DT Midstream, Inc. (DTM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-19.4%

$98.77

vs $122.61 price

Levered DCF

$129.94

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.94

Grey zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	26.77×	27.39×	13.84×	14.43×	15.14×	12.99×	19.83×	17.58×
P/B	2.57×	2.1×	1.28×	1.33×	1.2×	1×	1.13×	1.88×
P/S	9.78×	9.89×	5.76×	5.81×	5.53×	5.38×	8.03×	8.36×
EV / EBITDA	14.97×	14.88×	10.03×	10.78×	10.57×	10.01×	14.61×	11.88×
Gross margin	73.5%	53.8%	53.7%	52.5%	52.7%	56.6%	79.4%	74.8%
Operating margin	49.4%	49.8%	50.7%	49.5%	49.9%	54.6%	73.0%	56.3%
Net margin	35.5%	36.1%	41.6%	40.2%	36.5%	41.4%	40.5%	47.6%
Current ratio	1.07×	0.73×	0.63×	0.43×	2.03×	0.15×	0.09×	0.18×
Debt / equity	0.71×	0.76×	0.79×	0.85×	0.8×	0.79×	0.83×	0.78×
Interest coverage	3.81×	3.2×	3.11×	3.32×	3.74×	3.65×	4.91×	3.96×
Dividend yield	2.7%	2.9%	5.0%	4.6%	12.0%	0.0%	0.0%	0.0%
Payout ratio	73.5%	79.1%	68.5%	65.9%	182.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	7.7%	9.3%	9.2%	7.9%	7.7%	5.7%	10.7%
Return on invested capital	4.8%	3.7%	4.2%	4.2%	3.9%	3.7%	3.8%	4.5%
Return on assets	4.4%	3.6%	4.3%	4.2%	3.8%	3.7%	2.6%	4.7%
Free cash flow yield	3.6%	4.3%	0.5%	7.2%	9.3%	1.9%	4.4%	4.5%
Earnings yield	3.6%	3.6%	7.2%	6.9%	6.6%	7.7%	5.0%	5.7%
Enterprise value	$15.5B	$13.2B	$8.5B	$8.7B	$7.6B	$7.2B	$7B	$5.7B
Net debt / EBITDA	3.21×	3.91×	3.78×	4.16×	4.11×	4.4×	6.13×	3.45×
Cash conversion cycle (days)	-17	5	-13	-17	80	150	-92	-87