DT Midstream Inc (DTM)
Fair ValueFundamental
65
Price
$118.75
Market Cap
$12.44B
Part 1 · What the company is worth
Overview
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.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
Williams is the closest like-for-like rival, running natural gas gathering systems in the Appalachian Basin and Haynesville plus long-haul interstate transmission, so it bids against DT Midstream for the same producer acreage dedications and the same firm transport contracts.
Kinder Morgan operates the largest US natural gas transmission network, including Haynesville gathering and Gulf Coast takeaway capacity, and competes for the same producers, utilities and power generators that contract DT Midstream's capacity.
Energy Transfer's gas gathering and intrastate pipelines in Louisiana and East Texas compete head-on with DT Midstream's Blue Union and LEAP assets to move Haynesville production toward Gulf Coast LNG buyers.
Through ANR Pipeline and Great Lakes Gas Transmission, TC Energy sells interstate transport and storage into Michigan and the upper Midwest, the same markets served by DT Midstream's Vector, Viking and Washington 10 storage assets.
Antero Midstream is a pure-play natural gas gatherer in the Marcellus and Utica of West Virginia and Ohio, chasing the same Appalachian acreage and the same power and data-centre demand DT Midstream is connecting there.
Balance Sheet & Liquidity
Revenue
$1.31B
Trailing 12 months (through 6/30/2026)
Net Income
$468M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$441M
Total Equity
$4.74B
Total Liabilities
$5.20B
Current Ratio
1.37
Interest Coverage
3.99
Debt/EBITDA
3.87
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$99.78
Current Price
$118.75
Margin of Safety
-19.0%
Fair Value Range
$64.86 - $134.70
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
26.20
ROE
9.3%
P/B Ratio
2.55
P/FCF
25.39
Gross Margin
-
ROIC
5.2%
Profitability Radar
Value Creation (Economic Moat)
ROIC
5.2%
WACC
7.6%
ROIC − WACC
-2.4 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamental Analysis Criteria
Passed (19)
- EPS shows upward trend
- EPS CAGR 12.60%
- Price CAGR 21.85%
- ROIC 5.2%
- P/FCF 25.39
- P/B Ratio 2.55
- Debt/Equity ratio
- Operating Margin 49.6%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 9.9%
- Revenue Growth 5Y 10.5%
- Analyst Consensus 55% Buy
- Earnings Quality (OCF/NI) 2.00
- Net Margin Trend 35.7% vs 33.9%
- Piotroski F-Score 7/9
Failed (7)
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg -0.3%
- PEG Ratio 5.89
- Share Dilution 4.3%
Unavailable (2)
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-Score
Strong financial health
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Issuing new shares, diluting ownership
Institutional Holdings
No institutional filings reported for this company.
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. David J. Slater | CEO & Executive Chairman | 58 |
| Mr. Christopher Zona | COO & President | 52 |
| Mr. Jeffrey A. Jewell | Executive VP & CFO | 58 |
| Ms. Wendy A.T. Ellis | Executive VP, General Counsel & Corporate Secretary | 59 |
| Mr. Robert C. Skaggs Jr. | Director | 71 |
| Mr. Joseph P. Finland | Chief Accounting Officer | 43 |
| Mr. Todd Lohrmann | Director of Investor Relations | - |
Audit Risk
3
Board Risk
3
Compensation Risk
3
Shareholder Rights Risk
4
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-19
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-30
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-07-30
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for DTM, sourced from Markets Gazette.