DTM
DT Midstream, Inc.
DTM's fundamentals are strong: it turned 40% of its revenue into free cash flow and revenue grew 13%. Its PE of 26x looks cheaper than it really is, because one-off gains boosted its recent earnings. Analysts expect earnings growth.
DTM Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| Strong | |
| Under pressure |
DTM's profitability and cash flow are currently strong, and its revenue is stable, but its balance sheet is under pressure.
DTM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 14x | $66.26 | -45% |
| Fair | 17x | $79.49 | -34% |
| Forward | 25x | $120 | — |
| Current | 26x | $120 | — |
| Expensive | 29x | $134 | +12% |
Historical ranges are pointers, not guarantees.
DTM's PE is in its expensive range at 26x, but its recent earnings include one-off gains. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its fair range.
DTM Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for DTM, but weaker profitability.
DTM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.84 | +5.5% |
| Q3 2026 | $4.59 | +16% |
| Q2 2026 | $4.56 | +22% |
| Q1 2026 | $4.51 | +23% |
| Q4 2025 | $4.30 | +19% |
| Q3 2025 | $3.96 | -3.4% |
| Q2 2025 | $3.73 | -9.9% |
| Q1 2025 | $3.67 | -10% |
| Q4 2024 | $3.60 | -8.6% |
DTM earned $4.59 per share over the past year, up 16% from the year before. Its recent earnings include one-off gains.
DTM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $336M | +7% |
| Q2 2026 | $343M | +11% |
| Q1 2026 | $336M | +11% |
| Q4 2025 | $317M | +27% |
| Q3 2025 | $314M | +27% |
| Q2 2025 | $309M | +27% |
| Q1 2025 | $303M | +26% |
| Q4 2024 | $249M | +2% |
DTM's revenue has grown year over year for 12 quarters in a row: $336M last quarter, up 7% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 49% | -0.9 points |
| Q2 2026 | 50% | +0.3 points |
| Q1 2026 | 49% | +0.6 points |
| Q4 2025 | 49% | +3.8 points |
| Q3 2025 | 49% | +0.2 points |
| Q2 2025 | 50% | -3.1 points |
| Q1 2025 | 49% | -2.8 points |
| Q4 2024 | 45% | -3.8 points |
DTM's operating margin was 49% last quarter, down 0.9 points from the same quarter a year ago.
DTM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $184M | +40% |
| Q2 2026 | $117M | +13% |
| Q1 2026 | $202M | +15% |
| Q4 2025 | $30M | -52% |
| Q3 2025 | $131M | +5.6% |
| Q2 2025 | $104M | +24% |
| Q1 2025 | $176M | +23% |
| Q4 2024 | $62M | +82% |
DTM generated $533M in free cash flow over the past year, up 13% from the year before.
DTM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +100K shares |
| 1 year | +0.2% | +200K shares |
| 3 years | +5.3% | +5.2M shares |
| 5 years | +6% | +5.8M shares |
| Available history | +6% | +5.8M shares |
DTM has 103M diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q1 2021 | — |
| Q4 2020 | — |
| Q3 2020 | — |
| Q2 2020 | — |
| Q1 2020 | — |
DTM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 3.3x | Elevated |
| Q2 2026 | 3.4x | Elevated |
| Q1 2026 | 3.5x | Elevated |
| Q4 2025 | 3.8x | Elevated |
| Q3 2025 | 4.0x | Elevated |
| Q2 2025 | 4.3x | High |
| Q1 2025 | 4.5x | High |
| Q4 2024 | 4.9x | High |
DTM's net debt is about 3.3 years of its operating earnings (EBITDA), down from 4.0 years a year ago.
DTM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.2 | Neutral |
| Stochastic | 20.6 | Neutral |
DTM's weekly RSI is 40 (neutral) and its Stochastic is 21 (neutral).
DTM PE vs Energy Sector
| Metric | DTM | Sector median | Relative |
|---|---|---|---|
| PE | 26x | 13x | 99% above |
| PE % | 66 | 56 | 10 pts above |
DTM is trading at 26x earnings, a 99% premium to the Energy sector's median of 13x, though its recent earnings include one-off gains.
DTM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $121.6 | 1.6% below |
| 20 week MA | $130.0 | 8% below |
| 50 week MA | $132.4 | 9.6% below |
| 100 week MA | $118.3 | 1.1% above |
| 200 week MA | $90.1 | 33% above |
DTM has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 33% above its 200-week average.
DTM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $40.0 | $47.5 | +19% |
| 2022 | $47.5 | $55.4 | +17% |
| 2023 | $55.4 | $54.8 | -1.2% |
| 2024 | $54.8 | $100.0 | +82% |
| 2025 | $100.0 | $120.5 | +20% |
| 2026 YTD | $120.5 | $119.6 | -0.7% |
DTM has finished higher in four of the last five years. It's down 0.7% so far in 2026.