Latest Ratios: P/E Ratio 33.0x · EV/EBITDA 20.5x · ROE 9.1%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.9B | $12.3B | $9.8B | $5.3B | $5.4B | $4.6B | — | — | — |
| Enterprise Value | $18.3B | $15.6B | $13.2B | $8.6B | $8.7B | $7.6B | — | — | — |
| P/E Ratio → | 32.99 | 27.02 | 27.62 | 13.91 | 14.50 | 15.14 | — | — | — |
| P/S Ratio | 11.99 | 9.87 | 9.97 | 5.80 | 5.84 | 5.53 | — | — | — |
| P/B Ratio | 3.07 | 2.51 | 2.05 | 1.25 | 1.29 | 1.15 | — | — | — |
| P/FCF | 30.42 | 25.04 | 23.69 | 205.50 | 13.88 | 10.74 | — | — | — |
| P/OCF | 16.27 | 13.39 | 12.82 | 6.70 | 7.41 | 8.11 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.56 | 13.49 | 9.28 | 9.49 | 9.04 | — | — | — |
| EV / EBITDA | 20.54 | 17.57 | 18.49 | 12.83 | 13.56 | 12.59 | — | — | — |
| EV / EBIT | 29.73 | 20.58 | 20.15 | 13.16 | 14.11 | 14.22 | — | — | — |
| EV / FCF | — | 31.87 | 32.05 | 329.12 | 22.57 | 17.57 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.5% | 73.5% | 53.8% | 53.7% | 52.5% | 52.7% | 56.6% | 79.4% | 74.8% |
| Operating Margin | 49.4% | 49.4% | 49.8% | 50.7% | 49.5% | 49.9% | 54.6% | 73.0% | 56.3% |
| Net Profit Margin | 35.5% | 35.5% | 36.1% | 41.6% | 40.2% | 36.5% | 41.4% | 40.5% | 47.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.1% | 9.1% | 7.8% | 9.1% | 9.1% | 7.4% | 7.8% | 6.4% | 8.8% |
| ROA | 4.3% | 4.3% | 3.7% | 4.3% | 4.4% | 3.7% | 3.9% | 3.2% | 4.7% |
| ROIC | 5.6% | 5.6% | 4.7% | 4.7% | 4.7% | 4.4% | 4.4% | 5.1% | 4.8% |
| ROCE | 6.3% | 6.3% | 5.4% | 5.6% | 5.6% | 6.4% | 8.7% | 9.8% | 8.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.70 | 0.70 | 0.74 | 0.76 | 0.82 | 0.77 | 0.76 | 0.80 | 0.65 |
| Debt / EBITDA | 3.83 | 3.83 | 4.92 | 4.90 | 5.32 | 5.11 | 5.54 | 6.21 | 4.77 |
| Net Debt / Equity | — | 0.69 | 0.72 | 0.75 | 0.81 | 0.73 | 0.75 | 0.78 | 0.64 |
| Net Debt / EBITDA | 3.77 | 3.77 | 4.82 | 4.82 | 5.22 | 4.89 | 5.47 | 6.11 | 4.69 |
| Debt / FCF | — | 6.84 | 8.36 | 123.62 | 8.69 | 6.83 | 40.23 | 16.32 | 9.08 |
| Interest Coverage | 4.71 | 4.71 | 4.29 | 4.33 | 4.52 | 4.77 | 4.89 | 4.89 | 5.80 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.07 | 1.07 | 0.73 | 0.63 | 0.43 | 2.03 | 0.15 | 0.09 | 0.18 |
| Quick Ratio | 1.07 | 1.07 | 0.73 | 0.63 | 0.39 | 1.89 | 0.15 | 0.09 | 0.18 |
| Cash Ratio | 0.18 | 0.18 | 0.16 | 0.13 | 0.10 | 0.75 | 0.01 | 0.01 | 0.01 |
| Asset Turnover | — | 0.12 | 0.10 | 0.10 | 0.10 | 0.10 | 0.09 | 0.06 | 0.10 |
| Inventory Turnover | — | — | — | — | 19.86 | 15.88 | — | — | — |
| Days Sales Outstanding | — | 55.21 | 66.97 | 66.90 | 63.88 | 77.35 | 193.63 | 79.66 | 44.40 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 2.6% | 2.9% | 4.9% | 4.5% | 12.0% | — | — | — |
| Payout Ratio | 73.5% | 73.5% | 79.1% | 68.5% | 65.9% | 182.1% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 3.7% | 3.6% | 7.2% | 6.9% | 6.6% | — | — | — |
| FCF Yield | 3.3% | 4.0% | 4.2% | 0.5% | 7.2% | 9.3% | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 2.2% | 2.6% | 2.9% | 4.9% | 4.5% | 12.0% | — | — | — |
| Shares Outstanding | — | $103M | $98M | $98M | $97M | $97M | $97M | $97M | $97M |
Basin-specific volume concentration
As reported in recent financial statements, DTM trades at a P/E of 34.03, which appears to command a premium relative to peers like KMI and OKE, suggesting that the market is pricing in the durability of its integrated Haynesville-to-Gulf Coast asset corridor and its unique growth potential.
The elevated P/E and EV/EBITDA multiples relative to the broader midstream sector suggest investors are paying for the company's perceived 'utility-lite' stability and lower leverage profile. This valuation may imply an expectation of sustained volume growth from LNG export demand, though it leaves little room for error if regional throughput fails to meet aggressive expansion targets.
Based on the provided financial data, DTM's ROIC has remained relatively modest, hovering around 1.1% to 1.9% over the last ten quarters, which indicates that the company is still in the early stages of compounding returns on its significant recent capital investments in pipeline infrastructure.
The low ROIC relative to peers like Targa Resources suggests that the company's massive capital outlays for projects like LEAP have yet to fully reach their peak earnings potential. Investors should monitor whether these returns improve as the assets transition from the construction phase to full utilization, as current levels appear to lag behind more mature, diversified midstream operators.
According to recent quarterly filings, DTM's DPO has fluctuated significantly, reaching 65 days in 2026Q1, which suggests that the company is actively managing its cash conversion cycle to preserve liquidity amidst the lumpy capital expenditure requirements inherent in its large-scale natural gas transmission and gathering operations.
The variability in working capital metrics indicates that DTM's cash flow is sensitive to the timing of project-related payments and seasonal maintenance cycles. While the company maintains a lean operational structure, the lack of consistent asset turnover trends warrants further investigation into how effectively management is squeezing incremental efficiency from its existing pipeline network.
As reported in financial statements, DTM maintains a debt-to-equity ratio of approximately 0.70x, which is notably lower than the sector average, suggesting that the company is prioritizing a self-funding model to mitigate interest rate sensitivity and maintain a fortress-like balance sheet in a volatile credit environment.
This disciplined approach to leverage provides DTM with significant headroom to fund future expansions without resorting to dilutive equity raises, which appears to be a key differentiator from more highly levered peers. However, investors should verify if this low leverage is a permanent strategic choice or a temporary result of recent capital structure adjustments following the spin-off.
Based on the provided figures, the market's reliance on standard EV/EBITDA multiples for DTM may be fundamentally flawed, as it obscures the company's unique 'brownfield' expansion potential and the high-margin nature of its integrated LEAP pipeline system compared to traditional, more capital-intensive greenfield midstream projects.
Using generic midstream valuation metrics fails to account for the specific regulatory and geographic advantages DTM holds in the Haynesville basin. Analysts should instead focus on FCF yield and the weighted average contract life of the pipeline portfolio to better assess the true cash-generating durability of the business model.
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying DTM stock.
DT Midstream, Inc.'s current P/E ratio is 33.0x. The historical average is 19.6x. This places it at the 100th percentile of its historical range.
DT Midstream, Inc.'s current EV/EBITDA is 20.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.0x.
DT Midstream, Inc.'s return on equity (ROE) is 9.1%. The historical average is 8.2%.
Based on historical data, DT Midstream, Inc. is trading at a P/E of 33.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DT Midstream, Inc.'s current dividend yield is 2.16% with a payout ratio of 73.5%.
DT Midstream, Inc. has 73.5% gross margin and 49.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
DT Midstream, Inc.'s Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.