DT Midstream Inc (DTM) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of DT Midstream Inc stock $113, price $118, that is 3.8% below the price, quality 60 out of 100. Rating: fairly valued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.
How to read this chart
60‑month range $33.46 – $150.74 · fair‑value band $60.38 – $179.74 · the $117.58 price screens above the $113.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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DT Midstream, Inc., together with its subsidiaries, provides integrated natural gas services in the United States. The company operates in two segments, Pipeline and Gathering.
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The Pipeline segment owns and operates interstate and intrastate natural gas pipelines, storage systems, and natural gas gathering lateral pipelines. This segment also engages in the transportation and storage of natural gas for intermediate and end-user customers.
The Gathering segment owns and operates gas gathering systems.
This segment is involved in the collection of natural gas for delivery to plants for treating, to gathering pipelines for further gathering, or to pipelines for transportation; and associated ancillary services, including compression, dehydration, gas treatment, water impoundment, water transportation, water disposal, and sand mining.
It serves natural gas producers, local distribution companies, electric power generators, industrials, and national marketers. The company was incorporated in 2021 and is headquartered in Detroit, Michigan.
Stock analysis
DT Midstream Inc (DTM) currently trades at $117.58, while our model-based Fair Value estimate is $113.08, so the stock looks roughly fairly valued today (gap 4.0%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $69.13 per share, and 1 of the 25 models we run sit above the $117.58 price.
Bear case: the Asset-Based group reads lowest at $13.28, and 24 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: $60.38 (bear) to $179.74 (bull), the price of $117.58 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 60/100 (solid quality), in the Energy sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
DT Midstream Inc reported revenue of $1.2B in FY2025 versus $840M in FY2021, a compound +10.3%/yr. Reported net income was $441M in FY2025, compounding +9.5%/yr from FY2021.
Key figures
Market cap $12.1B Large · P/E ratio 25.6 · P/S ratio 9.06 · EPS (TTM) $4.59 · Dividend yield 2.9% · Net margin 35.4% · Return on equity 9.9% · Return on assets (EBIT) 5.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −26% fair-value upside, at −4%, DTM screens cheaper than that median.
Fair Value models
Bear$60.38Fair Value $113.08Bull$179.74
Price $117.58 · Downside -3.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.9566 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 2 officers or directors bought shares worth $240,473, most recently on Aug 7, 2026. Buying cluster
BuyElaine M PickleDirector1,500 shares at $132.61$198,915Aug 7, 2026
BuyJeffrey A JewellExecutive V.P., CFO3× since Feb 25, 2026: 480 shares, avg. $139.12$66,779Aug 5, 2026
SalePeter I TumminelloDirector2,002 shares at $135.79$271,852Feb 26, 2026
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+26.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
Start year 2020 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.4%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+9.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.3%
Dividend (yield on the price)2.9%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.55% → 49%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +14.1% a year for the price and +3.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (92 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Modest pricing stability from the midstream asset base is the main strength, while limited differentiation signals and elevated leverage remain the central weakness.
Main risk: A reduction in volumes or less favourable contract terms from Expand Energy, which accounts for over half of gathering volumes, could lower throughput and revenues on its gathering systems.
Bull case: By securing additional long-term contracts with utilities and power operators amid rising gas demand, the company could diversify its customer base and accelerate project completions despite regulatory hurdles.
Bear case: If customer concentration persists and regulatory delays mount, project backlogs could stall, volumes from the main producer could decline and margins on regulated pipelines could face sustained pressure.
DT Midstream heads into its October 29 earnings with expected softer Q3 EBITDA from maintenance and seasonal Northeast volumes. The real focus is whether management can turn its large project backlog into more firm customer commitments amid rising power and data center demand. Will visible contract progress outweigh the near-term operational noise, or will permitting and competition delays slow the growth story?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Midstream · 80 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−3.8% · Above median
Profitability
Return on equity (12 months)9.9% · Below median
Return on assets4.3% · Below median
Net margin (12 months)35.4% · Top 25%
Operating margin (12 months)49.1% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)7.0% · Below median
Dividend yield (12 months)2.9% · Below median
Balance sheet
Debt / equity0.70× · Below median
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
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Is DT Midstream Inc (DTM) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of $113.08 versus a price of $117.58, about 4% lower (fairly valued).
What is the fair value of DTM?
Our model-based fair value for DT Midstream Inc is $113.08 (as of Nov 4, 2026), built from audited fundamentals. The current price: $117.58.
What is the quality score of DTM?
DT Midstream Inc has a Quality Score of 60/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for DT Midstream Inc (DTM)?
Our model-based price target is the fair value of $113.08 (as of Nov 4, 2026) from 25 valuation models. Cautious scenario $60.38, optimistic scenario $179.74. It is a calculation from audited fundamentals, not an analyst target.
What is the DT Midstream Inc stock forecast for 2026?
Our models put fair value at $113.08, about 4% lower versus a price of $117.58 (fairly valued). Cautious scenario $60.38, optimistic scenario $179.74. The calculation is refreshed regularly with new filings.
What is the revenue of DT Midstream Inc (DTM)?
DT Midstream Inc reported trailing-twelve-month revenue of about $1.3B (latest available figure, as of Nov 4, 2026).
Does DT Midstream Inc pay a dividend?
DT Midstream Inc currently shows a dividend yield of 2.94% relative to its recent price (as of Nov 4, 2026).
What growth is priced into DT Midstream Inc (DTM)?
For today's price to be fair in a discounted-cash-flow model, DT Midstream Inc would have to grow free cash flow by +16.9 % per year for five years (discount rate 8.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.5 % per year. As of Nov 4, 2026.
What discount rate (WACC) does the fair value of DTM use?
Our models discount DT Midstream Inc at 8.6 %: a base by market capitalisation (large), damped by beta 0.74, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For DT Midstream Inc that is +16.9 % per year a year over ten years, using the same discount rate (8.6 %) and the same formula as our fair value.
How much growth has DT Midstream Inc (DTM) delivered so far?
Over the past 5 years revenue at DT Midstream Inc grew +10.5 % a year. The price currently implies +16.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of DT Midstream Inc (DTM) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into DT Midstream Inc (+16.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of DT Midstream Inc (DTM)?
The free-cash-flow yield on the price is 3.66 %: that much free cash flow DT Midstream Inc produces per unit of market value. When it exceeds the discount rate of our models (8.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of DT Midstream Inc (DTM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DT Midstream Inc it is $113.08 per share (as of Nov 4, 2026), against a price of $117.58. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is DT Midstream Inc stock overvalued or undervalued in 2026?
As of Nov 4, 2026, DTM trades above its calculated fair value: price $117.58, fair value $113.08, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DTM?
No. The price is what the market pays today ($117.58); the fair value is what the company's own numbers justify ($113.08). For DT Midstream Inc the two are $4.50 per share apart. That gap is exactly why we show both numbers side by side.
How much is DT Midstream Inc worth?
The market values DT Midstream Inc at about $12.1B (market capitalisation, as of Nov 4, 2026). Per share that is $117.58; our models calculate a fair value of $113.08 per share.
What do the bullish and bearish scenarios say about DTM?
Our models span a range for DT Midstream Inc: cautious scenario $60.38, base $113.08, optimistic $179.74 per share (as of Nov 4, 2026, price $117.58). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DTM?
DT Midstream Inc trades at a price-to-earnings ratio of 25.6 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $113.08 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings, FY2025 ex one-offs: 15.1. Other multiples: P/B 2.6, P/S 9.1, EV/EBITDA 16.4.
How solid is the balance sheet of DT Midstream Inc (DTM)?
Balance-sheet figures for DT Midstream Inc (as of Nov 4, 2026): return on equity 9.9%, debt of 0.70 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is DTM from its 52-week high?
DT Midstream Inc trades at $117.58, about 22% below its 52-week high of $150.74 and 9% above the low of $108.07 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $113.08 is for.
Which stocks are comparable to DT Midstream Inc?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Kinder Morgan, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is DT Midstream Inc stock attractive at the current price?
The data as of Nov 4, 2026: price $117.58, calculated fair value $113.08 (−4%), Quality Score 60/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DTM calculated?
We run DT Midstream Inc through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $113.08, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. DT Midstream Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of DT Midstream Inc (DTM)?
The closing price on Nov 4, 2026 was $117.58. Our model-based fair value is $113.08, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DT Midstream Inc right now?
The model range is unusually wide ($60.38 to $179.74). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension.
Key figures of DT Midstream Inc
How large is the market capitalisation of DT Midstream Inc (DTM)?
The market capitalisation of DT Midstream Inc is $12.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of DT Midstream Inc (DTM)?
The price-to-sales ratio of DT Midstream Inc is 9.06 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of DT Midstream Inc (DTM)?
Earnings per share at DT Midstream Inc are $4.59 (price ÷ EPS = P/E 25.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DT Midstream Inc (DTM)?
The dividend yield of DT Midstream Inc is 2.9% (payout 75.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of DT Midstream Inc (DTM)?
The net margin of DT Midstream Inc is 35.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of DT Midstream Inc (DTM)?
The return on equity (ROE) of DT Midstream Inc is 9.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of DT Midstream Inc (DTM)?
On an EBIT basis the return on assets of DT Midstream Inc is 5.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of DT Midstream Inc (DTM)?
The operating margin of DT Midstream Inc is 49.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at DT Midstream Inc (DTM)?
Revenue at DT Midstream Inc is growing +7.0% versus a year earlier (3y avg +10.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at DT Midstream Inc (DTM)?
Earnings per share at DT Midstream Inc are growing +2.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does DT Midstream Inc (DTM) carry?
The net debt of DT Midstream Inc is $3.4B (fiscal year 2025, ≈ 7.6 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 4, 2026