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Arphra AIPlain-English read on DT Midstream, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $840M | $920M | $922M | $981M | $1.24B | $1.33B | $1.4B | $1.54B | $1.76B |
| Cost of revenue | $397M | $437M | $427M | $453M | $329M | $528.08M | $564.19M | $594.74M | $676.35M |
| Gross profit | $443M | $483M | $495M | $528M | $914M | $801.91M | $838.88M | $931.26M | $1.06B |
| Gross margin | +52.74% | +52.50% | +53.69% | +53.82% | +73.53% | +60.19% | +59.98% | +60.48% | +60.25% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total operating expenses | $24M | $28M | $28M | $39M | $300M | $135.86M | $146.69M | $155.56M | $179.98M |
| Operating income | $419M | $455M | $467M | $489M | $614M | $656.26M | $680.64M | $790.74M | $878.84M |
| Operating margin | +49.88% | +49.46% | +50.65% | +49.85% | +49.40% | +49.26% | +48.67% | +51.35% | +50.03% |
| EBITDA | $718M | $808M | $850M | $884M | $1.03B | $1.19B | $1.26B | $1.37B | $1.59B |
| EBIT | $534M | $619M | $650M | $657M | $759M | $890.73M | $915.27M | $1.04B | $1.13B |
| Below the line | |||||||||
| Interest expense | $112M | $137M | $150M | $153M | $161M | $199.16M | $206.65M | $225.08M | $255.49M |
| Interest income | $4M | $3M | $1M | $7M | $2M | $4.49M | $4.47M | $5.01M | $5.61M |
| Other income / expense | $3M | $27M | $33M | $15M | -$16M | — | — | — | — |
| Pre-tax income | $422M | $482M | $500M | $504M | $598M | $675.31M | $736.86M | $774.67M | $913.16M |
| Income tax expense | $104M | $100M | $104M | $137M | $144M | $163M | $177.12M | $187.88M | $217.49M |
| Earnings | |||||||||
| Net income | $307M | $370M | $384M | $354M | $441M | $494.09M | $521.61M | $581.53M | $645.2M |
| Net income · continuing ops | $318M | $382M | $396M | $367M | $454M | $512.1M | $546.62M | $591.46M | $700.41M |
| Net margin | +36.55% | +40.22% | +41.65% | +36.09% | +35.48% | +37.09% | +37.30% | +37.77% | +36.73% |
| EPS · basic | $3.17 | $3.83 | $3.96 | $3.63 | $4.47 | $4.85 | $5.10 | $5.71 | $6.85 |
| EPS · diluted | $3.17 | $3.81 | $3.94 | $3.60 | $4.43 | $4.85 | $5.08 | $5.74 | $6.88 |
| EPS · low estimate | — | — | — | — | — | $4.46 | $4.69 | $5.25 | $6.40 |
| EPS · high estimate | — | — | — | — | — | $5.03 | $5.41 | $6.31 | $7.30 |
| Shares · basic | 96.73M | 96.7M | 96.9M | 97.6M | 101.6M | 101.13M | 100.67M | 102.32M | 102.24M |
| Shares · diluted | 96.73M | 97.2M | 97.5M | 98.4M | 102.5M | 102.94M | 102.93M | 101.87M | 102.24M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 6 | 6 | 7 | 3 |
| Analysts (EPS) | — | — | — | — | — | 8 | 7 | 7 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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