AM Stock Analysis: Antero Midstream | NYSE
Oil & Gas Midstream | NYSE, USA | Market Cap: 9.849m USD | 12M Return: 28.2% | US03676B1026 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 52.2M
EPS Trend: 87.2%
Qual. Beats: 1
Rev. Trend: 99.5%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 9.4 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Antero Midstream Corporation (NYSE: AM) is a midstream energy company that owns, operates, and develops infrastructure assets in the Appalachian Basin, headquartered in Denver, Colorado and founded in 2002. The company operates through two reportable segments: Gathering and Processing, and Water Handling.
The Gathering and Processing segment consists of a network of gathering pipelines and compressor stations that collect natural gas and natural gas liquids (NGLs) from Antero Resources wells located in West Virginia and Ohio. As a midstream provider, Antero sits between upstream production and downstream markets, performing services such as gas gathering, compression, and processing that are essential for moving hydrocarbons from the wellhead to market.
The Water Handling segment sources water from the Ohio River, local reservoirs, and other regional waterways, and provides fluid transfer, disposal, and transportation services for flowback and produced water generated by upstream operations. This segment also includes buried and surface pipelines, water storage facilities, pumping stations, and blending facilities. Water management has become an increasingly critical part of shale production, as hydraulic fracturing operations require large volumes of water and produce significant quantities of produced water that must be handled responsibly.
Listed on the NYSE under the ticker AM with a mid-cap market capitalization and an IPO date of November 2014, Antero Midstream operates as a dedicated midstream service provider, with Antero Resources serving as its primary customer and anchor producer in the Appalachian Basin.
- Antero Resources production growth drives gathering volumes higher
- Low commodity prices pressure throughput and segment margins
- Water Handling segment expands with Antero Resources drilling activity
- Drop-down and capital allocation strategy from Antero Resources
- Regulatory risks from Appalachian Basin pipeline and water disposal rules
| Net Income: 676.4m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.20 > 0.02 and ΔFCF/TA 1.55 > 1.0 |
| NWC/Revenue: -1.76% < 20% (prev 1.87%; Δ -3.63% < -1%) |
| CFO/TA 0.21 > 3% & CFO 1.35b > Net Income 676.4m |
| Net Debt (3.07b) to EBITDA (1.36b): 2.27 < 3 |
| Current Ratio: 0.84 > 1.5 & < 3 |
| Outstanding Shares: last quarter (477.1m) vs 12m ago -0.98% < -2% |
| Gross Margin: 62.48% > 18% (prev 64.96%; Δ -2.48% > 0.5%) |
| Asset Turnover: 22.01% > 50% (prev 21.86%; Δ 0.16% > 0%) |
| Interest Coverage Ratio: 5.44 > 6 (EBIT TTM 1.13b / Interest Expense TTM 207.3m) |
| A: -0.00 (Total Current Assets 127.0m - Total Current Liabilities 150.3m) / Total Assets 6.34b |
| B: 0.06 (Retained Earnings 370.4m / Total Assets 6.34b) |
| C: 0.19 (EBIT TTM 1.13b / Avg Total Assets 6.03b) |
| D: 0.54 (Book Value of Equity 2.21b / Total Liabilities 4.13b) |
| Altman-Z'' = 1.99 = BBB |
| DSRI: 1.05 (Receivables 124.4m/111.3m, Revenue 1.33b/1.25b) |
| GMI: 1.04 (GM 64.96% / 62.48%) |
| AQI: 1.18 (AQ_t 0.35 / AQ_t-1 0.30) |
| SGI: 1.06 (Revenue 1.33b / 1.25b) |
| TATA: -0.11 (NI 676.4m - CFO 1.35b) / TA 6.34b) |
| Beneish M = -2.81 (Cap -4..+1) = A |
As of October 30, 2026, the stock is trading at USD 21.52 with a total of 6,032,463 shares traded. Over the past week, the price has changed by +5.54%, over one month by +7.42%, over three months by +1.08% and over the past year by +28.22%.
Current recommended Stop Loss: 20.50 (which is 4.7% or 2 ATR below the current price).
Antero Midstream has received a consensus analysts rating of 3.13. Therefore, it is recommended to hold AM.
- StrongBuy: 1
- Buy: 0
- Hold: 6
- Sell: 1
- StrongSell: 0
| Analysts Target Price | 24 | 11.5% |
P/E Trailing = 25.0
P/E Forward = 12.9199
P/S = 7.5036
P/B = 5.1484
P/EG = 1.17
Revenue TTM = 1.33b USD
EBIT TTM = 1.13b USD
EBITDA TTM = 1.36b USD
Long Term Debt = 3.15b USD (from longTermDebt, last quarter)
Short Term Debt = 15.2m USD (from shortTermDebt, last quarter)
Debt = 3.26b USD (from shortLongTermDebtTotal, last quarter) + Leases 50.7m
Net Debt = 3.07b USD (calculated: Debt 3.26b - CCE 180.4m)
Enterprise Value = 12.9b USD (9.85b + Debt 3.26b - CCE 180.4m)
Interest Coverage Ratio = 5.44 (Ebit TTM 1.13b / Interest Expense TTM 207.3m)
EV/FCF = 10.30x (Enterprise Value 12.9b / FCF TTM 1.26b)
FCF Yield = 9.71% (FCF TTM 1.26b / Enterprise Value 12.9b)
FCF Margin = 94.57% (FCF TTM 1.26b / Revenue TTM 1.33b)
Net Margin = 50.96% (Net Income TTM 676.4m / Revenue TTM 1.33b)
Gross Margin = 62.48% ((Revenue TTM 1.33b - Cost of Revenue TTM 497.9m) / Revenue TTM)
Gross Margin QoQ = 62.93% (prev 58.66%)
Tobins Q-Ratio = 2.04 (Enterprise Value 12.9b / Total Assets 6.34b)
Interest Expense / Debt = 6.37% (Interest Expense 207.3m / Debt 3.26b)
Taxrate = 26.51% (244.0m / 920.4m)
NOPAT = 828.7m (EBIT 1.13b * (1 - 26.51%))
Current Ratio = 0.84 (Total Current Assets 127.0m / Total Current Liabilities 150.3m)
Debt / Equity = 1.47 (Debt 3.26b / totalStockholderEquity, last quarter 2.21b)
Debt / EBITDA = 2.27 (Net Debt 3.07b / EBITDA 1.36b)
Debt / FCF = 2.45 (Net Debt 3.07b / FCF TTM 1.26b)
Total Stockholder Equity = 2.02b (last 4 quarters mean from totalStockholderEquity)
RoA = 11.22% (Net Income 676.4m / Total Assets 6.34b)
RoE = 33.53% (Net Income TTM 676.4m / Total Stockholder Equity 2.02b)
RoCE = 21.81% (EBIT 1.13b / Capital Employed (Equity 2.02b + L.T.Debt 3.15b))
RoIC = 13.50% (NOPAT 828.7m / Invested Capital 6.14b)
WACC = 6.18% (E(9.85b)/V(13.1b) * Re(6.67%) + D(3.26b)/V(13.1b) * Rd(6.37%) * (1-Tc(0.27)))
Discount Rate = 6.67% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -93.58 | Cagr: -0.71%
[DCF] Terminal Value 77.97% ; FCFF base≈1.17b ; Y1≈1.34b ; Y5≈1.97b
[DCF] Fair Price = 56.12 (EV 29.7b - Net Debt 3.07b = Equity 26.6b / Shares 474.7m; r=8.35% [WACC [floored]]; 5y FCF grow 15.0% → 2.50% )
EPS Correlation: 87.24 | EPS CAGR: 18.89% | SUE: 4.0 | # QB: 1
Revenue Correlation: 99.48 | Revenue CAGR: 6.88% | SUE: -0.63 | # QB: 0
EPS current Quarter (2027-03-31): EPS=0.32 | Chg30d=+0.80% | Revisions=+29% | Analysts=4
EPS current Year (2026-12-31): EPS=1.39 | Chg30d=+6.51% | Revisions=-25% | GrowthEPS=+23.7% | GrowthRev=+12.8%
EPS next Year (2027-12-31): EPS=1.61 | Chg30d=+8.22% | Revisions=-25% | GrowthEPS=+16.4% | GrowthRev=+9.2%
[Analyst] Revisions Ratio: +0% (up=3, down=3)