Antero Midstream Corporation (AM) vs Frontline PLC (FRO)

Antero Midstream Corporation and Frontline PLC are both Oil & Gas Midstream companies. Frontline PLC is the larger, with a market value of $11.7B against $9.5B — 1.2× the size. Frontline PLC trades at the lower P/E: 7.9× against 24.6×. Frontline PLC grew revenue faster over the last twelve months: 63.5% against 6.87%. Frontline PLC has the higher net margin (49.4% vs 32.4%) and the higher return on invested capital (19.4% vs 7.39%). Both pay a dividend; Frontline PLC yields more (10.3% vs 4.36%). Across the 23 metrics below, Frontline PLC leads on 19 and Antero Midstream Corporation on 4.

Valuation

Metric AM FRO Oil & Gas Midstream median
P/E 24.57 7.87 12.77
P/S 7.95 3.88 2.36
P/B 5.04 3.71 2.09
Price to free cash flow 8.49 6.91 9.71
EV/EBITDA 14.95 8.47 8.30
EV/Sales 10.63 4.58 3.88
Earnings yield 4.07% 12.71% 7.15%
Free cash flow yield 11.77% 14.47% 6.86%

Profitability

Metric AM FRO Oil & Gas Midstream median
Gross margin 78.34% 66.67% 56.58%
Operating margin 52.83% 54.14% 34.18%
Net margin 32.36% 49.37% 22.50%
Free cash flow margin 93.59% 56.19% 13.70%
Return on equity 19.80% 53.85% 14.65%
Return on assets 6.60% 24.94% 5.00%
Return on invested capital 7.39% 19.35% 6.13%

Growth

Metric AM FRO Oil & Gas Midstream median
Revenue growth (TTM) 6.87% 63.48% 15.60%
EPS growth (last fiscal year) 3.61% (23.77%) (7.86%)
Revenue growth, 5-year CAGR 5.70% 10.05% 9.59%
Net income growth, 5-year CAGR 0.00% (1.69%) 0.00%

Health

Metric AM FRO Oil & Gas Midstream median
Debt to equity 1.83 0.77 0.78
Current ratio 0.84 1.87 1.19
Net debt to EBITDA 3.46 3.03 3.42

Dividend

Metric AM FRO Oil & Gas Midstream median
Dividend yield 4.36% 10.25% 4.54%
Payout ratio 1.07 0.81 0.76

Size

Metric AM FRO Oil & Gas Midstream median
Market cap 9.46b 11.70b 3.73b

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