Antero Midstream vs Kinetik
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The short version
- Kinetik is the larger business, with $1.8B of revenue in fiscal 2025 against $1.2B for Antero Midstream.
- Kinetik grew revenue faster (19.0%, against 7.4%).
- Antero Midstream kept more of each dollar of sales as operating profit (54.3% operating margin, against 9.4%).
- Antero Midstream earned a higher return on the capital invested in it (9.2%, against 8.6%).
- Investors pay more for each dollar of Antero Midstream’s earnings: a P/E of 24.8x against 19.8x for Kinetik.
| Latest fiscal year | AM · FY25 | KNTK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $4.2B |
| Revenue | $1.2B | $1.8B |
| Free cash flow | — | $112M |
| Net income | $413M | $178M |
| Growth | ||
| Revenue growth | 7.4% | 19.0% |
| 5-year growth | 5.7% | 64.1% |
| Share count change | −0.6% | 4.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 54.3% | 9.4% |
| Net margin | 34.8% | 10.1% |
| FCF margin | — | 6.3% |
| Return on capital | 9.2% | 8.6% |
| Return on equity | 20.2% | — |
| Balance sheet | ||
| Net debt | $3.0B | $3.6B |
| Net debt / EBITDA | 3.6x | 6.7x |
| Dividends and buybacks | $574M | $370M |
| Valuation & quality | ||
| P/E | 24.8x | 19.8x |
| Piotroski F-score | 7 | 5 |
FY17
AM —
KNTK $15.1M
FY18
AM —
KNTK $76.8M
FY19
AM $793M
KNTK $136M
FY20
AM $901M
KNTK $148M
FY21
AM $898M
KNTK $161M
FY22
AM $920M
KNTK $1.2B
FY23
AM $1.0B
KNTK $1.3B
FY24
AM $1.1B
KNTK $1.5B
FY25
AM $1.2B
KNTK $1.8B
AM
KNTK
FY17
AM —
KNTK −76.2%
FY18
AM —
KNTK −16.0%
FY19
AM −50.3%
KNTK −946.8%
FY20
AM −13.1%
KNTK −687.6%
FY21
AM 61.8%
KNTK 33.3%
FY22
AM 58.6%
KNTK 12.4%
FY23
AM 58.7%
KNTK 12.7%
FY24
AM 59.6%
KNTK 12.1%
FY25
AM 54.3%
KNTK 9.4%
AM
KNTK
FY17
AM —
KNTK $0.0M
FY18
AM —
KNTK −$83.3M
FY19
AM —
KNTK −$266M
FY20
AM —
KNTK −$79.3M
FY21
AM —
KNTK $158M
FY22
AM —
KNTK $407M
FY23
AM —
KNTK $272M
FY24
AM —
KNTK $374M
FY25
AM —
KNTK $112M
AM
KNTK
FY17
AM —
KNTK —
FY18
AM —
KNTK —
FY19
AM —
KNTK —
FY20
AM −1.6%
KNTK −161.3%
FY21
AM 7.5%
KNTK 1.8%
FY22
AM 7.2%
KNTK 6.1%
FY23
AM 8.3%
KNTK 5.7%
FY24
AM 9.1%
KNTK 9.4%
FY25
AM 9.2%
KNTK 8.6%
AM
KNTK
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.