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Antero Midstream Corporation(AM)Earnings, Financials & Key Ratios
AM•NYSE
$22.08
25.7× P/E·Price updated Jul 6, 2026
AboutAntero Midstream Corporation owns, operates, and develops midstream energy infrastructure. It operates through Gathering and Processing, and Water Handling segments. The Gathering and Processing segment includes a network of gathering pipelines and compressor stations that collects and processes production from Antero Resources' wells in West Virginia and Ohio. The Water Handling segment delivers fresh water; and offers pumping stations, water storage, and blending facilities. The company was incorporated in 2013 and is headquartered in Denver, Colorado.Show more
- Revenue$1.26B+7.0%
- EBITDA$850M-2.3%
- Net Income$413M+3.1%
- EPS (Diluted)0.86+3.6%
- Gross Margin65.3%+2.7%
- EBITDA Margin67.48%-8.7%
- Operating Margin51.2%-8.6%
- Net Margin32.81%-3.7%
- ROE20.22%+7.6%
AM Price & Volume
Antero Midstream Corporation (AM) stock price & volume — 10-year historical chart
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Stable Fee-Based Infrastructure Drives Consistent Returns
Investment Thesis • Updated 2026Q1
VerdictNeutral
Growth:Stable
Profitability:Strong
Financial:Healthy
Cash Flow:Robust
Primary Risk:Upstream partner production concentration
Key Thesis Takeaways
- Antero Midstream leverages a resilient, fee-based gathering and processing model in the Appalachian Basin to generate reliable cash flows, as evidenced by consistent gross margins exceeding 60%.
- While the company maintains a disciplined approach to capital allocation and dividend payments, investors should monitor the high concentration of production from its primary upstream partner and the significant $1.7B goodwill balance.
- Future performance appears tied to the company's ability to manage its $3.7B debt load while balancing infrastructure expansion against volatile capital expenditure requirements.
Verdict Logic
while the company demonstrates robust cash conversion with free cash flow margins reaching 120% in 2024Q4, the high EV/EBITDA multiple of 16.54 and significant debt-to-EBITDA ratio of 15.35 warrant a cautious valuation approach.
AM Growth Metrics
Antero Midstream Corporation (AM) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years12.51%
5 Years5.33%
3 Years8.32%
TTM8.14%
Profit CAGR
10 Years87.22%
5 Years-
3 Years8.19%
TTM-1.68%
EPS CAGR
10 Years70.26%
5 Years-
3 Years8.14%
TTM-1.15%
Return on Capital
10 Years262.34%
5 Years10.67%
3 Years11.17%
Last Year11.16%
AM Recent Earnings
Antero Midstream Corporation (AM) EPS & revenue vs analyst estimates — last 4 quarters
●Beat EPS 2/12 qtrs (17%)●Beat Revenue 12/12 qtrs (100%)
Q2 2026Latest
Apr 29, 2026Metric
Actual
Est
EPS
$0.25-3.8%
$0.26
Rev
$314M+0.9%
$311M
Q1 2026
Feb 11, 2026Metric
Actual
Est
EPS
$0.11-54.2%
$0.24
Rev
$297M+0.3%
$296M
Q4 2025
Oct 29, 2025Metric
Actual
Est
EPS
$0.24-4.0%
$0.25
Rev
$312M+6.8%
$292M
Q3 2025
Jul 30, 2025Metric
Actual
Est
EPS
$0.26+5.3%
$0.25
Rev
$323M+7.7%
$300M
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $0.25vs $0.26-3.8% | $314Mvs $311M+0.9% |
| Q1 2026 | Feb 11, 2026 | $0.11vs $0.24-54.2% | $297Mvs $296M+0.3% |
| Q4 2025 | Oct 29, 2025 | $0.24vs $0.25-4.0% | $312Mvs $292M+6.8% |
| Q3 2025 | Jul 30, 2025 | $0.26vs $0.25+5.3% | $323Mvs $300M+7.7% |
Based on last 12 quarters of dataView full earnings history →
Peers Comparison
Key metrics vs top competitors for Antero Midstream Corporation (AM)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $22.08 | $10.49B | 25.67 | 6.99% | 32.81% | 20.22% | 4.12% | |
| $38.18 | $7.89B | 13.35 | 8.67% | 22.65% | 84.47% | — | |
| $52.61 | $2.8B | 15.94 | 7.73% | 16% | 1917.1% | — | |
| $43.69 | $17.2B | 14.56 | 6.61% | 29.9% | 33.79% | — | |
| $263.52 | $56.56B | 30.93 | 3.06% | 12.98% | 70.77% | — | |
| $32.56 | $24.72B | 14.47 | -49.62% | 25.71% | 11.26% | — |
Compare AM vs Peers
Antero Midstream Corporation (AM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
AM SEC Filings & Documents
Antero Midstream Corporation (AM) SEC filings — annual & quarterly reports (10-K, 10-Q)
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AM Frequently Asked Questions
Antero Midstream Corporation (AM) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Antero Midstream Corporation's revenue?
Antero Midstream Corporation (AM) reported $1.29B in revenue for fiscal year 2025. This represents a 232% increase from $387.3M in 2015.
How fast is Antero Midstream Corporation growing?
Antero Midstream Corporation (AM) grew revenue by 7.0% over the past year. This is steady growth.
Is AM profitable?
Yes, Antero Midstream Corporation (AM) is profitable, generating $410.7M in net income for fiscal year 2025 (32.8% net margin).
Dividend & Returns
Does AM pay dividends?
Yes, Antero Midstream Corporation (AM) pays a dividend with a yield of 4.12%. This makes it attractive for income-focused investors.
What is AM's return on equity?
Antero Midstream Corporation (AM) has a return on equity (ROE) of 20.2%. This is excellent, indicating efficient use of shareholder capital.
What is Antero Midstream Corporation's free cash flow?
Antero Midstream Corporation (AM) generated $916.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.