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DT Midstream, Inc.

DTM· NYSE· Natural Gas Transmission

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
35.5%
ROIC, 5 yr avg
5.0%
Revenue, 5 yr CAGR
+10.5%
We record prices for the companies we cover; DTM is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
102.5M
Revenue
$1.2B
Free cash flow
$441.0M
Owner earnings
$415.0M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
49.4%
Net
35.5%
Free cash flow
35.5%
Owner earnings
33.4%
Stock pay
2.1%

Returns

ROIC, FY2025
5.8%
ROIC, 5 yr avg
5.0%
ROE, FY2025
9.3%
ROE, 5 yr avg
8.7%

Growth (CAGR)

Revenue, 3 yr
10.6%
Revenue, 5 yr
10.5%
Revenue, 6 yr
16.2%
Diluted EPS, 3 yr
4.1%
Diluted EPS, 5 yr
5.9%
Diluted EPS, 6 yr
12.6%
Free cash flow, 3 yr
4.5%
Free cash flow, 5 yr
41.0%
Free cash flow, 6 yr
16.2%

Financial health · FY2025

Cash and investments
$54.0M
Total debt
$3.3B
Net debt
$3.3B
Debt/Equity
0.7x
Debt/FCF
7.5x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
73.5%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
1.2%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$1.2B

+16.2% a year over 6 years

FY2019: Revenue $504.0MFY2020: Revenue $754.0MFY2021: Revenue $840.0MFY2022: Revenue $920.0MFY2023: Revenue $922.0MFY2024: Revenue $981.0MFY2025: Revenue $1.2B
FY2019FY2025

Margins

Operating49.4%Net35.5%

FY2025

FY2019: Operating 51.8%, Net 40.5%FY2020: Operating 54.9%, Net 41.4%FY2021: Operating 47.9%, Net 36.5%FY2022: Operating 52.0%, Net 40.2%FY2023: Operating 51.1%, Net 41.6%FY2024: Operating 49.8%, Net 36.1%FY2025: Operating 49.4%, Net 35.5%
FY2019FY2025

Free cash flow and owner earnings

Free cash flow$441.0MOwner earnings$415.0M

Free cash flow +16.2% a year

FY2019: Free cash flow $179.0M, Owner earnings $173.0MFY2020: Free cash flow $79.0M, Owner earnings $73.0MFY2021: Free cash flow $432.0M, Owner earnings $420.0MFY2022: Free cash flow $387.0M, Owner earnings $370.0MFY2023: Free cash flow $26.0M, Owner earnings $6.0MFY2024: Free cash flow $413.0M, Owner earnings $390.0MFY2025: Free cash flow $441.0M, Owner earnings $415.0M
FY2019FY2025

Diluted shares

102.5M

+6.0% over 6 years, net dilution

FY2019: Diluted shares 96.7MFY2020: Diluted shares 96.7MFY2021: Diluted shares 96.9MFY2022: Diluted shares 97.2MFY2023: Diluted shares 97.5MFY2024: Diluted shares 98.4MFY2025: Diluted shares 102.5M
FY2019FY2025

Return on invested capital

5.8%

FY2025

FY2019: ROIC –FY2020: ROIC 7.3%FY2021: ROIC 4.5%FY2022: ROIC 5.2%FY2023: ROIC 5.1%FY2024: ROIC 4.4%FY2025: ROIC 5.8%
FY2019FY2025

Net debt (below zero)

-$3.3B

$3.3B more debt than cash

FY2019: Net cash –FY2020: Net cash $42.0MFY2021: Net cash -$2.9BFY2022: Net cash -$3.3BFY2023: Net cash -$3.2BFY2024: Net cash -$3.4BFY2025: Net cash -$3.3B
FY2019FY2025

Every figure, year by year

Fiscal yearFY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$504.0M$754.0M$840.0M$920.0M$922.0M$981.0M$1.2B
Revenue growth–49.6%11.4%9.5%0.2%6.4%26.7%
Gross margin–––––––
Operating margin51.8%54.9%47.9%52.0%51.1%49.8%49.4%
Net income$204.0M$312.0M$307.0M$370.0M$384.0M$354.0M$441.0M
Net margin40.5%41.4%36.5%40.2%41.6%36.1%35.5%
Diluted EPS$2.11$3.23$3.16$3.81$3.94$3.60$4.30
Return on invested capital?–7.3%4.5%5.2%5.1%4.4%5.8%
Cash
Operating cash flow$390.0M$597.0M$572.0M$725.0M$798.0M$763.0M$867.0M
Capital expenditure$211.0M$518.0M$140.0M$338.0M$772.0M$350.0M$426.0M
Free cash flow$179.0M$79.0M$432.0M$387.0M$26.0M$413.0M$441.0M
Stock-based compensation$6.0M$6.0M$12.0M$17.0M$20.0M$23.0M$26.0M
Owner earnings?$173.0M$73.0M$420.0M$370.0M$6.0M$390.0M$415.0M
Free cash flow per share$1.85$0.82$4.46$3.98$0.27$4.20$4.30
Capital allocation
Dividends paid$0$0$58.0M$244.0M$263.0M$280.0M$324.0M
Share repurchases–$0$0$3.0M$0––
Diluted shares96.7M96.7M96.9M97.2M97.5M98.4M102.5M
Share count change?–0.0%0.2%0.3%0.3%0.9%4.2%
Balance sheet
Cash and equivalents$46.0M$42.0M$132.0M$61.0M$56.0M$68.0M$54.0M
Short-term investments–––––––
Total debt–$0$3.0B$3.4B$3.2B$3.5B$3.3B
Net debt–-$42.0M$2.9B$3.3B$3.2B$3.4B$3.3B
Shareholders' equity$3.7B$4.2B$3.9B$4.0B$4.1B$4.6B$4.7B

Latest filings

All on EDGAR
2026-10-2910-QQuarterly report
2026-10-298-KEarnings release
2026-07-3010-QQuarterly report
2026-07-308-KEarnings release
2026-04-3010-QQuarterly report
2026-04-308-KEarnings release
2026-03-26DEF 14AProxy statement
2026-02-1910-KAnnual report
2026-02-198-KEarnings release
2025-10-3010-QQuarterly report

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