Antero Midstream Corporation (AM) 10-Year Financial Performance & Capital Metrics

AM • • Industrial / General

EnergyMidstream Oil & GasPipeline & Gathering SystemsNatural Gas Pipeline Operators

AboutAntero Midstream Corporation owns, operates, and develops midstream energy infrastructure. It operates through Gathering and Processing, and Water Handling segments. The Gathering and Processing segment includes a network of gathering pipelines and compressor stations that collects and processes production from Antero Resources' wells in West Virginia and Ohio. The Water Handling segment delivers fresh water; and offers pumping stations, water storage, and blending facilities. The company was incorporated in 2013 and is headquartered in Denver, Colorado.Show more

Revenue $1.18B +5.8%
EBITDA $870M +6.3%
Net Income $401M +7.8%
EPS (Diluted) 0.83 +7.8%
Gross Margin 63.58% +2.1%
EBITDA Margin 73.91% +0.4%
Operating Margin 56.01% +1.8%
Net Margin 34.06% +1.9%
ROE 18.79% +9.8%
ROIC 9.33% +11.0%
Debt/Equity 1.47 -1.3%
Interest Coverage 3.18 +13.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 51.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 16.8%
✓Healthy dividend yield of 5.1%
✓Healthy 5Y average net margin of 24.4%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y6.73%

3Y6.7%

TTM8.7%

Profit (Net Income) CAGR

10Y-

5Y-

3Y6.53%

TTM21.09%

EPS CAGR

10Y-

5Y-

3Y6.35%

TTM20.99%

ROCE

10Y Avg274.87%

5Y Avg8.03%

3Y Avg10.68%

Latest11.54%

Peer Comparison

Natural Gas Pipeline Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNTKKinetik Holdings Inc.	2.4B	37.54	36.80	18.03%	7.29%	4.78%	15.04%	1.19
DTMDT Midstream, Inc.	11.9B	117.03	32.51	6.4%	34.3%	8.32%	3.47%	0.74
AMAntero Midstream Corporation	8.5B	17.84	21.49	5.79%	37.81%	22.87%	7.08%	1.47
HESMHess Midstream LP	4.51B	34.89	14.01	10.83%	18.56%	57.31%	14.05%	7.46
WESWestern Midstream Partners, LP	17B	41.67	10.37	16.06%	35.18%	39.54%	7.5%	2.41
VNOMViper Energy, Inc.	6.29B	37.32	9.77	3.99%	21.25%	2.24%		0.28
SMCSummit Midstream Corp.	324.7M	26.48	-2.07	-6.38%	-2.82%	-1.35%	2.51%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	387.32M	590.21M	0	1.03B	849.6M	971.39M	968.87M	990.66M	1.11B	1.18B
Revenue Growth %	-	0.52%	-1%	-	-0.17%	0.14%	-0%	0.02%	0.12%	0.06%
Cost of Goods Sold+	165.52M	261.45M	0	446.44M	348.35M	344.85M	336.58M	382.69M	419.9M	428.65M
COGS % of Revenue	0.43%	0.44%	-	0.43%	0.41%	0.36%	0.35%	0.39%	0.38%	0.36%
Gross Profit+	221.8M	328.76M	0	582.09M	501.24M	626.54M	632.29M	607.97M	692.55M	748.22M
Gross Margin %	0.57%	0.56%	-	0.57%	0.59%	0.64%	0.65%	0.61%	0.62%	0.64%
Gross Profit Growth %	-	0.48%	-1%	-	-0.14%	0.25%	0.01%	-0.04%	0.14%	0.08%
Operating Expenses+	1.26M	815K	41.13M	61.76M	899.74M	744.18M	76.97M	68.5M	80.69M	89.05M
OpEx % of Revenue	0%	0%	-	0.06%	1.06%	0.77%	0.08%	0.07%	0.07%	0.08%
Selling, General & Admin	0	815K	41.13M	61.63M	118.11M	52.21M	63.84M	62.13M	71.07M	86.09M
SG&A % of Revenue	-	0%	-	0.06%	0.14%	0.05%	0.07%	0.06%	0.06%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	781.62M	691.97M	13.13M	6.38M	9.62M	2.96M
Operating Income+	1.26M	16.13M	-41.13M	607.57M	-398.49M	-117.64M	555.33M	539.47M	611.86M	659.17M
Operating Margin %	0%	0.03%	-	0.59%	-0.47%	-0.12%	0.57%	0.54%	0.55%	0.56%
Operating Income Growth %	-	11.76%	-3.55%	15.77%	-1.66%	0.7%	5.72%	-0.03%	0.13%	0.08%
EBITDA+	87.93M	115.99M	0	560.6M	-245.96M	61.82M	734.79M	741.9M	818.59M	869.84M
EBITDA Margin %	0.23%	0.2%	-	0.55%	-0.29%	0.06%	0.76%	0.75%	0.74%	0.74%
EBITDA Growth %	-	0.32%	-1%	-	-1.44%	1.25%	10.89%	0.01%	0.1%	0.06%
D&A (Non-Cash Add-back)	86.67M	99.86M	41.13M	0	152.54M	179.46M	179.46M	202.43M	206.73M	210.67M
EBIT	1.26M	16.13M	-41.13M	0	-347.18M	-31.21M	624.02M	633.68M	717.32M	755.65M
Net Interest Income+	0	0	0	-61.89M	-110.4M	-147.01M	-175.28M	-189.95M	-217.25M	-207.03M
Interest Income	0	1K	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	61.91M	110.4M	147.01M	175.28M	189.95M	217.25M	207.03M
Other Income/Expense	0	0	69.72M	127.53M	-59.09M	-60.58M	-106.59M	-95.73M	-111.79M	-110.55M
Pretax Income+	1.26M	16.13M	28.59M	98.92M	-457.58M	-178.22M	448.74M	443.74M	500.07M	548.62M
Pretax Margin %	0%	0.03%	-	0.1%	-0.54%	-0.18%	0.46%	0.45%	0.45%	0.47%
Income Tax+	483K	6.42M	26.26M	32.31M	-102.47M	-55.69M	117.12M	117.49M	128.29M	147.73M
Effective Tax Rate %	0.62%	0.6%	0.08%	4.48%	0.78%	0.69%	0.74%	0.74%	0.74%	0.73%
Net Income+	781K	9.71M	2.33M	443.04M	-355.11M	-122.53M	331.62M	326.24M	371.79M	400.89M
Net Margin %	0%	0.02%	-	0.43%	-0.42%	-0.13%	0.34%	0.33%	0.33%	0.34%
Net Income Growth %	-	11.43%	-0.76%	189.55%	-1.8%	0.65%	3.71%	-0.02%	0.14%	0.08%
Net Income (Continuing)	781K	9.71M	2.33M	66.61M	-355.11M	-122.53M	331.62M	326.24M	371.79M	400.89M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	969K	7.54M	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.00	0.05	0.04	2.36	-0.80	-0.26	0.69	0.68	0.77	0.83
EPS Growth %	-	-	-0.25%	59.51%	-1.34%	0.68%	3.65%	-0.01%	0.13%	0.08%
EPS (Basic)	0.00	0.05	0.04	2.37	-0.80	-0.26	0.69	0.68	0.77	0.83
Diluted Shares Outstanding	186.17M	186.17M	186.18M	187.4M	442.64M	478.28M	480.15M	480.3M	482.37M	485.25M
Basic Shares Outstanding	186.17M	186.17M	186.18M	187.05M	442.64M	478.28M	477.49M	478.23M	482.37M	480.82M
Dividend Payout Ratio	0.29%	-	13.64%	0.2%	-	-	1.42%	1.33%	1.17%	1.09%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	72K	9.83M	5.99M	2.91M	108.56M	93.93M	83.8M	88.99M	91.13M	118.06M
Cash & Short-Term Investments	72K	9.61M	5.99M	2.82M	1.24M	640K	0	0	66K	0
Cash Only	72K	9.61M	5.99M	2.82M	1.24M	640K	0	0	66K	0
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	0	217K	0	0	105.6M	91.81M	82.88M	87.67M	89.56M	115.18M
Days Sales Outstanding	-	0.13	-	-	45.37	34.5	31.22	32.3	29.39	35.72
Inventory	0	-529K	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	87K	1.72M	1.48M	920K	1.33M	1.5M	2.88M
Total Non-Current Assets+	969K	7.54M	23.77M	44.8M	6.17B	5.52B	5.46B	5.7B	5.65B	5.76B
Property, Plant & Equipment	1.89B	2.2B	0	0	3.27B	3.25B	3.39B	3.75B	3.79B	3.88B
Fixed Asset Turnover	0.20x	0.27x	-	-	0.26x	0.30x	0.29x	0.26x	0.29x	0.30x
Goodwill	0	0	0	0	575.46M	0	0	0	0	0
Intangible Assets	0	0	0	0	1.5B	1.43B	1.36B	1.29B	1.22B	1.14B
Long-Term Investments	969K	7.54M	23.77M	43.49M	709.64M	722.48M	696.01M	652.77M	626.65M	603.96M
Other Non-Current Assets	-1.89B	-2.2B	0	0	14.46M	9.61M	-1.05M	-119.19M	10.89M	13.35M
Total Assets+	1.04M	17.37M	29.76M	47.7M	6.28B	5.61B	5.54B	5.79B	5.74B	5.88B
Asset Turnover	372.07x	33.98x	-	21.56x	0.14x	0.17x	0.17x	0.17x	0.19x	0.20x
Asset Growth %	-	15.68%	0.71%	0.6%	130.7%	-0.11%	-0.01%	0.04%	-0.01%	0.03%
Total Current Liabilities+	115K	7.1M	14.15M	16.84M	242.08M	94M	114.01M	102.08M	96.42M	100.61M
Accounts Payable	0	426K	236K	759K	6.64M	9.49M	23.59M	22.86M	10.5M	16.42M
Days Payables Outstanding	-	0.59	-	0.62	6.96	10.05	25.58	21.81	9.13	13.98
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	6.67M	13.86M	16.41M	158.68M	20.87M	34.48M	23.09M	27.48M	77.93M
Current Ratio	0.63x	1.38x	0.42x	0.17x	0.45x	1.00x	0.74x	0.87x	0.95x	1.17x
Quick Ratio	0.63x	1.46x	0.42x	0.17x	0.45x	1.00x	0.74x	0.87x	0.95x	1.17x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	368K	1.05B	0	0	2.9B	3.1B	3.14B	3.5B	3.49B	3.67B
Long-Term Debt	0	0	0	0	2.89B	3.09B	3.12B	3.36B	3.21B	3.12B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	368K	0	0	0	0	0	13.72M	131.22M	0	534.82M
Other Non-Current Liabilities	0	0	0	0	5.13M	7M	6.66M	4.43M	276.25M	15.4M
Total Liabilities	483K	7.1M	14.15M	16.84M	3.14B	3.19B	3.26B	3.6B	3.59B	3.77B
Total Debt+	620M	849.91M	0	0	2.89B	3.09B	3.12B	3.36B	3.21B	3.12B
Net Debt	619.93M	840.3M	-5.99M	-2.82M	2.89B	3.09B	3.12B	3.36B	3.21B	3.12B
Debt / Equity	406.02x	47.72x	-	-	0.92x	1.28x	1.37x	1.53x	1.49x	1.47x
Debt / EBITDA	7.05x	7.33x	-	-	-	50.01x	4.25x	4.53x	3.93x	3.58x
Net Debt / EBITDA	7.05x	7.24x	-	-0.01x	-	50.00x	4.25x	4.53x	3.93x	3.58x
Interest Coverage	-	-	-	9.81x	-3.61x	-0.80x	3.17x	2.84x	2.82x	3.18x
Total Equity+	1.53M	17.81M	-4.26M	30.86M	3.14B	2.42B	2.29B	2.19B	2.15B	2.12B
Equity Growth %	-	10.66%	-1.24%	8.25%	100.86%	-0.23%	-0.05%	-0.04%	-0.02%	-0.02%
Book Value per Share	0.01	0.10	-0.02	0.16	7.10	5.06	4.76	4.56	4.46	4.36
Total Shareholders' Equity	558K	10.27M	-4.26M	30.86M	3.14B	2.42B	2.29B	2.19B	2.15B	2.12B
Common Stock	1.08B	10.27M	15.61M	-41.97M	4.84M	4.77M	4.78M	4.79M	4.8M	4.79M
Retained Earnings	558K	0	0	0	-341.56M	-464.09M	-132.47M	82.79M	100.45M	90.55M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	-341.56M	0	0	0	0	0
Minority Interest	969K	7.54M	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	295K	9.54M	28.08M	83.53M	622.39M	753.38M	709.75M	699.6M	779.06M	843.99M
Operating CF Margin %	0%	0.02%	-	0.08%	0.73%	0.78%	0.73%	0.71%	0.7%	0.72%
Operating CF Growth %	-	31.33%	1.94%	1.97%	6.45%	0.21%	-0.06%	-0.01%	0.11%	0.08%
Net Income	781K	236.7M	2.33M	66.61M	-355.11M	-122.53M	331.62M	326.24M	371.79M	400.89M
Depreciation & Amortization	-86.67M	99.86M	0	148K	152.54M	179.46M	179.46M	202.43M	206.91M	210.86M
Stock-Based Compensation	0	26.05M	34.93M	35.11M	73.52M	12.78M	13.53M	19.65M	31.61M	44.33M
Deferred Taxes	368K	3.36M	0	-1.3M	-101.93M	-171K	117.12M	117.49M	134.66M	147.73M
Other Non-Cash Items	-969K	-106.44M	-16.23M	-19.57M	829.9M	683.42M	63.59M	28.72M	38.26M	45.44M
Working Capital Changes	115K	-5.67M	7.05M	2.69M	23.47M	419K	4.43M	5.06M	-3.98M	-5.26M
Change in Receivables	-32.28M	3.04M	0	0	42.67M	28.74M	-6.57M	-2.63M	-1.16M	-25.82M
Change in Inventory	0	-12.58M	0	0	0	0	0	0	0	0
Change in Payables	3.28M	1.15M	-133K	873K	-11.87M	1.92M	1.49M	8.76M	-9.03M	3.67M
Cash from Investing+	-445.45M	-478.16M	0	0	-525.67M	-219.23M	-233.24M	-493.83M	-183.21M	-242.73M
Capital Expenditures	-452.63M	-416.32M	0	0	-267.38M	-157.93M	-232.82M	-515.65M	-184M	0
CapEx % of Revenue	1.17%	0.71%	-	-	0.31%	0.16%	0.24%	0.52%	0.17%	0.21%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	7.18M	13.67M	0	0	8.78M	-36.03M	1.65M	4.82M	793K	-242.73M
Cash from Financing+	-223K	106.72M	-31.7M	-86.7M	-98.3M	-534.75M	-477.15M	-205.78M	-595.79M	-601.33M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-223K	-182.45M	-31.7M	-86.47M	-496.2M	-590.19M	-471.72M	-433.38M	-435.4M	-438.18M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-743.64M	-16.23M	0	-230K	-11.08M	-123.84M	-16.64M	-302K	0	-27.79M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-452.34M	-37.71M	28.08M	83.53M	355M	595.45M	476.93M	183.95M	595.06M	601.65M
FCF Margin %	-1.17%	-0.06%	-	0.08%	0.42%	0.61%	0.49%	0.19%	0.53%	0.51%
FCF Growth %	-	0.92%	1.74%	1.97%	3.25%	0.68%	-0.2%	-0.61%	2.23%	0.01%
FCF per Share	-2.43	-0.20	0.15	0.45	0.80	1.24	0.99	0.38	1.23	1.24
FCF Conversion (FCF/Net Income)	0.38x	0.98x	12.08x	0.19x	-1.75x	-6.15x	2.14x	2.14x	2.10x	2.11x
Interest Paid	0	0	0	3K	83.02M	140.73M	179.75M	0	213.96M	189.91M
Taxes Paid	0	0	19.08M	31.8M	16.08M	39.2M	16.31M	0	0	104K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	51.15%	100.43%	34.31%	3330.74%	-22.37%	-4.41%	14.1%	14.57%	17.12%	18.79%
Return on Invested Capital (ROIC)	0.15%	1.64%	-7.28%	5121.7%	-9.86%	-1.53%	7.63%	7.38%	8.41%	9.33%
Gross Margin	57.27%	55.7%	-	56.59%	59%	64.5%	65.26%	61.37%	62.25%	63.58%
Net Margin	0.2%	1.65%	-	43.08%	-41.8%	-12.61%	34.23%	32.93%	33.42%	34.06%
Debt / Equity	406.02x	47.72x	-	-	0.92x	1.28x	1.37x	1.53x	1.49x	1.47x
Interest Coverage	-	-	-	9.81x	-3.61x	-0.80x	3.17x	2.84x	2.82x	3.18x
FCF Conversion	0.38x	0.98x	12.08x	0.19x	-1.75x	-6.15x	2.14x	2.14x	2.10x	2.11x
Revenue Growth	-	52.38%	-100%	-	-17.4%	14.34%	-0.26%	2.25%	12.29%	5.79%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Natural Gas Gathering Transportation Marketing And Processing Affiliate	-	711.46M	-	-	-	926.06M
Natural Gas Gathering Transportation Marketing And Processing Affiliate Growth	-	-	-	-	-	-
Natural Gas Water Handling And Treatment Affiliate	-	259.93M	-	-	-	248.86M
Natural Gas Water Handling And Treatment Affiliate Growth	-	-	-	-	-	-
Natural Gas Water Handling And Treatment	-	-	-	-	-	1.94M
Natural Gas Water Handling And Treatment Growth	-	-	-	-	-	-
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate	-	-	749.74M	743.26M	842.36M	-
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate Growth	-	-	-	-0.86%	13.33%	-
Natural Gas Water Handling and Treatment - Affiliate	-	-	218.62M	244.77M	268.67M	-
Natural Gas Water Handling and Treatment - Affiliate Growth	-	-	-	11.96%	9.76%	-
Natural Gas Water Handling and Treatment	-	-	516K	2.62M	1.41M	-
Natural Gas Water Handling and Treatment Growth	-	-	-	408.14%	-46.07%	-
Gathering Low Pressure	254.35M	-	-	-	-	-
Gathering Low Pressure Growth	-	-	-	-	-	-
Fresh Water Delivery	157.63M	-	-	-	-	-
Fresh Water Delivery Growth	-	-	-	-	-	-
Gathering High Pressure	151.28M	-	-	-	-	-
Gathering High Pressure Growth	-	-	-	-	-	-
Compression	137.91M	-	-	-	-	-
Compression Growth	-	-	-	-	-	-
Other Fluid Handling	123.37M	-	-	-	-	-
Other Fluid Handling Growth	-	-	-	-	-	-
Wastewater Treatment	25.06M	-	-	-	-	-
Wastewater Treatment Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Antero Midstream Corporation (AM) has a price-to-earnings (P/E) ratio of 21.5x. This is roughly in line with market averages.

Growth & Financials

Antero Midstream Corporation (AM) reported $1.25B in revenue for fiscal year 2024. This represents a 223% increase from $387.3M in 2015.

Antero Midstream Corporation (AM) grew revenue by 5.8% over the past year. This is steady growth.

Yes, Antero Midstream Corporation (AM) is profitable, generating $472.4M in net income for fiscal year 2024 (34.1% net margin).

Dividend & Returns

Yes, Antero Midstream Corporation (AM) pays a dividend with a yield of 5.06%. This makes it attractive for income-focused investors.

Antero Midstream Corporation (AM) has a return on equity (ROE) of 18.8%. This is reasonable for most industries.

Antero Midstream Corporation (AM) generated $1.04B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Antero Midstream Corporation (AM) 10-Year Financial Performance & Capital Metrics

AM • • Industrial / General

EnergyMidstream Oil & GasPipeline & Gathering SystemsNatural Gas Pipeline Operators

Revenue $1.18B +5.8%
EBITDA $870M +6.3%
Net Income $401M +7.8%
EPS (Diluted) 0.83 +7.8%
Gross Margin 63.58% +2.1%
EBITDA Margin 73.91% +0.4%
Operating Margin 56.01% +1.8%
Net Margin 34.06% +1.9%
ROE 18.79% +9.8%
ROIC 9.33% +11.0%
Debt/Equity 1.47 -1.3%
Interest Coverage 3.18 +13.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓FCF machine: 51.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Good 3Y average ROE of 16.8%
✓Healthy dividend yield of 5.1%
✓Healthy 5Y average net margin of 24.4%

✗Weaknesses

✗Dividend payout exceeds 100% of earnings
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y6.73%

3Y6.7%

TTM8.7%

Profit (Net Income) CAGR

10Y-

5Y-

3Y6.53%

TTM21.09%

EPS CAGR

10Y-

5Y-

3Y6.35%

TTM20.99%

ROCE

10Y Avg274.87%

5Y Avg8.03%

3Y Avg10.68%

Latest11.54%

Peer Comparison

Natural Gas Pipeline Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNTKKinetik Holdings Inc.	2.4B	37.54	36.80	18.03%	7.29%	4.78%	15.04%	1.19
DTMDT Midstream, Inc.	11.9B	117.03	32.51	6.4%	34.3%	8.32%	3.47%	0.74
AMAntero Midstream Corporation	8.5B	17.84	21.49	5.79%	37.81%	22.87%	7.08%	1.47
HESMHess Midstream LP	4.51B	34.89	14.01	10.83%	18.56%	57.31%	14.05%	7.46
WESWestern Midstream Partners, LP	17B	41.67	10.37	16.06%	35.18%	39.54%	7.5%	2.41
VNOMViper Energy, Inc.	6.29B	37.32	9.77	3.99%	21.25%	2.24%		0.28
SMCSummit Midstream Corp.	324.7M	26.48	-2.07	-6.38%	-2.82%	-1.35%	2.51%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	387.32M	590.21M	0	1.03B	849.6M	971.39M	968.87M	990.66M	1.11B	1.18B
Revenue Growth %	-	0.52%	-1%	-	-0.17%	0.14%	-0%	0.02%	0.12%	0.06%
Cost of Goods Sold+	165.52M	261.45M	0	446.44M	348.35M	344.85M	336.58M	382.69M	419.9M	428.65M
COGS % of Revenue	0.43%	0.44%	-	0.43%	0.41%	0.36%	0.35%	0.39%	0.38%	0.36%
Gross Profit+	221.8M	328.76M	0	582.09M	501.24M	626.54M	632.29M	607.97M	692.55M	748.22M
Gross Margin %	0.57%	0.56%	-	0.57%	0.59%	0.64%	0.65%	0.61%	0.62%	0.64%
Gross Profit Growth %	-	0.48%	-1%	-	-0.14%	0.25%	0.01%	-0.04%	0.14%	0.08%
Operating Expenses+	1.26M	815K	41.13M	61.76M	899.74M	744.18M	76.97M	68.5M	80.69M	89.05M
OpEx % of Revenue	0%	0%	-	0.06%	1.06%	0.77%	0.08%	0.07%	0.07%	0.08%
Selling, General & Admin	0	815K	41.13M	61.63M	118.11M	52.21M	63.84M	62.13M	71.07M	86.09M
SG&A % of Revenue	-	0%	-	0.06%	0.14%	0.05%	0.07%	0.06%	0.06%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	781.62M	691.97M	13.13M	6.38M	9.62M	2.96M
Operating Income+	1.26M	16.13M	-41.13M	607.57M	-398.49M	-117.64M	555.33M	539.47M	611.86M	659.17M
Operating Margin %	0%	0.03%	-	0.59%	-0.47%	-0.12%	0.57%	0.54%	0.55%	0.56%
Operating Income Growth %	-	11.76%	-3.55%	15.77%	-1.66%	0.7%	5.72%	-0.03%	0.13%	0.08%
EBITDA+	87.93M	115.99M	0	560.6M	-245.96M	61.82M	734.79M	741.9M	818.59M	869.84M
EBITDA Margin %	0.23%	0.2%	-	0.55%	-0.29%	0.06%	0.76%	0.75%	0.74%	0.74%
EBITDA Growth %	-	0.32%	-1%	-	-1.44%	1.25%	10.89%	0.01%	0.1%	0.06%
D&A (Non-Cash Add-back)	86.67M	99.86M	41.13M	0	152.54M	179.46M	179.46M	202.43M	206.73M	210.67M
EBIT	1.26M	16.13M	-41.13M	0	-347.18M	-31.21M	624.02M	633.68M	717.32M	755.65M
Net Interest Income+	0	0	0	-61.89M	-110.4M	-147.01M	-175.28M	-189.95M	-217.25M	-207.03M
Interest Income	0	1K	0	0	0	0	0	0	0	0
Interest Expense	0	0	0	61.91M	110.4M	147.01M	175.28M	189.95M	217.25M	207.03M
Other Income/Expense	0	0	69.72M	127.53M	-59.09M	-60.58M	-106.59M	-95.73M	-111.79M	-110.55M
Pretax Income+	1.26M	16.13M	28.59M	98.92M	-457.58M	-178.22M	448.74M	443.74M	500.07M	548.62M
Pretax Margin %	0%	0.03%	-	0.1%	-0.54%	-0.18%	0.46%	0.45%	0.45%	0.47%
Income Tax+	483K	6.42M	26.26M	32.31M	-102.47M	-55.69M	117.12M	117.49M	128.29M	147.73M
Effective Tax Rate %	0.62%	0.6%	0.08%	4.48%	0.78%	0.69%	0.74%	0.74%	0.74%	0.73%
Net Income+	781K	9.71M	2.33M	443.04M	-355.11M	-122.53M	331.62M	326.24M	371.79M	400.89M
Net Margin %	0%	0.02%	-	0.43%	-0.42%	-0.13%	0.34%	0.33%	0.33%	0.34%
Net Income Growth %	-	11.43%	-0.76%	189.55%	-1.8%	0.65%	3.71%	-0.02%	0.14%	0.08%
Net Income (Continuing)	781K	9.71M	2.33M	66.61M	-355.11M	-122.53M	331.62M	326.24M	371.79M	400.89M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	969K	7.54M	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.00	0.05	0.04	2.36	-0.80	-0.26	0.69	0.68	0.77	0.83
EPS Growth %	-	-	-0.25%	59.51%	-1.34%	0.68%	3.65%	-0.01%	0.13%	0.08%
EPS (Basic)	0.00	0.05	0.04	2.37	-0.80	-0.26	0.69	0.68	0.77	0.83
Diluted Shares Outstanding	186.17M	186.17M	186.18M	187.4M	442.64M	478.28M	480.15M	480.3M	482.37M	485.25M
Basic Shares Outstanding	186.17M	186.17M	186.18M	187.05M	442.64M	478.28M	477.49M	478.23M	482.37M	480.82M
Dividend Payout Ratio	0.29%	-	13.64%	0.2%	-	-	1.42%	1.33%	1.17%	1.09%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	72K	9.83M	5.99M	2.91M	108.56M	93.93M	83.8M	88.99M	91.13M	118.06M
Cash & Short-Term Investments	72K	9.61M	5.99M	2.82M	1.24M	640K	0	0	66K	0
Cash Only	72K	9.61M	5.99M	2.82M	1.24M	640K	0	0	66K	0
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	0	217K	0	0	105.6M	91.81M	82.88M	87.67M	89.56M	115.18M
Days Sales Outstanding	-	0.13	-	-	45.37	34.5	31.22	32.3	29.39	35.72
Inventory	0	-529K	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	0	0	0	87K	1.72M	1.48M	920K	1.33M	1.5M	2.88M
Total Non-Current Assets+	969K	7.54M	23.77M	44.8M	6.17B	5.52B	5.46B	5.7B	5.65B	5.76B
Property, Plant & Equipment	1.89B	2.2B	0	0	3.27B	3.25B	3.39B	3.75B	3.79B	3.88B
Fixed Asset Turnover	0.20x	0.27x	-	-	0.26x	0.30x	0.29x	0.26x	0.29x	0.30x
Goodwill	0	0	0	0	575.46M	0	0	0	0	0
Intangible Assets	0	0	0	0	1.5B	1.43B	1.36B	1.29B	1.22B	1.14B
Long-Term Investments	969K	7.54M	23.77M	43.49M	709.64M	722.48M	696.01M	652.77M	626.65M	603.96M
Other Non-Current Assets	-1.89B	-2.2B	0	0	14.46M	9.61M	-1.05M	-119.19M	10.89M	13.35M
Total Assets+	1.04M	17.37M	29.76M	47.7M	6.28B	5.61B	5.54B	5.79B	5.74B	5.88B
Asset Turnover	372.07x	33.98x	-	21.56x	0.14x	0.17x	0.17x	0.17x	0.19x	0.20x
Asset Growth %	-	15.68%	0.71%	0.6%	130.7%	-0.11%	-0.01%	0.04%	-0.01%	0.03%
Total Current Liabilities+	115K	7.1M	14.15M	16.84M	242.08M	94M	114.01M	102.08M	96.42M	100.61M
Accounts Payable	0	426K	236K	759K	6.64M	9.49M	23.59M	22.86M	10.5M	16.42M
Days Payables Outstanding	-	0.59	-	0.62	6.96	10.05	25.58	21.81	9.13	13.98
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	6.67M	13.86M	16.41M	158.68M	20.87M	34.48M	23.09M	27.48M	77.93M
Current Ratio	0.63x	1.38x	0.42x	0.17x	0.45x	1.00x	0.74x	0.87x	0.95x	1.17x
Quick Ratio	0.63x	1.46x	0.42x	0.17x	0.45x	1.00x	0.74x	0.87x	0.95x	1.17x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	368K	1.05B	0	0	2.9B	3.1B	3.14B	3.5B	3.49B	3.67B
Long-Term Debt	0	0	0	0	2.89B	3.09B	3.12B	3.36B	3.21B	3.12B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	368K	0	0	0	0	0	13.72M	131.22M	0	534.82M
Other Non-Current Liabilities	0	0	0	0	5.13M	7M	6.66M	4.43M	276.25M	15.4M
Total Liabilities	483K	7.1M	14.15M	16.84M	3.14B	3.19B	3.26B	3.6B	3.59B	3.77B
Total Debt+	620M	849.91M	0	0	2.89B	3.09B	3.12B	3.36B	3.21B	3.12B
Net Debt	619.93M	840.3M	-5.99M	-2.82M	2.89B	3.09B	3.12B	3.36B	3.21B	3.12B
Debt / Equity	406.02x	47.72x	-	-	0.92x	1.28x	1.37x	1.53x	1.49x	1.47x
Debt / EBITDA	7.05x	7.33x	-	-	-	50.01x	4.25x	4.53x	3.93x	3.58x
Net Debt / EBITDA	7.05x	7.24x	-	-0.01x	-	50.00x	4.25x	4.53x	3.93x	3.58x
Interest Coverage	-	-	-	9.81x	-3.61x	-0.80x	3.17x	2.84x	2.82x	3.18x
Total Equity+	1.53M	17.81M	-4.26M	30.86M	3.14B	2.42B	2.29B	2.19B	2.15B	2.12B
Equity Growth %	-	10.66%	-1.24%	8.25%	100.86%	-0.23%	-0.05%	-0.04%	-0.02%	-0.02%
Book Value per Share	0.01	0.10	-0.02	0.16	7.10	5.06	4.76	4.56	4.46	4.36
Total Shareholders' Equity	558K	10.27M	-4.26M	30.86M	3.14B	2.42B	2.29B	2.19B	2.15B	2.12B
Common Stock	1.08B	10.27M	15.61M	-41.97M	4.84M	4.77M	4.78M	4.79M	4.8M	4.79M
Retained Earnings	558K	0	0	0	-341.56M	-464.09M	-132.47M	82.79M	100.45M	90.55M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	-341.56M	0	0	0	0	0
Minority Interest	969K	7.54M	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	295K	9.54M	28.08M	83.53M	622.39M	753.38M	709.75M	699.6M	779.06M	843.99M
Operating CF Margin %	0%	0.02%	-	0.08%	0.73%	0.78%	0.73%	0.71%	0.7%	0.72%
Operating CF Growth %	-	31.33%	1.94%	1.97%	6.45%	0.21%	-0.06%	-0.01%	0.11%	0.08%
Net Income	781K	236.7M	2.33M	66.61M	-355.11M	-122.53M	331.62M	326.24M	371.79M	400.89M
Depreciation & Amortization	-86.67M	99.86M	0	148K	152.54M	179.46M	179.46M	202.43M	206.91M	210.86M
Stock-Based Compensation	0	26.05M	34.93M	35.11M	73.52M	12.78M	13.53M	19.65M	31.61M	44.33M
Deferred Taxes	368K	3.36M	0	-1.3M	-101.93M	-171K	117.12M	117.49M	134.66M	147.73M
Other Non-Cash Items	-969K	-106.44M	-16.23M	-19.57M	829.9M	683.42M	63.59M	28.72M	38.26M	45.44M
Working Capital Changes	115K	-5.67M	7.05M	2.69M	23.47M	419K	4.43M	5.06M	-3.98M	-5.26M
Change in Receivables	-32.28M	3.04M	0	0	42.67M	28.74M	-6.57M	-2.63M	-1.16M	-25.82M
Change in Inventory	0	-12.58M	0	0	0	0	0	0	0	0
Change in Payables	3.28M	1.15M	-133K	873K	-11.87M	1.92M	1.49M	8.76M	-9.03M	3.67M
Cash from Investing+	-445.45M	-478.16M	0	0	-525.67M	-219.23M	-233.24M	-493.83M	-183.21M	-242.73M
Capital Expenditures	-452.63M	-416.32M	0	0	-267.38M	-157.93M	-232.82M	-515.65M	-184M	0
CapEx % of Revenue	1.17%	0.71%	-	-	0.31%	0.16%	0.24%	0.52%	0.17%	0.21%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	7.18M	13.67M	0	0	8.78M	-36.03M	1.65M	4.82M	793K	-242.73M
Cash from Financing+	-223K	106.72M	-31.7M	-86.7M	-98.3M	-534.75M	-477.15M	-205.78M	-595.79M	-601.33M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-223K	-182.45M	-31.7M	-86.47M	-496.2M	-590.19M	-471.72M	-433.38M	-435.4M	-438.18M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-743.64M	-16.23M	0	-230K	-11.08M	-123.84M	-16.64M	-302K	0	-27.79M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-452.34M	-37.71M	28.08M	83.53M	355M	595.45M	476.93M	183.95M	595.06M	601.65M
FCF Margin %	-1.17%	-0.06%	-	0.08%	0.42%	0.61%	0.49%	0.19%	0.53%	0.51%
FCF Growth %	-	0.92%	1.74%	1.97%	3.25%	0.68%	-0.2%	-0.61%	2.23%	0.01%
FCF per Share	-2.43	-0.20	0.15	0.45	0.80	1.24	0.99	0.38	1.23	1.24
FCF Conversion (FCF/Net Income)	0.38x	0.98x	12.08x	0.19x	-1.75x	-6.15x	2.14x	2.14x	2.10x	2.11x
Interest Paid	0	0	0	3K	83.02M	140.73M	179.75M	0	213.96M	189.91M
Taxes Paid	0	0	19.08M	31.8M	16.08M	39.2M	16.31M	0	0	104K

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	51.15%	100.43%	34.31%	3330.74%	-22.37%	-4.41%	14.1%	14.57%	17.12%	18.79%
Return on Invested Capital (ROIC)	0.15%	1.64%	-7.28%	5121.7%	-9.86%	-1.53%	7.63%	7.38%	8.41%	9.33%
Gross Margin	57.27%	55.7%	-	56.59%	59%	64.5%	65.26%	61.37%	62.25%	63.58%
Net Margin	0.2%	1.65%	-	43.08%	-41.8%	-12.61%	34.23%	32.93%	33.42%	34.06%
Debt / Equity	406.02x	47.72x	-	-	0.92x	1.28x	1.37x	1.53x	1.49x	1.47x
Interest Coverage	-	-	-	9.81x	-3.61x	-0.80x	3.17x	2.84x	2.82x	3.18x
FCF Conversion	0.38x	0.98x	12.08x	0.19x	-1.75x	-6.15x	2.14x	2.14x	2.10x	2.11x
Revenue Growth	-	52.38%	-100%	-	-17.4%	14.34%	-0.26%	2.25%	12.29%	5.79%

Revenue by Segment

	2019	2020	2021	2022	2023	2024
Natural Gas Gathering Transportation Marketing And Processing Affiliate	-	711.46M	-	-	-	926.06M
Natural Gas Gathering Transportation Marketing And Processing Affiliate Growth	-	-	-	-	-	-
Natural Gas Water Handling And Treatment Affiliate	-	259.93M	-	-	-	248.86M
Natural Gas Water Handling And Treatment Affiliate Growth	-	-	-	-	-	-
Natural Gas Water Handling And Treatment	-	-	-	-	-	1.94M
Natural Gas Water Handling And Treatment Growth	-	-	-	-	-	-
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate	-	-	749.74M	743.26M	842.36M	-
Natural Gas, Gathering, Transportation, Marketing and Processing - Affiliate Growth	-	-	-	-0.86%	13.33%	-
Natural Gas Water Handling and Treatment - Affiliate	-	-	218.62M	244.77M	268.67M	-
Natural Gas Water Handling and Treatment - Affiliate Growth	-	-	-	11.96%	9.76%	-
Natural Gas Water Handling and Treatment	-	-	516K	2.62M	1.41M	-
Natural Gas Water Handling and Treatment Growth	-	-	-	408.14%	-46.07%	-
Gathering Low Pressure	254.35M	-	-	-	-	-
Gathering Low Pressure Growth	-	-	-	-	-	-
Fresh Water Delivery	157.63M	-	-	-	-	-
Fresh Water Delivery Growth	-	-	-	-	-	-
Gathering High Pressure	151.28M	-	-	-	-	-
Gathering High Pressure Growth	-	-	-	-	-	-
Compression	137.91M	-	-	-	-	-
Compression Growth	-	-	-	-	-	-
Other Fluid Handling	123.37M	-	-	-	-	-
Other Fluid Handling Growth	-	-	-	-	-	-
Wastewater Treatment	25.06M	-	-	-	-	-
Wastewater Treatment Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Antero Midstream Corporation (AM) has a price-to-earnings (P/E) ratio of 21.5x. This is roughly in line with market averages.

Growth & Financials

Antero Midstream Corporation (AM) reported $1.25B in revenue for fiscal year 2024. This represents a 223% increase from $387.3M in 2015.

Antero Midstream Corporation (AM) grew revenue by 5.8% over the past year. This is steady growth.

Yes, Antero Midstream Corporation (AM) is profitable, generating $472.4M in net income for fiscal year 2024 (34.1% net margin).

Dividend & Returns

Yes, Antero Midstream Corporation (AM) pays a dividend with a yield of 5.06%. This makes it attractive for income-focused investors.

Antero Midstream Corporation (AM) has a return on equity (ROE) of 18.8%. This is reasonable for most industries.

Antero Midstream Corporation (AM) generated $1.04B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.