Antero Midstream Corporation

Natural Gas Transmission

AMStrained10 of 11 basics passed

$21.09

-0.47%

Market cap $10.0B

$21.09

-0.47%

Market cap $10.0B

Antero Midstream Corp is a midstream company that owns, operates, and develops midstream energy assets that service Antero Resources' production and completion activity in the Appalachian Basin, located in West Virginia and Ohio.

It is a $10.0B utility company. Revenue grew 6.9% over the last year, it keeps 32¢ of every dollar of sales as profit, and its net debt equals ~3.9 years of free cash flow. It trades at 25.0× earnings — near the highest of its own history.

Website: anteromidstream.com
Location: Denver, CO
Employees: 632
Sector: Utilities
Founded: 2002

Share price · 3 years

$12.22 → $21.09+72.6%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.23B
Profit: keeps 32¢ of every $1 sold; $400M
Free cash flow: cash left after running the business; $776M
Net debt: debt minus cash on hand; $3.04B
P/E: years of profit in the price; 25.0
EPS: earnings per share, TTM; $0.83
Dividend: pays out 109% of profit · 56% of FCF; 4.36%
Shares: up 9% since 2019 — dilution; 482.2M
Volatility: beta vs the market — under 1 swings less; 0.71

Revenue, last 9 years

52-week range

Low $17.15$21.09High $23.60

Today's price is 61% of the way from the year's low to its high.

P/E vs its history5y

25.1×median 17.7×

Higher than 92% of past days — near the highest of its own history.

Valuation vs own history

P/E

25.1×

P/S

7.8×

17%

EV/EBITDA

20.1×

P/B

5.1×

12%

FCF yield

7.7%

28%

Share of the last ~5 years that was pricier than today (unusually expensive vs its own history). Based on the daily valuation record.

Insider activity · 90 days

-$459Knet selling

Purchases$0

Sales$459K

Insiders trading, last 14d0 buy · 0 sell

Standing in Utilities

Size$10.0Btop 98%
Revenue growth+9%top 16%
Net margin32%top 1%
Return on equity20%top 19%
P/E25.0×top 83%
Dividend yield4.36%top 15%

Ranked against 44 Utilities companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability; Valuation, Growth, Health and Moat lag behind.

Valuation44

P/E vs own history92th pct · 0/25
FCF yield7.7% · 20/25
P/S8.1x · 12/25
EV/EBITDA17.5x · 12/25

Growth49

Revenue CAGR7.3% · 12/25
Net income CAGR5.7% · 12/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth42.6% · 25/25

Profitability82

ROIC8.2% · 12/25
ROE20.2% · 20/25
Net margin32.4% · 25/25
Operating margin51.6% · 25/25

Health24

Altman Zn/a · 0/25
Current ratio0.84 · 6/25
Interest coverage8.6x · 18/25
Net cash / debtD/A 52% · 0/25

Quality53

Piotroski F7/9 · 22/25
Beneish M-0.97 · 6/25
FCF conversion194% · 25/25
Margin stabilityσ 37.9% · 0/25

Moat25

ROIC >12% years0/7 yrs · 0/25
Median gross marginn/a · 0/25
FCF-positive years7/7 yrs · 25/25
Worst-year net marginworst -44.8% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$413M net income
FY2023Financial
Revenue crossed $1B
$1.04B for the year
FY2017Financial
First recorded profitable year
$2.33M net income
FY2017Financial
Positive free cash flow every year since
9-year streak
2017Acquisition
The company acquired assets in the Utica Shale from Rex Energy for $30 million
2016Acquisition
The company acquired assets in the Marcellus Shale from Statoil for $96 million
2013IPO
The company became a public company via an initial public offering, raising $1.5 billion
2002Founded
The company was founded in 2002 by Paul M

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$21 153 today — price return only

$1.2B revenue in FY2025

Revenue up 6.9% year over year

Profitable 5 years in a row

Positive free cash flow 9 years in a row

632 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (80.5%)
Strongly profitable — 32.4% net margin
Strong cash conversion — FCF is 62.9% of revenue
Interest covered 8.6× by operating earnings
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Loss-making in 2 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+6.9% YoY
Profitable — makes more than it spends$400M TTM
Profit growing — earnings are higher than last year+8.1% YoY
Generates cash — cash left after running and investing$776M TTM
Debt under control — could handle its obligations~3.9y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$10.0B market cap
Not printing shares — share count not ballooning — you keep your slice+0.8% shares over ~5y
Proven track record — years of profitability behind it7/9 profitable years
Financially stable — balance sheet not near distresshealth score 24/100
Pays a dividend — returns cash to shareholdersyield 4.36%
Valuation not extreme — price not wildly above earningsP/E 25.0

Peer comparisonAntero Midstream Corporation vs 6 largest utilities peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
AM this company	$10.0B	25.0	+6.9%	32.4%	Strained
NEE NextEra Energy, Inc.	$161.3B	17.4	+10.8%	32.4%	Strained
CEG Constellation Energy Corporation	$105.8B	30.5	+26.0%	11.1%	Strained
SO The Southern Company	$99.1B	21.3	+6.4%	15.4%	Strained
DUK Duke Energy Corporation	$90.9B	17.3	+6.3%	15.8%	Strained
WMB Williams Companies Inc.	$89.2B	29.0	+8.7%	25.2%	Strained
KMI Kinder Morgan, Inc.	$72.4B	20.9	+12.5%	19.3%	Strained

Head-to-head: AM vs NEE · AM vs CEG · AM vs SO

References

What covering analysts publish about the company — information only, not a recommendation.

Hold 9Sell 4Strong sell 3

Appendix · Financial records

The full statements behind this CV, FY2017–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.23B · net income $400M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

RevenueNet income

Revenue (TTM)

$1.23B

YoY 6.9%

Net income (TTM)

$400M

Margin 32.4%

Gross margin

80.5%

Operating margin

51.6%

P/E ratio

25.0

Dividend yield

4.36%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.9	0.9	0.9	1.0	1.1	1.2
Gross profit	—	—	—	—	—	—
Operating income (EBIT)	-0.1	0.6	0.5	0.6	0.7	0.6
Net income	-0.1	0.3	0.3	0.4	0.4	0.4
EPS (diluted)	-0.26	0.69	0.68	0.77	0.83	0.86

Cash flowFree cash flow $776M · operating cash flow $961M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$776M

Margin 62.9%

Operating cash flow (TTM)

$961M

FCF margin

62.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.8	0.7	0.7	0.8	0.8	0.9
Capital expenditure	-0.2	-0.2	-0.3	-0.2	-0.2	-0.2
Free cash flow	0.6	0.5	0.4	0.6	0.7	0.8
FCF margin	66.1%	53.1%	43.6%	57.1%	60.7%	64.8%

Balance sheetAssets $5.88B · net debt $3.04B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $5.88B of assets is financed

66%

34%

Liabilities $3.91B — borrowed moneyEquity $1.97B — owners' stake

Cash vs debt

Total debt $3.22B − cash $180M = net debt $3.04B

Cash on hand covers 6% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

8.6x

EBIT ÷ interest expense

ROE

20.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.0	—	—	0.0	—	0.2
Total assets	5.6	5.5	5.8	5.7	5.8	5.9
Total liabilities	3.2	3.3	3.6	3.6	3.6	3.9
Total debt	3.1	3.1	3.4	3.2	3.1	3.2
Equity	2.4	2.3	2.2	2.2	2.1	2.0
Net debt	3.1	—	—	3.2	—	3.0

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of AM on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $21.09 · market cap $10.0B.