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Side-by-side financial comparison of DT Midstream, Inc. (DTM) and NorthWestern Energy Group, Inc. (NWE), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
NorthWestern Energy Group, Inc. is the larger business by last-quarter revenue ($414.3M vs $317.0M, roughly 1.3× DT Midstream, Inc.). DT Midstream, Inc. runs the higher net margin — 35.0% vs 10.8%, a 24.2% gap on every dollar of revenue. On growth, DT Midstream, Inc. posted the faster year-over-year revenue change (27.3% vs 10.9%). DT Midstream, Inc. produced more free cash flow last quarter ($30.0M vs $-93.7M). Over the past eight quarters, DT Midstream, Inc.'s revenue compounded faster (14.9% CAGR vs -6.6%).
Oneok, Inc. ONE-oak, stylized as ONEOK, is an American oil and gas midstream operator headquartered in Tulsa, Oklahoma. It provides the oil and gas industry with gathering, processing, fractionation, transportation, and storage services. The company is part of the Fortune 500 and S&P 500. Oneok was founded as Oklahoma Natural Gas Company in 1906, but it changed its corporate name to Oneok in 1980.
NorthWestern Energy Group, Inc. is a utility company that serves South Dakota, Nebraska, and Montana that is based in Sioux Falls. As of 2019, the company serves approximately 718,000 customers. The company's corporate headquarters are located in Sioux Falls while the headquarters for the South Dakota operations are in Huron, South Dakota.
DTM vs NWE — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $317.0M | $414.3M |
| Net Profit | $111.0M | $44.7M |
| Gross Margin | — | — |
| Operating Margin | 49.2% | 14.5% |
| Net Margin | 35.0% | 10.8% |
| Revenue YoY | 27.3% | 10.9% |
| Net Profit YoY | 52.1% | -44.5% |
| EPS (diluted) | $1.07 | $0.72 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $317.0M | $414.3M | ||
| Q3 25 | $314.0M | $387.0M | ||
| Q2 25 | $309.0M | $342.7M | ||
| Q1 25 | $303.0M | $466.6M | ||
| Q4 24 | $249.0M | $373.5M | ||
| Q3 24 | $248.0M | $345.2M | ||
| Q2 24 | $244.0M | $319.9M | ||
| Q1 24 | $240.0M | $475.3M |
| Q4 25 | $111.0M | $44.7M | ||
| Q3 25 | $115.0M | $38.2M | ||
| Q2 25 | $107.0M | $21.2M | ||
| Q1 25 | $108.0M | $76.9M | ||
| Q4 24 | $73.0M | $80.6M | ||
| Q3 24 | $88.0M | $46.8M | ||
| Q2 24 | $96.0M | $31.7M | ||
| Q1 24 | $97.0M | $65.1M |
| Q4 25 | 49.2% | 14.5% | ||
| Q3 25 | 49.4% | 20.7% | ||
| Q2 25 | 50.2% | 17.7% | ||
| Q1 25 | 48.8% | 26.7% | ||
| Q4 24 | 45.4% | 24.6% | ||
| Q3 24 | 49.2% | 19.7% | ||
| Q2 24 | 53.3% | 19.3% | ||
| Q1 24 | 51.7% | 21.5% |
| Q4 25 | 35.0% | 10.8% | ||
| Q3 25 | 36.6% | 9.9% | ||
| Q2 25 | 34.6% | 6.2% | ||
| Q1 25 | 35.6% | 16.5% | ||
| Q4 24 | 29.3% | 21.6% | ||
| Q3 24 | 35.5% | 13.6% | ||
| Q2 24 | 39.3% | 9.9% | ||
| Q1 24 | 40.4% | 13.7% |
| Q4 25 | $1.07 | $0.72 | ||
| Q3 25 | $1.13 | $0.62 | ||
| Q2 25 | $1.04 | $0.35 | ||
| Q1 25 | $1.06 | $1.25 | ||
| Q4 24 | $0.73 | $1.31 | ||
| Q3 24 | $0.90 | $0.76 | ||
| Q2 24 | $0.98 | $0.52 | ||
| Q1 24 | $0.99 | $1.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $54.0M | $8.8M |
| Total DebtLower is stronger | — | $3.3B |
| Stockholders' EquityBook value | $4.7B | $2.9B |
| Total Assets | $10.1B | $8.5B |
| Debt / EquityLower = less leverage | — | 1.14× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $54.0M | $8.8M | ||
| Q3 25 | $98.0M | $6.2M | ||
| Q2 25 | $74.0M | $2.9M | ||
| Q1 25 | $83.0M | $56.0M | ||
| Q4 24 | $68.0M | $4.3M | ||
| Q3 24 | $77.0M | $2.5M | ||
| Q2 24 | $73.0M | $6.4M | ||
| Q1 24 | $41.0M | $4.2M |
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $3.4B | $3.0B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $4.7B | $2.9B | ||
| Q3 25 | $4.7B | $2.9B | ||
| Q2 25 | $4.7B | $2.9B | ||
| Q1 25 | $4.6B | $2.9B | ||
| Q4 24 | $4.6B | $2.9B | ||
| Q3 24 | $4.2B | $2.8B | ||
| Q2 24 | $4.2B | $2.8B | ||
| Q1 24 | $4.2B | $2.8B |
| Q4 25 | $10.1B | $8.5B | ||
| Q3 25 | $10.1B | $8.3B | ||
| Q2 25 | $10.0B | $8.1B | ||
| Q1 25 | $9.9B | $8.1B | ||
| Q4 24 | $9.9B | $8.0B | ||
| Q3 24 | $8.6B | $7.9B | ||
| Q2 24 | $9.0B | $7.7B | ||
| Q1 24 | $9.0B | $7.6B |
| Q4 25 | — | 1.14× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.72× | 1.05× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $161.0M | $56.2M |
| Free Cash FlowOCF − Capex | $30.0M | $-93.7M |
| FCF MarginFCF / Revenue | 9.5% | -22.6% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | 41.3% | 36.2% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.45× | 1.26× |
| TTM Free Cash FlowTrailing 4 quarters | $441.0M | $-130.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $161.0M | $56.2M | ||
| Q3 25 | $274.0M | $126.7M | ||
| Q2 25 | $185.0M | $58.2M | ||
| Q1 25 | $247.0M | $153.4M | ||
| Q4 24 | $152.0M | $62.8M | ||
| Q3 24 | $205.0M | $120.0M | ||
| Q2 24 | $165.0M | $62.3M | ||
| Q1 24 | $241.0M | $161.7M |
| Q4 25 | $30.0M | $-93.7M | ||
| Q3 25 | $131.0M | $-26.9M | ||
| Q2 25 | $104.0M | $-70.6M | ||
| Q1 25 | $176.0M | $61.3M | ||
| Q4 24 | $62.0M | $-85.9M | ||
| Q3 24 | $124.0M | $-33.2M | ||
| Q2 24 | $84.0M | $-76.3M | ||
| Q1 24 | $143.0M | $52.9M |
| Q4 25 | 9.5% | -22.6% | ||
| Q3 25 | 41.7% | -6.9% | ||
| Q2 25 | 33.7% | -20.6% | ||
| Q1 25 | 58.1% | 13.1% | ||
| Q4 24 | 24.9% | -23.0% | ||
| Q3 24 | 50.0% | -9.6% | ||
| Q2 24 | 34.4% | -23.9% | ||
| Q1 24 | 59.6% | 11.1% |
| Q4 25 | 41.3% | 36.2% | ||
| Q3 25 | 45.5% | 39.7% | ||
| Q2 25 | 26.2% | 37.6% | ||
| Q1 25 | 23.4% | 19.7% | ||
| Q4 24 | 36.1% | 39.8% | ||
| Q3 24 | 32.7% | 44.4% | ||
| Q2 24 | 33.2% | 43.3% | ||
| Q1 24 | 40.8% | 22.9% |
| Q4 25 | 1.45× | 1.26× | ||
| Q3 25 | 2.38× | 3.31× | ||
| Q2 25 | 1.73× | 2.74× | ||
| Q1 25 | 2.29× | 1.99× | ||
| Q4 24 | 2.08× | 0.78× | ||
| Q3 24 | 2.33× | 2.56× | ||
| Q2 24 | 1.72× | 1.97× | ||
| Q1 24 | 2.48× | 2.48× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
DTM
| Pipeline Segment | $173.0M | 55% |
| Gathering Segment | $144.0M | 45% |
NWE
| Electricity Us Regulated | $315.3M | 76% |
| Other Tariff Based Revenue | $50.5M | 12% |
| Transmission Customers | $28.4M | 7% |
| Industrial Customers | $11.0M | 3% |
| Other Customers | $6.1M | 1% |
