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

$20.82-0.03(<0.01%)Market open

Market Cap

$10.21B

P/E

15.1x

P/S

8.1x

P/B

4.6x

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

ExcellentMetricSide Score: 83/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (12/25).

Profitability25/25

Growth21/25

Balance Sheet & Red Flags12/25

Cash & Earnings Quality25/25

Strengths

Rising free cash flowStrong marginsHigh ROERising earnings

No red flags in the last 8 quarters.

Valuation vs. 5-year range

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

P/E · 15.1x5y range 13.5x – 27.1x

Currently near its 20-quarter median.

P/S · 8.1x5y range 4.9x – 9.0x

Currently near its 20-quarter median.

P/B · 4.6x5y range 2.0x – 5.7x

Price & Volume

Market Cap $10.21B

Metrics at a Glance

as of September 2026

Revenue & Profit

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

TTM Revenue: $1.27B
Q. Revenue: $327.02M
TTM EBITDA: $1.26B
TTM Op. Income: $1.03B
Q. Op. Income: $557.23M
TTM Net Income: $676.37M
Q. Net Income: $392.66M
EPS: $0.83
Shares Out.: $474.31M

$1.27B in TTM revenue grew 7.3% YoY, reaching $327.02M last quarter. TTM EBITDA of $1.26B and TTM operating income of $1.03B show growth is flowing through to the bottom line. TTM net income of $676.37M 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: 189.0%
Op. Margin: 170.4%
Net Margin: 120.1%

Op. margin of 170.4% is up 109.2% YoY — cost efficiency is improving. Net margin at 120.1% Over the past year, operating margin is up 178% — an improving trend.

Price Ratios

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

P/E Ratio: 15.1x
P/S Ratio: 8.1x
P/B Ratio: 4.6x

At 15.1x P/E, the stock trades within typical market levels. P/S of 8.1x and P/B of 4.6x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 23% — an improving trend.

Assets & Liabilities

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

Total Assets: $6.34B
Cash: N/A
Long-Term Debt: $3.15B
Book Value: $2.21B
D/E Ratio: 1.4
Debt/EBITDA: 5.1

With $6.34B in assets and $3.15B in long-term debt, D/E is 1.4and book value is $2.21B — moderate leverage. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

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

Op. Cash Flow: $600.30M
TTM Free Cash Flow: $1.16B
FCF Margin: 92.0%
FCF / Net Income: 1.7

TTM FCF of $1.16B on $600.30M in operating cash flow. The FCF / Net Income ratio of 1.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 54% — an improving trend.