Explain this page
Arphra AIPlain-English read on DT Midstream, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +52.74% | +52.50% | +53.69% | +53.82% | +73.53% | +60.19% | +59.98% | +60.48% | +60.25% |
| Operating margin | +49.88% | +49.46% | +50.65% | +49.85% | +49.40% | +49.26% | +48.67% | +51.35% | +50.03% |
| EBITDA margin | +85.48% | +87.83% | +92.19% | +90.11% | +83.19% | +89.63% | +89.91% | +88.83% | +90.25% |
| EBIT margin | +63.57% | +67.28% | +70.50% | +66.97% | +61.06% | +66.86% | +65.45% | +67.36% | +64.39% |
| Pre-tax margin | +50.24% | +52.39% | +54.23% | +51.38% | +48.11% | +50.69% | +52.69% | +50.31% | +51.98% |
| Net margin | +36.55% | +40.22% | +41.65% | +36.09% | +35.48% | +37.09% | +37.30% | +37.77% | +36.73% |
| Cost structure | |||||||||
| Cost of revenue / sales | +47.26% | +47.50% | +46.31% | +46.18% | +26.47% | +39.64% | +40.34% | +38.62% | +38.50% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Effective tax rate | +24.64% | +20.75% | +20.80% | +27.18% | +24.08% | +24.14% | +24.04% | +24.25% | +23.82% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +7.63% | +8.91% | +8.97% | +7.43% | +9.04% | +8.17% | +8.15% | +8.70% | +8.23% |
| Return on assets (ROA) | +3.76% | +4.19% | +4.28% | +3.56% | +4.26% | +3.89% | +4.08% | +4.04% | +4.03% |
| Return on capital (ROC) | +5.90% | +6.00% | +6.19% | +5.90% | +7.41% | +6.35% | +6.19% | +6.68% | +6.52% |
| Return on invested capital (ROIC) | +4.32% | +4.88% | +5.09% | +4.27% | +5.32% | +4.78% | +4.74% | +4.92% | +4.79% |
| Asset turnover | +10.29% | +10.42% | +10.26% | +9.87% | +12.01% | +10.50% | +10.94% | +10.70% | +10.96% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +36.55% | +40.22% | +41.65% | +36.09% | +35.48% | +37.09% | +37.30% | +37.77% | +36.73% |
| Asset turnover (× revenue / assets) | +10.29% | +10.42% | +10.26% | +9.87% | +12.01% | +10.50% | +10.94% | +10.70% | +10.96% |
| Equity multiplier (× assets / equity) | +203.08% | +212.64% | +209.86% | +208.46% | +212.20% | +209.74% | +199.78% | +215.32% | +204.41% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.10 | 0.10 | 0.10 | 0.10 | 0.12 | 0.11 | 0.11 | 0.11 | 0.11 |
| Fixed-asset turnover | 0.24 | 0.24 | 0.21 | 0.18 | — | — | — | — | — |
| Inventory turnover | 15.88 | 19.86 | — | — | — | — | — | — | — |
| Receivables turnover | 4.72 | 5.71 | 5.46 | 5.45 | 6.61 | — | — | — | — |
| Payables turnover | 18.05 | 3.67 | 4.54 | 5.88 | 5.06 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 77.35 | 63.87 | 66.90 | 66.97 | 55.21 | — | — | — | — |
| Days inventory outstanding (DIO) | 22.98 | 18.38 | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 20.23 | 99.39 | 80.35 | 62.04 | 72.11 | — | — | — | — |
| Cash conversion cycle | 80.10 | -17.14 | -13.45 | 4.93 | -16.91 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.86 | 1.96 | 2.08 | 2.16 | 2.08 | 2.09 | 2.13 | 2.15 | 2.13 |
| FCF / Net income | 1.41 | 1.05 | 0.07 | 1.17 | 1.11 | 0.78 | 0.76 | 0.73 | 0.77 |
| FCF margin | +51.43% | +42.07% | +2.82% | +42.10% | +39.42% | +28.79% | +28.51% | +27.58% | +28.18% |
| OCF margin | +68.10% | +78.80% | +86.55% | +77.78% | +73.69% | +77.68% | +79.26% | +81.26% | +78.26% |
| CapEx / Revenue | +16.67% | +36.74% | +83.73% | +35.68% | +34.27% | +51.09% | +52.43% | +50.84% | +50.14% |
| CapEx / D&A | 0.76 | 1.79 | 3.86 | 1.54 | 1.55 | — | — | — | — |
| Stock-based comp / Revenue | +1.43% | +1.85% | +2.17% | +2.34% | 0.00% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 3.17 | 3.81 | 3.94 | 3.60 | 4.43 | 4.85 | 5.08 | 5.74 | 6.88 |
| EPS · basic | 3.17 | 3.83 | 3.96 | 3.63 | 4.47 | 4.85 | 5.10 | 5.71 | 6.85 |
| Book value / share | 41.57 | 42.74 | 43.90 | 48.43 | 47.59 | 58.75 | 62.17 | 65.62 | 76.67 |
| Tangible BV / share | 15.15 | 17.04 | 18.86 | 21.03 | 21.80 | 58.75 | 62.17 | 65.62 | 76.67 |
| Sales / share | 8.68 | 9.47 | 9.46 | 9.97 | 12.13 | 12.94 | 13.59 | 15.12 | 17.18 |
| Operating CF / share | 5.91 | 7.46 | 8.18 | 7.75 | 8.94 | 10.05 | 10.77 | 12.28 | 13.45 |
| Free cash flow / share | 4.47 | 3.98 | 0.27 | 4.20 | 4.78 | 3.73 | 3.87 | 4.17 | 4.84 |
| Dividends / share | 5.78 | 2.51 | 2.70 | 2.85 | 3.16 | 3.63 | 3.80 | 4.10 | 4.73 |
| Payout ratio | +182.08% | +65.95% | +68.49% | +79.10% | +73.47% | +75.63% | +75.06% | +71.87% | +74.92% |
| Retention ratio | -82.08% | +34.05% | +31.51% | +20.90% | +26.53% | +24.37% | +24.94% | +28.13% | +25.08% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +9.52% | +0.22% | +6.40% | +26.71% | +7.18% | +4.98% | +10.10% | +14.08% | +9.66% |
| Gross profit · YoY | — | +9.03% | +2.48% | +6.67% | +73.11% | -12.26% | +4.61% | +11.01% | +13.65% | +11.50% |
| Profit | ||||||||||
| Operating income · YoY | — | +8.59% | +2.64% | +4.71% | +25.56% | +6.88% | +3.72% | +16.18% | +11.14% | +9.70% |
| EBITDA · YoY | — | +12.53% | +5.20% | +4.00% | +16.97% | +15.48% | +5.30% | +8.78% | +15.90% | +10.41% |
| Net income · YoY | — | +20.52% | +3.78% | -7.81% | +24.58% | +12.04% | +5.57% | +11.49% | +10.95% | +9.73% |
| Operating | ||||||||||
| EBIT · YoY | — | +15.92% | +5.01% | +1.08% | +15.53% | +17.36% | +2.76% | +13.32% | +9.05% | +9.84% |
| R&D · YoY | — | — | — | — | — | — | — | — | — | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +20.19% | +3.41% | -8.63% | +23.06% | +9.42% | +4.75% | +13.11% | +19.86% | +10.18% |
| EPS · basic · YoY | — | +20.82% | +3.39% | -8.33% | +23.14% | +8.46% | +5.13% | +12.06% | +20.00% | +10.12% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $3.08B | $3.42B | $3.27B | $3.52B | $3.4B | $4.28B | $4.6B | $5.15B | $5.64B |
| Net debt | $2.95B | $3.36B | $3.21B | $3.45B | $3.35B | $4.2B | $4.52B | $5.06B | $5.54B |
| Net debt / EBITDA | 4.11 | 4.16 | 3.78 | 3.91 | 3.24 | 3.52 | 3.59 | 3.70 | 3.50 |
| Debt / equity | 0.77 | 0.82 | 0.76 | 0.74 | 0.70 | 0.71 | 0.72 | 0.77 | 0.72 |
| Debt / assets | +37.75% | +38.76% | +36.41% | +35.44% | +32.89% | +33.74% | +35.99% | +35.76% | +35.22% |
| Equity / assets | +49.24% | +47.03% | +47.65% | +47.97% | +47.13% | +47.68% | +50.06% | +46.44% | +48.92% |
| Coverage | |||||||||
| EBITDA / interest expense | 6.41 | 5.90 | 5.67 | 5.78 | 6.42 | 6.00 | 6.08 | 6.08 | 6.21 |
| Operating income / interest | 3.74 | 3.32 | 3.11 | 3.20 | 3.81 | 3.30 | 3.29 | 3.51 | 3.44 |
| Interest expense | $112M | $137M | $150M | $153M | $161M | $199.16M | $206.65M | $225.08M | $255.49M |
| Liquidity | |||||||||
| Current ratio | 2.03 | 0.43 | 0.63 | 0.73 | 1.07 | — | — | — | — |
| Quick ratio | 1.75 | 0.36 | 0.52 | 0.58 | 0.82 | — | — | — | — |
| Cash ratio | 0.75 | 0.10 | 0.13 | 0.16 | 0.18 | — | — | — | — |
| Working capital | $183M | -$352M | -$162M | -$116M | $22M | — | — | — | — |
| Working capital / revenue | +21.79% | -38.26% | -17.57% | -11.82% | +1.77% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).