DT Midstream, Inc. (DTM)

Price$122.12Cached quoteAs of 2026-10-06 13:35 UTC

AI: Overvalued

Price checkThe shares look expensive unless today’s growth projects deliver unusually strong returns for years.

At the observed market price, the stock costs about 29 times recent annual profit per share. Using the supplied history, trailing operating cash flow is about $937 million and capital spending about $457 million, leaving roughly $480 million of free cash flow, meaning cash left after running and investing in the business. That equals only about a 3.5% cash yield on the company’s stock-market value. The current profit multiple is also roughly double the 2021–2023 range, so the price leaves little room for disappointment. (stockanalysis.com)

Big pictureCash generation stays strong, but heavy investment leaves less spendable cash than profits suggest.

Revenue rose from $981 million in 2024 to $1.24 billion in 2025, while net income increased from $354 million to $441 million. Operating cash flow reached $867 million in 2025 and roughly $937 million over the latest four quarters. After capital spending, free cash flow was about $441 million in 2025 and about $480 million trailing. Dividends absorbed about $338 million over those four quarters, so coverage is adequate but not roomy. Firm-service contracts reduce direct gas-price swings, although gathering volumes still matter. (sec.gov)

Business strengthDebt is sizable but manageable because cash flows are contracted and maturities are pushed out.

Debt was $3.33 billion at June 2026 against $172 million of cash, leaving about $3.15 billion of debt after subtracting cash. That improved from roughly $3.40 billion at year-end 2024. DT Midstream also had about $983 million available on its revolving credit line and no debt maturities before 2029. Capital allocation favors dividends and expansion: shares outstanding are about 5% above 2023 levels, helped by a 2024 issue of 4.17 million shares for roughly $406 million, while the supplied history shows no material buybacks. (sec.gov)

What could change the storyProjects can justify the premium, while weaker volumes or costly execution would expose it quickly.

The strongest bull case is growth already moving toward contracts: management said about $2 billion of projects were commercialized by the second quarter, including another 200 million cubic feet per day of LEAP capacity. Guardian’s G3 expansion would add about 537,000 dekatherms per day, with planned capacity committed to five utilities and service targeted for 2028. The bear case is heavy spending of roughly $490 million to $570 million planned for 2026, plus gathering exposure to producer volumes and major customer Expand Energy. Delays, overruns, or weaker volumes would make the premium difficult to defend. (investor.dtmidstream.com)

AI: News

Wolfe upgradeA major analyst upgrade revived growth optimism and shares jumped more than five percent intraday.

On August 26, Wolfe Research upgraded DT Midstream to Outperform from Peer Perform and set a $145 target. Benzinga showed the shares up 5.21% intraday around 11:22 a.m. Eastern. Because this was an analyst action rather than a company announcement, the link to the move is plausible but does not prove the upgrade explained the entire gain. Wolfe’s reasoning focused on recent underperformance and growth exposure to Midwest power demand and Haynesville gas flows. (benzinga.com)

First-quarter earnings beatFirst-quarter earnings beat expectations and investors quickly rewarded stronger cash flow and project progress.

On April 30, DT Midstream reported first-quarter profit of $1.27 per diluted share and adjusted operating profit before interest, taxes, depreciation and amortization of $308 million. Investing.com said earnings per share beat its cited forecast by about 9.5% and the stock rose about 7% after the release. DT Midstream also approved investment in two pipeline projects, reported customer interest above offered capacity on two expansions, and placed a new power-plant lateral into service. The reaction indicates investors were rewarding both current performance and future growth. (investing.com)

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Revenue

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2025

Net income

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Free cash flow

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$1.24B	$981.0M	$922.0M	$920.0M	$840.0M	$754.0M	$504.0M
Operating expenses	$371.0M	$283.0M	$273.0M	$295.0M	—	—	—
Operating income	$614.0M	$489.0M	$471.0M	$478.0M	$402.0M	$414.0M	$261.0M
Operating margin	49.40%	49.85%	51.08%	51.96%	47.86%	54.91%	51.79%
EBITDA	$872.0M	$698.0M	$653.0M	$648.0M	$568.0M	$566.0M	$354.0M
EBITDA margin	70.15%	71.15%	70.82%	70.43%	67.62%	75.07%	70.24%
Net income	$441.0M	$354.0M	$384.0M	$370.0M	$307.0M	$312.0M	$204.0M
Net profit margin	35.48%	36.09%	41.65%	40.22%	36.55%	41.38%	40.48%
Basic EPSper basic share	$4.34	$3.63	$3.97	$3.83	$3.17	$3.23	$2.11
Diluted EPSper diluted share	$4.30	$3.60	$3.94	$3.81	$3.16	$3.23	$2.11

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

11.17%of listed shares

BlackRock, Inc.11.4M shares · Jun 30, 2026

View holders

Top 20 reported holders of DTM
Holder	% owned
BlackRock, Inc.	11.17%11.4M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	5.66%5.78M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.52%4.61M shares
GEODE CAPITAL MANAGEMENT, LLC	3.33%3.4M shares
STATE STREET CORP	3.31%3.38M shares
DEUTSCHE BANK AG\	2.97%3.03M shares
NEUBERGER BERMAN GROUP LLC	2.93%2.99M shares
TORTOISE CAPITAL ADVISORS, L.L.C.	2.92%2.98M shares
Blackstone Inc.	2.44%2.49M shares
DIMENSIONAL FUND ADVISORS LP	2.23%2.27M shares
T. Rowe Price Investment Management, Inc.	2.10%2.14M shares
59 North Capital Management, LP	1.94%1.97M shares
GOLDMAN SACHS GROUP INC	1.91%1.94M shares
Clearbridge Investments, LLC	1.56%1.6M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.45%1.48M shares
MORGAN STANLEY	1.14%1.16M shares
Capital Research Global Investors	1.13%1.15M shares
CITADEL ADVISORS LLC	1.11%1.13M shares
Invesco Ltd.	1.07%1.09M shares
REAVES W H & CO INC	1.05%1.08M shares

Percentages use 102.02M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys30$230.1K disclosed value

Sells (SEC code S)4$2.52M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 15, 2026Form 4	Jewell Jeffrey AExecutive V.P., CFO	BuyCommon Stock	150	$147.73	$22.2K	89.7K
Feb 26, 2026Form 4	Tumminello Peter IDirector	SellCommon Stock	2.0K	$135.79	$271.9K	11.4K
Feb 25, 2026Form 4	Jewell Jeffrey AExecutive V.P., CFO	BuyCommon Stock	185	$136.33	$25.2K	89.6K
Aug 11, 2025Form 4	Cox MelissaE.V.P., Chief Admin. Off.	SellCommon Stock	4.8K	$104.47	$496.8K	5.2K
Aug 7, 2025Form 4	Jewell Jeffrey AExecutive V.P., CFO	BuyCommon Stock	150	$104.38	$15.7K	64.4K