A Business at a Glance
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Items 1 and 2. Business and Properties Antero Midstream Corporation together with its consolidated subsidiaries (“Antero Midstream,” the “Company,” “we,” “us” or “our”) is a growth-oriented midstream energy company formed to own, operate and develop midstream energy assets that primarily service Antero Resources’ production and completion activity in the Appalachian Basin located in West Virginia and Ohio. Our assets consist of gathering systems and compression facilities, water handling and blending facilities and interests in processing and fractionation plants. We conduct our operations and own our operating assets and ownership interests in the Joint Venture and Stonewall through Antero Midstream Partners and its subsidiaries, all of which are wholly-owned. Additionally, Antero Resources has a 29% ownership interest in us as of December 31, 2025.
| 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 | 413M | 413M | 400M | 371M | 326M | 331M |
| EPS | $0.86 | $0.86 | $0.83 | $0.77 | $0.68 | $0.69 |
| Free Cash Flow | 862M | 862M | 774M | 779M | 483M | 710M |
| ROIC | 9.4% | 9.2% | 9.1% | 8.3% | 7.2% | 7.5% |
| Gross Margin | 66.2% | 66.2% | 70.0% | 79.5% | 80.4% | 82.5% |
| Debt/Equity | 1.63 | 1.63 | 1.47 | 1.49 | 1.53 | 1.37 |
| Dividends/Share | $0.92 | $0.92 | $0.91 | $0.23 | $0.23 | $0.23 |
| Operating Income | 645M | 645M | 659M | 612M | 539M | 555M |
| Operating Margin | 54.2% | 54.2% | 59.6% | 58.7% | 58.6% | 61.8% |
| ROE | 20.9% | 20.2% | 18.8% | 17.1% | 14.5% | 14.1% |
| Shares Outstanding | 480M | 480M | 482M | 482M | 479M | 480M |
Antero Midstream Corp passes 7 of 9 quality checks, indicating strong fundamentals.
Antero Midstream Corp trades at 24.7x 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 10.9x 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 5.6%. At current prices, the estimated annualized return to fair value is +22.8%.
Antero Midstream Corp (AM) has a current P/E ratio of 24.7, 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 $10.2B. It is classified as a large-cap stock.
Yes, Antero Midstream Corp (AM) pays a dividend with a trailing twelve-month yield of 4.31%. The company also returns capital through share buybacks, with a buyback yield of 1.32%.
Based on historical P/E analysis, Antero Midstream Corp (AM) appears expensive. The current P/E of 24.7 is 63% above its historical median of 15.2. The estimated fair value CAGR (P/E method) is 36.6%.
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 Corp (AM) has a net profit margin of 34.7%. This is a strong margin indicating high profitability.
Antero Midstream Corp (AM) generated $862 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.
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