# DT Midstream, Inc. (DTM)

> Source: Nexqual · https://nexqual.com/DTM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, DT Midstream, Inc. (DTM), nexqual.com/DTM" · informational, not investment advice.

**Price:** USD 123.4 (-0.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 124.48 · day 119.83–124.74 · 52w 104.99–152.88 · market cap $12.6B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.31B, net income $468M (35.7% margin), free cash flow $480M (SEC filings).
- Valuation: P/E 26.9x (avg 23.1x at the last 3 fiscal year-ends), EV/EBITDA 17.1x, net debt $3.15B.
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $240K; 0 by opportunistic insiders, 2 by routine insiders.
- Analysts: Buy (mean 2.27 on a 1–5 scale) (15 analysts), mean target USD 151.07 (range 121–170).
- Total return with dividends: 1Y +19.6% vs S&P 500 +14.9%; 5Y +205.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 1.07, revenue estimate $334M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $840M | $920M | $922M | $981M | $1.24B | $1.31B |
| Operating income | $402M | $478M | $471M | $489M | $614M | $650M |
| Net income | $307M | $370M | $384M | $354M | $441M | $468M |
| EPS (diluted) | $3.16 | $3.81 | $3.94 | $3.60 | $4.30 | — |
| Free cash flow | $432M | $387M | $26.0M | $413M | $441M | $480M |
| Operating margin | 47.9% | 52.0% | 51.1% | 49.8% | 49.4% | 49.6% |
| Net margin | 36.5% | 40.2% | 41.6% | 36.1% | 35.5% | 35.7% |
| Revenue growth | +11.4% | +9.5% | +0.2% | +6.4% | +26.7% | — |
| Cash + short-term investments | $132M | $61.0M | $56.0M | $68.0M | $54.0M | — |
| Total debt | $3.05B | $3.06B | $3.23B | $3.47B | $3.32B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 26.9x · P/S 9.6x · EV/EBITDA 17.1x · EV/Sales 12.0x · P/FCF 26.2x · P/B 2.6x · FCF yield 3.81% · Earnings yield 3.72% · Dividend yield (paid, TTM) 2.68% · Net debt $3.15B · EV $15.7B
P/E at fiscal year-ends: Dec 2025 27.8x, Dec 2024 27.6x, Dec 2023 13.9x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $240K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-07 | Pickle Elaine M | Director | 1,500 | $199K | 132.61 | Too little history (no open-market trades in 2024 or 2025) |
| 2026-08-05 | Jewell Jeffrey A | Executive V.P., CFO | 145 | $19K | 133.78 | Routine (bought in Aug each year 2023–2025) |
| 2026-05-15 | Jewell Jeffrey A | Executive V.P., CFO | 150 | $22K | 147.73 | Routine (bought in Aug each year 2023–2025; this trade is outside those months) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.27 on a 1–5 scale), 15 analysts; mean target USD 151.07 (low 121, high 170).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $170 → $164 |
| 2026-10-06 | Barclays | Target lowered | Equal-Weight | $143 → $142 |
| 2026-09-16 | Jefferies | Target lowered | Buy | $155 → $145 |
| 2026-09-10 | Scotiabank | Target lowered | Sector Outperform | $176 → $168 |
| 2026-09-10 | Morgan Stanley | Upgrade | Equal-Weight → Overweight | $170 |
| 2026-08-26 | Wolfe Research | Upgrade | Peer Perform → Outperform | $145 |
| 2026-07-31 | Mizuho | Target lowered | Neutral | $153 → $147 |
| 2026-07-16 | Jefferies | Target raised | Buy | $164 → $170 |
| 2026-07-08 | JP Morgan | Target raised | Neutral | $146 → $154 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +19.6% | +205.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +19.6% | +24.9% |
| Volatility (annualized) | 22.1% | 23.9% |
| Max drawdown | -20.6% (Jun 2026→Oct 2026) | -21.9% (Oct 2022→May 2023) |

## Peers (Oil & Gas Midstream)
FRO (Frontline Plc) USD 51.22 -0.14% · AM (Antero Midstream Corporation) USD 20.61 -0.67% · VNOM (Viper Energy, Inc.) USD 45.35 -0.72% · KNTK (Kinetik Holdings Inc.) USD 54.64 -1.89% · PAA (Plains All American Pipeline, L) USD 25.9 +0.04% · WES (Western Midstream Partners, LP) USD 44.46 -0.27%

## More
Full page: https://nexqual.com/DTM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DTM's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1842022/000184202226000003/dtm-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Millennium Pipeline Intermediate Holdings | "We conduct a meaningful portion of our operations through joint ventures with third parties, including through our interests in Vector, Millennium and NEXUS, and we may enter into additional joint venture arrangements in…" |
| Partner | NEXUS Gas Transmission | "We conduct a meaningful portion of our operations through joint ventures with third parties, including through our interests in Vector, Millennium and NEXUS, and we may enter into additional joint venture arrangements in…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Pipeline | $183.0M | 53.4% | +4.0% |
| Gathering | $168.0M | 49.0% | +26.3% |
| Total revenue | $343.0M | 100% | — |
The lines above cover 102.3% of total revenue.

## Customer concentration

Period ended 2025-12-31: 45% of revenue from unnamed direct customers (10-K, filed 2026-02-19).

## Company outlook (8-K filed 2026-07-30)

- "In this release, DT Midstream provides 2026 and 2027 Adjusted EBITDA guidance."
- "The reconciliation of net income to Adjusted EBITDA as projected for full-year 2026 and 2027 is not provided."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.07 | $1.13 | -5.2% | $334.4M | 7 |
| Next quarter (ends 2026-12-31) | $1.17 | $1.21 | -3.5% | $344.5M | 7 |
| Current fiscal year (ends 2026-12-31) | $4.64 | $4.80 | -3.3% | $1.36B | 9 |
| Next fiscal year (ends 2027-12-31) | $4.85 | $4.99 | -2.7% | $1.42B | 9 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±6.5%; last 8 reports averaged ±3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 28.3% | ±6.5% |
| 2026-12-18 | 56 | 25.7% | ±8.2% |
| 2027-03-19 | 147 | 24.3% | ±12.5% |
| 2027-06-17 | 237 | 24.7% | ±15.8% |