NYSE: DTM · Oil & Gas Midstream
DT Midstream (DTM) fair value: undervalued or overvalued?
As of 2 Nov 2026, Faircurve's model values DT Midstream (DTM) at $113.90 a share. The stock last closed at $122.58, which puts the model's fair value 7.1% below the price. On the model's bands that reads as Fairly valued.
Revalued . Price is the close of 3 Nov 2026. DT Midstream, Inc.
The report adds the live price, the chart against the range the options market prices, the next earnings date and the analysts' consensus. No account needed.
This week, in three parts
What happenedThe run of 2 Nov 2026 moved the fair value from $111.41 to $113.90 (+2.2%).
What the model makes of itThe price of $122.58 is 7.1% above it: Fairly valued, on a high evidence grade.
What's nextNext report on 18 Feb 2027. Options prices imply a move of about 10% either way over the next month. The next weekly run is on Saturday 7 Nov 2026.
What price range does the model give DTM?
The calibrated range for DTM over 63 trading days is $110.21 to $139.69. It sits around the last close, and its width comes from the volatility that DTM's own options imply (36% a year), calibrated weekly against realised prices (n = 6,661 past valuations, refreshed 31 Oct 2026). Ranges built this way held the price 60% of the time at this horizon. The fair value is the model's opinion and rides beside the range. It is not the centre of it.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $89.80 to $141.03. In 37% of the simulations the fair value came out above the price the model ran on.
Faircurve Insights · 2 Nov 2026
DT Midstream, Inc. is a U.S.-based company offering a comprehensive suite of natural gas infrastructure and related services. Its operations are divided into two primary divisions: Pipeline and Gathering.
On 2 Nov 2026, Faircurve's model put the model fair value at $113.90 a share, the midpoint of 2,000 simulations. The previous run, on 24 Oct 2026, gave $111.41, so the fair value moved +2.2%. The calibrated range over 63 trading days is $110.21 to $139.69, built around the price from the volatility the stock's own options imply. Ranges built this way held the price 60% of the time at this horizon, based on 6,661 past valuations refreshed on 31 Oct 2026. The model grades the evidence High. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It does not say whether the fair value is right.
DT Midstream scores 52 out of 100 on quality against comparable companies, the model's composite of six quality factors. Growth quality is the strongest factor at 85, with trailing revenue growth of 26.7% against a peer median of 8.4%. Balance sheet scores 79, with net debt to EBITDA of 2.78x against a peer median of 3.41x. Capital discipline is the lowest at 25, with net buybacks at 0.2% of market value against a peer median of 1.0%. The model compares the company with Antero Midstream Corporation (AM), Viper Energy, Inc. (VNOM), ONEOK, Inc. (OKE), Targa Resources Corp. (TRGP), Dorian LPG Ltd. (LPG), Kinder Morgan, Inc. (KMI) and The Williams Companies, Inc. (WMB).
Written from the figures on this page for the 2 Nov 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
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When does DTM report earnings, and how has the stock reacted?
DT Midstream's next earnings report is scheduled for 18 Feb 2027. Companies can move their dates.
Options prices on 4 Nov 2026 imply a move of about 9.8% in either direction through the nearest expiry, about 43 days out. That is the size the market is pricing, not a direction. DTM's 30 day implied volatility works out to about 10.3% over one month.
On 4 Nov 2026 DTM moved 4.1% in one session, against the 2.0% a day that options had priced: 2.0 times the implied size.
Around its last 8 reports: what the options market priced, and what followed
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across DTM's last 8 reports, ignoring direction, was 2.9%.
What the options market has priced for a month's move in DTM
How does DTM score on business quality?
DT Midstream's overall quality score is 52 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 30 | 6.1%ROIC | 8.5% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 46 | 1.13xFCF / net income | 1.10x |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analysts' rating changes. | 85 | 26.7%Revenue growth, trailing | 8.4% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 25 | 0.2%Net buybacks / market value | 1.0% |
| Balance sheetNet debt to EBITDA and interest coverage. | 79 | 2.78xNet debt / EBITDA | 3.41x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 60 | 2.3 ptsEBITDA margin downside volatility, 5y | 2.8 pts |
How does DTM compare with similar companies?
The companies in oil & gas midstream closest to DT Midstream in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| AM Antero Midstream Corporation | $20.94 | $22.50 | +7.4% | Fairly valued |
| VNOM Viper Energy, Inc. | $44.17 | $36.62 | -17.1% | Overvalued |
| KNTK Kinetik Holdings Inc. | $54.24 | $44.68 | -17.6% | Low evidence grade |
| OKE ONEOK, Inc. | $91.94 | $100.54 | +9.4% | Fairly valued |
| TRGP Targa Resources Corp. | $298.56 | $256.04 | -14.2% | Fairly valued |
| LPG Dorian LPG Ltd. | $51.96 | $58.16 | +11.9% | Fairly valued |
| KMI Kinder Morgan, Inc. | $32.87 | $29.27 | -11.0% | Fairly valued |
| WMB The Williams Companies, Inc. | $72.47 | $59.55 | -17.8% | Overvalued |
What the comparable companies' multiples alone would give for DTM, the peer-implied price, is $101.40 a share on this run. The fair value weighs that against the company's own multiple.
DT Midstream at a glance
DT Midstream, Inc. is a U.S.-based company offering a comprehensive suite of natural gas infrastructure and related services. The organization's operations are divided into two primary divisions: Pipeline and Gathering.
- Market value
- $12.7B
- Sector
- Energy
- Industry
- Oil & Gas Midstream
- Revenue expected, next twelve months
- $1.4B
- Consensus revenue growth, next fiscal year
- +9.2%
- Analysts with estimates
- 8
- Beta to the US market
- 0.13
- First valued by Faircurve
- 11 Jul 2026
At the close of 3 Nov 2026, 52.1% of the 1,081 graded US stocks the model covers traded below the model's fair value. DTM was not among them.
How the fair value is worked out: the model prices DT Midstream on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 24 Oct 2026 the model's fair value for DTM was $111.41. As of 2 Nov 2026 it is $113.90, a change of +2.2%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about DT Midstream's valuation
Is DT Midstream stock undervalued or overvalued?
On Faircurve's model, DTM reads as Fairly valued as of 2 Nov 2026. The model's fair value is $113.90 a share against a last close of $122.58, a gap of -7.1%.
What is DTM's fair value?
$113.90 a share as of 2 Nov 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $89.80 to $141.03.
What price range does the model give DTM?
$110.21 to $139.69 over 63 trading days. Ranges built this way held the price 60% of the time across 6,661 past valuations, refreshed 31 Oct 2026.
When does DT Midstream report earnings next?
The next report is scheduled for 18 Feb 2027. Companies can move their dates.
How much has DTM moved on past earnings reports?
Across its last 8 reports the median two session move was 2.9%, ignoring direction. The largest was +6.2% around the report of 30 Apr 2026.
How confident is the model in this valuation?
The model's evidence grade for DTM is high. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.
The model's own ideas on DTM
The model holds no idea open on DTM today. Signed-in readers see the rule each idea runs on, the floor and the exit level the model set and its time limit, and the model's closed ideas on DTM with their outcomes. A free account is enough.