Antero Midstream Corporation (AM) vs Kinetik Holdings Inc. (KNTK)

Antero Midstream Corporation and Kinetik Holdings Inc. are both Oil & Gas Midstream companies. Antero Midstream Corporation and Kinetik Holdings Inc. are of similar size ($9.5B and $8.7B). Kinetik Holdings Inc. trades at the lower P/E: 19.8× against 24.6×. Kinetik Holdings Inc. grew revenue faster over the last twelve months: 14.2% against 6.87%. Antero Midstream Corporation has the higher net margin (32.4% vs 10.4%) and the higher return on invested capital (7.39% vs 4.47%). Both pay a dividend; Kinetik Holdings Inc. yields more (5.80% vs 4.36%). Across the 22 metrics below, Antero Midstream Corporation leads on 11 and Kinetik Holdings Inc. on 11.

Valuation

Metric AM KNTK Oil & Gas Midstream median
P/E 24.57 19.82 12.77
P/S 7.95 2.20 2.36
P/B 5.04 n/m 2.09
Price to free cash flow 8.49 33.68 9.71
EV/EBITDA 14.95 13.19 8.30
EV/Sales 10.63 4.30 3.88
Earnings yield 4.07% 5.05% 7.15%
Free cash flow yield 11.77% 2.97% 6.86%

Profitability

Metric AM KNTK Oil & Gas Midstream median
Gross margin 78.34% 40.92% 56.58%
Operating margin 52.83% 10.52% 34.18%
Net margin 32.36% 10.41% 22.50%
Free cash flow margin 93.59% 6.54% 13.70%
Return on equity 19.80% (14.28%) 14.65%
Return on assets 6.60% 2.74% 5.00%
Return on invested capital 7.39% 4.47% 6.13%

Growth

Metric AM KNTK Oil & Gas Midstream median
Revenue growth (TTM) 6.87% 14.15% 15.60%
EPS growth (last fiscal year) 3.61% 157.84% (7.86%)
Revenue growth, 5-year CAGR 5.70% 33.88% 9.59%
Net income growth, 5-year CAGR 0.00% 126.35% 0.00%

Health

Metric AM KNTK Oil & Gas Midstream median
Debt to equity 1.83 (3.34) 0.78
Current ratio 0.84 0.68 1.19
Net debt to EBITDA 3.46 6.79 3.42

Dividend

Metric AM KNTK Oil & Gas Midstream median
Dividend yield 4.36% 5.80% 4.54%
Payout ratio 1.07 1.16 0.76

Size

Metric AM KNTK Oil & Gas Midstream median
Market cap 9.46b 8.68b 3.73b

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