Is DT Midstream, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for DT Midstream, Inc. has moved from expensive to very expensive, indicating an overvaluation. The company is assessed as overvalued based on its P/E ratio of 29, a price-to-book value of 2.37, and an EV to EBITDA ratio of 18.98. In comparison, peers such as Western Midstream Partners LP and Plains All American Pipeline LP exhibit much more attractive valuations with P/E ratios of 11.04 and 9.78, respectively.
Despite a strong 1-year return of 26.35%, which outperformed the S&P 500's 14.08%, the high valuation ratios suggest that DT Midstream, Inc. may not sustain such performance in the long term. The current metrics indicate that investors may be paying a premium for the stock relative to its peers and the overall market.