Latest Ratios: P/E Ratio 24.9x · EV/EBITDA 15.5x · ROE 20.2%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.1B | $8.6B | $7.3B | $6.0B | $5.2B | $4.6B | $3.7B | $3.4B | $2.1B | $3.7B | — |
| Enterprise Value | $13.2B | $11.6B | $10.4B | $9.3B | $8.5B | $7.8B | $6.8B | $6.3B | $2.1B | $3.7B | — |
| P/E Ratio → | 24.86 | 20.69 | 18.18 | 16.27 | 15.87 | 14.03 | — | — | 4.74 | 505.64 | — |
| P/S Ratio | 8.06 | 6.81 | 6.22 | 5.43 | 5.23 | 4.80 | 3.80 | 3.95 | 2.04 | — | — |
| P/B Ratio | 5.23 | 4.35 | 3.46 | 2.81 | 2.36 | 2.03 | 1.52 | 1.07 | 67.89 | — | — |
| P/FCF | 13.18 | 11.14 | 12.17 | 10.16 | 28.17 | 9.75 | 6.19 | 9.46 | 25.08 | 130.75 | — |
| P/OCF | 10.88 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 15.52 | 13.68 | 12.00 | 11.31 | 11.52 | 10.58 | 109.64 | — | 3.44 | — | — |
| EV / EBIT | 20.46 | 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 | — |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | — | -0.00 | — | 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 | — | — |
Short-term solvency ratios and asset-utilisation metrics
| 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 4.3% | 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% | — |
| 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 | 7.6% | 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 | 5.6% | 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 |
Includes 30+ ratios · 11 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AM stock.
Antero Midstream Corporation's current P/E ratio is 24.9x. The historical average is 15.0x. This places it at the 100th percentile of its historical range.
Antero Midstream Corporation's current EV/EBITDA is 15.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.4x.
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%.
Based on historical data, Antero Midstream Corporation is trading at a P/E of 24.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Antero Midstream Corporation's current dividend yield is 4.26% with a payout ratio of 106.3%.
Antero Midstream Corporation has 65.3% gross margin and 51.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Antero Midstream Corporation's Debt/EBITDA ratio is 3.8x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
COGS anomaly and leverage increase
Metrics are mathematically derived from official filings.
Margins Resilient Despite Cost Spike
Operating margin held above 55% for ten straight quarters, while the 2026Q2 gross margin collapse to 33% appears isolated, per reported financials, underscoring underlying earnings power.
The 2026Q2 gross margin plunge to 33.0% from 62.3% in the prior quarter is a clear outlier, as operating margin remained robust at 55.6%, suggesting the cost spike is confined to COGS and not broad-based. Net margin of 34.7% in 2026Q2, despite the anomaly, indicates that the company's core midstream fee-based model continues to generate high incremental profitability. Investors should monitor whether the COGS surge recurs, as a persistent elevation would signal a structural shift in cost structure.
Returns Compress on Rising Capital Base
ROIC has hovered near 2.5% over the past ten quarters, while ROE improved to 5.8% in 2026Q2, according to quarterly data, suggesting capital efficiency is lagging asset growth.
Despite stable operating margins, ROIC has remained flat at roughly 2.4-2.8% over the last two years, indicating that incremental capital investments are not generating proportional returns. The gap between ROE (5.8%) and ROIC (2.4%) reflects high leverage, as debt-financed acquisitions have expanded the asset base without commensurate earnings growth. This suggests the company is in a capital-intensive expansion phase where returns may improve only after assets are fully utilized.
Working Capital Efficiency Stable but Thin
Asset turnover has been constant at 0.05x over ten quarters, while DSO improved to 39 days in 2026Q2, per financial statements, indicating minimal efficiency gains from working capital management.
Asset turnover of 0.05x is extremely low, reflecting the heavy fixed-asset base typical of midstream infrastructure, but it has remained stable, suggesting no deterioration in asset utilization. DSO rose to 39 days in 2026Q2 from 32 days in 2025Q4, a modest increase that may indicate slower collections, though the absolute level remains manageable. The cash conversion cycle is not calculable due to unavailable inventory data, but the low DPO (4 days) suggests limited supplier financing, which is typical for service-oriented midstream operations.
Leverage Creeps Higher Amid Expansion
Debt-to-equity climbed to 1.86 in 2026Q2 from 1.48 in 2024Q1, while D/EBITDA rose to 14.22x, based on reported figures, signaling increased financial risk despite stable interest coverage.
The steady rise in D/E and D/EBITDA over the past two years indicates that debt is growing faster than EBITDA, a trend that warrants close monitoring. Interest coverage improved to 7.54x in 2026Q2 from 3.89x in 2026Q1, but this is partly due to the COGS anomaly inflating operating income; normalized coverage is likely closer to 4x. The company's ability to service debt appears adequate for now, but the trajectory of leverage suggests limited headroom for additional borrowing without straining covenants.
Liquidity Buffer Thins in Recent Quarter
The current ratio fell to 0.84 in 2026Q2 from 3.41 in 2025Q4, according to balance sheet data, indicating a tighter short-term liquidity position that could strain under stress.
The sharp decline in the current ratio from 3.41 to 0.84 within two quarters suggests a significant drawdown in current assets or a buildup in current liabilities, possibly related to the COGS spike. With a quick ratio identical to the current ratio, inventory is not a factor, so the deterioration is driven by receivables and payables timing. Given the company's stable cash flow generation, this may be a temporary phenomenon, but investors should monitor whether the ratio recovers in subsequent quarters.
Misapplied EV/EBITDA in Midstream
EV/EBITDA is often misapplied to midstream firms because it ignores the high maintenance capex required to sustain cash flows, as evidenced by AM's 15.84x multiple versus its 13.52x P/FCF.
For asset-heavy midstream companies like AM, EV/EBITDA can overstate valuation attractiveness because EBITDA does not deduct the substantial capital expenditures needed to maintain the pipeline network. AM's EV/EBITDA of 15.84x appears elevated relative to peers like HESM (9.95x), but its P/FCF of 13.52x is more reasonable, highlighting the importance of using cash-flow-based metrics. Analysts should adjust EV/EBITDA for maintenance capex or use EV/FCF to better capture the true earnings power of the business.