olivLaw · US equity research
DT Midstream, Inc. DTM
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
DT Midstream (DTM) owns and operates an integrated network of natural gas transmission, storage and gathering assets in the United States and Canada, linking consumer centers with the Marcellus/Utica and Haynesville production basins. The company closed fiscal 2025 with operating revenues of 1243 million USD, and in the second quarter of 2026 it reaffirmed a 2026 Adjusted EBITDA range of 1155 - 1225 million USD, supported by new growth contracts.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, DT Midstream, Inc. (DTM) stock was 112.88 USD (−4.00% on the day), with market capitalisation 11.5 bn USD, P/E 24.5 on diluted EPS of 4.60 USD over the last 12 months, dividend yield 3.07%, beta 0.59, 52-week range 111.63–151.12 USD. Latest reported quarter (Q3 2026): revenue of 336.0 m USD (+7.0% YoY), net income of 118.0 m USD (+2.6% YoY), diluted EPS 1.16 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.2
- weak (30–45)
- Bollinger (20, 2)
- 116.23 – 130.20
- below the lower band · %B -0.24 · band width 11.3%
- SMA 50 / 200
- 124.85 / 134.85
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -1.60 / -0.69
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −9.4% | −5.9% | −3.5 pp | — |
| 3 months | −15.1% | −4.6% | −10.5 pp | — |
| 6 months | −21.7% | +0.2% | −21.9 pp | — |
| Year to date | −5.7% | +7.4% | −13.1 pp | — |
| 1 year | +2.1% | +8.2% | −6.1 pp | +10.5% |
| 3 years | +101.8% | +68.4% | +33.3 pp | +50.0% |
| 5 years | +131.6% | +56.5% | +75.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 249.0 m | 303.0 m | 309.0 m | 314.0 m | 317.0 m | 336.0 m | 343.0 m | 336.0 m |
| Operating income | 113.0 m | 148.0 m | 155.0 m | 155.0 m | 156.0 m | 166.0 m | 173.0 m | 163.0 m |
| Depreciation & amortisation | 53.0 m | 63.0 m | 63.0 m | 65.0 m | 67.0 m | 69.0 m | 68.0 m | 71.0 m |
| Interest expense | 36.0 m | 40.0 m | 40.0 m | 40.0 m | 41.0 m | 40.0 m | 42.0 m | 40.0 m |
| Pre-tax income | 119.0 m | 146.0 m | 145.0 m | 153.0 m | 154.0 m | 170.0 m | 169.0 m | 163.0 m |
| Income tax | 43.0 m | 35.0 m | 34.0 m | 35.0 m | 40.0 m | 36.0 m | 53.0 m | 41.0 m |
| Net income | 73.0 m | 108.0 m | 107.0 m | 115.0 m | 111.0 m | 130.0 m | 112.0 m | 118.0 m |
| Diluted EPS | 0.73 ≈ | 1.06 | 1.04 | 1.13 | 1.08 ≈ | 1.27 | 1.09 | 1.16 |
| Operating cash flow | 152.0 m | 247.0 m | 185.0 m ≈ | 274.0 m ≈ | 161.0 m | 280.0 m | 222.0 m ≈ | 275.0 m ≈ |
| Capex | 90.0 m | 71.0 m | 81.0 m ≈ | 143.0 m ≈ | 131.0 m | 78.0 m | 105.0 m ≈ | 91.0 m ≈ |
| Dividends paid | 71.0 m | 75.0 m | 83.0 m ≈ | 83.0 m ≈ | 83.0 m | 83.0 m | 89.0 m ≈ | 90.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 62 percentile of its own 21-quarter history (min 13.0, median 16.9, max 32.1; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 504.0 m | 754.0 m | 840.0 m | 920.0 m | 922.0 m | 981.0 m | 1.2 bn |
| Revenue YoY | unavailable | +49.6% | +11.4% | +9.5% | +0.2% | +6.4% | +26.7% |
| Net income | 204.0 m | 312.0 m | 307.0 m | 370.0 m | 384.0 m | 354.0 m | 441.0 m |
| Net income YoY | unavailable | +52.9% | −1.6% | +20.5% | +3.8% | −7.8% | +24.6% |
| Diluted EPS | 2.11 | 3.23 | 3.16 | 3.81 | 3.94 | 3.60 | 4.30 |
| Diluted EPS YoY | unavailable | +53.1% | −2.2% | +20.6% | +3.4% | −8.6% | +19.4% |
| net % | 40.5% | 41.4% | 36.5% | 40.2% | 41.6% | 36.1% | 35.5% |
| Free cash flow | 179.0 m | 79.0 m | 432.0 m | 387.0 m | 26.0 m | 413.0 m | 441.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 54.0 m USD
- Financial debt
- 3.3 bn USD
- Net debt
- 3.3 bn USD
- Equity
- 4.9 bn USD
- Total assets
- 10.1 bn USD
- Debt / equity
- 0.68x
- Current ratio
- 1.07x
- ROE
- 9.1%
- ROA
- 4.4%
- FCF margin
- 35.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 754.0 m | 840.0 m | 920.0 m | 922.0 m | 981.0 m | 1.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Operating income | 414.0 m | 402.0 m | 478.0 m | 471.0 m | 489.0 m | 614.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Depreciation & amortisation | 152.0 m | 166.0 m | 170.0 m | 182.0 m | 209.0 m | 258.0 m | SEC (XBRL)· 19 Feb 2026verified |
| EBITDA | 566.0 m ≈ | 568.0 m ≈ | 648.0 m ≈ | 653.0 m ≈ | 698.0 m ≈ | 872.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Interest expense | 113.0 m | 112.0 m | 137.0 m | 150.0 m | 153.0 m | 161.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Pre-tax income | 440.0 m | 422.0 m | 482.0 m | 500.0 m | 504.0 m | 598.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Income tax | 116.0 m | 104.0 m | 100.0 m | 104.0 m | 137.0 m | 144.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Net income | 312.0 m | 307.0 m | 370.0 m | 384.0 m | 354.0 m | 441.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Diluted EPS | 3.23 | 3.16 | 3.81 | 3.94 | 3.60 | 4.30 | SEC (XBRL)· 19 Feb 2026verified |
| Weighted average diluted shares | 96.7 m | 96.9 m | 97.2 m | 97.5 m | 98.4 m | 102.5 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividend per share | — | 1.20 | 2.56 | 2.76 | 2.94 | 3.28 | SEC (XBRL)· 19 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 42.0 m | 132.0 m | 61.0 m | 56.0 m | 68.0 m | 54.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Receivables | 123.0 m | 169.0 m | 161.0 m | 154.0 m | 172.0 m | 186.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Current assets | 483.0 m | 360.0 m | 262.0 m | 272.0 m | 310.0 m | 318.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Property, plant & equipment, net | 3.5 bn | 3.5 bn | 3.8 bn | 4.4 bn | 5.5 bn | 5.8 bn | SEC (XBRL)· 19 Feb 2026verified |
| Goodwill | 473.0 m | 473.0 m | 473.0 m | 473.0 m | 776.0 m | 781.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Intangibles (excl. goodwill) | 2.1 bn | 2.1 bn | 2.0 bn | 2.0 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 19 Feb 2026verified |
| Total assets | 8.3 bn | 8.2 bn | 8.8 bn | 9.0 bn | 9.9 bn | 10.1 bn | SEC (XBRL)· 19 Feb 2026verified |
| Accounts payable | 29.0 m | 22.0 m | 119.0 m | 94.0 m | 77.0 m | 65.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Short-term debt | 0 | 0 | 330.0 m | 165.0 m | 150.0 m | 0 | SEC (XBRL)· 19 Feb 2026verified |
| Long-term debt | 0 | 3.0 bn | 3.1 bn | 3.1 bn | 3.3 bn | 3.3 bn | SEC (XBRL)· 19 Feb 2026verified |
| Current liabilities | 3.3 bn | 177.0 m | 614.0 m | 434.0 m | 426.0 m | 296.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Total liabilities | 4.1 bn | 4.1 bn | 4.7 bn | 4.7 bn | 5.2 bn | 5.2 bn | SEC (XBRL)· 19 Feb 2026verified |
| Equity | 4.2 bn | 4.0 bn | 4.2 bn | 4.3 bn | 4.8 bn | 4.9 bn | SEC (XBRL)· 19 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 597.0 m | 572.0 m | 725.0 m | 798.0 m | 763.0 m | 867.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Capex | 518.0 m | 140.0 m | 338.0 m | 772.0 m | 350.0 m | 426.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Free cash flow | 79.0 m ≈ | 432.0 m ≈ | 387.0 m ≈ | 26.0 m ≈ | 413.0 m ≈ | 441.0 m ≈ | SEC (XBRL)· 19 Feb 2026derived |
| Investing cash flow | -714.0 m | 123.0 m | -854.0 m | -351.0 m | -1.1 bn | -372.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Financing cash flow | 113.0 m | -605.0 m | 58.0 m | -452.0 m | 330.0 m | -509.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Dividends paid | 0 | 58.0 m | 244.0 m | 263.0 m | 280.0 m | 324.0 m | SEC (XBRL)· 19 Feb 2026verified |
| Share repurchases | 0 | 0 | 3.0 m | 0 | — | — | SEC (XBRL)· 16 Feb 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 49 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 11.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Growth58
- Returns57
- Balance sheet54
- Valuation29
- Quality58
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 43.10 – 153.70 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)80.71 – 153.70 (Mid 107.69)WACC 8.2% · starting FCFF 653.8 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 12.2%
- Peers: EV/EBITDA54.22 – 86.51 (Mid 71.08)9 companies used · median multiple 11.0x · quartiles 9.2x – 12.7xET, KGS, KMI, KNTK, NGL, TRGP, USAC, WES, WMB
- Peers: P/E59.69 – 97.71 (Mid 68.55)10 companies used · median multiple 14.9x · quartiles 13.0x – 21.2xAM, AROC, EPD, ET, KMI, KNTK, TRGP, USAC, WES, WMB
- Dividend discount (DDM)43.10 – 57.97 (Mid 49.44)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 49/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.1% | 11 (vs peers) | 10% |
| Net margin · Quality | 35.4% | 94 (vs peers) | 6% |
| FCF conversion · Quality | 113.2% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 10.6% | 88 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 4.1% | 27 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 3.3x | 73 (vs peers) | 10% |
| Interest coverage · Balance sheet | 4.0x | 39 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 24.5x | 25 (vs peers) | 10% |
| EV/EBITDA · Valuation | 15.6x | 11 (vs peers) | 10% |
| FCF yield · Valuation | 4.6% | 58 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 3.0% | 43 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 64.7% | 79 (on a fixed band) | 4% |
Score groups
- Balance sheet54/100 · 3/3 factors with a value
- Growth58/100 · 2/2 factors with a value
- Quality58/100 · 3/3 factors with a value
- Returns57/100 · 2/2 factors with a value
- Valuation29/100 · 3/3 factors with a value
Memo
DT Midstream, Inc. (DTM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 26.7%; net margin 35.4%; ROE 9.9%; net debt/EBITDA 3.3x.
The estimated value range is 56.95–92.11 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 69.81 USD, the price of 112.88 USD leaves a potential of -38.2% (value / price − 1) and a margin of safety of -61.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 49/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 35.4%
- FCF conversion: 113.2%
- Revenue CAGR 3Y: 10.6%
- Net debt / EBITDA: 3.3x
- Payout ratio (FCF): 64.7%
What contradicts it
- ROIC: 6.1%
- EPS CAGR 3Y: 4.1%
- P/E (TTM): 24.5x
- EV/EBITDA: 15.6x
- The price is above the estimated value range
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| EPDEnterprise Products Partners L.P. | 79.0 bn | 12.0 | — | 10.2% | −6.4% | +12% / +37% |
| WMBWilliams Companies, Inc. | 78.6 bn | 25.6 | 24.0% | 25.2% | +13.8% | +5% / +75% |
| KMIKinder Morgan, Inc. | 67.3 bn | 18.7 | 11.6% | 19.6% | +12.2% | +11% / +72% |
| ETEnergy Transfer LP | 66.1 bn | 12.1 | — | 4.4% | +3.5% | +15% / +38% |
| TRGPTarga Resources Corp. | 58.3 bn | 24.0 | 75.0% | 13.5% | +3.9% | +55% / +201% |
| WESWestern Midstream Partners, LP | 16.5 bn | 12.8 | — | 28.2% | +6.6% | +1% / +34% |
| DTMDT Midstream, Inc. | 11.5 bn | 24.5 | 9.9% | 35.4% | +26.7% | +2% / +102% |
| AMAntero Midstream Corporation | 9.1 bn | 13.5 | 31.6% | 53.4% | +7.4% | +6% / +44% |
| AROCArchrock, Inc. | 4.7 bn | 13.7 | 22.6% | 22.9% | +28.7% | +8% / +84% |
| KGSKodiak Gas Services, Inc. | 3.9 bn | 45.8 | 4.6% | 5.8% | +12.8% | +11% / +121% |
| USACUSA Compression Partners, LP | 3.5 bn | 22.1 | — | 12.4% | +5.0% | −4% / +2% |
| KNTKKinetik Holdings Inc. | 3.3 bn | 16.1 | — | 10.7% | +19.0% | +42% / +35% |
| NGLNGL Energy Partners LP | 1.8 bn | — | — | -5.4% | −9.0% | +50% / +241% |
| SMCSummit Midstream Corporation | 285.3 m | 8,705.4 | 0.1% | 0.0% | +30.8% | +7% / +29% |
| TRPTc Energy Corporation | — | — | 12.8% | 23.1% | +10.7% | +14% / +67% |
| TCPATranscanada Pipelines Ltd | — | — | 14.0% | 23.1% | +7.2% | −15% / unavailable |
| NGGNational Grid PLC | — | — | 8.6% | 15.8% | −7.4% | +13% / +30% |
| TGSGas Transporter Of The South Inc. | — | — | 18.1% | 30.3% | +23.7% | −30% / +56% |
1- and 3-year price returns: for DTM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 71.00 Total return -35% · Per year -35% | 125.17 Total return 14% · Per year 14% | 188.07 Total return 71% · Per year 71% |
| 3 years | 77.54 Total return -23% · Per year -8% | 152.98 Total return 47% · Per year 14% | 251.11 Total return 137% · Per year 33% |
| 5 years | 84.68 Total return -11% · Per year -2% | 186.96 Total return 87% · Per year 13% | 335.28 Total return 225% · Per year 27% |
- Exit P/E± 38.24
- Net margin± 26.77
- Annual revenue growth± 20.77
- Annual dilution± 2.25
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
In brief
DT Midstream (DTM) owns and operates an integrated network of natural gas transmission, storage and gathering assets in the United States and Canada, linking consumer centers with the Marcellus/Utica and Haynesville production basins. The company closed fiscal 2025 with operating revenues of 1243 million USD, and in the second quarter of 2026 it reaffirmed a 2026 Adjusted EBITDA range of 1155 - 1225 million USD, supported by new growth contracts.
SWOT
Strengths
- The company has well-placed assets linking production in the Marcellus/Utica and Haynesville basins with consumer centers and export terminals 1.
- Most customer contracts are long-term firm service contracts with fixed revenues regardless of the volumes actually transported 1.
- Net income attributable to the company rose in 2025 and is supported by contributions from equity method investments 1.
Weaknesses
- Dependence on one major customer, Expand Energy, exposes the company to the risk of lower volumes or non-renewal of contracts 1.
- The company does not own most of the land on which its assets sit, which can lead to higher costs and delays in securing rights-of-way 1.
- Many operations run through joint ventures where the company has limited control over operating and investment decisions 1.
Opportunities
- Contracted expansion projects in Haynesville, LEAP and Stonewall could extend the long-term revenue base 23.
- The Viking modernization and the Guardian G3 project could open new transport flows in the regions served 3.
- The emission-reduction goal could attract investment in carbon-reducing technologies and low-carbon business opportunities 12.
Threats
- A decline in gas production or demand in the operating regions could reduce the company's volumes and revenues 1.
- Alternative fuels, technological advances and renewable energy could weaken demand for natural gas over the long term 1.
- Operational incidents, natural disasters and interruptions at interconnected pipelines could affect assets and financial results 1.
Risks
- Customer concentrationhigh
A single customer provides a large share of operating revenues, and the loss or reduction of its volumes could affect results 1.
- Contract renewalmedium
Expiring contracts could be renewed on less favorable terms or for shorter periods, which could weaken cash flow stability 1.
- Operational incidentshigh
Explosions, leaks or pipeline interruptions could cause major losses and penalties, especially near populated areas 1.
- Projects and acquisitionsmedium
Integrating acquisitions or delaying expansion projects could create unexpected costs and reduce cash flow 1.
- Land rightslow
If rights-of-way cannot be renewed, the company could be forced into condemnation proceedings or to relocate facilities 1.
Investment thesis
What would need to be true (bull case)
- If the contracted Haynesville, LEAP and Stonewall projects are delivered on schedule, they could support higher revenues and Adjusted EBITDA in the coming years 3.
- The fixed-revenue contract structure could limit exposure to gas price swings and support cash flow stability 1.
- The positioning of assets between major production basins and consumer centers could attract new long-term contracts 12.
What would break the thesis
- Heavy reliance on one customer could leave revenues exposed to changes in that customer's strategy or volumes 1.
- If natural gas demand falls because of alternative fuels or environmental policy, transported volumes could decline 1.
- Rising operating costs and amortization, visible in the Gathering segment, could erode profitability if revenues do not grow at the same pace 12.
What to watch
- Delivery of the 2026 Adjusted EBITDA guidance of 1155 - 1225 million USD2026
- Confirmation of the preliminary 2027 Adjusted EBITDA outlook2027
- Progress of contracted growth projects, including LEAP Phase 5 and the Viking modernizationnext 10-K
- Renewal of major customer contracts and the trend in Expand Energy volumesQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 8-K (29 Oct 2026 · results), 10-Q (29 Oct 2026).
The business
DT Midstream is an owner, operator and developer of integrated natural gas midstream assets, providing multiple services through its Pipeline segment, which includes interstate and intrastate pipelines, storage systems and gathering lateral pipelines, and through its Gathering segment, which includes gathering systems, treatment plants and compression facilities 1. Its core assets connect demand centers in the Midwestern U.S., Eastern Canada and Northeastern U.S. with Marcellus/Utica production, and connect Gulf Coast demand centers and LNG export terminals with Haynesville production 1. The company says its growth rests on long-term contracts with producers, local distribution companies, power generators, industrials and national marketers 1. Operating revenues rose to 1243 million USD in 2025 from 981 million USD in 2024, mainly because of the Midwest Pipeline Acquisition 12.
Segments
Pipeline
The Pipeline segment includes interstate and intrastate pipelines, storage systems, gathering lateral pipelines and equity method investments such as Vector, Millennium and NEXUS 1. Segment revenues reached 687 million USD in 2025, up from 443 million USD in 2024, driven mainly by the acquired Midwest assets and new LEAP contracts 1. Revenues for the first half of 2026 were 368 million USD, higher than in the first half of 2025, supported by LEAP contracts and the MVP-related Stonewall expansion 2.
Gathering
The Gathering segment includes gathering systems, treatment plants and compression facilities in the Marcellus/Utica and Haynesville basins 1. Revenues increased to 556 million USD in 2025 from 538 million USD in 2024, although net income attributable to DT Midstream fell to 71 million USD from 78 million USD because of higher operating costs and depreciation 1. In the first half of 2026 segment revenues rose to 324 million USD and net income to 48 million USD, from 30 million USD a year earlier 2.
Market context
The company's activity depends on the availability and demand for natural gas in the regions where it operates, and demand can be affected by alternative fuels, technological progress and renewable energy sources 1. Firm contracts with fixed demand charges and minimum volume commitments give the business more stable revenues than exposure to gas prices would, although the concentration of revenue in one counterparty remains high 1. The sector is also shaped by macroeconomic conditions, including interest rates and trade policy, factors the company lists in its forward-looking statements 3.
Trends
- Contracted expansion projectstailwind
The company reports that it has commercialized two billion USD of organic growth projects, including the Haynesville system expansion and LEAP Phase 5 3. If these projects are completed on time and on budget, they could support long-term revenues.
- Dependence on one customerheadwind
Expand Energy accounted for about 45% of operating revenues in 2025 1. A decline in its volumes or a change in contract terms could significantly affect results.
- Modernization and new transport demandmixed
The company reached a final investment decision on the first phase of Viking Gas Transmission modernization and filed the FERC 7(c) application for the Guardian G3 expansion 3. These projects could add transport capacity but carry delay and cost-overrun risks.
- Environmental and climate policymixed
Pipeline safety and greenhouse gas rules could bring additional compliance costs and spending on pollution control equipment 1. Emission-reduction goals could attract investment if they are linked to new contracts.
Competitive position
The company competes for volumes from new wells and for volumes connected to other pipelines, and losing contracts could reduce revenues 1. To differentiate itself, DT Midstream stresses the location of its assets and their connectivity to consumer centers and LNG terminals 13. The consulted sources do not name specific competitors, and market share data is not available in the reviewed documents.
- Interstate and intrastate pipeline operators in the Appalachian and Gulf Coast regions
The sources do not name individual competitors; competition concerns volumes from new drilling and from other connected pipelines 1.
- Gathering system operators in the Marcellus/Utica and Haynesville basins
Competition for volumes from new wells is mentioned generically in the company's risk factors 1.
- Providers of alternative fuels and renewable energy sources
These players could reduce natural gas demand in the markets the company serves, according to its own statements 1.
- Other interstate carriers linking production basins with consumer markets
The company notes that it can compete for volumes sourced from other connected pipelines 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report12 May 2026Departure or appointment of officers · Financial statements and exhibits
- Current report07 May 2026Shareholder vote
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement26 Mar 2026
- Annual report19 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / DT Midstream, Inc. · 19 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / DT Midstream, Inc. · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / DT Midstream, Inc. · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.