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Antero Midstream Corp (AM) stock analysis

AMNYSENatural Gas TransmissionFiscal year ends December 31
Financials through Q3 FY2026, quarter ended Sep 30, 2026Last filing: 10-Q on Oct 28, 2026Score 7/3014% below fair value
$20.02+0.24 (+1.21%)

Close on Nov 11, 2026Market cap $9.46BP/E 14.1Yield –

StockData Score

Prices as of Nov 11, 2026How the score works

Value4Growth0Performance1Health1Dividend1

Weak7 of 30 checks passed

Antero Midstream passes 7 of the 30 checks behind our score; 11 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.

Valuation
4/6
Growth
0/6
Past performance
1/6
Financial health
1/6
Dividend
1/6

What stands out

  • Trading below fair value

    The share price of $20.02 is below our fair value estimate of $23.15.

  • Return on capital over 10%

    Return on invested capital was 14.5%, above the 10% that usually covers the cost of capital.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 42.8% of total debt.

  • P/E below its 5-year median

    Antero Midstream's P/E of 14.1 is below its own 5-year median of 18.1.

What to watch

  • Margin of safety under 20%

    The price is 13.5% below fair value, less than the 20% cushion we look for.

  • High debt

    Debt is 142% of shareholders' equity, above the 40% we consider low.

  • Revenue growing under 10% a year

    Revenue grew 8.9% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew 8.1% a year over the last three fiscal years.

Valuation4/6

  • P/E below its 5-year median

    Antero Midstream's P/E of 14.1 is below its own 5-year median of 18.1.

  • P/E below the industry

    Antero Midstream's P/E of 14.1 is below the Gas Production and Distribution median of 17.3.

  • EV/EBITDA below its 5-year median

    Antero Midstream's EV/EBITDA of 12.3 is below its 5-year median of 16.1.

  • P/B above the industry

    Antero Midstream's price-to-book of 4.27 is above the Gas Production and Distribution median of 2.10.

  • Trading below fair value

    The share price of $20.02 is below our fair value estimate of $23.15.

  • Margin of safety under 20%

    The price is 13.5% below fair value, less than the 20% cushion we look for.

Growth0/6

  • Revenue growing under 10% a year

    Revenue grew 8.9% a year over the last three fiscal years, short of the 10% we look for.

  • EPS growing under 10% a year

    Diluted EPS grew 8.1% a year over the last three fiscal years.

  • Earnings acceleration

    Needs positive net income now, a year ago and five years ago.

  • Growing slower than the industry

    Revenue grew 7.3% over the last twelve months; the Gas Production and Distribution median is 13.6%.

  • Guidance lowered

    Antero Midstream lowered its Twelve Months Ended December 31, 2026 Current Income Tax Expense outlook on Oct 28, 2026.

  • Gross margin trend

    This company does not report gross profit.

Past performance1/6

  • Return on equity

    Needs positive equity and five years of results.

  • Return on capital over 10%

    Return on invested capital was 14.5%, above the 10% that usually covers the cost of capital.

  • Return on equity against the industry

    Needs positive equity.

  • Earnings over 5 years

    Needs positive net income five years ago and in the latest year.

  • Net margin against its history

    Needs five years of revenue and net income.

  • Net margin against the industry

    Needs revenue and net income.

Financial health1/6

  • High debt

    Debt is 142% of shareholders' equity, above the 40% we consider low.

  • Debt rising against equity

    Debt to equity rose from 128% five years ago to 142%.

  • Debt covered by cash flow

    Operating cash flow over the last twelve months equals 42.8% of total debt.

  • Interest coverage

    Interest expense is not reported separately.

  • Short-term assets don't cover short-term debts

    Current assets are 0.84 times current liabilities.

  • Bankruptcy risk in the grey zone

    The Altman Z-score is 2.19; above 3 is the safe zone and below 1.8 the distress zone.

Dividend1/6

  • Pays a dividend

    Antero Midstream paid dividends worth 3.4% of the share price over the last twelve months.

  • Yield below Treasuries

    The 3.4% yield is below the 4.4% on a 1-year Treasury.

  • Yield below the top quarter

    The top quarter of US dividend payers yield 3.8% or more; Antero Midstream yields 3.4%.

  • Dividend stability

    Fewer than five years of dividend history.

  • Earnings cover

    Needs dividends paid and net income.

  • Cash-flow cover

    Needs dividends paid and free cash flow.

Scores of similar companies

Fair value

How we estimate it

Our estimate per share

$23.15

The share price is 14% below this estimate.

20%+ below
Near fair value
20%+ above
$20.02Price$23.15Fair value
MethodMultiple usedOwn 5Y medianIndustry medianValue per shareWeight
P/E17.7×18.1×17.3×$25.1140%
EV/EBITDA14.2×16.1×12.3×$24.2335%
P/B2.6×3.2×2.1×$12.4010%
Earnings power7.8% cost of equity––$22.5515%
Fair value$23.15100%

Valuation over time

Using the earnings and balance sheet published at each date, not today's.

  • P/E at month end
  • Own 5-year median 18.1
  • Gas Production and Distribution median 17.3

An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.

Market risk

From the past year of daily prices.

Liquidity

Low risk

Average value traded per day
$60.53M
Value traded per 1% price move
$44.50M

Downside

Low risk

Typical loss in a bad month
9.6%
Volatility (annualized)
23%
Sharpe ratio, 1 year
0.34
Beta to the S&P 500 (5Y)
0.58

Typical bad-month loss, week by week

25%: high

Margins

Share of revenue, fiscal years 2015 to 2025

Operating margin

54.2%+67.3 pts over 5 years

Net margin

–

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