DT Midstream, Inc. (DTM) Stock

DT Midstream, Inc. (DTM) is a Utilities stock trading at $129.93 (as of 2026-08-20), with a market capitalization of $13.25B and a trailing P/E of 27.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

DT Midstream, Inc. operates in the United States providing integrated natural gas services through two segments, Pipeline and Gathering. It develops, owns, and runs related pipeline, storage, gathering, treatment, compression, and surface assets to transport and store natural gas and to gather gas near customer wells, serving producers, local distribution companies, power generators, industrials, and national marketers.

Understand DT Midstream, Inc.: how it makes money

DT Midstream provides natural gas transportation and storage, and natural gas gathering from customer wells, using its pipeline and gathering systems to earn revenue from moving and storing gas for intermediate and end user customers.

Earnings are structurally linked to throughput, because the company’s Pipeline and Gathering businesses move gas through owned infrastructure, and profitability depends on maintaining and expanding system volumes and capacity via ongoing capital commitments and placed-into-service expansions.

Revenue by segment (latest quarter)
Pipeline	$0.2B
Gathering	$0.1B

Business quality (Strong): Operating profitability is high in the latest quarter, and growth signals show increases in both pipeline and gathering results, but performance is tied to gathering volumes in specific systems and to the execution of substantial committed capital plans.

Valuation: At 32× earnings, DTM trades 43% above the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Growth and momentum across both businesses: Pipeline and Gathering segment results increased versus the comparable prior period.
Customer and investment support: The company reports an investment-grade rated customer base of 80%, and 90% of share of new final investment decision investment is in growing pipeline.
Operating volume indicators: Reported Hainesville gathering volumes are at 2.09 (average), and Hainesville system volumes are described as record high at 1.5.
Expansion is underway: LEED Phase 4 expansion capacity (2.1) and LEED Phase III expansion capacity (1.9) are listed as in service, alongside other capacity and interconnect capacity figures.

Bear case

Committed capital can raise risk: Committed capital for 2025 is 0.39 USD_B and for 2026 is 0.23 USD_B, which increases execution and funding exposure.
Concentration in key gathering systems: A meaningful share of the company’s gathering operating picture is tracked through Hainesville and Northeast gathering volume metrics, so underperformance or volatility in those systems could affect results.

Valuation — source: SEC EDGAR (first-party)
Price	$129.93
Market Cap	$13.25B
P/E Ratio	27.0
EV / EBITDA	17.6
Price / Book	2.69
Price / Sales	9.97
FCF Yield	8.6%
DCF Value (model)	$24.27
DCF Upside vs Price	-81.3%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.24B
Net Margin	35.5%
Revenue Growth (YoY)	26.7%
EPS Growth (YoY)	19.6%
FCF Growth (YoY)	6.8%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.97 (grey)

Valuation vs Sector & Industry
Stock P/E	27.0
Sector P/E (Utilities)	21.3
Industry P/E (Utilities)	20.6
vs Sector	26.5%
vs Industry	30.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($1.47B)
Institutional Holders Tracked	10
Congressional Trades (recent)	4

Company
Sector	Utilities
Industry	Utilities
CEO	David J. Slater
Employees	556
Country	US
IPO Date	2021-07-01

Related Companies (Business model: Refining & Midstream Energy; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.