Latest Ratios: P/E Ratio 25.7x · EV/EBITDA 15.9x · ROE 20.2%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.5B | $8.6B | $7.3B | $6.0B | $5.2B | $4.6B | $3.7B | $3.4B | $2.1B | $3.7B | — |
| Enterprise Value | $13.5B | $11.6B | $10.4B | $9.3B | $8.5B | $7.8B | $6.8B | $6.3B | $2.1B | $3.7B | — |
| P/E Ratio → | 25.67 | 20.69 | 18.18 | 16.27 | 15.87 | 14.03 | — | — | 4.74 | 505.64 | — |
| P/S Ratio | 8.33 | 6.81 | 6.22 | 5.43 | 5.23 | 4.80 | 3.80 | 3.95 | 2.04 | — | — |
| P/B Ratio | 5.40 | 4.35 | 3.46 | 2.81 | 2.36 | 2.03 | 1.52 | 1.07 | 67.89 | — | — |
| P/FCF | 13.62 | 11.14 | 12.17 | 10.16 | 28.17 | 9.75 | 6.19 | 9.46 | 25.08 | 130.75 | — |
| P/OCF | 11.25 | 9.20 | 8.68 | 7.76 | 7.41 | 6.55 | 4.89 | 5.40 | 25.08 | 130.75 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.23 | 8.87 | 8.32 | 8.62 | 8.02 | 6.98 | 7.36 | 2.03 | — | — |
| EV / EBITDA | 15.92 | 13.68 | 12.00 | 11.31 | 11.52 | 10.58 | 109.64 | — | 3.73 | — | — |
| EV / EBIT | 20.99 | 15.87 | 13.82 | 12.91 | 13.48 | 12.45 | — | — | — | — | — |
| EV / FCF | — | 15.09 | 17.35 | 15.56 | 46.44 | 16.29 | 11.38 | 17.61 | 25.05 | 130.53 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.3% | 65.3% | 63.6% | 62.3% | 61.4% | 65.3% | 64.5% | 59.0% | 56.6% | — | 55.7% |
| Operating Margin | 51.2% | 51.2% | 56.0% | 55.0% | 54.5% | 57.3% | -12.1% | -46.9% | 59.1% | — | 2.7% |
| Net Profit Margin | 32.8% | 32.8% | 34.1% | 33.4% | 32.9% | 34.2% | -12.6% | -41.8% | 43.1% | — | 1.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.2% | 20.2% | 18.8% | 17.1% | 14.6% | 14.1% | -4.4% | -22.4% | 3330.7% | 34.3% | 100.4% |
| ROA | 7.0% | 7.0% | 6.9% | 6.4% | 5.8% | 5.9% | -2.1% | -11.2% | 1143.9% | 9.9% | 105.5% |
| ROIC | 9.4% | 9.4% | 9.3% | 8.4% | 7.4% | 7.6% | -1.5% | -9.9% | 5121.7% | -7.3% | 1.6% |
| ROCE | 11.2% | 11.2% | 11.5% | 10.8% | 9.7% | 10.1% | -2.0% | -13.1% | 2614.9% | -317.9% | 288.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.63 | 1.63 | 1.47 | 1.49 | 1.53 | 1.37 | 1.28 | 0.92 | — | — | 47.72 |
| Debt / EBITDA | 3.79 | 3.79 | 3.58 | 3.93 | 4.53 | 4.25 | 50.01 | — | — | — | 7.33 |
| Net Debt / Equity | — | 1.54 | 1.47 | 1.49 | 1.53 | 1.37 | 1.28 | 0.92 | -0.09 | — | 47.18 |
| Net Debt / EBITDA | 3.58 | 3.58 | 3.58 | 3.93 | 4.53 | 4.25 | 50.00 | — | -0.01 | — | 7.24 |
| Debt / FCF | — | 3.95 | 5.18 | 5.40 | 18.27 | 6.55 | 5.19 | 8.14 | -0.03 | -0.21 | — |
| Interest Coverage | 3.85 | 3.85 | 3.65 | 3.30 | 3.34 | 3.56 | -0.21 | -3.14 | 9.81 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.41 | 3.41 | 1.17 | 0.95 | 0.87 | 0.74 | 1.00 | 0.45 | 0.17 | 0.42 | 1.38 |
| Quick Ratio | 3.41 | 3.41 | 1.17 | 0.95 | 0.87 | 0.74 | 1.00 | 0.45 | 0.17 | 0.42 | 1.46 |
| Cash Ratio | 1.62 | 1.62 | — | 0.00 | — | — | 0.01 | 0.01 | 0.17 | 0.42 | 1.35 |
| Asset Turnover | — | 0.21 | 0.20 | 0.19 | 0.17 | 0.17 | 0.17 | 0.14 | 21.56 | — | 33.98 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 31.79 | 35.72 | 29.39 | 32.30 | 31.22 | 34.50 | 45.37 | — | — | 0.13 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 5.1% | 6.0% | 7.2% | 8.4% | 10.1% | 16.0% | 14.8% | 4.1% | 0.9% | — |
| Payout Ratio | 106.3% | 106.3% | 109.2% | 117.1% | 132.7% | 142.1% | — | — | 19.5% | 1363.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 4.8% | 5.5% | 6.1% | 6.3% | 7.1% | — | — | 21.1% | 0.2% | — |
| FCF Yield | 7.3% | 9.0% | 8.2% | 9.8% | 3.5% | 10.3% | 16.1% | 10.6% | 4.0% | 0.8% | — |
| Buyback Yield | 1.3% | 1.6% | 0.4% | 0.1% | 0.1% | 0.1% | 0.7% | 3.7% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 5.4% | 6.7% | 6.4% | 7.3% | 8.5% | 10.2% | 16.7% | 18.5% | 4.1% | 0.9% | — |
| Shares Outstanding | — | $482M | $485M | $482M | $480M | $480M | $478M | $443M | $187M | $186M | $186M |
Upstream partner production concentration
According to recent market data, Antero Midstream trades at a forward EV/EBITDA of 13.24, which represents a notable premium compared to regional peers like Hess Midstream, suggesting that investors are pricing in the durability of its captive, fee-based gathering model within the Appalachian Basin's core production zones.
The current valuation multiples appear to reflect a market preference for the company's integrated, low-risk service model rather than pure-play commodity exposure. While the forward P/E of 21.04 may seem elevated, it likely incorporates the stability of cash flows derived from long-term minimum volume commitments that insulate the company from short-term price volatility.
Based on reported financial figures, Antero Midstream's ROIC has remained consistently low, hovering between 2.2% and 2.8% over the last ten quarters, which indicates that the company's massive investment in gathering and compression infrastructure has yet to generate returns that significantly exceed its underlying cost of capital.
The persistent gap between high gross margins and low ROIC suggests that the capital-intensive nature of the midstream business model requires substantial, ongoing reinvestment just to maintain existing throughput. Investors should monitor whether future capital discipline and the transition to a self-funding model can eventually drive a meaningful expansion in these return metrics.
As reported in quarterly filings, Antero Midstream maintains a stable DSO profile averaging approximately 33 days, which suggests that the company's billing and collection processes for its gathering and water handling services remain highly predictable despite the inherent complexities of managing a large-scale, basin-wide infrastructure network.
The consistency in DSO indicates that the company's primary customer, Antero Resources, remains a reliable counterparty, effectively mitigating the risk of payment delays. This operational efficiency is a critical component of the company's ability to maintain its dividend payout while simultaneously funding necessary maintenance and growth capital expenditures.
Based on the provided balance sheet data, Antero Midstream's debt-to-EBITDA ratio has fluctuated between 12.73 and 15.35, a range that warrants careful scrutiny as it suggests a high degree of leverage relative to earnings, even if interest coverage ratios remain generally stable at approximately 3.0x to 4.5x.
While the interest coverage appears sufficient to meet current obligations, the high debt-to-EBITDA levels indicate that the company has limited room for operational error or significant declines in throughput. The reliance on debt to fund historical infrastructure expansion remains a key factor that investors must weigh against the company's current commitment to debt reduction.
As noted in industry research, the P/E ratio is frequently misapplied to Antero Midstream, as it fails to account for the massive non-cash depreciation charges inherent in midstream infrastructure, which significantly distort net income and obscure the company's true ability to generate distributable cash flow for shareholders.
Analysts should prioritize Distributable Cash Flow (DCF) or EV/EBITDA over P/E to better capture the economic reality of the business. Relying on earnings-based multiples risks underestimating the company's cash-generating capacity, which is the primary driver of its dividend sustainability and long-term value proposition.
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying AM stock.
Antero Midstream Corporation's current P/E ratio is 25.7x. The historical average is 15.0x. This places it at the 100th percentile of its historical range.
Antero Midstream Corporation's current EV/EBITDA is 15.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
Antero Midstream Corporation's return on equity (ROE) is 20.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 24.4%.
Based on historical data, Antero Midstream Corporation is trading at a P/E of 25.7x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Antero Midstream Corporation's current dividend yield is 4.12% with a payout ratio of 106.3%.
Antero Midstream Corporation has 65.3% gross margin and 51.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Antero Midstream Corporation's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.