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Antero Midstream Corporation

AM Energy Oil & Gas Midstream

Antero Midstream Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 7.43% from fiscal 2024.

Revenue
+10.9%
EPS
+244.9%
Free cash flow
+232.6%
Total debt
+4.82%

Quarter to September 2026, against a year earlier

19.20 0.66 −3.32%
Market cap
$9.1B
P/E
13.4×
Fwd P/E
15.8×
Dividend yield
4.69%
F-score
8/9
Altman Z
1.93
Beneish M
−2.89
Dividend safety
40/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Gathering and Processing
  • Water Handling

Every year since 2019 →

Insider Decisions last twelve months

Sold, $m 5.26
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — — 3 — 2 — — 2 — — —
Insider Ownership 30.94%

Capital & Financial Ratios $m

Size
Market Cap 9,050.00
Revenue ttm 1,265.48
Net income ttm 676.37
Free cash flow ttm 1,541.91
Net debt Q 3,153.70
Valuation
P/E 13.45
Forward P/E 15.80
Price / sales 7.20
Forward P/S Powerpack
Price / FCF 5.91
Price / book 4.11
Financial health
Current ratio Q 0.84 (below 1: weak)
Debt / equity Q 1.42
Interest coverage Q 10.98
Growth
Revenue growth Q +10.92% (above 0%: growing)
Operating income growth Q +208.73% (above 0%: growing)
EPS, this year +66.54% (at or above 15%: strong)
EPS, next year A −10.18% (below 0%: weak)
Revenue, next year A +12.84% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +18.86% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 9.5×, against a ten-year median of 9.5×; over the ten years it ranged from −0.6× in 2017 to 104× in 2017.
P/E against its own 10 years 4.82%
10-year low 10-year high
P/S against its own 10 years 59.85%
10-year low 10-year high
P/B against its own 10 years 67.29%
10-year low 10-year high
EV/Sales against its own 10 years 47.98%
10-year low 10-year high
EV/FCF against its own 10 years 0.04%
10-year low 10-year high

Dividends

Yield
4.69%
Annual rate
0.90
Payout ratio
63.3%
Growth, 2018–26
+8.99%/yr
  1. 0.45 ’18
  2. 1.08 ’19 +139
  3. 1.23 ’20 +14
  4. 0.98 ’21 −20
  5. 0.90 ’22 −8
  6. 0.90 ’23 +0
  7. 0.90 ’24 +0
  8. 0.90 ’25 +0
  9. 0.90 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 0 — 263 —
Receivables 90 116 110 124
Inventory — — — —
Other 2 2 7 3
91 118 380 127
2023 2024 2025 Q'26
Payables 15 16 16 14
ST’ Debt — — — —
Other 1 1 4 11
96 101 111 150

Compound Annual Growth %

10y 5y 3y
Sales — 5.70% 8.91%
Cash Flow 123.86% 4.36% 10.05%
Earnings 87.19% 0.00% 8.20%
Book Value 126.37% (4.00%) (3.47%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.29 Actual 0.82

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.24 0.11 Miss by 0.13
Q1 FY26 0.26 0.25 Miss by 0.01
Q2 FY26 0.27 0.24 Miss by 0.03
Q3 FY26 0.29 0.82 Beat by 0.53
Q4 FY26 0.30 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.25 0.24 0.82 — —
’25 0.25 0.26 0.24 0.11 0.86
’24 0.21 0.18 0.21 0.23 0.83
’23 0.18 0.18 0.20 0.21 0.77
’22 0.17 0.17 0.17 0.17 0.68
’21 0.17 0.17 0.19 0.16 0.69
’20 (0.81) 0.18 0.22 0.16 (0.26)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 314 327 327 — —
’25 291 305 295 297 1,188
’24 279 270 270 287 1,106
’23 259 258 264 260 1,042
’22 218 229 231 242 920
’21 224 233 225 216 898
’20 244 220 233 204 901
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 239 254 600 — —
’25 199 265 213 256 932
’24 211 216 185 233 844
’23 183 186 202 208 779
’22 185 170 177 169 700
’21 166 195 185 164 710
’20 147 241 158 206 753
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 579 202 554 — —
’25 168 228 167 207 770
’24 175 172 129 194 672
’23 141 144 157 154 595
’22 101 92 107 108 406
’21 139 149 103 88 479
’20 79 186 117 176 557
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −6.3% a year for ten years. It grew 72.8% a year over the last ten.

Implied
−6.3%
10 years, reported
72.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 17 — — 793 901 898 920 1,042 1,106 1,188 1,265 +60.4% 1,341 1,463 1,556 +9.4%
Gross margin, % 100.00 — — 75.29 81.64 82.51 80.41 79.54 80.29 80.49 76.88 (19.5) pt
EBT 16 29 99 (458) (178) 449 444 500 549 564 920 +48.4%
EBT margin, % 95.20 0.00 0.00 (57.73) (19.79) 49.96 48.23 48.00 49.60 47.47 72.73 (47.7) pt
Net income 10 2 67 (355) (123) 332 326 372 401 413 676 +51.7%
Per share, $
Per share, $ Revenue 0.00 0.00 0.00 1.79 1.88 1.88 1.92 2.17 2.30 2.49 2.67 n/m
Earnings — 0.01 0.33 (0.80) (0.26) 0.69 0.68 0.77 0.83 0.86 1.43 +69.7%
Cash flow 0.00 0.15 0.45 1.41 1.58 1.49 1.46 1.63 1.76 1.95 2.84 n/m
Capex — 0.00 0.00 (0.89) (0.41) (0.48) (0.61) (0.38) (0.36) (0.34) 0.41 n/m
Free cash flow 0.00 0.15 0.45 0.52 1.17 1.00 0.85 1.24 1.40 1.61 3.25 n/m
Book value 0.00 0.08 0.17 7.10 5.06 4.79 4.58 4.49 4.40 4.13 4.67 n/m
Shares, m — 186 186 443 478 477 478 479 481 478 475 +12.5%
Valuation, ×
Valuation, × P/E 159.29 — — 0.00 0.00 14.03 15.30 16.39 17.96 20.69 13.45 30.5
P/S 0.00 — — 4.24 4.09 5.14 5.49 5.81 6.56 7.15 7.20 4.8
P/B 0.00 — — 1.07 1.52 2.02 2.30 2.81 3.43 4.31 4.11 2.2
EV/Sales (0.63) — — 7.89 7.53 8.62 9.14 8.89 9.35 9.64 9.48 7.6
EV/FCF (1.06) — — 27.13 12.16 16.18 20.70 15.56 15.40 14.88 7.78 15.1
Cash, $m
Cash, $m Operating cash flow 10 28 84 622 753 710 700 779 844 932 1,349 +66.4%
Capex — — — (392) (196) (231) (293) (184) (172) (162) 193 (13.7%)
Free cash flow 10 28 84 230 557 479 406 595 672 770 1,542 +62.9%
Balance, $m
Balance, $m Working capital 3 (8) (14) (134) 0 (30) (13) (5) 17 268 (23) +66.5%
Net debt (10) (6) (3) 2,891 3,091 3,123 3,361 3,213 3,117 2,960 3,154 n/m
Shareholders’ equity 10 16 31 3,143 2,418 2,287 2,192 2,152 2,115 1,972 2,215 +79.4%
Returns, %
Returns, % ROA 105.50 9.87 158.45 (11.23) (2.07) 5.94 5.75 6.44 6.96 7.09 11.21 (98.4) pt
ROIC 1,527.46 (267.21) (97.75) (4.13) (1.33) 6.42 6.07 7.13 7.87 8.17 11.97 (1,519.3) pt
ROE 179.38 17.97 264.14 (22.40) (4.43) 14.07 14.54 17.09 18.76 20.19 31.59 (159.2) pt
People
People Employees — — — 547 522 519 586 604 616 632 — +2.4%
Revenue/emp, $m 0.00 — — 1.45 1.73 1.73 1.57 1.72 1.80 1.88 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Antero Midstream owns and operates energy infrastructure that primarily serves Antero Resources’ natural gas production and well-completion activity in the Appalachian Basin. Its chief executive officer and president is Michael N. Kennedy.

The company gathers natural gas and natural gas liquids from wells through pipelines and uses compressor stations to move them through its system. It also owns interests in plants that process natural gas and separate natural gas liquids into products. These operations form its gathering and processing segment.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Gathering and Processing 950 79.95%
Water Handling 238 20.05%
Gross margin 80.49%
Operating margin 54.25%
Pre-tax margin 47.47%

Revenue by segment since 2019

Antero Midstream Corporation vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WES Western Midstream Partners, LP $16.5B 12.9× 12.5× +25.38% (above 0%: growing) −9.20% (below 0%: shrinking) +44.45% (above 0%: growing) 89.81% 38.65% Compare
VNOM Viper Energy Inc. $14.4B 18.1× 16.7× +58.13% (above 0%: growing) n/m +57.25% (above 0%: growing) 100.00% 60.36% Compare
DTM DT Midstream, Inc. $11.5B 24.4× 26.7× +7.01% (above 0%: growing) +4.92% (above 0%: growing) +40.46% (above 0%: growing) 100.00% 48.51% Compare
FRO Frontline PLC $10.0B 6.7× 5.4× +112.25% (above 0%: growing) +745.71% (above 0%: growing) +155.42% (above 0%: growing) 74.15% 65.92% Compare
AM Antero Midstream Corporation $9.1B 13.4× 15.8× +10.92% (above 0%: growing) +244.92% (above 0%: growing) +232.64% (above 0%: growing) 74.54% 170.39%
KNTK Kinetik Holdings Inc. $8.0B 16.3× 38.9× +22.72% (above 0%: growing) +766.67% (above 0%: growing) +692.49% (above 0%: growing) 34.67% 11.19% Compare
SOBO South Bow Corporation $6.6B 14.4× 19.5× +4.20% (above 0%: growing) +39.13% (above 0%: growing) +48.75% (above 0%: growing) 55.68% 48.90% Compare
HESM Hess Midstream Partners LP $6.3B 10.5× 10.5× −2.57% (below 0%: shrinking) +1.35% (above 0%: growing) +35.38% (above 0%: growing) 100.00% 63.98% Compare
INSW International Seaways Inc. $4.8B 4.5× 4.1× +146.04% (above 0%: growing) +386.01% (above 0%: growing) +323.97% (above 0%: growing) 0.00% 0.00% Compare
Median of peers $9.0B 13.6× 14.6× +24.05% +39.13% +53.00% 81.98% 48.71%

All 57 Oil & Gas Midstream stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 59.96%
Held by the ten largest 33.06%
Holder Shares Stake Change
BlackRock 38.20m 8.05% +1.08m
Vanguard 35.80m 7.54% +77.87k
Invesco 20.75m 4.37% −809.92k
State Street 11.56m 2.44% −34.65k
Geode Capital Management 10.36m 2.18% +461.86k
TORTOISE CAPITAL ADVISORS, L.L.C. 10.18m 2.15% −975.91k
Dimensional Fund Advisors 9.01m 1.90% −6.70k
Neuberger Berman 7.43m 1.57% +162.22k
BNY 6.92m 1.46% −2.21m
Morgan Stanley 6.70m 1.41% +446.72k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 April 2026

Ownership

Directors and executive officers, together 1.10%
Antero Resources 29.30%
BlackRock, Inc. 8.10%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Antero Midstream Corporation (AM) Latest News

29 Oct

Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

28 Oct

Impact 4 · · PR Newswire

25 Oct

Impact 4 · · 24/7 Wall St.

19 Oct

Impact 3 · · Insider Monkey

14 Oct

Impact 3 · · PR Newswire

6 Oct

Impact 3 · · Zacks

8 Aug

Impact 4 ·

7 Aug

Impact 3 · · The Motley Fool transcript

31 Jul

Impact 3 · · MarketBeat

29 Jul

Impact 3 ·
Impact 3 ·

4 May

Impact 3 · · Zacks

1 May

Impact 4 · · Simply Wall St.
Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat

30 Apr

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

29 Apr

Impact 4 · · PR Newswire

14 Mar

Impact 3 · · 24/7 Wall St.

13 Mar

Impact 3 · · Zacks

6 Mar

Impact 3 · · Insider Monkey

16 Feb

Impact 3 · · Insider Monkey

14 Feb

Impact 3 · · Simply Wall St.ZacksZacksSimply Wall St.

12 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 3 · · Zacks

AM metrics, ten years each

stockrow.com/AM · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com