Is the business good?
How good a business is DTM?
DT Midstream, Inc. earns 6.5% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
6.5%
Return on invested capital · cost of capital 9.0% · 2.5 points below what the capital costs: growth destroys value
- Operating margin
- 50%
Operating margin · Oil & Gas Midstream median 36% · 12 months to Q2 2026
- Cash conversion
- 1.03×
Cash conversion · 1.24× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- +0.10%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 55% |
| FY2021 | 48% |
| FY2022 | 52% |
| FY2023 | 51% |
| FY2024 | 50% |
| FY2025 | 49% |
Details›
- Operating margin12 months to Q2 2026
- 50%
- Net margin12 months to Q2 2026
- 36%
- Free cash flow margin
- 37%
- Revenue, trailing twelve months
- $1.31B
- Free cash flow, trailing twelve months
- $480M
- Net income, trailing twelve months
- $468M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 6.5%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Oil & Gas Midstream
Ranks #22 of 27 by Smart Score