AM
Antero Midstream Corp
Next earnings Jul 28, 2026 · consensus $0.29 EPS, $337M rev
Last earnings +1.1% on 2026-04-29
$22.46
▼ -1.49%$22.46▲ +24.75%
over 1Y
L $16.29H $23.36
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-1.5%
1W-1.0%
1M+5.9%
3M-0.2%
YTD+28.0%
1Y+24.7%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 16 analysts
Sell
High-margin Appalachian gas midstream with a fat dividend, but full valuation, rising leverage and Antero dependence cap upside.
Net income $413M · FY2025
The read
Middling fundamentals and a rich price (~28% above fair value) leave little margin of safety — a wait-and-see.
Antero Midstream owns gathering, compression, processing and water-handling assets serving Antero Resources in the Appalachian Basin. The fee-based model produces excellent margins — 54.2% operating margin and 34.8% net margin — and steady growth: FY2025 revenue rose 7.4% to $1.19B and net income 3.1% to $413M, extending a consistent five-year uptrend. ROE is a healthy 21.0%, operating cash flow grew 10.5% to $932M, and the company funds a large dividend ($439M) plus $135M of buybacks.
The portfolio is in transition. The 10-K details a $1.1B HG Midstream acquisition (core Marcellus gathering/water assets, closed February 2026) funded with new 5.75% 2034 Notes and credit-facility borrowings, partly offset by a $400M Utica Shale divestiture whose proceeds repay debt. Long-term debt already sits at $3.22B (+3.4%) against $1.97B equity, so leverage is meaningful at 1.98x liabilities/equity and the HG deal adds more before the divestiture and cash flow work it down.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 4:48 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $898M | $920M | $1.04B | $1.11B | $1.19B |
| Gross profit | — | — | — | — | — |
| Operating income | $555M | $539M | $612M | $659M | $645M |
| Net income | $332M | $326M | $372M | $401M | $413M |
| Diluted EPS | $0.69 | $0.68 | $0.77 | $0.83 | $0.86 |
| Net margin | 36.9% | 35.5% | 35.7% | 36.2% | 34.8% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$13.7B
EV / EBITDA18.2
EV / Sales11.5
EV / FCF15.9
P / FCF12.4
PEG (trailing)8.53
Earnings yield3.9%
FCF yield8.1%
Quality & risk
ROIC (est.)9.8%
Free cash flow$862M
Total debt$3.22B
Net cash-$3.04B
Altman Z-Score2.26 grey
Piotroski F-Score7/8
Capital returns
Buyback yield1.3%
Dividend yield (est.)4.1%
Shareholder yield5.4%
Shares Δ YoY-1.2%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRoutine disclosure cadence — no material red flags in recent filings.
Recent filings
all on EDGAR ↗8-KPeriod ending 2026-06-032026-06-04open ↗8-KPeriod ending 2026-05-122026-05-12open ↗4Period ending 2026-05-042026-05-04open ↗4Period ending 2026-05-042026-05-04open ↗144Filing2026-05-04open ↗144Filing2026-05-04open ↗8-KPeriod ending 2026-04-292026-04-29open ↗10-QPeriod ending 2026-03-312026-04-29open ↗ARSPeriod ending 2025-12-312026-04-23open ↗DEFA14AFiling2026-04-23open ↗DEF 14APeriod ending 2026-06-032026-04-23open ↗4Period ending 2026-04-102026-04-14open ↗
Frequently asked
- Is Antero Midstream Corp (AM) a buy?
- AM currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. High-margin Appalachian gas midstream with a fat dividend, but full valuation, rising leverage and Antero dependence cap upside.
- What is AM's fair value?
- A Modified-Graham model based on AM's SEC fundamentals estimates a fair value of about $16.26. It is an estimate from reported earnings, not a price target.
- Is AM overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, AM currently appears overvalued relative to its SEC-grounded earnings power.
- What is Antero Midstream Corp's quality score?
- AM scores 72.159672716616/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001623925, latest 10-Q filed 2026-04-29) · EODHD · Proprietary analysis · as of 6/21/2026, 8:48:23 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.