DTMDT Midstream, Inc.

Natural Gas Transmission

Revenue: $1.2B; 27% YoY
Operating margin: 49.4%; 0.9% YoY
EBITDA: $872M; 25% YoY
Market cap: $12.7B
Employees: 588; $2M revenue each
Net debt / EBITDA: 3.6×; $3.1B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
197% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
37% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
8% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 61st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 16th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.7B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$6K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$840M	$920M	$922M	$981M	$1.2B	27%
Operating income	$402M	$478M	$471M	$489M	$614M	26%
Net income	$307M	$370M	$384M	$354M	$441M	25%
Operating cash flow	$572M	$725M	$798M	$763M	$867M	14%
Capex	$140M	$338M	$772M	$350M	$426M	22%
Stock-based comp	$12M	$17M	$20M	$23M	$26M	13%
Buybacks	$0	$3M	$0	—	—
Dividends	$58M	$244M	$263M	$280M	$324M	16%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $266K · 4
Open-market sells, 12 mo: $272K · 1
Net: −$6K

Pay vs performance

No pay-versus-performance disclosure yet.