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AMAntero Midstream Corporation
$21.38$10.1B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
AM logo

Antero Midstream Corporation

AM
NYSE · Midstream Oil & Gas
$21.38
At close - Sep 23, 4:00 PM EDT - USD
Market Cap$10.15B
P/E24.9x
52W High$23.84
Volume1.87M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Leverage Build and COGS Spike Warrant Caution

Antero Midstream's core midstream operations remain fundamentally sound, with operating margins consistently above 55% and robust cash conversion (OCF/NI averaging 2.2x), but the recent quarter's COGS anomaly and rising leverage introduce uncertainty. The comp...

GrowthStable
ProfitabilityStrong
ValuationExpensive
TechnicalsMixed
Explore valuation models
MARKET ACTION

AM price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

2/12 Beats

EPS beat 2 of last 12 quarters

02

Valuation risk

+62% Peers

P/E is 62% above peer median

03

Market leadership

RS 50 · Avg

Average momentum (RS Rating: 50)

04

Mixed Trend

Mixed

Price < 50DMA but > 200DMA

Next CatalystEstimated earnings · Oct 29
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth decelerated to 1.3% YoY in 2026Q2, while operating margins remained strong at 55.6%, but a COGS spike to $533.5M crushed gross margin to 33.0% from 62.3% in the prior quarter, warranting investigation.

Analyst Consensus+12.3% target
Hold(17 analysts)
2 Buy11 Hold4 Sell

The Bull Case

Upside Catalysts

Appalachia energy leadership

Antero Midstream Corporation is a leader in Appalachia energy infrastructure, providing a customized, integrated full value chain midstream solution primarily servicing Antero Resources.

Strong market positioning

The company operates in the Energy sector, specifically Oil & Gas Midstream, and is headquartered in the United States, indicating a strong market presence.

Comprehensive SEC filings

MarketBeat offers Antero Midstream's complete SEC filing history through 2026, including 10-K annual reports, 10-Q quarterly filings, and 8-K current reports, providing transparency for investors.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
AM+22.94%
S&P 500 (^GSPC)+12.39%
1-Year Return
AM+16.41%
S&P 500 (^GSPC)+15.77%
3-Year Return
AM+102.52%
S&P 500 (^GSPC)+79.81%
5-Year Return
AM+152.49%
S&P 500 (^GSPC)+69.98%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y High
24.9x
Forward P/EExpansion
19.6x
EV/EBITDA100th %ile
15.5x
FCF YieldCash Flow
7.6%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
24.9x
16.3x
100th· High
EV/EBITDA
15.5x
11.5x
100th· High
Price/FCF
13.2x
11.1x
80th· High
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$9.37-56.2%
Base (Fair)$20.86-1.6%
Bull$37.36+74.7%
$9.37 Bear$20.86 Base$37.36 Bull
Current Market Price: $21.38
Trades at a 2.5% premium to Base DCF ($20.86)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$1.26B+7.0% YoY
Net income
$413M+3.1% YoY
Free cash flow
$770M+28.0% YoY
Operating margin
51.2%-4.8 pts YoY
ROIC (TTM)9.4%
Avg ROIC 5Y-
ROE (TTM)20.2%
Piotroski Score8 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate2/12 (17%)
Revenue Beat Rate12/12 (100%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 29, 2026
$0.24-10.8%
vs $0.27
$327M+0.3%
vs $326M
Q2 2026
Apr 29, 2026
$0.25-3.8%
vs $0.26
$314M+0.9%
vs $311M
Q1 2026
Feb 11, 2026
$0.11-54.2%
vs $0.24
$297M+0.3%
vs $296M
Q4 2025
Oct 29, 2025
$0.24-4.0%
vs $0.25
$312M+6.8%
vs $292M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Seeking Alpha·Sep 11, 2026
My Safest Income Is My Biggest Risk Now

Realty Income and similar income stocks now struggle to deliver inflation-beating returns, with dividend growth lagging recent price increases. In today's higher-rate, post-2020 inflationary environment, traditional income favorites offer little premium over bonds and limited inflation protection. My income safety test reveals that many beloved REITs and dividend stocks fail to preserve purchasing power, making them riskier for retirees.

Defense World·Aug 26, 2026
165,422 Shares in Antero Midstream Corporation $AM Bought by Bank of Nova Scotia

Bank of Nova Scotia purchased a new stake in Antero Midstream Corporation (NYSE: AM) in the undefined quarter, according to its most recent filing with the SEC. The institutional investor purchased 165,422 shares of the pipeline company's stock, valued at approximately $3,763,000. Several other hedge funds also recently added to or reduced their

Defense World·Aug 5, 2026
Antero Midstream Corporation $AM Shares Sold by Amundi

Amundi cut its stake in Antero Midstream Corporation (NYSE: AM) by 31.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 550,311 shares of the pipeline company's stock after selling 251,909 shares during the quarter. Amundi owned approximately 0.12% of Antero

PRNewsWire·Aug 4, 2026
Antero Announced as Official Jersey Patch Sponsor of WVU Athletics

/PRNewswire/ -- Beginning in the 2026-2027 athletic season, Antero will be the Official Jersey Patch Sponsor of West Virginia University (WVU) Department of

Filtered for Antero Midstream CorporationMore Headlines
04

Compare before deciding

Benchmark AM against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Antero Midstream Corporation (AM)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
AM logoAMAntero Midstream CorporationCurrent
$21.38$10.15B24.866.99%32.81%20.22%4.26%
HESM logoHESMHess Midstream LP
$38.78$8.01B13.568.4%23.29%92.18%—
DKL logoDKLDelek Logistics Partners, LP
$54.97$2.92B16.667.73%12.85%——
WES logoWESWestern Midstream Partners, LP
$45.65$18.86B15.226.61%29.2%32.85%—
TRGP logoTRGPTarga Resources Corp.
$283.01$60.75B33.223.06%13.49%69.17%—
CTRA logoCTRACoterra Energy Inc.
$32.56$24.72B14.4740.07%21.68%11.26%—

Compare AM vs Peers

Antero Midstream Corporation (AM) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs HESM

Most directly comparable listed peer for AM.

Scale Benchmark

vs WMB

Larger-name benchmark to compare AM against a more recognizable public peer.

Peer Set

Compare Top 5

vs HESM, DKL, WES, TRGP

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

AM SEC Filings & Documents

Antero Midstream Corporation (AM) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 29, 2026·SEC

Material company update

Jul 27, 2026·SEC

Material company update

Jun 4, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 11, 2026·SEC

FY 2025

Feb 12, 2025·SEC

FY 2024

Feb 14, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 29, 2026·SEC

FY 2026

Apr 29, 2026·SEC

FY 2025

Oct 29, 2025·SEC

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AM Frequently Asked Questions

Antero Midstream Corporation (AM) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Antero Midstream Corporation's revenue?

Antero Midstream Corporation (AM) reported $1.29B in revenue for fiscal year 2025. This represents a 233% increase from $387.3M in 2015.

How fast is Antero Midstream Corporation growing?

Antero Midstream Corporation (AM) grew revenue by 7.0% over the past year. This is steady growth.

Is AM profitable?

Yes, Antero Midstream Corporation (AM) is profitable, generating $399.7M in net income for fiscal year 2025 (32.8% net margin).

Dividend & Returns
Does AM pay dividends?

Yes, Antero Midstream Corporation (AM) pays a dividend with a yield of 4.26%. This makes it attractive for income-focused investors.

What is AM's return on equity?

Antero Midstream Corporation (AM) has a return on equity (ROE) of 20.2%. This is excellent, indicating efficient use of shareholder capital.

What is Antero Midstream Corporation's free cash flow?

Antero Midstream Corporation (AM) generated $979.7M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in AM back in 2015?

Total return calculator · dividends reinvested · 11+ years of data

See returns →