DTM vs KMI: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of September 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: KMI is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DTM and KMI share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DTM and KMI exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

DT Midstream is a U.S. natural gas midstream company that became a standalone public entity in 2021 when it was spun off from DTE Energy. It owns and operates pipelines, gathering systems, compression, and storage that connect major supply basins, principally the Haynesville in Louisiana and the Appalachian region, to utilities, power generators, industrial users, and liquefied natural gas (LNG) export terminals on the Gulf Coast. The business runs across two reporting segments: a Pipeline segment (interstate and intrastate transmission plus storage, including assets like LEAP and Stonewall) and a Gathering segment (including the Blue Union system in the Haynesville), and its revenue is heavily weighted toward long-term, fee-based contracts that reduce direct exposure to natural gas prices.

Full DTM guide

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America, operating over 80,000 miles of pipelines and a portfolio of storage and terminal facilities. Its four business segments are Natural Gas Pipelines (the dominant driver), Products Pipelines, Terminals, and CO2. The Natural Gas Pipelines segment transports roughly 40% of all U.S. natural gas consumption and moves approximately 8 billion cubic feet per day to LNG export facilities, with contracted volumes expected to grow to nearly 12 Bcf per day by end of 2028. The company earns the vast majority of its revenue through long-term, fee-based contracts rather than direct commodity exposure, which gives cash flows a utility-like stability.

Full KMI guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• DTM drivers: LNG and power-demand pull; Haynesville gathering growth.
• KMI drivers: LNG Export Tailwind; Power and Data-Center Demand.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: DTM is concentrated in dry natural gas and two core basins, so a sustained downturn in Haynesville or Appalachian drilling, or weaker gas demand, would pressure volumes and growth. For KMI, kMI carries approximately $32 billion in net debt, and a debt-to-equity ratio of roughly 1.06 is well above the midstream industry average, meaning that higher-for-longer interest rates or any refinancing at elevated costs could add hundreds of millions of dollars in annual interest expense and compress margins.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick DTM if you believe its drivers more; KMI if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the DTM and KMI guides.

DTM. DTM trades at a premium midstream multiple, reflecting its pure-play natural gas focus and visible growth backlog rather than a value profile. Q1 2026 revenue of about $336 million rose roughly 11% year over year, and adjusted EBITDA was about $308 million for the quarter. The company reaffirmed full-year 2026 adjusted EBITDA guidance and offered a higher 2027 outlook, underpinning its dividend-growth framing.

KMI. KMI's P/E of approximately 23 times is modestly above the broader energy sector average but below higher-growth midstream peers such as Williams Companies, which traded at roughly 34 times earnings as of mid-2025. The EV/EBITDA of approximately 13 times reflects the market's recognition of stable, contracted cash flows but also a balance sheet that carries roughly $32 billion in net debt at a Net Debt to Adjusted EBITDA ratio of 3.8 times. Investors in fee-based midstream companies typically weigh dividend yield and distributable cash flow coverage alongside traditional earnings multiples, since GAAP net income can understate actual cash generation at capital-intensive pipeline operators.

Headline figures (approximate, July 2026): DTM shows revenue (ttm) ~$1.3B, q1 2026 revenue ~$336M, adj. ebitda (2026 guide) ~$1.16B to $1.23B, market cap ~$14.5B; KMI shows revenue (q4 2025, quarterly) ~$4.51 billion, revenue (q1 2025, quarterly) ~$4.24 billion, adjusted ebitda (fy 2025) ~$8.3 billion, adjusted ebitda (fy 2026 budget) ~$8.6 billion.

DTM and KMI are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DTM and KMI exposure against your real portfolio. It is not an investment adviser.