# DT Midstream, Inc. (DTM) — Stock CV

DT Midstream, Inc. is a $12.7B utility company. Revenue grew 18.1% over the last year, it keeps 36¢ of every dollar of sales as profit, and its net debt equals ~6.8 years of free cash flow. It trades at 35.8× earnings.

> 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.

## Identity

- **Ticker**: DTM
- **Sector**: Utilities
- **Industry**: Natural Gas Transmission
- **Headquarters**: DETROIT, MI
- **Employees**: 588
- **Website**: https://www.dtmidstream.com
- **Market cap**: $12.7B
- **Last price**: $124.01
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $1.31B
- **Net income**: $468M
- **Free cash flow**: $480M
- **Net debt**: $3.27B
- **P/E**: 35.8
- **Revenue growth (YoY)**: 18.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 41 |
| Growth | 69 |
| Profitability | 67 |
| Health | 52 |
| Quality | 92 |
| Moat | 50 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +18.1% YoY
- [x] Profitable — $468M TTM
- [x] Profit growing — +4.2% YoY
- [x] Generates cash — $480M TTM
- [ ] Debt under control — ~6.8y of cash flow to repay
- [x] Established company — $12.7B market cap
- [x] Not printing shares — +5.8% shares over ~5y
- [x] Proven track record — 5/5 profitable years
- [ ] Financially stable — Altman Z 1.8 — distress
- [x] Pays a dividend — yield 5.16%
- [x] Valuation not extreme — P/E 35.8

## Experience (career milestones)

- **Q3 2026** — 2 open-market insider purchases: ~2K shares bought by insiders
- **FY2025** — Revenue crossed $1B: $1.24B for the year
- **FY2025** — Best year on record: $441M net income
- **FY2021** — Profitable every year on record: 5 consecutive profitable years in our data
- **FY2021** — Positive free cash flow every year since: 5-year streak

## Strengths

- Strongly profitable — 35.7% net margin
- Revenue growing 18.1% year over year
- Strong cash conversion — FCF is 36.6% of revenue
- Interest covered 29.5× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Altman Z-Score 1.76 — elevated financial-distress risk
- Net debt would take ~6.7 years of free cash flow to repay
- Net debt equals ~6.8 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $840M | $307M | $432M |
| FY2022 | $920M | $370M | $387M |
| FY2023 | $922M | $384M | $26.0M |
| FY2024 | $981M | $354M | $413M |
| FY2025 | $1.24B | $441M | $441M |

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Source: https://stockcv.com/DTM — derived from company filings; may be delayed or incomplete. Information, not investment advice.