DTMNYSENatural Gas TransmissionFiscal year ends December 31
DT Midstream, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$122.48−1.19 (-0.96%)
Close on Oct 19, 2026
- Market cap
- $12.57B
- P/E (TTM)
- 26.8
- Dividend yield
- 2.68%
Margins
Share of revenue, fiscal years 2018 to 2025
Operating margin
49.4%−5.5 pts over 5 years
Net margin
35.5%−5.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +26.7% | +10.6% | +10.5% | – | |
| Operating income | +25.6% | +8.7% | +8.2% | – | |
| Net income | +24.6% | +6.0% | +7.2% | – | |
| EPS, diluted | +19.4% | +4.1% | +5.9% | – | |
| Free cash flow | +6.8% | +4.5% | +41.0% | – | |
| Dividend per share | +11.6% | +8.6% | – | – |
Returns and balance sheet
8 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2018 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | – | 9.4% | |
| Return on assets | – | 3.9% | 4.4% | |
| Current ratio | – | 0.15 | 1.07 | |
| Debt to equity | – | – | 0.70 | |
| Net debt to EBITDA | – | -0.07× | 3.75× | |
| Interest coverage | – | 3.7× | 3.8× | |
| Capex to revenue | – | 68.7% | 34.3% | |
| Diluted shares | – | 97M | 103M |
Where the cash went
Fiscal 2021 to 2025, five years combined
DT Midstream generated $3.73B from operations and spent $3.20B on capital expenditure, dividends and share buybacks. 63% of that went back into the business.
Generated
$3.73B
Used
$3.20B
Capital expenditure$2.03B63%Dividends$1.17B37%Share buybacks$3.00M0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin35.5%
×Asset turnover0.12×
×Equity multiplier2.14×
=Return on equity, FY20259.4%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 35.5% | 0.12× | 2.14× | 9.4% |
| FY2024 | 36.1% | 0.10× | 2.16× | 8.1% |
| FY2023 | 41.6% | 0.10× | 2.19× | 9.4% |
| FY2022 | 40.2% | 0.11× | 2.16× | 9.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$441.00M
- Cash generatingOperating cash flow above zero$867.00M
- Return on assets improvedROA up on the prior year3.9% → 4.4%
- Earnings backed by cashOperating cash flow above net income$867.00M vs $441.00M
- Less leverageLong-term debt to assets fell33.4% → 33.0%
- Better liquidityCurrent ratio rose0.73 → 1.07
- No dilutionShare count did not rise98M → 103M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.11 → 0.13