A Business at a Glance
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Antero Midstream Corp
AM
$10.9B
Mkt Cap
$22.75
-1.13%
Antero Midstream Corp (AM) has a current P/E ratio of 26.5, compared to its historical median P/E of 15.2. The stock is currently considered Expensive based on its historical valuation range.
Antero Midstream Corp (AM) has a 5-year average return on invested capital (ROIC) of 8.3%. This is below average and may indicate limited pricing power.
Antero Midstream Corp (AM) has a market capitalization of $10.8B. It is classified as a large-cap stock.
Yes, Antero Midstream Corp (AM) pays a dividend with a trailing twelve-month yield of 4.05%. The company also returns capital through share buybacks, with a buyback yield of 1.15%.
Based on historical P/E analysis, Antero Midstream Corp (AM) appears expensive. The current P/E of 26.5 is 74% above its historical median of 15.2. The estimated fair value CAGR (P/E method) is 37.2%.
Antero Midstream Corp (AM) operates in the Natural Gas Transmission industry, within the Utilities sector.
Antero Midstream Corp (AM) reported annual revenue of $1.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Antero Midstream Corporation is a growth-oriented midstream energy company that owns, operates, and develops gathering systems, compression facilities, water handling and blending facilities, and interests in processing and fractionation plants primarily serving Antero Resources' production in the Appalachian Basin across West Virginia and Ohio. The company operates under a fixed-fee and cost-of-service business model with long-term contracts providing gathering, compression, processing, fractionation, and integrated water services to Antero Resources through 2038 for gas services and 2035 for water services, with minimum volume commitments that limit direct commodity price exposure. Antero Midstream employs a just-in-time capital budgeting approach integrated with Antero Resources' development plans, enabling capital-efficient expansion of its strategically located asset base and consistent free cash flow generation. The company's competitive strengths include an experienced management team, an integrated business model leveraging its relationship with Antero Resources, and a strong balance sheet with a sustainable leverage profile that has been significantly reduced in recent years. Antero Resources maintains a 29% ownership interest in the company, and Antero Midstream operates through two reportable segments: gathering and processing, and water handling, with all operations located in the United States.
【Capital-efficient growth acceleration】 Management expects high single-digit EBITDA growth for the foreseeable future driven by the company's balanced and consistent development program, with 2026 guidance forecasting 8% year-over-year EBITDA growth and 2027 expected to deliver another year of high single-digit EBITDA growth as the company realizes full benefits of the HG Acquisition and integration of the water system. The company is focused on enhancing connectivity within its operating areas, particularly in the dry gas region and newly acquired assets, to provide cost-effective integrated solutions for growing demand for natural gas. Management expects gradual EBITDA growth throughout 2026 driven by increasing gathering and freshwater delivery volumes, with leverage declining toward 3.0 times by year-end 2026 in line with the company's long-term target. The company continues to pursue a balanced capital return program combining debt reduction and share repurchases while maintaining a strong balance sheet, positioning it for capital-efficient growth over the next several years.
| Metric | Target | Period |
|---|---|---|
| Adjusted EBITDA | over $1.2 billion | FY2026 |
| EBITDA growth | 8% year-over-year | FY2026 |
| Free cash flow after dividends | $360 million | FY2026 |
| Free cash flow growth | 11% year-over-year | FY2026 |
| Capital budget | $190 million-$220 million | FY2026 |
| Dividend per share | $0.90 per share | FY2026 |
| Leverage | low 3x range | FY2026 |
| EBITDA growth | high single-digit | FY2027 |
Adjusted EBITDA (FY2026): “For 2026, we are forecasting Adjusted EBITDA of over $1.2 billion from this point, or an 8% increase year-over-year.”
EBITDA growth (FY2026): “For 2026, we are forecasting Adjusted EBITDA of over $1.2 billion from this point, or an 8% increase year-over-year.”
Free cash flow after dividends (FY2026): “we are forecasting to generate free cash flow after dividends of $360 million, or an 11% increase compared to 2025.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate | $750M | $743M | $842M | $926M | $987M | 39% |
Gathering-low pressure | $355M | $369M | $420M | $427M | $451M | 18% |
Compression | $199M | $210M | $247M | $253M | $270M | 11% |
Natural Gas Water Handling and Treatment - Affiliate | $219M | $245M | $269M | $249M | $269M | 11% |
Gathering-high pressure | $208M | $212M | $227M | $246M | $267M | 11% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.2B | 1.2B | 1.1B | 1.0B | 920M | 898M |
| Net Income | 410M | 413M | 400M | 371M | 326M | 331M |
| EPS | $0.86 | $0.86 | $0.83 | $0.77 | $0.68 | $0.69 |
| Free Cash Flow | 0 | 932M | 774M | 779M | 483M | 710M |
| ROIC | 8.5% | 9.2% | 9.1% | 8.3% | 7.2% | 7.5% |
| Gross Margin | - | 66.2% | 70.0% | 79.5% | 80.4% | 82.5% |
| Debt/Equity | 1.89 | 1.63 | 1.47 | 1.49 | 1.53 | 1.37 |
| Dividends/Share | $0.92 | $0.92 | $0.91 | $0.90 | $0.90 | $0.98 |
| Operating Income | 656M | 645M | 659M | 612M | 539M | 555M |
| Operating Margin | 54.2% | 54.2% | 59.6% | 58.7% | 58.6% | 61.8% |
| ROE | 21.2% | 20.2% | 18.8% | 17.1% | 14.5% | 14.1% |
| Shares Outstanding | 475M | 480M | 482M | 482M | 479M | 480M |
| Metric | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||||
| Revenue | 1.3M | 17M | 70M | 143M | 793M | 901M | 898M | 920M | 1.0B | 1.1B | 1.2B | 1.2B |
| Gross Margin | N/A | N/A | N/A | 79.8% | 18.9% | 14.4% | 82.5% | 80.4% | 79.5% | 70.0% | 66.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | N/A | 814K | 41M | 44M | 118M | 52M | 64M | 62M | 71M | 86M | 88M | 87M |
| EBIT | 1.3M | 16M | -41M | -44M | -398M | -118M | 555M | 539M | 612M | 659M | 645M | 656M |
| Op. Margin | 100.0% | 95.2% | -59.0% | -30.7% | -50.3% | -13.1% | 61.8% | 58.6% | 58.7% | 59.6% | 54.2% | 54.2% |
| Net Income | 781K | 9.7M | 6.5M | 61M | -356M | -123M | 331M | 326M | 371M | 400M | 413M | 410M |
| Net Margin | 61.8% | 57.3% | 9.3% | 42.9% | -44.9% | -13.7% | 36.9% | 35.4% | 35.6% | 36.2% | 34.7% | 33.9% |
| Non-Recurring | 0 | 0 | 0 | 0 | 340M | 573M | 1.4M | 6.0M | -5.9M | -391K | 984K | 984K |
| Returns on Capital | ||||||||||||
| ROIC | 140.0% | 94.6% | 50.1% | -93.1% | -11.7% | -2.1% | 7.5% | 7.2% | 8.3% | 9.1% | 9.2% | 8.5% |
| ROE | 140.0% | 179.4% | 50.1% | 264.1% | -22.4% | -4.4% | 14.1% | 14.5% | 17.1% | 18.8% | 20.2% | 21.2% |
| ROA | N/A | 55.9% | 27.5% | 158.5% | -11.2% | -2.1% | 5.9% | 5.7% | 6.4% | 7.0% | 7.1% | 6.4% |
| Cash Flow | ||||||||||||
| Op. Cash Flow | 295K | 9.5M | 28M | 84M | 622M | 753M | 710M | 700M | 779M | 844M | 932M | 972M |
| Free Cash Flow | 295K | 9.5M | 28M | 84M | 355M | 595M | 710M | 483M | 779M | 774M | 932M | 0 |
| Owner Earnings | 295K | 9.5M | -6.9M | 48M | 461M | 583M | 430M | 478M | 541M | 589M | 682M | 106M |
| CapEx | 0 | 0 | 0 | 0 | 267M | 158M | 0 | 217M | 266K | 70M | 0 | 0 |
| Maint. CapEx | 0 | 0 | 0 | 0 | 88M | 158M | 266M | 202M | 207M | 211M | 205M | 822M |
| Growth CapEx | N/A | N/A | N/A | N/A | 180M | 223K | N/A | 14M | 0 | 0 | N/A | 0 |
| D&A | 0 | 0 | 0 | 0 | 88M | 158M | 266M | 202M | 207M | 211M | 205M | 822M |
| CapEx/OCF | N/A | N/A | N/A | N/A | 43.0% | 1.9% | 3.8% | 31.0% | 0.0% | 8.3% | 1.1% | 0.0% |
| Capital Allocation | ||||||||||||
| Dividends Paid | 0 | 0 | 16M | 84M | 492M | 590M | 471M | 433M | 435M | 438M | 439M | 437M |
| Dividend Yield | N/A | N/A | 0.3% | 1.8% | 22.0% | 37.0% | 14.4% | 11.3% | 9.3% | 7.0% | 5.4% | 4.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 126M | 25M | 0 | 0 | 0 | 29M | 135M | 124M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 7.2% | 1.0% | N/A | N/A | N/A | 0.4% | 1.6% | 1.2% |
| Stock-Based Comp | N/A | N/A | 35M | 35M | 74M | 13M | 14M | 20M | 32M | 44M | 46M | 44M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | ||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | 2.9B | 3.1B | 3.1B | 3.4B | 3.2B | 3.1B | 3.0B | 3.7B |
| Cash & Equiv. | 72K | 9.6M | 6.0M | 2.8M | 1.2M | 640K | -640K | 5.5M | 66K | -66K | 180M | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | 2.9B | 3.1B | 3.1B | 3.4B | 3.2B | 3.1B | 3.2B | 3.7B |
| Debt/Equity | N/A | 0.69 | 0.91 | 0.55 | 0.92 | 1.28 | 1.37 | 1.53 | 1.49 | 1.47 | 1.63 | 1.89 |
| Interest Coverage | N/A | N/A | N/A | -322.4 | -3.6 | -0.8 | 3.2 | 2.8 | 2.8 | 36.2 | 23.5 | 17.9 |
| Equity | 558K | 10M | 16M | 31M | 3.1B | 2.4B | 2.3B | 2.2B | 2.2B | 2.1B | 2.0B | 1.9B |
| Total Assets | N/A | 17M | 30M | 48M | 6.3B | 5.6B | 5.5B | 5.8B | 5.7B | 5.8B | 5.9B | 6.4B |
| Total Liabilities | N/A | 7.1M | 14M | 17M | 3.1B | 3.2B | 3.3B | 3.6B | 3.6B | 3.6B | 3.9B | 4.5B |
| Intangibles | N/A | N/A | N/A | N/A | 1.5B | 1.4B | 1.4B | 1.3B | 1.2B | 1.1B | 1.1B | 1.7B |
| Retained Earnings | N/A | N/A | N/A | N/A | -342M | -464M | -132M | 83M | 100M | 91M | 15M | 104M |
| Working Capital | N/A | 2.7M | -8.2M | -14M | -134M | -74K | -30M | -13M | -5.3M | 17M | 268M | -2.3M |
| Current Assets | N/A | 9.8M | 6.0M | 2.9M | 109M | 94M | 84M | 89M | 91M | 118M | 380M | 155M |
| Current Liabilities | N/A | 7.1M | 14M | 17M | 242M | 94M | 114M | 102M | 96M | 101M | 111M | 157M |
| Per Share Data | ||||||||||||
| EPS | N/A | N/A | 0.01 | 0.11 | -0.80 | -0.26 | 0.69 | 0.68 | 0.77 | 0.83 | 0.86 | 0.86 |
| Owner EPS | N/A | N/A | -0.01 | 0.09 | 1.04 | 1.23 | 0.90 | 1.00 | 1.12 | 1.22 | 1.42 | 0.22 |
| Book Value | N/A | N/A | 0.02 | 0.06 | 7.07 | 5.11 | 4.77 | 4.58 | 4.46 | 4.39 | 4.11 | 4.08 |
| Cash Flow/Share | N/A | N/A | 0.04 | 0.15 | 1.40 | 1.59 | 1.48 | 1.46 | 1.62 | 1.75 | 1.94 | 2.59 |
| Dividends/Share | N/A | N/A | 0.02 | 0.15 | 1.11 | 1.25 | 0.98 | 0.90 | 0.90 | 0.91 | 0.92 | 0.92 |
| Shares Out. | N/A | N/A | 648.0M | 557.9M | 444.4M | 473.4M | 479.8M | 479.0M | 482.1M | 482.3M | 479.8M | 475.0M |
| Valuation | ||||||||||||
| P/E Ratio | N/A | N/A | 293.6 | 16.0 | N/A | N/A | 10.5 | 12.8 | 14.4 | 17.1 | 20.4 | 26.4 |
| P/FCF | N/A | N/A | 203.3 | 35.2 | 4.9 | 4.1 | 4.9 | 8.6 | 6.8 | 8.8 | 9.0 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 11.9 | 13.9 | 14.0 | 15.1 | 17.5 | 22.1 |
| Price/Book | N/A | N/A | 121.9 | 82.7 | 0.6 | 1.0 | 1.5 | 1.9 | 2.5 | 3.2 | 4.3 | 5.6 |
| Price/Sales | N/A | N/A | 28.5 | N/A | 2.8 | 1.8 | 3.7 | 4.2 | 4.5 | 5.7 | 6.9 | 8.9 |
| FCF Yield | N/A | N/A | 1.5% | 3.3% | 20.4% | 24.6% | 20.4% | 11.6% | 14.6% | 11.3% | 11.1% | N/A |
| Market Cap | 0 | N/A | 1.9B | 2.6B | 1.7B | 2.4B | 3.5B | 4.2B | 5.3B | 6.8B | 8.4B | 10.8B |
| Avg. Price | 0.00 | N/A | 9.21 | 8.32 | 5.04 | 3.37 | 6.82 | 7.98 | 9.71 | 13.00 | 17.03 | 22.75 |
| Year-End Price | 0.00 | N/A | 8.81 | 5.27 | 3.92 | 5.13 | 7.25 | 8.68 | 11.06 | 14.15 | 17.52 | 22.75 |
Antero Midstream Corp passes 6 of 9 quality checks, suggesting mixed fundamentals.
Antero Midstream Corp trades at 26.5x trailing earnings, compared to its 15-year median P/E of 15.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 11.7x vs a median of 7.7x. The company's 5-year average ROIC is 8.3% with a gross margin of 75.7%. Total shareholder yield (dividends + buybacks) is 5.2%. At current prices, the estimated annualized return to fair value is +17.8%.
Antero Midstream Corp (AM) has a net profit margin of 34.7%. This is a strong margin indicating high profitability.
Antero Midstream Corp (AM) generated $932 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Antero Midstream Corp (AM) has a debt-to-equity ratio of 1.63. This indicates higher leverage, which may increase financial risk.
Antero Midstream Corp (AM) reported earnings per share (EPS) of $0.86 in its most recent fiscal year.
Antero Midstream Corp (AM) has a return on equity (ROE) of 20.2%. This indicates the company generates strong returns for shareholders.
Antero Midstream Corp (AM) has a 5-year average gross margin of 75.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 11 years of financial data for Antero Midstream Corp (AM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Antero Midstream Corp (AM) has a book value per share of $4.11, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects high single-digit EBITDA growth for the foreseeable future driven by the company's balanced and consistent development program, with 2026 guidance forecasting 8% year-over-year EBITDA growth and 2027 expected to deliver another year of high single-digit EBITDA growth as the company realizes full benefits of the HG Acquisition and integration of the water system. The company is focused on enhancing connectivity within its operating areas, particularly in the dry gas region and newly acquired assets, to provide cost-effective integrated solutions for growing demand for natural gas. Management expects gradual EBITDA growth throughout 2026 driven by increasing gathering and freshwater delivery volumes, with leverage declining toward 3.0 times by year-end 2026 in line with the company's long-term target. The company continues to pursue a balanced capital return program combining debt reduction and share repurchases while maintaining a strong balance sheet, positioning it for capital-efficient growth over the next several years.
Based on recent SEC filings and earnings calls, Antero Midstream Corp (AM) has provided the following forward guidance: Adjusted EBITDA: over $1.2 billion (FY2026); EBITDA growth: 8% year-over-year (FY2026); Free cash flow after dividends: $360 million (FY2026); Free cash flow growth: 11% year-over-year (FY2026); Capital budget: $190 million-$220 million (FY2026), plus 3 additional metrics.
Free cash flow growth (FY2026): “we are forecasting to generate free cash flow after dividends of $360 million, or an 11% increase compared to 2025.”
Capital budget (FY2026): “After interest, a capital budget of $190 million-$220 million, and an attractive $0.90 per share dividend”
Dividend per share (FY2026): “After interest, a capital budget of $190 million-$220 million, and an attractive $0.90 per share dividend”
Leverage (FY2026): “This allows us to maintain a strong balance sheet with leverage in the low 3x range.”
EBITDA growth (FY2027): “Looking ahead further to 2027, we expect another year of high single-digit EBITDA growth as we realize the full benefits of the acquisition and synergies”
No recent press releases.