Antero Midstream Corporation (AM) Financial Ratios
11 years of historical data (2015–2025) · Energy · Oil & Gas Midstream
EV/EBITDA
↑
15.72
↑+33% vs avg
5yr avg: 11.82
30Y Low3.7·High13.7
P/FCF
↑
13.39
-6% vs avg
5yr avg: 14.28
30Y Low6.2·High130.7
P/B Ratio
↑
5.31
↑+77% vs avg
5yr avg: 3.00
30Y Low1.1·High67.9
ROE
↑
20.2%
↓+19% vs avg
5yr avg: 17.0%
30Y Low-22%·High100%
Debt/EBITDA
↓
3.79
↓-6% vs avg
5yr avg: 4.02
30Y Low3.6·High7.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AM Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Antero Midstream Corporation trades at 25.2x earnings, 48% above its 5-year average of 17.0x, sitting at the 100th percentile of its historical range. Compared to the Energy sector median P/E of 15.5x, the stock trades at a premium of 63%. On a free-cash-flow basis, the stock trades at 13.4x P/FCF, 6% below the 5-year average of 14.3x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.3B | $8.6B | $7.3B | $6.0B | $5.2B | $4.6B | $3.7B | $3.4B | $2.1B | $3.7B | — |
| Enterprise Value | $13.4B | $11.6B | $10.4B | $9.3B | $8.5B | $7.8B | $6.8B | $6.3B | $2.1B | $3.7B | — |
| P/E Ratio → | 25.24 | 20.69 | 18.18 | 16.27 | 15.87 | 14.03 | — | — | 4.74 | 505.64 | — |
| P/S Ratio | 8.19 | 6.81 | 6.22 | 5.43 | 5.23 | 4.80 | 3.80 | 3.95 | 2.04 | — | — |
| P/B Ratio | 5.31 | 4.35 | 3.46 | 2.81 | 2.36 | 2.03 | 1.52 | 1.07 | 67.89 | — | — |
| P/FCF | 13.39 | 11.14 | 12.17 | 10.16 | 28.17 | 9.75 | 6.19 | 9.46 | 25.08 | 130.75 | — |
| P/OCF | 11.06 | 9.20 | 8.68 | 7.76 | 7.41 | 6.55 | 4.89 | 5.40 | 25.08 | 130.75 | — |
P/E links to full P/E history page with 30-year chart
AM EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Antero Midstream Corporation's enterprise value stands at 15.7x EBITDA, 33% above its 5-year average of 11.8x. The Energy sector median is 7.8x, placing the stock at a 101% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.23 | 8.87 | 8.32 | 8.62 | 8.02 | 6.98 | 7.36 | 2.03 | — | — |
| EV / EBITDA | 15.72 | 13.68 | 12.00 | 11.31 | 11.52 | 10.58 | 109.64 | — | 3.73 | — | — |
| EV / EBIT | 20.71 | 15.87 | 13.82 | 12.91 | 13.48 | 12.45 | — | — | — | — | — |
| EV / FCF | — | 15.09 | 17.35 | 15.56 | 46.44 | 16.29 | 11.38 | 17.61 | 25.05 | 130.53 | — |
AM Profitability
Margins and return-on-capital ratios measuring operating efficiency
Antero Midstream Corporation earns an operating margin of 51.2%, significantly above the Energy sector average of 13.8%. Operating margins have compressed from 55.0% to 51.2% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 20.2% indicates solid capital efficiency, compared to the sector median of 7.2%. ROIC of 9.4% represents adequate returns on invested capital versus a sector median of 6.2%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.3% | 65.3% | 63.6% | 62.3% | 61.4% | 65.3% | 64.5% | 59.0% | 56.6% | — | 55.7% |
| Operating Margin | 51.2% | 51.2% | 56.0% | 55.0% | 54.5% | 57.3% | -12.1% | -46.9% | 59.1% | — | 2.7% |
| Net Profit Margin | 32.8% | 32.8% | 34.1% | 33.4% | 32.9% | 34.2% | -12.6% | -41.8% | 43.1% | — | 1.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 20.2% | 20.2% | 18.8% | 17.1% | 14.6% | 14.1% | -4.4% | -22.4% | 3330.7% | 34.3% | 100.4% |
| ROA | 7.0% | 7.0% | 6.9% | 6.4% | 5.8% | 5.9% | -2.1% | -11.2% | 1143.9% | 9.9% | 105.5% |
| ROIC | 9.4% | 9.4% | 9.3% | 8.4% | 7.4% | 7.6% | -1.5% | -9.9% | 5121.7% | -7.3% | 1.6% |
| ROCE | 11.2% | 11.2% | 11.5% | 10.8% | 9.7% | 10.1% | -2.0% | -13.1% | 2614.9% | -317.9% | 288.2% |
AM Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Antero Midstream Corporation carries a Debt/EBITDA ratio of 3.8x, which is moderately leveraged (46% above the sector average of 2.6x). Net debt stands at $3.0B ($3.2B total debt minus $180M cash). Interest coverage of 3.8x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.63 | 1.63 | 1.47 | 1.49 | 1.53 | 1.37 | 1.28 | 0.92 | — | — | 47.72 |
| Debt / EBITDA | 3.79 | 3.79 | 3.58 | 3.93 | 4.53 | 4.25 | 50.01 | — | — | — | 7.33 |
| Net Debt / Equity | — | 1.54 | 1.47 | 1.49 | 1.53 | 1.37 | 1.28 | 0.92 | -0.09 | — | 47.18 |
| Net Debt / EBITDA | 3.58 | 3.58 | 3.58 | 3.93 | 4.53 | 4.25 | 50.00 | — | -0.01 | — | 7.24 |
| Debt / FCF | — | 3.95 | 5.18 | 5.40 | 18.27 | 6.55 | 5.19 | 8.14 | -0.03 | -0.21 | — |
| Interest Coverage | 3.85 | 3.85 | 3.65 | 3.30 | 3.34 | 3.56 | -0.21 | -3.14 | 9.81 | — | — |
AM Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Antero Midstream Corporation's current ratio of 3.41x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.95x to 3.41x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.41 | 3.41 | 1.17 | 0.95 | 0.87 | 0.74 | 1.00 | 0.45 | 0.17 | 0.42 | 1.38 |
| Quick Ratio | 3.41 | 3.41 | 1.17 | 0.95 | 0.87 | 0.74 | 1.00 | 0.45 | 0.17 | 0.42 | 1.46 |
| Cash Ratio | 1.62 | 1.62 | — | 0.00 | — | — | 0.01 | 0.01 | 0.17 | 0.42 | 1.35 |
| Asset Turnover | — | 0.21 | 0.20 | 0.19 | 0.17 | 0.17 | 0.17 | 0.14 | 21.56 | — | 33.98 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 31.79 | 35.72 | 29.39 | 32.30 | 31.22 | 34.50 | 45.37 | — | — | 0.13 |
AM Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Antero Midstream Corporation returns 5.5% to shareholders annually — split between a 4.2% dividend yield and 1.3% buyback yield. The payout ratio exceeds 100% at 106.3%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 4.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.2% | 5.1% | 6.0% | 7.2% | 8.4% | 10.1% | 16.0% | 14.8% | 4.1% | 0.9% | — |
| Payout Ratio | 106.3% | 106.3% | 109.2% | 117.1% | 132.7% | 142.1% | — | — | 19.5% | 1363.5% | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 4.8% | 5.5% | 6.1% | 6.3% | 7.1% | — | — | 21.1% | 0.2% | — |
| FCF Yield | 7.5% | 9.0% | 8.2% | 9.8% | 3.5% | 10.3% | 16.1% | 10.6% | 4.0% | 0.8% | — |
| Buyback Yield | 1.3% | 1.6% | 0.4% | 0.1% | 0.1% | 0.1% | 0.7% | 3.7% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 5.5% | 6.7% | 6.4% | 7.3% | 8.5% | 10.2% | 16.7% | 18.5% | 4.1% | 0.9% | — |
| Shares Outstanding | — | $482M | $485M | $482M | $480M | $480M | $478M | $443M | $187M | $186M | $186M |
Peer Comparison
Compare AM with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AMYou | $10B | 25.2 | 15.7 | 13.4 | 65.3% | 51.2% | 20.2% | 9.4% | 3.8 |
 HESM | $8B | 12.9 | 9.4 | 10.5 | 63.9% | 62.2% | 78.1% | 18.6% | 3.1 |
 DKL | $3B | 15.3 | 8.7 | — | 20.9% | 18.0% | 847.5% | 14.1% | 0.1 |
 WES | $17B | 14.3 | 10.9 | 11.5 | 68.5% | 41.3% | 31.0% | 10.5% | 3.9 |
 TRGP | $56B | 30.3 | 14.7 | 95.0 | 26.5% | 20.1% | 48.4% | 13.2% | 3.5 |
 CTRA | $25B | 14.5 | 5.9 | 15.1 | 60.4% | 89.1% | 12.3% | 10.9% | 0.8 |
 DT | $12B | 76.7 | 38.7 | 22.9 | 81.6% | 13.1% | 6.2% | 11.8% | 0.6 |
 MPLX | $58B | 11.8 | 13.4 | 14.1 | 45.2% | 40.3% | 34.4% | 9.9% | 4.3 |
 AR | $10B | 16.4 | 9.6 | 8.3 | 22.1% | 16.5% | 8.5% | 5.2% | 3.2 |
 EQT | $32B | 15.3 | 6.8 | 11.2 | 48.9% | 34.7% | 7.9% | 6.9% | 1.4 |
 RRC | $9B | 13.3 | 8.0 | 14.5 | 34.1% | 27.9% | 15.9% | 11.4% | 1.0 |
| Energy Median | — | 15.5 | 7.8 | 13.8 | 33.7% | 13.8% | 7.2% | 6.2% | 2.6 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 11 years · Updated daily
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AM — Frequently Asked Questions
Quick answers to the most common questions about buying AM stock.
What is Antero Midstream Corporation's P/E ratio?
Antero Midstream Corporation's current P/E ratio is 25.2x. The historical average is 15.0x. This places it at the 100th percentile of its historical range.
What is Antero Midstream Corporation's EV/EBITDA?
Antero Midstream Corporation's current EV/EBITDA is 15.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
What is Antero Midstream Corporation's ROE?
Antero Midstream Corporation's return on equity (ROE) is 20.2%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 24.4%.
Is AM stock overvalued?
Based on historical data, Antero Midstream Corporation is trading at a P/E of 25.2x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Antero Midstream Corporation's dividend yield?
Antero Midstream Corporation's current dividend yield is 4.19% with a payout ratio of 106.3%.
What are Antero Midstream Corporation's profit margins?
Antero Midstream Corporation has 65.3% gross margin and 51.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Antero Midstream Corporation have?
Antero Midstream Corporation's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.