DT Midstream, Inc.

DTM

DTMDT Midstream, Inc. US flag

New York Stock Exchange

141.37

USD

+3.03

- -

14.42BMarket Cap

Profitability (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	81.44	49.84	51.9	75.51	63.47	51.08	56.83
Return on Assets (%)	- -	5.24	3.87	3.72	4.35	4.31	3.74	4.41
Return on Capital (%)	- -	13.49	9.89	9.77	11.99	11.98	10.7	12.61
Return on Invested Capital (%)	- -	5.91	4.29	4.33	4.89	4.87	4.48	5.61
Gross Margin (%)	83.3	81.55	79.84	80.24	81.52	80.26	78.7	79.24
EBITDA Margin (%)	72.99	73.81	77.06	71.79	70	72.34	72.99	71.52
Operating Margin (%)	56.29	51.98	54.64	49.88	49.46	50.65	49.85	49.4
Incremental Operating Margin (%)	- -	-57.89	60	8.14	45	600	37.29	47.71
Pretax Margin (%)	68.25	57.94	58.36	50.24	52.39	54.23	51.38	48.11
Profit Margin (%)	47.63	40.48	41.38	36.55	40.22	41.65	36.09	35.48
Net Income to Common Margin (%)	47.63	40.48	41.38	36.55	40.22	41.65	36.09	35.48
Effective Tax Rate (%)	21.75	24.66	26.36	24.64	20.75	20.8	27.18	24.08
Dvd Payout Ratio (%)	- -	- -	- -	169.91	61.93	64.46	73.68	69.38
Sustainable Growth Rate (%)	- -	81.44	49.84	-36.28	28.75	22.56	13.44	17.4

Credit (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	2,968	3,220	3,083	3,424	3,270	3,521	3,372
ST Debt	- -	2,937	3,192	26	346	178	166	16
LT Debt	- -	31	28	3,057	3,078	3,092	3,355	3,356
Total Debt/EBITDA	- -	7.98	5.54	5.11	5.32	4.9	4.92	3.79
Net Debt/EBITDA	- -	7.73	5.39	4.83	5.17	4.76	4.75	3.68
Total Debt/EBIT	- -	11.33	7.82	7.36	7.53	7	7.2	5.49
Net Debt/EBIT	- -	10.98	7.6	6.95	7.31	6.8	6.96	5.33
EBITDA to Interest Expense	5.13	4.96	5.14	5.38	4.7	4.45	4.68	5.52
EBITDA-CapEx/Interest Expense	5.13	4.96	5.14	5.38	4.7	4.45	4.68	5.52
EBIT to Interest Expense	3.96	3.49	3.65	3.74	3.32	3.11	3.2	3.81
Interest Expense	69	75	113	112	137	150	153	161
Common Equity/Total Assets	- -	6.43	9	5.29	6.2	7.37	7.29	8.21
Long-Term Debt/Equity (%)	- -	0.83	0.66	76.03	74.1	72.24	70.39	68.8
Long-Term Debt/Capital (%)	- -	0.86	0.68	83.43	74.73	75.91	76.53	77.29
Long-Term Debt/Total Assets (%)	- -	0.4	0.34	37.44	34.85	34.42	33.77	33.29
Total Debt/Equity (%)	- -	79.7	76.16	76.67	82.43	76.4	73.88	69.13
Total Debt/Capital (%)	- -	81.9	78.04	84.14	83.13	80.28	80.31	77.66
Total Debt/Total Assets (%)	- -	38.11	38.6	37.75	38.76	36.41	35.44	33.45
Net Debt to Equity	- -	77.23	74.1	72.47	80.12	74.16	71.36	67.04
Net Debt/Capital (%)	- -	80.38	76.71	82.5	82.01	79.01	78.8	76.26
EBITDA	354	372	581	603	644	667	716	889
EBITDA-CapEx	354	372	581	603	644	667	716	889
Operating Income (Loss)	273	262	412	419	455	467	489	614

Liquidity (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	0.01	0.01	0.75	0.1	0.13	0.16	0.18
Current Ratio	- -	0.09	0.15	2.03	0.43	0.63	0.73	1.07
Quick Ratio	- -	0.08	0.13	1.75	0.36	0.52	0.58	0.82
CFO/Avg Current Liab	- -	0.23	0.18	0.33	1.83	1.52	1.77	2.4
Common Equity/Total Assets	- -	6.43	9	5.29	6.2	7.37	7.29	8.21
Long-Term Debt/Equity (%)	- -	0.83	0.66	76.03	74.1	72.24	70.39	68.8
Long-Term Debt/Capital (%)	- -	0.86	0.68	83.43	74.73	75.91	76.53	77.29
Long-Term Debt/Total Assets (%)	- -	0.4	0.34	37.44	34.85	34.42	33.77	33.29
Total Debt/Equity (%)	- -	79.7	76.16	76.67	82.43	76.4	73.88	69.13
Total Debt/Capital (%)	- -	81.9	78.04	84.14	83.13	80.28	80.31	77.66
Total Debt/Total Assets (%)	- -	38.11	38.6	37.75	38.76	36.41	35.44	33.45
CFO/Total Liabilities	- -	9.6	14.51	13.8	15.49	16.97	14.76	16.67
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	-0.32	-0.04	1.21	1.12	1.17	1.61	2

Working Capital (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	9.16	6.39	5.69	5.58	5.85	6.02	6.94
Days Sales Outstanding	- -	39.83	57.12	64.09	65.46	62.35	60.65	52.56
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	3.8	3.45	5.44	2.41	1.71	2.44	3.63
Accounts Payable Turnover Days	- -	96.16	105.66	67.06	151.37	213.59	149.32	100.45
Cash Conversion Cycle	- -	-56.32	-48.54	-2.97	-85.91	-151.23	-88.67	-47.88
Inventory to Cash Days	- -	39.83	57.12	64.09	65.46	62.35	60.65	52.56
Inventories	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	4,640	5,344	5,310	9,704	12,159
- Cash & Cash Equivalents	- -	46	42	132	61	56	68	54
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	155	155	149	147	141	139	142
+ Total Debt	- -	2,968	3,220	3,083	3,424	3,270	3,521	3,372
Enterprise Value	- -	3,077	3,333	7,740	8,854	8,665	13,296	15,619
Total Capital	- -	3,624	4,126	3,664	4,119	4,073	4,384	4,342
Total Debt/Capital (%)	- -	81.9	78.04	84.14	83.13	80.28	80.31	77.66
Total Debt / EV	- -	0.96	0.97	0.4	0.39	0.38	0.26	0.22
EV/Sales	- -	6.11	4.42	9.21	9.62	9.4	13.55	12.57
EV/EBITDA	- -	8.27	5.74	12.84	13.75	12.99	18.57	17.57
EV/EBIT	- -	11.74	8.09	18.47	19.46	18.55	27.19	25.44
EV/Cash Flow to Firm	- -	6.89	4.9	11.79	10.62	9.45	15.21	15.79
EV/Free Cash Flow to Firm	- -	6.89	4.9	11.79	10.62	9.45	15.21	15.79
Diluted Market Cap	- -	- -	- -	4,649	5,371	5,343	9,784	12,267
Diluted Enterprise Value	- -	3,077	3,333	7,749	8,881	8,698	13,376	15,727
EV per Share	- -	31.77	34.41	80.04	91.56	89.42	136.23	153.74
TTM Sales	485	504	754	840	920	922	981	1,243
TTM EBITDA	354	372	581	603	644	667	716	889
TTM Operating Income	273	262	412	419	455	467	489	614
TTM Cash Flow to Firm	413	447	680	656	834	917	874	989
TTM Free Cash Flow to Firm	413	447	680	656	834	917	874	989

Multiples (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	8.13	7.41	6.7	12.82	14.15
EV/EBIT	- -	11.74	8.09	18.47	19.46	18.55	27.19	25.44
Enterprise Value	- -	3,077	3,333	7,740	8,854	8,665	13,296	15,619
Low Price	- -	- -	- -	38.21	45.58	45.11	51.17	83.3
EV/Sales	- -	6.11	4.42	9.21	9.62	9.4	13.55	12.57
EV/EBITDA	- -	8.27	5.74	12.84	13.75	12.99	18.57	17.57
Price/Earnings	- -	- -	- -	15.11	14.44	13.83	27.41	27.57
Price/Earnings Average	- -	- -	- -	14.33	14.23	13.06	20.13	24.26
Price/Earnings High	- -	- -	- -	15.91	15.97	14.71	30.29	28.27
Price/Earnings Low	- -	- -	- -	12.04	11.91	11.38	14.11	19.19
Price/Book Value	- -	- -	- -	10.74	9.75	8.02	13.4	14.69
Price/Book Value Average	- -	- -	- -	10.18	9.61	7.57	9.84	12.92
Price/Book Value High	- -	- -	- -	11.31	10.79	8.53	14.81	15.06
Price/Book Value Low	- -	- -	- -	8.55	8.04	6.6	6.9	10.22
Price/Tangible Book Value	- -	- -	- -	3.16	3.23	2.89	4.69	5.44
Price/Tangible Book Value Average	- -	- -	- -	3	3.18	2.73	3.44	4.79
Price/Tangible Book Value High	- -	- -	- -	3.33	3.57	3.07	5.18	5.58
Price/Tangible Book Value Low	- -	- -	- -	2.52	2.66	2.38	2.41	3.79
Price/Sales	- -	- -	- -	5.52	5.81	5.76	9.89	9.78
Price/Sales Average	- -	- -	- -	5.24	5.72	5.44	7.26	8.61
Price/Sales High	- -	- -	- -	5.82	6.42	6.13	10.93	10.03
Price/Sales Low	- -	- -	- -	4.4	4.79	4.74	5.09	6.81
Price/Cash Flow	- -	- -	- -	8.11	7.37	6.65	12.72	14.02
Price/Cash Flow Average	- -	- -	- -	7.69	7.26	6.28	9.34	12.34
Price/Cash Flow High	- -	- -	- -	8.54	8.15	7.08	14.05	14.38
Price/Cash Flow Low	- -	- -	- -	6.46	6.08	5.48	6.55	9.76
Price/Free Cash Flow Average	- -	- -	- -	7.7	7.3	6.32	9.42	12.45
Price/Free Cash Flow High	- -	- -	- -	8.56	8.19	7.12	14.17	14.51
Price/Free Cash Flow Low	- -	- -	- -	6.47	6.11	5.51	6.6	9.85
EV/Sales Average	- -	6.11	4.42	8.93	9.54	9.08	10.93	11.39
EV/Sales High	- -	6.11	4.42	9.51	10.24	9.77	14.59	12.81
EV/Sales Low	- -	6.11	4.42	8.09	8.61	8.38	8.75	9.59
EV/EBITDA Average	- -	8.27	5.74	12.43	13.63	12.55	14.97	15.93
EV/EBITDA High	- -	8.27	5.74	13.24	14.63	13.5	19.99	17.91
EV/EBITDA Low	- -	8.27	5.74	11.27	12.29	11.58	11.99	13.41
EV/EBIT Average	- -	11.74	8.09	17.9	19.29	17.92	21.92	23.06
EV/EBIT High	- -	11.74	8.09	19.06	20.7	19.28	29.27	25.94
EV/EBIT Low	- -	11.74	8.09	16.22	17.4	16.54	17.56	19.42
Last Price	- -	- -	- -	47.98	55.26	54.8	99.43	119.68
High Price	- -	- -	- -	50.52	61.12	58.3	109.85	122.7
Enterprise Value Average	- -	3,077	3,333	7,498	8,776	8,369	10,718	14,158
Enterprise Value High	- -	3,077	3,333	7,985	9,420	9,004	14,313	15,926
Enterprise Value Low	- -	3,077	3,333	6,795	7,918	7,726	8,586	11,923

Profitability (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	81.44	49.84	51.9	75.51	63.47	51.08	56.83
Return on Assets (%)	- -	5.24	3.87	3.72	4.35	4.31	3.74	4.41
Return on Capital (%)	- -	13.49	9.89	9.77	11.99	11.98	10.7	12.61
Return on Invested Capital (%)	- -	5.91	4.29	4.33	4.89	4.87	4.48	5.61
Gross Margin (%)	83.3	81.55	79.84	80.24	81.52	80.26	78.7	79.24
EBITDA Margin (%)	72.99	73.81	77.06	71.79	70	72.34	72.99	71.52
Operating Margin (%)	56.29	51.98	54.64	49.88	49.46	50.65	49.85	49.4
Incremental Operating Margin (%)	- -	-57.89	60	8.14	45	600	37.29	47.71
Pretax Margin (%)	68.25	57.94	58.36	50.24	52.39	54.23	51.38	48.11
Profit Margin (%)	47.63	40.48	41.38	36.55	40.22	41.65	36.09	35.48
Net Income to Common Margin (%)	47.63	40.48	41.38	36.55	40.22	41.65	36.09	35.48
Effective Tax Rate (%)	21.75	24.66	26.36	24.64	20.75	20.8	27.18	24.08
Dvd Payout Ratio (%)	- -	- -	- -	169.91	61.93	64.46	73.68	69.38
Sustainable Growth Rate (%)	- -	81.44	49.84	-36.28	28.75	22.56	13.44	17.4

Credit (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	- -	2,968	3,220	3,083	3,424	3,270	3,521	3,372
ST Debt	- -	2,937	3,192	26	346	178	166	16
LT Debt	- -	31	28	3,057	3,078	3,092	3,355	3,356
Total Debt/EBITDA	- -	7.98	5.54	5.11	5.32	4.9	4.92	3.79
Net Debt/EBITDA	- -	7.73	5.39	4.83	5.17	4.76	4.75	3.68
Total Debt/EBIT	- -	11.33	7.82	7.36	7.53	7	7.2	5.49
Net Debt/EBIT	- -	10.98	7.6	6.95	7.31	6.8	6.96	5.33
EBITDA to Interest Expense	5.13	4.96	5.14	5.38	4.7	4.45	4.68	5.52
EBITDA-CapEx/Interest Expense	5.13	4.96	5.14	5.38	4.7	4.45	4.68	5.52
EBIT to Interest Expense	3.96	3.49	3.65	3.74	3.32	3.11	3.2	3.81
Interest Expense	69	75	113	112	137	150	153	161
Common Equity/Total Assets	- -	6.43	9	5.29	6.2	7.37	7.29	8.21
Long-Term Debt/Equity (%)	- -	0.83	0.66	76.03	74.1	72.24	70.39	68.8
Long-Term Debt/Capital (%)	- -	0.86	0.68	83.43	74.73	75.91	76.53	77.29
Long-Term Debt/Total Assets (%)	- -	0.4	0.34	37.44	34.85	34.42	33.77	33.29
Total Debt/Equity (%)	- -	79.7	76.16	76.67	82.43	76.4	73.88	69.13
Total Debt/Capital (%)	- -	81.9	78.04	84.14	83.13	80.28	80.31	77.66
Total Debt/Total Assets (%)	- -	38.11	38.6	37.75	38.76	36.41	35.44	33.45
Net Debt to Equity	- -	77.23	74.1	72.47	80.12	74.16	71.36	67.04
Net Debt/Capital (%)	- -	80.38	76.71	82.5	82.01	79.01	78.8	76.26
EBITDA	354	372	581	603	644	667	716	889
EBITDA-CapEx	354	372	581	603	644	667	716	889
Operating Income (Loss)	273	262	412	419	455	467	489	614

Liquidity (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	0.01	0.01	0.75	0.1	0.13	0.16	0.18
Current Ratio	- -	0.09	0.15	2.03	0.43	0.63	0.73	1.07
Quick Ratio	- -	0.08	0.13	1.75	0.36	0.52	0.58	0.82
CFO/Avg Current Liab	- -	0.23	0.18	0.33	1.83	1.52	1.77	2.4
Common Equity/Total Assets	- -	6.43	9	5.29	6.2	7.37	7.29	8.21
Long-Term Debt/Equity (%)	- -	0.83	0.66	76.03	74.1	72.24	70.39	68.8
Long-Term Debt/Capital (%)	- -	0.86	0.68	83.43	74.73	75.91	76.53	77.29
Long-Term Debt/Total Assets (%)	- -	0.4	0.34	37.44	34.85	34.42	33.77	33.29
Total Debt/Equity (%)	- -	79.7	76.16	76.67	82.43	76.4	73.88	69.13
Total Debt/Capital (%)	- -	81.9	78.04	84.14	83.13	80.28	80.31	77.66
Total Debt/Total Assets (%)	- -	38.11	38.6	37.75	38.76	36.41	35.44	33.45
CFO/Total Liabilities	- -	9.6	14.51	13.8	15.49	16.97	14.76	16.67
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	- -	-0.32	-0.04	1.21	1.12	1.17	1.61	2

Working Capital (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	9.16	6.39	5.69	5.58	5.85	6.02	6.94
Days Sales Outstanding	- -	39.83	57.12	64.09	65.46	62.35	60.65	52.56
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	3.8	3.45	5.44	2.41	1.71	2.44	3.63
Accounts Payable Turnover Days	- -	96.16	105.66	67.06	151.37	213.59	149.32	100.45
Cash Conversion Cycle	- -	-56.32	-48.54	-2.97	-85.91	-151.23	-88.67	-47.88
Inventory to Cash Days	- -	39.83	57.12	64.09	65.46	62.35	60.65	52.56
Inventories	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	4,640	5,344	5,310	9,704	12,159
- Cash & Cash Equivalents	- -	46	42	132	61	56	68	54
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	155	155	149	147	141	139	142
+ Total Debt	- -	2,968	3,220	3,083	3,424	3,270	3,521	3,372
Enterprise Value	- -	3,077	3,333	7,740	8,854	8,665	13,296	15,619
Total Capital	- -	3,624	4,126	3,664	4,119	4,073	4,384	4,342
Total Debt/Capital (%)	- -	81.9	78.04	84.14	83.13	80.28	80.31	77.66
Total Debt / EV	- -	0.96	0.97	0.4	0.39	0.38	0.26	0.22
EV/Sales	- -	6.11	4.42	9.21	9.62	9.4	13.55	12.57
EV/EBITDA	- -	8.27	5.74	12.84	13.75	12.99	18.57	17.57
EV/EBIT	- -	11.74	8.09	18.47	19.46	18.55	27.19	25.44
EV/Cash Flow to Firm	- -	6.89	4.9	11.79	10.62	9.45	15.21	15.79
EV/Free Cash Flow to Firm	- -	6.89	4.9	11.79	10.62	9.45	15.21	15.79
Diluted Market Cap	- -	- -	- -	4,649	5,371	5,343	9,784	12,267
Diluted Enterprise Value	- -	3,077	3,333	7,749	8,881	8,698	13,376	15,727
EV per Share	- -	31.77	34.41	80.04	91.56	89.42	136.23	153.74
TTM Sales	485	504	754	840	920	922	981	1,243
TTM EBITDA	354	372	581	603	644	667	716	889
TTM Operating Income	273	262	412	419	455	467	489	614
TTM Cash Flow to Firm	413	447	680	656	834	917	874	989
TTM Free Cash Flow to Firm	413	447	680	656	834	917	874	989

Multiples (USD)

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	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	8.13	7.41	6.7	12.82	14.15
EV/EBIT	- -	11.74	8.09	18.47	19.46	18.55	27.19	25.44
Enterprise Value	- -	3,077	3,333	7,740	8,854	8,665	13,296	15,619
Low Price	- -	- -	- -	38.21	45.58	45.11	51.17	83.3
EV/Sales	- -	6.11	4.42	9.21	9.62	9.4	13.55	12.57
EV/EBITDA	- -	8.27	5.74	12.84	13.75	12.99	18.57	17.57
Price/Earnings	- -	- -	- -	15.11	14.44	13.83	27.41	27.57
Price/Earnings Average	- -	- -	- -	14.33	14.23	13.06	20.13	24.26
Price/Earnings High	- -	- -	- -	15.91	15.97	14.71	30.29	28.27
Price/Earnings Low	- -	- -	- -	12.04	11.91	11.38	14.11	19.19
Price/Book Value	- -	- -	- -	10.74	9.75	8.02	13.4	14.69
Price/Book Value Average	- -	- -	- -	10.18	9.61	7.57	9.84	12.92
Price/Book Value High	- -	- -	- -	11.31	10.79	8.53	14.81	15.06
Price/Book Value Low	- -	- -	- -	8.55	8.04	6.6	6.9	10.22
Price/Tangible Book Value	- -	- -	- -	3.16	3.23	2.89	4.69	5.44
Price/Tangible Book Value Average	- -	- -	- -	3	3.18	2.73	3.44	4.79
Price/Tangible Book Value High	- -	- -	- -	3.33	3.57	3.07	5.18	5.58
Price/Tangible Book Value Low	- -	- -	- -	2.52	2.66	2.38	2.41	3.79
Price/Sales	- -	- -	- -	5.52	5.81	5.76	9.89	9.78
Price/Sales Average	- -	- -	- -	5.24	5.72	5.44	7.26	8.61
Price/Sales High	- -	- -	- -	5.82	6.42	6.13	10.93	10.03
Price/Sales Low	- -	- -	- -	4.4	4.79	4.74	5.09	6.81
Price/Cash Flow	- -	- -	- -	8.11	7.37	6.65	12.72	14.02
Price/Cash Flow Average	- -	- -	- -	7.69	7.26	6.28	9.34	12.34
Price/Cash Flow High	- -	- -	- -	8.54	8.15	7.08	14.05	14.38
Price/Cash Flow Low	- -	- -	- -	6.46	6.08	5.48	6.55	9.76
Price/Free Cash Flow Average	- -	- -	- -	7.7	7.3	6.32	9.42	12.45
Price/Free Cash Flow High	- -	- -	- -	8.56	8.19	7.12	14.17	14.51
Price/Free Cash Flow Low	- -	- -	- -	6.47	6.11	5.51	6.6	9.85
EV/Sales Average	- -	6.11	4.42	8.93	9.54	9.08	10.93	11.39
EV/Sales High	- -	6.11	4.42	9.51	10.24	9.77	14.59	12.81
EV/Sales Low	- -	6.11	4.42	8.09	8.61	8.38	8.75	9.59
EV/EBITDA Average	- -	8.27	5.74	12.43	13.63	12.55	14.97	15.93
EV/EBITDA High	- -	8.27	5.74	13.24	14.63	13.5	19.99	17.91
EV/EBITDA Low	- -	8.27	5.74	11.27	12.29	11.58	11.99	13.41
EV/EBIT Average	- -	11.74	8.09	17.9	19.29	17.92	21.92	23.06
EV/EBIT High	- -	11.74	8.09	19.06	20.7	19.28	29.27	25.94
EV/EBIT Low	- -	11.74	8.09	16.22	17.4	16.54	17.56	19.42
Last Price	- -	- -	- -	47.98	55.26	54.8	99.43	119.68
High Price	- -	- -	- -	50.52	61.12	58.3	109.85	122.7
Enterprise Value Average	- -	3,077	3,333	7,498	8,776	8,369	10,718	14,158
Enterprise Value High	- -	3,077	3,333	7,985	9,420	9,004	14,313	15,926
Enterprise Value Low	- -	3,077	3,333	6,795	7,918	7,726	8,586	11,923

	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	- -	97	97	97	97	97	101	102
Diluted Weighted Avg Shares	97	97	97	97	97	98	98	102
Basic Weighted Avg Shares	97	97	97	97	97	97	98	102
Revenue per Share	5.01	5.2	7.78	8.69	9.51	9.51	10.05	12.23
EBITDA per Share	3.65	3.84	6	6.24	6.66	6.88	7.34	8.75
Operating Income per Share	2.82	2.7	4.25	4.33	4.71	4.82	5.01	6.04
Basic EPS, GAAP	2.38	2.11	3.22	3.17	3.83	3.96	3.63	4.34
Basic EPS from Cont Ops	2.67	2.27	3.34	3.29	3.95	4.09	3.76	4.47
Diluted EPS, GAAP	2.38	2.11	3.22	3.17	3.81	3.94	3.6	4.3
Diluted EPS from Cont Ops	2.67	2.27	3.34	3.28	3.93	4.06	3.73	4.43
Dividend per Share	- -	- -	- -	5.78	2.52	2.71	2.87	3.19
Cash Flow per Share	3.71	4.03	6.16	5.92	7.5	8.24	7.82	8.53
Free Cash Flow per Basic Share	3.71	4.03	6.16	5.92	7.5	8.24	7.82	8.53
Cash & Equivalents per Share	- -	0.47	0.43	1.37	0.63	0.58	0.7	0.53
Book Value per Share	- -	5.17	7.75	4.47	5.67	6.83	7.42	8.15
Tangible Book Value per Share	- -	10.92	16.67	15.16	17.13	18.98	21.2	22

DT Midstream, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)