Antero Midstream Corporation (AM) vs Viper Energy Inc. (VNOM)

Antero Midstream Corporation and Viper Energy Inc. are both Oil & Gas Midstream companies. Viper Energy Inc. is the larger, with a market value of $15.0B against $10.1B — 1.5× the size. Antero Midstream Corporation trades at the lower P/E: 24.9× against 292×. Viper Energy Inc. grew revenue faster over the last twelve months: 107.8% against 6.87%. Antero Midstream Corporation has the higher net margin (32.4% vs 2.89%) and the higher return on invested capital (7.39% vs 1.32%). Both pay a dividend; Antero Midstream Corporation yields more (7.56% vs 6.49%). Across the 22 metrics below, Antero Midstream Corporation leads on 13 and Viper Energy Inc. on 9.

Valuation

Metric AM VNOM Oil & Gas Midstream median
P/E 24.92 292.36 13.19
P/S 8.06 3.89 2.60
P/B 5.11 0.77 2.08
Price to free cash flow 8.61 10.38 10.14
EV/EBITDA 15.10 9.28 8.11
EV/Sales 10.74 4.86 3.89
Earnings yield 4.01% 0.34% 6.83%
Free cash flow yield 11.61% 9.63% 6.94%

Profitability

Metric AM VNOM Oil & Gas Midstream median
Gross margin 78.34% 100.00% 58.81%
Operating margin 52.83% 12.30% 32.14%
Net margin 32.36% 2.89% 21.16%
Free cash flow margin 93.59% 37.43% 10.15%
Return on equity 19.80% 0.62% 11.30%
Return on assets 6.60% 0.54% 5.00%
Return on invested capital 7.39% 1.32% 6.13%

Growth

Metric AM VNOM Oil & Gas Midstream median
Revenue growth (TTM) 6.87% 107.84% 15.44%
EPS growth (last fiscal year) 3.61% (112.57%) —
Revenue growth, 5-year CAGR 5.70% 40.96% 8.96%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric AM VNOM Oil & Gas Midstream median
Debt to equity 1.83 0.16 0.78
Current ratio 0.84 6.37 1.19
Net debt to EBITDA 3.46 4.65 3.42

Dividend

Metric AM VNOM Oil & Gas Midstream median
Dividend yield 7.56% 6.49% 7.29%
Payout ratio — — 0.64

Size

Metric AM VNOM Oil & Gas Midstream median
Market cap 10.08b 14.96b 3.61b

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