Forensic Analysis · Midstream Pipelines · as of Nov 9, 2026
Dt Midstream, Inc. (DTM)
A forensic read on Dt Midstream, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.6
Distress distance
Clean
Earnings quality
3
Forensic signals
9.4%
ROE
26.7%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Dt Midstream, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.6, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
4.8%
FY2025
Return on invested capital.Return on invested capital is 4.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.9-point range. After-tax operating profit was $373M in FY2023 and $466M in FY2025, with operating income at 51.1% of revenue in FY2023, 49.8% in FY2024 and 49.4% in FY2025. The capital base behind it grew +12% across FY2023–FY2025, from $8.7B to $9.7B, and the return did not fall doing it, so the dollars added over that window earned at least the 4.3% the older base was already earning.
+2.5%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +5% over the last 2 years to FY2025 (+2.5%/yr). The count is growing — 97.5M shares in FY2023, 102.5M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.5% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~5%.
2% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 2% of revenue and 6% of free cash flow in FY2025 — about $0.25 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.5% a year across FY2023–FY2025 and that rate is not falling, so total profit has to grow by that much annually before any of it reaches a share. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$1.24B
Revenue Growth YoY+26.7%
Revenue CAGR (2yr)+16.1%
Net Margin35.5%
Free Cash Flow$441.0M
Return on Equity9.4%
Debt / Equity0.70x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Dt Midstream, Inc.'s actual 10-K/10-Q/8-K filings?