DT Midstream, Inc. (DTM)

Natural Gas Transmission

Latest Price

$124.34

TTM P/E

27.09

Normalized P/E

31.01

TTM Div Yield

2.78%

Fwd Div Yield

2.83%

Book Value

47.20

P/B Ratio

2.63

Valuation metrics

EPS: $4.30

Book value / share: $46.58

Formula: √(22.5 × EPS × BVPS)

Graham Number

$67.13

46% downside

Norm. op. income: $478M (median of 5yr)

Tax rate: 24%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$3.53

97% downside

Base FCF: $413M (median of recent 5yr)

Growth: -2%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$9.93

92% downside

EPS: $4.30

Target P/E: 31×

Formula: EPS × P/E

P/E Fair Value

$133.30

+7% upside

85.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	11.40M	$1.67B	11.17%	+481.9K	2026-06-30
Vanguard Portfolio Management LLC	5.78M	$847.0M	5.66%	-105.3K	2026-06-30
Vanguard Capital Management LLC	4.61M	$676.0M	4.52%	+42.5K	2026-06-30
Geode Capital Management, LLC	3.40M	$499.0M	3.33%	+1.09M	2026-06-30
State Street Corp	3.38M	$498.0M	3.31%	+130.7K	2026-06-30
Deutsche Bank AG\	3.03M	$445.0M	2.97%	-22.0K	2026-06-30
Neuberger Berman Group LLC	2.99M	$438.0M	2.93%	+52.5K	2026-06-30
Tortoise Capital Advisors, L.L.C.	2.98M	$436.0M	2.92%	-31.6K	2026-06-30
Blackstone Inc.	2.49M	$365.0M	2.44%	-189.7K	2026-06-30
Dimensional Fund Advisors LP	2.27M	$333.0M	2.23%	-2.6K	2026-06-30