DT Midstream, Inc.

Scaled, wide-moat natural-gas midstream franchise with top-decile margins and free cash flow, strong growth and conservative leverage.

Strengths

• Top-decile (100th pct) net, FCF and operating-cash margins; FCF $441M with operating margin 49% (86th pct)
• Revenue +27% and net income +25% with low leverage (D/E 0.70, 25th pct) — durable, contracted pipeline assets

Risks

• ROE ~9.3% (30th pct) is the soft spot given a large capital base
• Capital-intensive model with rate/volume and refinancing exposure typical of midstream

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗