Antero Midstream Corporation
Antero Midstream Corporation’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 7.43% from fiscal 2024. In the quarter to June 2026, revenue grew 7.13%, EPS fell 7.69%, free cash flow fell 11.8% and total debt rose 17.9%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for three, operating cash flow growth for three.
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Antero Midstream Corporation (AM) Altman Z-score
Antero Midstream Corporation's Altman Z-score for fiscal 2025 is 1.93, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.93 | 0.14 |
| FY2024 | 1.79 | 0.23 |
| FY2023 | 1.56 | 0.22 |
| FY2022 | 1.34 | 0.04 |
| FY2021 | 1.30 | 0.64 |
| FY2020 | 0.67 | 0.21 |
| FY2019 | 0.46 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.05 | — | 0.05 | |
| Retained earnings / total assets | 0.00 | — | 0.00 | |
| EBIT / total assets | 0.11 | — | 0.36 | |
| Market value of equity / total liabilities | 2.17 | — | 1.30 | |
| Sales / total assets | 0.20 | — | 0.20 | |
| Altman Z-score | Grey zone | 1.93 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.57 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| INSW International Seaways Inc. compare | 3.4× |
| AM Antero Midstream Corporation | 1.9× |
| DTM DT Midstream, Inc. compare | 1.8× |
| FRO Frontline PLC compare | 1.8× |
| VNOM Viper Energy Inc. compare | 1.5× |
| SOBO South Bow Corporation compare | 0.9× |
| CMBT CMB.TECH nv compare | 0.8× |
| KNTK Kinetik Holdings Inc. compare | 0.3× |
| HESM Hess Midstream Partners LP compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets