Stocktoria

DT Midstream, Inc. DTM

NYSE · stock · Natural Gas Transmission · website · IPO 2021-06-18

DT Midstream, Inc. statistics & valuation

Market cap$15.4B
P / E34.9×
P / S12.4×
P / B3.2×
P / FCF34.9×
Dividend yield2.11%
Net margin35.5%
Return on equity9.0%
FCF margin35.5%
Net debt$3.3B
Net debt / EBITDA3.8×
Enterprise value USD$18.6B
EV / EBITDA21.4×
Earnings yield EBIT/EV3.3%
Return on capital6.3%
Graham number -50.2%$67.86

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($67.86); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
40.50% 41.40% 36.50% 40.20% 41.60% 36.10% 35.50% 2019202020212022202320242025
Gross margin (%)
2019202020212022202320242025
Operating margin (%)
51.80% 54.90% 47.90% 52.00% 51.10% 49.80% 49.40% 2019202020212022202320242025
Return on equity (%)
5.50% 7.40% 7.60% 8.90% 9.00% 7.40% 9.00% 2019202020212022202320242025
Shares outstanding
96.7M 96.7M 96.9M 97.2M 97.5M 101.3M 102.5M 2019202020212022202320242025
Net debt ($)
-$42.0M $2.90B $3.00B $3.01B $3.28B $3.27B 2019202020212022202320242025
Share buybacks ($)
2019202020212022202320242025
Return on assets (%)
2.60% 3.70% 3.80% 4.20% 4.30% 3.60% 4.40% 2019202020212022202320242025
Free cash flow margin (%)
35.50% 10.50% 51.40% 42.10% 2.80% 42.10% 35.50% 2019202020212022202320242025
Debt / equity (×)
0.00× 0.76× 0.74× 0.72× 0.70× 0.68× 2019202020212022202320242025
EPS ($)
$2.11 $3.23 $3.16 $3.81 $3.94 $3.60 $4.30 2019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

DT Midstream, Inc. trades at about 31.7× earnings — above its 10-year norm (10-year range 13.6×–29.3×, median 16.4×).

13.6× 31.7×

Shaded band = 10-year range (13.6×–29.3×); dot = today's 31.7×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019
Operating margin49.4%49.8%51.1%52.0%47.9%54.9%51.8%
Net margin35.5%36.1%41.6%40.2%36.5%41.4%40.5%
FCF margin35.5%42.1%2.8%42.1%51.4%10.5%35.5%
Return on assets4.4%3.6%4.3%4.2%3.8%3.7%2.6%
Return on equity9.0%7.4%9.0%8.9%7.6%7.4%5.5%
Debt / equity0.68×0.70×0.72×0.74×0.76×0.00×—
Current ratio1.070.730.630.432.030.15—

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.