Feed / DTM

DT Midstream, Inc.

DTM

Energy · 130.16 -0.8% today

Isolated · not yet confirmedMarket checked 9 Sept, 15:55 GMT-4

Market read

DT Midstream, Inc.'s current read is isolated; its market group is not confirming.

The latest filing evidence is available. 0 of 19 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.

What changed
  • Revenue increased 10.9% versus the comparable filing period.
Company-0.8% todayVolume comparison unavailable
Market group0 of 19 activeOil & Gas Midstream · unavailable
Disclosed network0 of 3 confirmingNo filing-linked name is confirming now
What would change this read
  • Operating revenues increased $57M for the six months ended June 30, 2026, with $27M attributed to higher volumes and named gathering segment contributions.

Invalidation: The isolated read changes if DTM's group or a disclosed connection begins moving with it.

Watch this read

Research brief

The story so far

Energy · Oil & Gas Midstream

The latest filing evidence is available. 0 of 19 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 3 directly disclosed connections are confirming.

Evidence that supports
  • Revenue increased 10.9% versus the comparable filing period.
  • Operating margin improved 0.6 percentage points.
  • Net income increased 20.4% versus the comparable filing period.
Evidence that challenges

No thresholded adverse filing evidence is available yet.

What would clarify the read
  • Operating revenues increased $57M for the six months ended June 30, 2026, with $27M attributed to higher volumes and named gathering segment contributions.

Company research

Understand the business, not just the ticker

As of Sep 10, 2026
Business model and earnings drivers

Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.

Key research questions
  • Which operating variable is changing?
  • Is that change durable, cyclical or one-off?
  • What evidence would disprove the current interpretation?
Annual periods7
Price observations326
Usable filing statements131
Verified relationships7
Evidence supporting the case
  • Latest annual revenue changed +26.7% year over year.
Evidence challenging the case
  • Diluted shares increased 4.2% in the latest annual period.
  • Credit and interest rates has repeated adverse evidence across 5 filings.
Questions before a position
  • P/E is 16% above the available filing-peer median; determine whether growth and quality justify the difference.
  • EV/sales is 206% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context

Price as of Sep 9, 2026

130.16
6m-6.6%12m+24.5%24m
Annual trajectory

Reported annual revenue and per-share history. This is accounting history, not a forecast.

PeriodRevenueYoYDiluted EPSShare change
2021-12-31$840.0M+11.4%$3.16+0.2%
2022-12-31$920.0M+9.5%$3.81+0.3%
2023-12-31$922.0M+0.2%$3.94+0.3%
2024-12-31$981.0M+6.4%$3.60+0.9%
2025-12-31$1.2B+26.7%$4.30+4.2%

What management says matters

Persistent and emerging business drivers

Credit and interest ratesmixed · 5 filings
Net cash and cash equivalents used for financing activities decreased $62 million for the three months ended March 31, 2026 primarily due to lower net repayments under the Revolving Credit Facility of $85 million, partially offset by higher payroll taxes paid…
10-Q · Apr 30, 2026
Demand and volumemixed · 4 filings
Operating revenues increased $57 million for the six months ended June 30, 2026 primarily due to higher volumes of $27 million and higher recovery of production-related operating expenses of $4 million on Blue Union Gathering, higher Appalachia Gathering volu…
10-Q · Jul 30, 2026
Capital investment and capacitymixed · 3 filings
1 ) ( 1 ) — ( 1 ) Earnings from equity method investees ( 34 ) — ( 34 ) — ( 34 ) Other income — ( 3 ) ( 3 ) — ( 3 ) Income tax expense 28 7 35 — 35 Less: Net Income Attributable to Noncontrolling Interests 3 — 3 — 3 Net Income Attributable to DT Midstream $ 9…
10-Q · Oct 30, 2025
Energy and commodity pricesmixed · 2 filings
NOTE 16 — ACQUISITION Midwest Pipeline Acquisition On December 31, 2024, we closed on the Midwest Pipeline Acquisition of three FERC-regulated interstate natural gas transmission pipelines from ONEOK for a preliminary purchase price of $ 1.2 billion, which wa…
10-K · Feb 19, 2026

Valuation discipline

Descriptive valuation snapshot

Price/sales 10.7× · EV/sales 13.4×. Comparisons use only industry-matched filing peers.

Scenario scaffold

Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.

Price action

How the market is pricing the story

130.16-0.8% today

Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 9 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.

Developments

No sourced recent-development timeline yet

Jodie has not returned a relevant primary source or news item for DTM. This is an evidence-coverage gap, not a conclusion that nothing material happened.

Business and financial condition

Reported financial figures are not available yet

Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.

Latest filing assessment · baseline

Fundamentals strengthened in the latest filing

10-Q filed 2026-04-30 against the comparable filing from 2025-04-30.

constructive
OperationsconstructiveEvidence score +3
liquidityneutralEvidence score 0
valuationpremium

What improved

  • Revenue increased 10.9% versus the comparable filing period.
  • Operating margin improved 0.6 percentage points.
  • Net income increased 20.4% versus the comparable filing period.

What weakened

No thresholded deterioration was identified.

Filing receipts

Net cash and cash equivalents from operating activities increased $33 million for the three months ended March 31, 2026 primarily due to an increase in operating income of $24 million after adjustment for non-cash items including depreciation and amortization expense, stock-based compensation, and amortization of operating lease right-of-use assets, and a decrease in dividends received from equity method investees of $11 million, partially offset by a decrease in cash paid for income taxes, net of refunds received, of $4 million.

Net cash and cash equivalents used for financing activities decreased $62 million for the three months ended March 31, 2026 primarily due to lower net repayments under the Revolving Credit Facility of $85 million, partially offset by higher payroll taxes paid related to vested stock-based compensation of $13 million and higher dividends paid on common stock of $8 million.

30 Net cash and cash equivalents used for investing activities increased $14 million for the three months ended March 31, 2026 primarily due to an increase in plant and equipment expenditures of $7 million, higher contributions to equity method investees of $4 million and lower distributions received from equity method investees of $3 million.

Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.

Business ecosystem

The relationships behind DTM

Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.

Depends on

DTEDTE Energy CompanylenderFeb 19, 2026

INDEMNIFICATION OBLIGATIONS We could have an indemnification obligation to DTE Energy pursuant to the Tax Matters Agreement and the Separation and Distribution Agreement.

EXEExpand Energy CorporationcustomerOct 30, 2025

We depend on a key customer, Expand Energy, in the Haynesville formation in the Gulf Coast and in the Marcellus formation in the Northeastern U.S.

Depended on by

OKEONEOK, Inc.supplierAug 5, 2025

Natural Gas Pipelines Interstate Natural Gas Pipeline Divestiture - On December 31, 2024, we completed the sale of three of our wholly owned interstate natural gas pipeline systems to DT Midstream, Inc.

Filing peers

Companies whose filings use similar operating language.

Open the three relationships above to see Jodie’s filing proof. Pro unlocks every receipt, and alerts when connected names begin moving. Unlock the full network →

What is moving around it

Live connections

DTM is currently a Follower in the organic co-movement group Oil & Gas Midstream. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.

Context history

Theme membership history

No durable theme membership has been observed for this name yet.