# DT Midstream (DTM.US)

Canonical: https://gigainvestors.com/s/DTM

Analysis as of: 2026-10-16T07:28:07.400Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $118.81 per share; close as of 2026-10-15.

Estimated value: low $52.08 per share, central $59.06 per share, high $68.36 per share. Buy at or below the central value $59.06 per share. Valuation as of 2026-10-16T07:28:07.400Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.56×

- FY2019: 0.73×

- FY2020: 0.55×

- FY2021: 0.50×

- FY2022: 0.49×

- FY2023: 0.51×

- FY2024: 0.50×

- FY2025: 0.49×

- LTM to Jun 2026: 0.50×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.1%

- ROIC, second-lowest year: 4.6%

- Typical minus recent gross margin: 1.4 pp

- Typical gross margin (annual median): 55.2%

- Recent gross margin (lower of latest and 3-year median): 53.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 36.5%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 6.1%

- FY2019: 4.6%

- FY2020: 4.5%

- FY2021: 5.0%

- FY2022: 5.2%

- FY2023: 5.4%

- FY2024: 4.9%

- FY2025: 6.4%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $1.9B

- Return on incremental invested capital: 16.7%

- Working capital / revenue, annual change: -1.1 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.14×

- FY2022: 1.00×

- FY2023: -0.46×

- FY2024: 1.00×

- FY2025: 1.00×

### management: pass

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.6% vs 5.4%

- Per-share earnings: 2.38 to 3.94 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.2%

- Diluted shares, 5-year annual growth: 1.2%

- Per-share value growth: 10.6%

- Per-share value change: $1.56

- Per-share value, starting three-year median: $2.38

- Per-share value, ending three-year median: $3.94

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 4.6%

- ROIC, last three-year median: 5.4%

Chart: Earnings per share; fiscal year observations.

- FY2018: $2.38

- FY2019: $2.11

- FY2020: $3.23

- FY2021: $3.17

- FY2022: $3.81

- FY2023: $3.94

- FY2024: $3.60

- FY2025: $4.30

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 0.82×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 3.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.97×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.56×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -2.6%

- FY2019: -2.4%

- FY2020: -3.4%

- FY2021: -3.2%

- FY2022: -4.0%

- FY2023: -4.6%

- FY2024: -4.1%

- FY2025: -4.2%

## Holders

## Price story

Price needs cash profits to grow 9.8% a year for ten years · sales +5.4%

Story as of 2026-10-16T09:58:39.687Z; price observation 2026-10-15.

Price needs cash profits to grow 9.8% a year for ten years

### Sales · FY2025–2026

sales +5.4%; source https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm; observed 2026-02-19.

- FY2018: $485M 

- FY2019: $504M 

- FY2020: $754M 

- FY2021: $840M 

- FY2022: $920M 

- FY2023: $922M 

- FY2024: $981M 

- FY2025: $1.2B 

- FY2026: $1.3B 

### Gross margin · FY2025

gross margin 73.5%; source https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm; observed 2026-02-19.

- FY2018: 74.8% 

- FY2019: 79.4% 

- FY2020: 56.6% 

- FY2021: 52.7% 

- FY2022: 52.5% 

- FY2023: 53.7% 

- FY2024: 53.8% 

- FY2025: 73.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas midstream; annual sales are USD 1.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm (filed 2026-02-19); FY2025: revenue 1243000000; grossProfit 914000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DTM.US: 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.

### Why customers stay

Margins ranged from 53.7% to 73.5% during 2023–25; it earns 5.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 53.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = 53.8%.

- Source: https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 73.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 8-year return on capital observations [[2018,0.060738218424622056],[2019,0.046056523915714735],[2020,0.044759784328978786],[2021,0.04972273015636079],[2022,0.05228384221415649],[2023,0.0537593023255814],[2024,0.0487510105356491],[2025,0.06409283063256366]]; median 0.05100328618525864. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 53% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm (filed 2026-02-19); Gross margin observations: [[2021,0.5273809523809524],[2022,0.525],[2023,0.5368763557483731]]; range within 2 percentage points.

### Where the cash goes

Spends 34.2% of cash earnings on expansion; earns 16.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2018: growth capex 0; upkeep 176000000; owner earnings 136000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 96169777.85959744; upkeep 114830222.14040256; owner earnings 199169777.85959744. Growth capex / owner earnings = 0.48285326666072437.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2020: growth capex 349000000; upkeep 169000000; owner earnings 312000000. Growth capex / owner earnings = 1.1185897435897436.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2021: growth capex 0; upkeep 140000000; owner earnings 351000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 149000000; upkeep 189000000; owner earnings 370000000. Growth capex / owner earnings = 0.4027027027027027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: growth capex 123000000; upkeep 227000000; owner earnings 354000000. Growth capex / owner earnings = 0.3474576271186441.

- Source: https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm (filed 2026-02-19); FY2025: growth capex 151000000; upkeep 275000000; owner earnings 441000000. Growth capex / owner earnings = 0.3424036281179138.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Incremental return on capital 0.1673497965482039, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2018,559000000],[2019,559000000],[2020,559000000],[2021,559000000],[2022,244000000],[2023,263000000],[2024,280000000],[2025,324000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DTM.US SharesStats.PercentInsiders = 0.5740000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Ten-year compound average after fade. Initial solved rate 0.12858718958866022. Price 118.81; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-06: $38.66 per share

- 2021-07: $42.40 per share

- 2021-08: $46.47 per share

- 2021-09: $46.24 per share

- 2021-10: $47.96 per share

- 2021-11: $45.87 per share

- 2021-12: $47.98 per share

- 2022-01: $51.70 per share

- 2022-02: $53.10 per share

- 2022-03: $54.26 per share

- 2022-04: $53.75 per share

- 2022-05: $58.10 per share

- 2022-06: $49.02 per share

- 2022-07: $55.03 per share

- 2022-08: $55.21 per share

- 2022-09: $51.89 per share

- 2022-10: $59.70 per share

- 2022-11: $60.33 per share

- 2022-12: $55.26 per share

- 2023-01: $54.66 per share

- 2023-02: $50.20 per share

- 2023-03: $49.37 per share

- 2023-04: $49.27 per share

- 2023-05: $45.46 per share

- 2023-06: $49.57 per share

- 2023-07: $53.52 per share

- 2023-08: $52.29 per share

- 2023-09: $52.92 per share

- 2023-10: $53.97 per share

- 2023-11: $57.29 per share

- 2023-12: $54.80 per share

- 2024-01: $53.69 per share

- 2024-02: $57.63 per share

- 2024-03: $61.10 per share

- 2024-04: $62.20 per share

- 2024-05: $67.08 per share

- 2024-06: $71.03 per share

- 2024-07: $75.36 per share

- 2024-08: $78.59 per share

- 2024-09: $78.66 per share

- 2024-10: $90.15 per share

- 2024-11: $106.12 per share

- 2024-12: $99.43 per share

- 2025-01: $101.08 per share

- 2025-02: $96.09 per share

- 2025-03: $96.48 per share

- 2025-04: $97.20 per share

- 2025-05: $104.74 per share

- 2025-06: $109.91 per share

- 2025-07: $102.73 per share

- 2025-08: $104.18 per share

- 2025-09: $113.06 per share

- 2025-10: $109.49 per share

- 2025-11: $121.46 per share

- 2025-12: $119.68 per share

- 2026-01: $126.02 per share

- 2026-02: $138.84 per share

- 2026-03: $134.67 per share

- 2026-04: $147.99 per share

- 2026-05: $139.98 per share

- 2026-06: $146.74 per share

- 2026-07: $138.00 per share

- 2026-08: $131.02 per share

- 2026-09: $119.47 per share

- 2026-10: $118.81 per share

## Annual estimated value (USD per share)

- FY2022: low $42.05 per share, central $47.78 per share, high $55.42 per share

- FY2023: low $41.95 per share, central $47.69 per share, high $55.32 per share

- FY2024: low $44.32 per share, central $50.36 per share, high $58.40 per share

- FY2025: low $48.12 per share, central $54.71 per share, high $63.49 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.