What is DT Midstream, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on DT Midstream, Inc.'s reported free cash flow gives $98.49 per share. The share price was $122.28 on September 25, 2026, 24% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 8.5% | 10.0% | $49.19 | -60% |
| Base | 13.5% | 9.0% | $98.49 | -19% |
| Bull | 18.5% | 8.0% | $196.70 | +61% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $136.41 | $148.19 | $162.58 | $180.57 | $203.70 |
| 8.0% | $107.96 | $115.60 | $124.62 | $135.45 | $148.69 |
| 9.0% | $87.25 | $92.47 | $98.49 | $105.52 | $113.83 |
| 10.0% | $71.52 | $75.24 | $79.44 | $84.25 | $89.80 |
| 11.0% | $59.21 | $61.93 | $64.97 | $68.40 | $72.28 |
Where the presets come from
Base: years 1 to 5 grow at DT Midstream, Inc.'s revenue growth rate over the last 4 fiscal years (13.3% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions