DT Midstream - Public Comps and Valuation Multiples

DT Midstream Overview

About DT Midstream

DT Midstream Inc is an owner, operator, and developer of natural gas midstream interstate and intrastate pipelines; storage and gathering systems; and compression, treatment, and surface facilities. It provides multiple, integrated natural gas services to customers through interstate pipelines, intrastate pipelines, storage systems, lateral pipelines and related treatment plants and compression and surface facilities, and gathering systems and related treatment plants and compression and surface facilities. The segments of the group are Pipeline and Gathering. It generates revenue from pipeline, storage, and gathering systems, substantially all of which are located in the Midwestern U.S., Eastern Canada, Northeastern U.S., and Gulf Coast regions.

Founded

2021

HQ

Employees

556

Website

dtmidstream.com

Sectors

Energy Exploration & Generation
Fossil Fuels

Financials

LTM Revenue $1.2B

LTM EBITDA $1.1B

EV

$14.4B

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DT Midstream Financials

As of September 2025, DT Midstream reported last 12-month revenue of $1.2B and EBITDA of $1.1B.

In the same period, DT Midstream achieved $426M in LTM net income.

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DT Midstream P&L

In the most recent fiscal year, DT Midstream reported revenue of $981M and EBITDA of $884M.

DT Midstream expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$1.2B	XXX	$981M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$772M	XXX	XXX	XXX
Gross Margin	n/a	XXX	79%	XXX	XXX	XXX
EBITDA	$1.1B	XXX	$884M	XXX	XXX	XXX
EBITDA Margin	92%	XXX	90%	XXX	XXX	XXX
EBIT	$607M	XXX	$489M	XXX	XXX	XXX
EBIT Margin	51%	XXX	50%	XXX	XXX	XXX
Net Profit	$426M	XXX	$354M	XXX	XXX	XXX
Net Margin	36%	XXX	36%	XXX	XXX	XXX
Net Debt	XXX	XXX	$3.4B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for DT Midstream including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $1.2B. EBITDA for the last twelve months was $1.1B. In the most recent fiscal year, DT Midstream achieved $981M in revenue and $884M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$1.2B	Analyst estimates available to subscribers	$981M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$772M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	78.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.1B	Analyst estimates available to subscribers	$884M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	92.4% EBITDA margin	Analyst estimates available to subscribers	90.1% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$607M	Analyst estimates available to subscribers	$489M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	50.8% EBIT margin	Analyst estimates available to subscribers	49.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$426M	Analyst estimates available to subscribers	$354M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	35.7% net profit margin	Analyst estimates available to subscribers	36.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$3.4B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for DT Midstream

This financial data table provides comprehensive performance metrics for DT Midstream, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

DT Midstream generated $1.2B in revenue over the last twelve months.
The company achieved $1.1B in EBITDA over the last twelve months.
Net income over the last twelve months reached $426M.

Fiscal Year Performance

In the most recent fiscal year, DT Midstream reported $981M in total revenue.
Fiscal year EBITDA was $884M.
The company maintained a gross profit margin of 78.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 90.1%.
Net profit margin reached 36.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for DT Midstream. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

DT Midstream Stock Performance

DT Midstream has current market cap of $11.1B, and EV of $14.4B.

Market Cap Evolution

DT Midstream Stock Data

As of October 17, 2025, DT Midstream's stock price is $109.

See DT Midstream trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$14.4B	$11.1B	XXX	XXX	XXX	XXX	$4.18

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DT Midstream Valuation Multiples

DT Midstream's trades at 14.7x EV/Revenue multiple, and 16.3x EV/EBITDA.

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DT Midstream Financial Valuation Multiples

As of October 17, 2025, DT Midstream has market cap of $11.1B and EV of $14.4B.

Equity research analysts estimate DT Midstream's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

DT Midstream has a P/E ratio of 26.0x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$11.1B	XXX	$11.1B	XXX	XXX	XXX
EV (current)	$14.4B	XXX	$14.4B	XXX	XXX	XXX
EV/Revenue	12.1x	XXX	14.7x	XXX	XXX	XXX
EV/EBITDA	13.1x	XXX	16.3x	XXX	XXX	XXX
EV/EBIT	23.7x	XXX	29.4x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	26.0x	XXX	31.3x	XXX	XXX	XXX
EV/FCF	32.5x	XXX	34.9x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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DT Midstream Margins & Growth Rates

DT Midstream's last 12 month revenue growth is 11%

DT Midstream's revenue per employee in the last FY averaged $1.8M, while opex per employee averaged $0.5M for the same period.

DT Midstream's rule of 40 is 103% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

DT Midstream's rule of X is 119% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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DT Midstream Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	11%	XXX	17%	XXX	XXX	XXX
EBITDA Margin	92%	XXX	90%	XXX	XXX	XXX
EBITDA Growth	9%	XXX	16%	XXX	XXX	XXX
Rule of 40	103%	XXX	101%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	119%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.8M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	29%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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