CluenexDT Midstream DTM
DT Midstream scores good on business quality (7.3 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What DT Midstream does
DT Midstream transports natural gas through interstate pipelines and gathering systems, earning steady fees from utilities and producers who pay to move energy to market. The company is leaning into clean energy integration and pipeline expansions to capture rising regional demand visible in its latest sector updates.
- What it does best
DT Midstream turns revenue into cash exceptionally well, posting an FCF margin in the top decile of its sector at 92%. This cash efficiency is hard to copy because its pipeline network sits in prime Appalachian and Haynesville basins, forcing local producers to rely on its fixed infrastructure.
- The main risk
With a rich valuation priced well above its intrinsic value of $89.3, any slowdown in volume growth or unexpected regulatory hurdles could trigger a sharp multiple contraction for investors paying $121 per share.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin stands at 49.7% and FCF margin sits at 92%, showing elite efficiency. This business scales effectively, dropping a massive share of new revenue straight into free cash flow.
Hard physical assets create a deep moat that locks in regional gas producers. Its operating margin sits in the top decile of its sector at 49.7%, a barrier rivals cannot easily replicate without billions in capital.
Revenue growth hit 26.7%, driven by core pipeline operations. This top-line expansion accelerates well past historical levels where revenue sat around $981M in 2024.
Total debt is zero with an interest coverage of 4.0x, leaving the balance sheet pristine. Free cash flow reached $480M up from $441M last year, proving the business model is getting steadily stronger.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
2 insiders bought $218K on the open market.
Our sealed record on DTM
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
DT Midstream scores good on the Cluenex quality check (7.3 of 10), measured against its own industry. Profitability is strong, moat strong, growth fast and financial health fair.
In the last 90 days of SEC Form 4 filings: 2 insiders bought $218K on the open market.
Oct 29, 2026.
See DTM today
- Today's verdict on DTM, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “DT Midstream (DTM)”, https://cluenex.com/stocks/dtm/, data as of Oct 10, 2026.