Antero Midstream (AM) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Antero Midstream

NYSE•Energy•Oil & Gas Midstream

$22.39-0.45(-0.02%)Market open

Market Cap

$10.09B

P/E

25.2x

P/S

8.2x

P/B

5.2x

Antero Midstream Corporation owns, operates, and develops midstream energy assets in the Appalachian Basin. It operates in two segments, Gathering and Processing, and Water Handling. The gathering and processing segment includes a network of gathering pipelines and compressor stations that collect and process natural gas and NGLs from Antero Resources' wells in West Virginia and Ohio. The Water Handling segment delivers water from sources, including the Ohio River, local reservoirs, and various regional waterways; other fluid handling services, which include transfer and disposal; uses water handling systems to transport flowback and produced water; and buried pipelines, surface pipelines, and water storage facilities, as well as pumping stations and blending facilities. Antero Midstream Corporation was founded in 2002 and is headquartered in Denver, Colorado.

How this company scores

GoodMetricSide Score: 64/100

Strongest: Cash & Earnings Quality (23/25); weakest: Balance Sheet & Red Flags (10/25).

Profitability16/25

Growth15/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality23/25

Strengths

Strong marginsHigh ROECash-backed earningsConsistent free cash flow

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 25.2x5y range 18.2x – 26.7x

Currently near its 19-quarter median.

P/S · 8.2x5y range 6.3x – 9.0x

Currently near its 20-quarter median.

P/B · 5.2x5y range 3.1x – 5.7x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 13.6% — watch for continued compression, which may signal competitive or cost pressure.

Leverage Risk

Watch

Debt-to-equity has risen 26.5% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $10.09B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.23B
Q. Revenue: $327.24M
TTM EBITDA: $871.08M
TTM Op. Income: $651.52M
Q. Op. Income: $181.91M
TTM Net Income: $399.69M
Q. Net Income: $113.52M
EPS: $0.24
Shares Out.: $474.91M

$1.23B in TTM revenue grew 6.9% YoY, reaching $327.24M last quarter. TTM EBITDA of $871.08M and TTM operating income of $651.52M show growth is flowing through to the bottom line. TTM net income of $399.69M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 74.0%
Op. Margin: 55.6%
Net Margin: 34.7%

Op. margin of 55.6% is down 5.4% YoY — costs are rising relative to revenue. Net margin at 34.7% Over the past year, operating margin is down 9% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 25.2x
P/S Ratio: 8.2x
P/B Ratio: 5.2x

At 25.2x P/E, the stock trades within typical market levels. P/S of 8.2x and P/B of 5.2x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 27% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $6.36B
Cash: N/A
Long-Term Debt: $3.57B
Book Value: $1.95B
D/E Ratio: 1.8
Debt/EBITDA: 14.7

With $6.36B in assets and $3.57B in long-term debt, D/E is 1.8and book value is $1.95B — moderate leverage. Over the past year, debt/equity is up 27% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $254.25M
TTM Free Cash Flow: $775.57M
FCF Margin: 62.9%
FCF / Net Income: 1.9

TTM FCF of $775.57M on $254.25M in operating cash flow. The FCF / Net Income ratio of 1.9x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 8% — a weakening trend.