Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is DT Midstream, Inc. (DTM) Halal?

PASS

DT Midstream, Inc. · NYSE: DTM · Energy

The short answer

DT Midstream passes all three Shariah gates: it operates natural gas pipelines and storage (not an interest-based lender), carries about $3.32B of interest-bearing debt (27.1% of its ~$12.26 billion market cap), and interest income of about 0.16% of revenue is under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. DT Midstream, Inc., per its FY2025 Form 10-K (year ended December 31, 2025, filed February 2026), is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, and compression, treatment and surface facilities. It reports two segments — Pipeline (interstate and intrastate natural gas pipelines, storage systems, and gathering laterals) and Gathering (gas gathering systems) — transporting natural gas for utilities, power plants, marketers, large industrial customers, and energy producers. The company is headquartered in Detroit, Michigan and was spun off from DTE Energy in July 2021.

It is not an interest-based lender and is not involved in tobacco, gambling, pork, or conventional banking or insurance. The business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (27.1%, ceiling 33%). Per DT Midstream's FY2025 consolidated balance sheet (December 31, 2025, Form 10-K), long-term debt, net is $3,324 million, with zero short-term borrowings outstanding (the $150 million at December 31, 2024 was repaid in full) — total interest-bearing debt of about $3,324 million.

$3,324 million against a market capitalization of about $12.26 billion (thecerbatgem, October 2, 2026; Finnhub XNYS live quote) is about 27.1%, under the 33% ceiling. Cash and cash equivalents of $54 million at December 31, 2025 represent about 0.4% of market capitalization.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.16%, ceiling 5%). DT Midstream's FY2025 results release (Form 8-K, February 2026) separately discloses interest income on its own income-statement line: $2 million of interest income against total revenue of $1,243 million is about 0.16% — under the 5% ceiling (fiscal 2024: $7 million). The most recent annual figure (0.16%) is used for this gate.

Key figures used

Frequently asked questions

What does DT Midstream do?

DT Midstream, Inc. (NYSE: DTM) is an owner, operator and developer of natural gas interstate and intrastate pipelines, storage and gathering systems, and compression, treatment and surface facilities, headquartered in Detroit, Michigan and spun off from DTE Energy in July 2021. Per its FY2025 Form 10-K (year ended December 31, 2025, filed February 2026), it reports two segments - Pipeline (interstate and intrastate natural gas pipelines, storage systems, and gathering laterals) and Gathering (gas gathering systems) - transporting natural gas for utilities, power plants, marketers, large industrial customers, and energy producers. FY2025 operating revenues were $1,243 million.

Is DT Midstream's business Shariah compliant?

DT Midstream is a natural gas pipeline and storage operator - it is not an interest-based lender and is not involved in tobacco, gambling, pork, or conventional banking or insurance. Its customers are utilities, power plants, marketers, large industrial customers, and energy producers using its transportation and storage infrastructure. Assessed on the filed numbers, the business passes this screener's first gate.

How much interest-bearing debt does DT Midstream have?

DT Midstream's FY2025 Form 10-K reports long-term debt, net of $3,324 million at December 31, 2025, with zero short-term borrowings (repaid in full during 2025) - total interest-bearing debt of about $3,324 million. Against a market capitalization of about $12.26 billion (thecerbatgem, October 2, 2026; Finnhub XNYS live quote), that is about 27.1% - under the 33% ceiling. Cash and cash equivalents of $54 million at December 31, 2025 represent about 0.4% of market capitalization.

How much interest income does DT Midstream earn?

DT Midstream's FY2025 results release separately discloses interest income on its own income-statement line: interest income of $2 million against total revenue of $1,243 million is about 0.16% - under the 5% non-compliant income ceiling (fiscal 2024: $7 million). The most recent annual figure (0.16%) is used for this gate.

What do third-party Shariah screeners say about DT Midstream?

Zoya publishes a DTM page citing fiscal 2025 figures ($1,243 million revenue, $2 million interest income, 0.16%) under its AAOIFI methodology, and its September 2026 update indicates Shariah-compliant, though the page text rendered inconsistently in a text fetch so its current rating could not be fully verified from public sources. ShariaPortfolio's screener page for DTM states it is Shariah Compliant, passing 4 of 5 Shariah standards. I could not verify a Musaffa rating page for DTM from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).