc. generated $463.00M in TTM net income, with quarterly EBITDA of $235.00M. The operating margin expanded from 48.8% to 49.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (49.4%) and net margin (38.7%) indicates moderate non-operating costs. Net margin has improved from 35.6% a year ago, signaling stronger bottom-line efficiency.
DTM trades at a P/E of 29.6x (in line with broad market averages) and a P/S of 10.7x. The price-to-book ratio of 2.9x reflects a moderate premium to book value.
The company generated $202.00M in free cash flow over the trailing twelve months, a 14.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $10.15B in total assets with $3.33B in long-term debt against $4.75B in stockholders equity for a debt-to-equity ratio of 0.7. Data based on the most recent quarterly reports.
Competitive analysis based on 20 quarters of fundamental data
Operating margins are stable at ~49.4%, suggesting durable pricing power and cost discipline.
ROE is positive at ~8.8% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~32.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 20 quarters
Margins are stable or improving at ~49.5% — no sign of cost or pricing stress.
FCF covers net income by 1.1x on average — earnings are well-supported by cash generation.
D/E ratio is 0.7 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 4.8% — mild dilution. Compare to earnings growth to assess net per-share impact.