Loading…
US natural gas gathering and pipeline company spun off from DTE Energy, focused on the Haynesville and Midwest.
US natural gas gathering and pipeline company spun off from DTE Energy, focused on the Haynesville and Midwest.
Earns fees on gas gathered, moved or stored rather than selling gas, under long-term contracts that often include minimum volume payments, so cash flow is steadier than commodity prices. Producers dedicate their acreage to its gathering systems, which ties them to it.
Moat: narrow (installed base, switching costs). Long-term dedicated-acreage contracts anchor gathering volumes on systems that are costly to duplicate.
Headquarters: Detroit, Michigan, US · Founded: 2021 · Employees: 588
Size DT Midstream (DTM) is a United States Energy company (Oil & Gas Pipelines) with a market value of $11.6B, the 709th largest of 3,117 United States companies the cockpit tracks. Shares closed at $113.66 on 6 Nov 2026.
Performance Over six months the shares fell 20.4%, against +0.7% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 12 in its peer set.
Growth Revenue grew 13.4% over the last twelve months (peer median +9.0%); the operating margin is 49.6% (peer median 23.9%).
Valuation It trades at 23.5× forward earnings against a peer median of 14.9× (2nd most expensive of 11).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +2 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.5 points below its cost of capital (7.9% WACC).
Backlog Backlog (remaining performance obligations) was $194M at 30 Sep 2026, up 8% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit DT Midstream has 1 bond outstanding ($980M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 110 bp.
Short interest Short interest is 6.9% of the free float (15 Oct 2026).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.33B | $1.24B | $981M | $922M | $920M |
| Revenue growth | — | +27% | +6% | 0% | — |
| Gross profit | $706M | $656M | $528M | $495M | $483M |
| EBITDA | $953M | $889M | $716M | $667M | $644M |
| Net income | $471M | $441M | $354M | $384M | $370M |
| Free cash flow | $595M | $490M | $885M | $453M | $404M |
| Capital expenditure | $405M | $426M | $350M | $772M | $338M |
| Total debt | $3.32B | $3.37B | $3.52B | $3.27B | $3.42B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| DT Midstream DTM | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% |
| Williams Companies WMB | $80.1B | -10% | +10% | 37% | 24.9× | n/a |
| Energy Transfer LP ET | $65.1B | -2% | +56% | 9% | 11.3× | 2.6% |
| Kinetik KNTK | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% |
| Antero Midstream AM | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% |
| Targa Resources TRGP | $56.7B | +7% | -1% | 25% | 21.7× | 7.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DTM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.2% | -8.5% | 6th highest of 12 |
| 6-month return | -20.4% | +0.7% | 2nd lowest of 12 |
| Distance from 52-week high | -25.6% | -17.5% | 2nd lowest of 12 |
| Revenue growth (TTM) | +13.4% | +9.0% | 5th highest of 12 |
| Operating margin | 49.6% | 23.9% | 2nd highest of 12 |
| Forward P/E | 23.5× | 14.9× | 2nd most expensive of 11 |
| Growth the price implies (Req g, 7 yrs) | 12.4% | 8.6% | 4th most demanding of 9 |
| Growth delivered (Del g) | +10.5% | +10.4% | 5th highest of 9 |
| Hurdle (Req g minus delivered) | +1.9 pp | -4.1 pp | 3rd most demanding of 9 |
| ROIC minus cost of capital | -1.5 pp | -1.3 pp | 6th lowest of 12 |
| EV / EBITDA | 15.6× | 16.3× | 4th cheapest of 10 |
| Net debt / EBITDA | 3.2× | 5.4× | 3rd least indebted of 12 |
| Bond spread | 110 bp | 140 bp | 2nd tightest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DT Midstream DTM | United States | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% | +10.5% |
| Keyera KEY.TO | Canada | $10.6B | 0% | 0% | 11% | 17.4× | n/a | n/a |
| Antero Midstream AM | United States | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% | +5.3% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| Kinetik KNTK | United States | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% | +63.6% |
| South Bow SOBO.TO | Canada | $6.54B | -8% | -26% | 24% | 16.5× | 13.9% | -25.8% |
| Plains GP Holdings LP PAGP | United States | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% | +13.4% |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Golar LNG GLNG | United States | $4.40B | -23% | +95% | 46% | n/a | n/a | n/a |
| Delek Logistics Partners LP DKL | United States | $2.99B | +1% | +30% | 15% | 11.8× | 13.0% | +12.2% |
DT Midstream has 1 bond outstanding with $980M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.70%, a spread of 110 bp over government bonds.
DT Midstream reported $194M of remaining performance obligations at 30 Sep 2026, up 8% from a year earlier and up 1% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 1.01.