AM
Antero Midstream Corporation
Oil & Gas Midstream
Market Cap$9.94B
5Y Perf.+337.7%
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Stock Comparison
AM vs HESM vs DKL
Revenue, margins, valuation, and 5-year total return — side by side.
HESM
Hess Midstream LP
Oil & Gas Midstream
Market Cap$7.95B
5Y Perf.+96.5%
DKL
Delek Logistics Partners, LP
Oil & Gas Midstream
Market Cap$2.71B
5Y Perf.+114.4%
AM vs HESM vs DKL — Key Financials
Market cap, revenue, margins, and valuation side-by-side.
| Company Snapshot | AM | HESM | DKL |
|---|---|---|---|
| Industry | Oil & Gas Midstream | Oil & Gas Midstream | Oil & Gas Midstream |
| Market Cap | $9.94B | $7.95B | $2.71B |
| Revenue (TTM) | $1.29B | $1.62B | $1.06B |
| Net Income (TTM) | $411M | $353M | $170M |
| Gross Margin | 64.5% | 75.0% | 19.2% |
| Operating Margin | 57.6% | 62.2% | 16.5% |
| Forward P/E | 18.9x | 12.8x | 14.6x |
| Total Debt | $3.22B | $3.77B | $35M |
| Cash & Equiv. | $180M | $2M | $11M |
AM vs HESM vs DKL — Long-Term Stock Performance
Price return indexed to 100 at period start. Dividends excluded.
AM
HESM
DKL
| Stock | May 20 | May 26 | Return |
|---|---|---|---|
| Antero Midstream Co… (AM) | 100 | 437.7 | +337.7% |
| Hess Midstream LP (HESM) | 100 | 196.5 | +96.5% |
| Delek Logistics Par… (DKL) | 100 | 214.4 | +114.4% |
Price return only. Dividends and distributions are not included.
Quick Verdict: AM vs HESM vs DKL
Each card shows where this stock fits in a portfolio — not just who wins on paper.
Bottom line: HESM leads in 4 of 7 categories, making it the strongest pick for growth and revenue expansion and valuation and capital efficiency. Antero Midstream Corporation is the stronger pick specifically for profitability and margin quality and capital preservation and lower volatility. As sector peers, any of these can serve as alternatives in the same allocation.
AM
Antero Midstream Corporation
The Defensive Pick
AM is the clearest fit if your priority is sleep-well-at-night and defensive.
- Lower volatility, beta 0.11, current ratio 3.41x
- Beta 0.11, yield 4.4%, current ratio 3.41x
- 31.9% margin vs DKL's 16.0%
Best for: sleep-well-at-night and defensive
HESM
Hess Midstream LP
The Income Pick
HESM carries the broadest edge in this set and is the clearest fit for income & stability and growth exposure.
- Dividend streak 7 yrs, beta 0.22, yield 7.5%
- Rev growth 8.7%, EPS growth 14.9%, 3Y rev CAGR 8.4%
- 8.7% revenue growth vs AM's 7.0%
Best for: income & stability and growth exposure
DKL
Delek Logistics Partners, LP
The Long-Run Compounder
DKL is the clearest fit if your priority is long-term compounding.
- 207.4% 10Y total return vs HESM's 122.5%
- +47.9% vs HESM's +13.1%
Best for: long-term compounding
See the full category breakdown
| Category | Winner | Why |
|---|---|---|
| Growth | HESM | 8.7% revenue growth vs AM's 7.0% |
| Value | HESM | Lower P/E (12.8x vs 14.6x) |
| Quality / Margins | AM | 31.9% margin vs DKL's 16.0% |
| Stability / Safety | AM | Beta 0.11 vs DKL's 0.34, lower leverage |
| Dividends | HESM | 7.5% yield, 7-year raise streak, vs DKL's 8.7% |
| Momentum (1Y) | DKL | +47.9% vs HESM's +13.1% |
| Efficiency (ROA) | HESM | 8.1% ROA vs DKL's 6.1%, ROIC 18.6% vs 14.1% |
AM vs HESM vs DKL — Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
FY 2025
FY 2025
FY 2023
AM vs HESM vs DKL — Financial Metrics
Side-by-side numbers across 3 stocks — who leads on profitability, valuation, growth, and risk.
BEST OVERALLHESMLAGGINGDKL
DKLDelek Logistics Partn…
0leads
AMAntero Midstream Corp…
1leads
HESMHess Midstream LP
3leads
6 Total Categories
CATEGORYLEADERvs AMvs DKLMETRICS WON
Income & Cash FlowRevenue, margins, and cash flow strength
HESM3/6
Valuation MetricsMultiples, price ratios, and targets
HESM3/6
Profitability & EfficiencyROE, ROIC, leverage, and quality scores
HESM4/9
Total Returns1Y, 3Y, 5Y total returns with dividends
AM4/6
Risk & VolatilityBeta, volatility, and downside exposure
Tied
—
Analyst OutlookRatings, price targets, and dividends
Tied
—
Income & Cash Flow (Last 12 Months)
HESM leads this category, winning 3 of 6 comparable metrics.
Income & Cash Flow (Last 12 Months)
HESM is the larger business by revenue, generating $1.6B annually — 1.5x DKL's $1.1B. AM is the more profitable business, keeping 31.9% of every revenue dollar as net income compared to DKL's 16.0%. On growth, DKL holds the edge at +19.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | AMAntero Midstream … | HESMHess Midstream LP | DKLDelek Logistics P… |
|---|---|---|---|
| RevenueTrailing 12 months | $1.3B | $1.6B | $1.1B |
| EBITDAEarnings before interest/tax | $951M | $1.2B | $310M |
| Net IncomeAfter-tax profit | $411M | $353M | $170M |
| Free Cash FlowCash after capex | $916M | $585M | $112M |
| Gross MarginGross profit ÷ Revenue | +64.5% | +75.0% | +19.2% |
| Operating MarginEBIT ÷ Revenue | +57.6% | +62.2% | +16.5% |
| Net MarginNet income ÷ Revenue | +31.9% | +21.8% | +16.0% |
| FCF MarginFCF ÷ Revenue | +71.2% | +36.1% | +10.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | +8.6% | +2.3% | +19.0% |
| EPS Growth (YoY)Latest quarter vs prior year | 0.0% | +5.9% | -17.8% |
HESM leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
HESM leads this category, winning 3 of 6 comparable metrics.
Valuation Metrics
At 13.3x trailing earnings, HESM trades at a 45% valuation discount to AM's 24.3x P/E. On an enterprise value basis, DKL's 8.8x EV/EBITDA is more attractive than AM's 15.3x.
| Metric | AMAntero Midstream … | HESMHess Midstream LP | DKLDelek Logistics P… |
|---|---|---|---|
| Market CapShares × price | $9.9B | $8.0B | $2.7B |
| Enterprise ValueMkt cap + debt − cash | $13.0B | $11.7B | $2.7B |
| Trailing P/EPrice ÷ TTM EPS | 24.33x | 13.35x | 15.47x |
| Forward P/EPrice ÷ next-FY EPS est. | 18.95x | 12.83x | 14.60x |
| PEG RatioP/E ÷ EPS growth rate | — | 0.79x | — |
| EV / EBITDAEnterprise value multiple | 15.28x | 9.59x | 8.81x |
| Price / SalesMarket cap ÷ Revenue | 7.89x | 4.91x | 2.68x |
| Price / BookPrice ÷ Book value/share | 5.12x | 10.73x | 447.14x |
| Price / FCFMarket cap ÷ FCF | 12.90x | 10.92x | — |
HESM leads this category, winning 3 of 6 comparable metrics.
Profitability & Efficiency
HESM leads this category, winning 4 of 9 comparable metrics.
Profitability & Efficiency
DKL delivers a 19.2% return on equity — every $100 of shareholder capital generates $19 in annual profit, vs $20 for AM. AM carries lower financial leverage with a 1.63x debt-to-equity ratio, signaling a more conservative balance sheet compared to HESM's 8.61x. On the Piotroski fundamental quality scale (0–9), AM scores 8/9 vs DKL's 4/9, reflecting strong financial health.
| Metric | AMAntero Midstream … | HESMHess Midstream LP | DKLDelek Logistics P… |
|---|---|---|---|
| ROE (TTM)Return on equity | +20.4% | +74.9% | +19.2% |
| ROA (TTM)Return on assets | +6.9% | +8.1% | +6.1% |
| ROICReturn on invested capital | +9.4% | +18.6% | +14.1% |
| ROCEReturn on capital employed | +11.2% | +24.8% | +8.3% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 6 | 4 |
| Debt / EquityFinancial leverage | 1.63x | 8.61x | 5.75x |
| Net DebtTotal debt minus cash | $3.0B | $3.8B | $24M |
| Cash & Equiv.Liquid assets | $180M | $2M | $11M |
| Total DebtShort + long-term debt | $3.2B | $3.8B | $35M |
| Interest CoverageEBIT ÷ Interest expense | 4.07x | 4.54x | 1.66x |
HESM leads this category, winning 4 of 9 comparable metrics.
Total Returns (Dividends Reinvested)
AM leads this category, winning 4 of 6 comparable metrics.
Total Returns (Dividends Reinvested)
A $10,000 investment in AM five years ago would be worth $27,304 today (with dividends reinvested), compared to $18,532 for DKL. Over the past 12 months, DKL leads with a +47.9% total return vs HESM's +13.1%. The 3-year compound annual growth rate (CAGR) favors AM at 31.7% vs DKL's 13.3% — a key indicator of consistent wealth creation.
| Metric | AMAntero Midstream … | HESMHess Midstream LP | DKLDelek Logistics P… |
|---|---|---|---|
| YTD ReturnYear-to-date | +19.1% | +14.6% | +13.4% |
| 1-Year ReturnPast 12 months | +22.5% | +13.1% | +47.9% |
| 3-Year ReturnCumulative with dividends | +128.2% | +64.1% | +45.6% |
| 5-Year ReturnCumulative with dividends | +173.0% | +127.7% | +85.3% |
| 10-Year ReturnCumulative with dividends | -14.7% | +122.5% | +207.4% |
| CAGR (3Y)Annualised 3-year return | +31.7% | +18.0% | +13.3% |
AM leads this category, winning 4 of 6 comparable metrics.
Risk & Volatility
Evenly matched — AM and DKL each lead in 1 of 2 comparable metrics.
Risk & Volatility
AM is the less volatile stock with a 0.11 beta — it tends to amplify market swings less than DKL's 0.34 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. DKL currently trades 91.3% from its 52-week high vs HESM's 86.5% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | AMAntero Midstream … | HESMHess Midstream LP | DKLDelek Logistics P… |
|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.11x | 0.22x | 0.34x |
| 52-Week HighHighest price in past year | $23.84 | $44.14 | $55.89 |
| 52-Week LowLowest price in past year | $16.77 | $31.63 | $37.50 |
| % of 52W HighCurrent price vs 52-week peak | +87.8% | +86.5% | +91.3% |
| RSI (14)Momentum oscillator 0–100 | 41.6 | 51.6 | 49.1 |
| Avg Volume (50D)Average daily shares traded | 2.5M | 1.6M | 63K |
Evenly matched — AM and DKL each lead in 1 of 2 comparable metrics.
Analyst Outlook
Evenly matched — HESM and DKL each lead in 1 of 2 comparable metrics.
Analyst Outlook
Analyst consensus: AM as "Hold", HESM as "Hold", DKL as "Hold". Consensus price targets imply 9.7% upside for DKL (target: $56) vs -16.2% for HESM (target: $32). For income investors, DKL offers the higher dividend yield at 8.71% vs AM's 4.35%.
| Metric | AMAntero Midstream … | HESMHess Midstream LP | DKLDelek Logistics P… |
|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Hold | Hold | Hold |
| Price TargetConsensus 12-month target | $21.50 | $32.00 | $56.00 |
| # AnalystsCovering analysts | 17 | 9 | 10 |
| Dividend YieldAnnual dividend ÷ price | +4.4% | +7.5% | +8.7% |
| Dividend StreakConsecutive years of raises | 1 | 7 | 5 |
| Dividend / ShareAnnual DPS | $0.91 | $2.84 | $4.45 |
| Buyback YieldShare repurchases ÷ mkt cap | +1.4% | +5.0% | +0.4% |
Evenly matched — HESM and DKL each lead in 1 of 2 comparable metrics.
Key Takeaway
HESM leads in 3 of 6 categories (Income & Cash Flow, Valuation Metrics). AM leads in 1 (Total Returns). 2 tied.
Best OverallHess Midstream LP (HESM)Leads 3 of 6 categories
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AM vs HESM vs DKL: Key Questions Answered
10 questions · data-driven answers · updated daily
01Is AM or HESM or DKL a better buy right now?
For growth investors, Hess Midstream LP (HESM) is the stronger pick with 8.
7% revenue growth year-over-year, versus 7. 0% for Antero Midstream Corporation (AM). Hess Midstream LP (HESM) offers the better valuation at 13. 3x trailing P/E (12. 8x forward), making it the more compelling value choice. Analysts rate Antero Midstream Corporation (AM) a "Hold" — based on 17 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — AM or HESM or DKL?
On trailing P/E, Hess Midstream LP (HESM) is the cheapest at 13.
3x versus Antero Midstream Corporation at 24. 3x. On forward P/E, Hess Midstream LP is actually cheaper at 12. 8x.
03Which is the better long-term investment — AM or HESM or DKL?
Over the past 5 years, Antero Midstream Corporation (AM) delivered a total return of +173.
0%, compared to +85. 3% for Delek Logistics Partners, LP (DKL). Over 10 years, the gap is even starker: DKL returned +207. 4% versus AM's -14. 7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — AM or HESM or DKL?
By beta (market sensitivity over 5 years), Antero Midstream Corporation (AM) is the lower-risk stock at 0.
11β versus Delek Logistics Partners, LP's 0. 34β — meaning DKL is approximately 220% more volatile than AM relative to the S&P 500. On balance sheet safety, Antero Midstream Corporation (AM) carries a lower debt/equity ratio of 163% versus 9% for Hess Midstream LP — giving it more financial flexibility in a downturn.
05Which is growing faster — AM or HESM or DKL?
By revenue growth (latest reported year), Hess Midstream LP (HESM) is pulling ahead at 8.
7% versus 7. 0% for Antero Midstream Corporation (AM). On earnings-per-share growth, the picture is similar: Hess Midstream LP grew EPS 14. 9% year-over-year, compared to 3. 6% for Antero Midstream Corporation. Over a 3-year CAGR, HESM leads at 8. 4% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.
06Which has better profit margins — AM or HESM or DKL?
Antero Midstream Corporation (AM) is the more profitable company, earning 32.
8% net margin versus 17. 4% for Delek Logistics Partners, LP — meaning it keeps 32. 8% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: HESM leads at 62. 2% versus 18. 0% for DKL. At the gross margin level — before operating expenses — AM leads at 65. 3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
07Is AM or HESM or DKL more undervalued right now?
On forward earnings alone, Hess Midstream LP (HESM) trades at 12.
8x forward P/E versus 18. 9x for Antero Midstream Corporation — 6. 1x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for DKL: 9. 7% to $56. 00.
08Which pays a better dividend — AM or HESM or DKL?
All stocks in this comparison pay dividends.
Delek Logistics Partners, LP (DKL) offers the highest yield at 8. 7%, versus 4. 4% for Antero Midstream Corporation (AM).
09Is AM or HESM or DKL better for a retirement portfolio?
For long-horizon retirement investors, Antero Midstream Corporation (AM) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.
11), 4. 4% yield). Both have compounded well over 10 years (AM: -14. 7%, DKL: +207. 4%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
10What are the main differences between AM and HESM and DKL?
Both stocks operate in the Energy sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.
In terms of investment character: AM is a small-cap income-oriented stock; HESM is a small-cap deep-value stock; DKL is a small-cap deep-value stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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Revenue Growth>
%
(AM: 8.6% · HESM: 2.3%)Net Margin>
%
(AM: 31.9% · HESM: 21.8%)P/E Ratio<
x
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