Loading…
US midstream company gathering, compressing and treating water for natural gas and NGLs almost exclusively for parent Antero Resources.
US midstream company gathering, compressing and treating water for natural gas and NGLs almost exclusively for parent Antero Resources.
Gets paid fixed fees per unit of gas gathered or compressed and water delivered, under long contracts covering Antero Resources' acreage, so income follows Antero's drilling and production rather than gas prices. The 2019 merger of Antero Midstream's partnership and its general partner into one corporation ended the incentive payments to the general partner.
Moat: narrow (switching costs, installed base). Dedicated, long-term acreage contracts with Antero Resources lock in most of its volumes.
Headquarters: Denver, Colorado, US · Founded: 2013 · Employees: 632
Size Antero Midstream (AM) is a United States Energy company (Oil & Gas Pipelines) with a market value of $8.97B, the 831st largest of 3,117 United States companies the cockpit tracks. Shares closed at $18.98 on 6 Nov 2026.
Performance Over six months the shares fell 9.3%, against +0.4% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 13 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +11.9%); the operating margin is 54.8% (peer median 27.4%).
Valuation It trades at 15.1× forward earnings against a peer median of 14.7× (6th most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.2 points above its cost of capital (7.6% WACC).
Credit Antero Midstream has 1 bond outstanding ($650M), rated BB+ by the agencies and trading like BB+ at a weighted spread of 162 bp.
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.35B | $1.26B | $1.18B | $1.11B | $991M |
| Revenue growth | — | +7% | +6% | +12% | — |
| Gross profit | $829M | $822M | $748M | $692M | $608M |
| EBITDA | $968M | $937M | $871M | $826M | $744M |
| Net income | $676M | $413M | $401M | $372M | $326M |
| Free cash flow | $1.16B | $770M | $602M | $595M | $184M |
| Capital expenditure | $184M | $162M | $242M | $184M | $516M |
| Total debt | $3.20B | $3.22B | $3.12B | $3.21B | $3.36B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Antero Midstream AM | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% |
| DT Midstream DTM | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% |
| Williams Companies WMB | $80.1B | -10% | +10% | 37% | 24.9× | n/a |
| Mplx LP MPLX | $56.6B | +4% | +7% | 38% | 12.0× | 2.7% |
| Kinetik KNTK | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AM | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.4% | -7.9% | 4th lowest of 13 |
| 6-month return | -9.3% | +0.4% | 4th lowest of 13 |
| Distance from 52-week high | -20.4% | -18.7% | 6th lowest of 13 |
| Revenue growth (TTM) | +8.0% | +11.9% | 4th lowest of 13 |
| Operating margin | 54.8% | 27.4% | 2nd highest of 13 |
| Forward P/E | 15.1× | 14.7× | 6th most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 2.5% | 10.7% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +5.3% | +12.2% | 3rd lowest of 10 |
| Hurdle (Req g minus delivered) | -2.8 pp | -5.4 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | +3.2 pp | -1.4 pp | 3rd highest of 13 |
| EV / EBITDA | 12.6× | 16.2× | 4th cheapest of 11 |
| Net debt / EBITDA | 3.3× | 4.7× | 4th least indebted of 13 |
| Bond spread | 162 bp | 110 bp | 2nd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Antero Midstream AM | United States | $8.97B | -9% | +8% | 55% | 15.1× | 2.5% | +5.3% |
| Kinetik KNTK | United States | $7.92B | +3% | +10% | 9% | 25.1× | 33.0% | +63.6% |
| Keyera KEY.TO | Canada | $10.6B | 0% | 0% | 11% | 17.4× | n/a | n/a |
| DT Midstream DTM | United States | $11.6B | -20% | +13% | 50% | 23.5× | 12.4% | +10.5% |
| South Bow SOBO.TO | Canada | $6.54B | -8% | -26% | 24% | 16.5× | 13.9% | -25.8% |
| Plains GP Holdings LP PAGP | United States | $5.10B | +11% | +9% | 3% | 14.7× | 2.6% | +13.4% |
| Western Midstream Partners, LP WES | United States | $16.5B | -8% | +18% | 39% | 9.9× | 3.2% | +8.6% |
| Plains All American Pipeline, L.P PAA | United States | $16.9B | +10% | +9% | 3% | 13.9× | 6.5% | +13.4% |
| Golar LNG GLNG | United States | $4.40B | -23% | +95% | 46% | n/a | n/a | n/a |
| Delek Logistics Partners LP DKL | United States | $2.99B | +1% | +30% | 15% | 11.8× | 13.0% | +12.2% |
| Pembina Pipeline PPL.TO | Canada | $28.3B | +11% | 0% | 31% | 22.2× | 10.7% | +5.2% |
| Venture Global VG | United States | $28.8B | +1% | +101% | 38% | 6.3× | n/a | n/a |
| Rockpoint Gas Storage RGSI.TO | Canada | $2.26B | -16% | +15% | 75% | 8.7× | -3.8% | +21.7% |
Antero Midstream has 1 bond outstanding with $650M face value. The agencies rate it BB+; its bonds trade like BB+. Weighted yield 6.33%, a spread of 162 bp over government bonds.