Antero Midstream Corporation (AM) vs Hess Midstream Partners LP (HESM)

Antero Midstream Corporation and Hess Midstream Partners LP are both Oil & Gas Midstream companies. Antero Midstream Corporation is the larger, with a market value of $10.1B against $7.9B — 1.3× the size. Hess Midstream Partners LP trades at the lower P/E: 13.2× against 24.9×. Antero Midstream Corporation grew revenue faster over the last twelve months: 6.87% against 2.78%. Antero Midstream Corporation has the higher net margin (32.4% vs 23.2%) and the lower return on invested capital (7.39% vs 15.4%). Both pay a dividend; Hess Midstream Partners LP yields more (8.10% vs 7.56%). Across the 23 metrics below, Hess Midstream Partners LP leads on 17 and Antero Midstream Corporation on 6.

Valuation

Metric AM HESM Oil & Gas Midstream median
P/E 24.92 13.19 13.19
P/S 8.06 3.04 2.60
P/B 5.11 12.66 2.08
Price to free cash flow 8.61 5.86 10.14
EV/EBITDA 15.10 6.94 8.11
EV/Sales 10.74 5.32 3.89
Earnings yield 4.01% 7.58% 6.83%
Free cash flow yield 11.61% 17.06% 6.94%

Profitability

Metric AM HESM Oil & Gas Midstream median
Gross margin 78.34% 100.00% 58.81%
Operating margin 52.83% 62.06% 32.14%
Net margin 32.36% 23.23% 21.16%
Free cash flow margin 93.59% 51.90% 10.15%
Return on equity 19.80% 83.74% 11.30%
Return on assets 6.60% 8.64% 5.00%
Return on invested capital 7.39% 15.41% 6.13%

Growth

Metric AM HESM Oil & Gas Midstream median
Revenue growth (TTM) 6.87% 2.78% 15.44%
EPS growth (last fiscal year) 3.61% 14.86% —
Revenue growth, 5-year CAGR 5.70% 8.23% 8.96%
Net income growth, 5-year CAGR 0.00% 71.19% 0.00%

Health

Metric AM HESM Oil & Gas Midstream median
Debt to equity 1.83 9.48 0.78
Current ratio 0.84 0.77 1.19
Net debt to EBITDA 3.46 3.05 3.42

Dividend

Metric AM HESM Oil & Gas Midstream median
Dividend yield 7.56% 8.10% 7.29%
Payout ratio — — 0.64

Size

Metric AM HESM Oil & Gas Midstream median
Market cap 10.08b 7.93b 3.61b

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