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what it is
DT Midstream moves and stores natural gas through pipelines and related systems, then gets paid for keeping energy flowing.
how it gets paid
Last year Dt Midstream made $1.2B in revenue. interstate pipelines was the main engine at $0.48B, or 40% of sales.
why it's growing
Revenue grew 26.7% last year. Quarterly revenue reached $926M, up 195% vs. prior year, while EPS rose 185% to $3.22 on the SEC figures provided.
what just happened
Latest quarter EPS came in at $1.08 versus a $1.07 estimate, a narrow beat on top of huge revenue growth.
At a glance
B++ balance sheet — above average — nothing keeping you up at night
30.4x trailing p/e — you're paying up for this one
2.6% dividend yield — cash in your pocket every quarter
7.5% return on capital — nothing to write home about
xvary composite: 58/100 — below average
What they do
DT Midstream moves and stores natural gas through pipelines and related systems, then gets paid for keeping energy flowing.
Its network ties premium gas supply in the Marcellus/Utica and Haynesville to key U.S. demand centers. Network effect → one connected system is harder to replace than one pipe → so what: if your gas is already flowing through DTM's linked assets, switching means new contracts, new interconnections, and new headaches. That helps support a 49.4% operating margin on $1.2 billion of annual revenue.
How they make money
$1.2B
annual revenue · their business grew +26.7% last year
interstate pipelines
$0.48B
+29.0%
intrastate pipelines
$0.18B
+22.0%
gathering systems
$0.24B
+31.0%
storage systems
$0.12B
+18.0%
lateral pipelines and jv interests
$0.18B
+26.7%
The products that matter
core pipeline and plant operations
Pipeline & Plant Operations
$1.2B revenue · 100% of reported sales
This is the whole engine on this page. DTM does not read like a diversified conglomerate. It reads like one infrastructure platform doing the heavy lifting.
core
capacity expansion on an existing asset
Guardian Pipeline
recent capacity expansion · revenue not separately disclosed
Guardian matters because expansions on existing pipes are usually cleaner than building from scratch. The catch is simple: without separate revenue disclosure, you are tracking execution more than reported segment math.
growth
new Gulf Coast pipeline capacity
LEAP Phase 4 Expansion
project development · revenue not separately disclosed
This is the visible growth project on the page. If it fills as planned, it supports the premium multiple. If it slips, you are left with a steady operator already priced like steadiness is not enough.
watch
Key numbers
49.4%
operating margin
Operating margin → profit left after running the business → so what: DTM keeps about 49 cents of every revenue dollar before interest and taxes.
$3.3B
long-term debt
Long-term debt → money owed over many years → so what: the balance sheet can fund growth, but you are carrying debt equal to about 2.8 times annual revenue.
30.4x
trailing p/e
P/E → price versus yearly profit → so what: you are paying a premium multiple for a company with a 7.5% return on capital.
2.6%
dividend yield
Dividend yield → cash paid to you each year as a share of the stock price → so what: income helps, but it is not high enough to rescue you from a valuation reset.
Financial health
B++
strength
- balance sheet grade B++ — above average financial health
- risk rank 3 — safer than 50% of stocks
- price stability 80 / 100
- long-term debt $3.3B (20% of capital)
- net profit margin 33.7% — keeps 34 cents of every dollar in revenue
- return on equity 10% — $0.10 profit for every $1 investors have put in
B++ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for DTM right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter EPS came in at $1.08 versus a $1.07 estimate, a narrow beat on top of huge revenue growth.
Quarterly revenue reached $926M, up 195% vs. prior year, while EPS rose 185% to $3.22 on the SEC figures provided. The plain point: the business ran hot, and the stock already noticed.
$300M
revenue
$1.08
eps
49.4%
gross margin
the number that mattered
The key number was $926M in quarterly revenue because it shows how fast project and volume growth hit the income statement.
-
dt midstream recently shifted around some upper-level roles.
-
current chief executive officer david slater will now also assume the position of executive chairman of the board, succeeding robert skaggs, jr.
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moreover, mr.slater’s responsibilities as president will now be filled by current chief operating officer christopher zona. indeed, the company has performed well under the present leadership team, and dtm’s strategic operating direction is expected to remain largely unchanged.
-
the stock price continued to march higher over the past three months.dt midstream shares recently traded at an all-time high, with investor enthusiasm probably being underpinned by solid and steady quarterly financial results. in addition, strong business prospects and recent project developments likely supported the price advance. most increased capacity at both the wisconsin-based guardian pipeline and the leap phase 4 expansion project in the gulf is encouraging. based on our model, dt midstream probably delivered healthy double-digit vs. prior year revenue and earnings expansion for 2025.
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for the december period, the top line likely clocked in at $319 million, while earnings are slated to improve 47%, to $1.07 per share.however, our full-year 2026 and preliminary 2027 forecasts suggest that revenue and earnings growth may moderate a bit in the years ahead.
source: company earnings report, 2026
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What could go wrong
The real risk is not that pipelines stop being useful. It is that DTM is already priced for smooth execution while consensus revenue for fy2026 sits below last year's level.
med
multiple compression
The stock trades at 30.4x trailing earnings while return on capital is 7.0%. If investors decide this should be valued more like a normal midstream name, the share price does not need bad operations to fall.
The existing downside case on this page is a potential 20–35% drawdown in a severe recession. Even without a recession, a premium multiple can shrink fast.
med
project and volume execution
Guardian and LEAP Phase 4 are the visible growth pieces here, but neither has separate revenue disclosed on this page. That means you are trusting execution before you get full segment proof.
If revenue tracks closer to the $1B fy2026 estimate than last year's $1.2B, the growth narrative gets thinner while the valuation stays demanding.
med
regulatory and permitting drag
Pipelines live in a world of permits, oversight, and compliance. The business model is sturdy, but approvals and operating rules can still slow projects and raise costs.
The existing modeled hit on this page is a 1–3% earnings drag. Small on paper, but enough to matter when the stock already trades near the top of its range.
What would change our mind: if DTM keeps revenue closer to $1.2B than $1B while return on capital moves above 10%, the premium setup looks easier to defend. If revenue settles near $1B and new projects do not translate into visible earnings support, this starts looking expensive for a steady utility-like asset base.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
revenue reality versus the stock's story
Last year revenue grew 26.7% to $1.2B. The fy2026 estimate is $1B. That gap is the key tension in the name.
trend
price strength near the top of the range
DTM trades at $130.85 against a 52-week range of $83–$131. If the stock stops making higher ground while earnings stay merely steady, sentiment has probably done most of the work.
risk
project execution without segment disclosure
Guardian and LEAP Phase 4 are carrying a lot of the forward narrative. Because the page lacks project-level revenue, you need to watch management commentary and follow-through closely.
calendar
next earnings for proof, not promises
The last print was $1.13 in Q4 EPS on $314M of revenue. The next update needs to show that full-year EPS of $4.55 was not just a clean exit quarter.
Analyst rankings
short-term outlook
average
Momentum score 3. In human-speak, analysts see a steady stock, not a momentum rocket.
risk profile
average
Stability score 3 means typical risk for the market. Safer than some energy names, but not a bunker.
chart momentum
average
Technical score 3 says the tape is constructive without flashing anything extreme. You are buying calm, not acceleration.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 264 buyers vs. 240 sellers in 3q2025. total institutional holdings: 86.5M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$106
$197
$131
current price
$152
target midpoint · +16% from current · 3-5yr high: $197
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