DT Midstream

DTM

Oil & Gas Midstream · Energy

Price

$126.77

-3.22 (-2.48%)

Market Cap

$12.93B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Strong

Cash Flow

Exceptional

Stability

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+6.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 96.7M (2021) → 102.5M (2025)

Winston Score History

The full picture

DT Midstream is an energy infrastructure company that collects, cleans, and moves natural gas from where it is produced to where it is needed. It owns pipelines, processing plants, and storage facilities, mainly serving natural gas producers and utilities across the Midwest and Northeast United States. The company was spun off from DTE Energy in 2021 and focuses entirely on natural gas infrastructure.

DT Midstream makes money by charging fees to customers who use its pipelines and processing facilities, meaning revenue does not depend heavily on the price of natural gas itself. It operates roughly 1,000 miles of pipelines and serves key production areas like the Appalachian Basin. Its long-term, fee-based contracts with creditworthy customers provide stable, predictable cash flow, which is its main competitive advantage. The key growth driver is rising demand for natural gas infrastructure, including potential connections to liquefied natural gas export facilities, though rising interest rates and the capital-heavy nature of the business remain ongoing financial risks.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+4.8% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.4B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

DT Midstream is a rare growth stock that's already generating positive cash flow while growing at 11%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

73.8%

Premium pricing power — 73.8% gross margin

Profit after running costs

Operating Margin

50.4%

Excellent — 50.4% operating margin

Return on the money invested

ROCE

8.0%

Weak — 8.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+18.1%

Fast-growing sales (+18.1% YoY)

Profit growth

EPS YoY

+22.3%

Earnings growing fast (+22.3% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

200%

Turns 200% of profit into real cash

Spare cash per sale

FCF Margin

36.6%

Converts sales into free cash efficiently (36.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.71

Moderate — manageable debt (0.71)

Covers its interest

Interest Cover

3.99x

Tight — interest eats into profit (4.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

27.6x

Growth-priced — P/E 27.6

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+3.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (27.6 → 24.2)

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Dividends

Dividend

Dividend Yield

2.46%

Moderate income — 2.46% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+8.3%

Dividend growing modestly (8.3% YoY)

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