Antero Midstream Corporation (AM) vs Western Midstream Partners, LP (WES)

Antero Midstream Corporation and Western Midstream Partners, LP are both Oil & Gas Midstream companies. Western Midstream Partners, LP is the larger, with a market value of $16.5B against $9.1B — 1.8× the size. Western Midstream Partners, LP trades at the lower P/E: 12.9× against 13.4×. Western Midstream Partners, LP grew revenue faster over the last twelve months: 22.3% against 7.34%. Antero Midstream Corporation has the higher net margin (53.4% vs 0.00%) and the higher return on invested capital (12.0% vs 8.19%). Both pay a dividend; Western Midstream Partners, LP yields more (9.25% vs 4.69%). Across the 23 metrics below, Antero Midstream Corporation leads on 12 and Western Midstream Partners, LP on 11.

Valuation

Metric AM WES Oil & Gas Midstream median
P/E 13.45 12.86 11.68
P/S 7.20 3.61 2.39
P/B 4.11 3.80 1.68
Price to free cash flow 5.91 14.07 8.52
EV/EBITDA 9.50 10.16 9.03
EV/Sales 9.48 5.60 3.43
Earnings yield 7.44% 7.78% 7.78%
Free cash flow yield 16.93% 7.11% 7.11%

Profitability

Metric AM WES Oil & Gas Midstream median
Gross margin 76.88% 90.96% 54.87%
Operating margin 81.25% 38.54% 34.73%
Net margin 53.41% 0.00% 20.12%
Free cash flow margin 121.84% 45.63% 14.43%
Return on equity 31.59% 0.00% 11.73%
Return on assets 11.21% 0.00% 4.43%
Return on invested capital 11.97% 8.19% 6.10%

Growth

Metric AM WES Oil & Gas Midstream median
Revenue growth (TTM) 7.34% 22.29% 14.88%
EPS growth (last fiscal year) 3.61% (25.87%) (7.78%)
Revenue growth, 5-year CAGR 5.70% 6.75% 10.05%
Net income growth, 5-year CAGR 0.00% 17.48% 0.00%

Health

Metric AM WES Oil & Gas Midstream median
Debt to equity 1.42 2.11 0.77
Current ratio 0.84 0.81 1.19
Net debt to EBITDA 3.46 3.37 3.46

Dividend

Metric AM WES Oil & Gas Midstream median
Dividend yield 4.69% 9.25% 4.94%
Payout ratio 0.63 1.20 0.73

Size

Metric AM WES Oil & Gas Midstream median
Market cap 9.05b 16.47b 3.56b

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