Antero Midstream
AM NYSE Oil & Gas Storage & Transportation Financials FY2019–FY2025
Antero Midstream's revenue rose 7.4% to $1.2 billion in fiscal 2025. Its operating margin was 54.2%, down from 59.6% a year earlier. It paid out $574 million in dividends and buybacks. The diluted share count fell 0.6%.
About these figures. Antero Midstream's figures start in 2019, when it combined with Antero Midstream Partners; its earlier filings are those of the partnership's general partner, a holding company with a small fraction of the business. Antero Midstream's cash flow statement splits its spending across gathering, water and other lines under its own labels, and the lines tagged cover only part of it in some years, so capital spending and free cash flow are left blank. Antero Midstream held no cash at the end of 2021, 2022 and 2024 (its cash flow statements show its cash falling to zero), so cash is counted as zero in those years.
What Antero Midstream does
No business description yet.
- Legal name
- ANTERO MIDSTREAM CORPORATION
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0001104659-26-013380
0001623925
Revenue and margins
Antero Midstream had $1.2B of revenue in fiscal 2025, up 7.4% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Antero Midstream returned $574M to shareholders in fiscal 2025. The diluted share count fell 0.6%.
Value Antero Midstream yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.0B and divides by 482.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 24.8x · peers 19.8x · sector 16.9x.
Balance sheet
Cash, debt and the ratios that show how comfortably Antero Midstream can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0.0M | $0.0M | $0.1M | $0.0M | $180M |
| Debt incl. finance leases | $3.1B | $3.4B | $3.2B | $3.1B | $3.2B |
| Net debt / EBITDA | 4.3x | 4.5x | 3.9x | 3.6x | 3.6x |
| Debt / equity | 1.4x | 1.5x | 1.5x | 1.5x | 1.6x |
| Interest coverage | 3.1x | 3.0x | 2.9x | 3.5x | 3.4x |
| Current ratio | 0.7x | 0.9x | 1.0x | 1.2x | 3.4x |
| Quick ratio | 0.7x | 0.9x | 1.0x | 1.2x | 3.4x |
| Total assets | $5.5B | $5.8B | $5.7B | $5.8B | $5.9B |
| Total liabilities | $3.3B | $3.6B | $3.6B | $3.6B | $3.9B |
| Shareholders' equity | $2.3B | $2.2B | $2.2B | $2.1B | $2.0B |
| Net debt (− = net cash) | $3.1B | $3.4B | $3.2B | $3.1B | $3.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$5.3M
4 insiders
Of sales under plans
42%
$2.2M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Brooks J KlimleyDirector | Sold | 5,000 | $21.27 | $0.1M | Form 4 |
| Aug 4, 2026 | Sheri PearceSee Remarks | Sold | 16,000 | $22.01 | $0.4M | Form 4 |
| May 4, 2026 | Michael N. KennedySee Remarks, Director | Sold plan | 100,000 | $21.92 | $2.2M | Form 4 |
| May 4, 2026 | Yvette K SchultzSee Remarks, Director | Sold | 69,269 | $21.90 | $1.5M | Form 4 |
| Mar 12, 2026 | Brooks J KlimleyDirector | Sold | 5,000 | $23.16 | $0.1M | Form 4 |
| Mar 10, 2026 | Sheri PearceSee Remarks | Sold | 14,000 | $22.76 | $0.3M | Form 4 |
| Mar 9, 2026 | Yvette K SchultzSee Remarks, Director | Sold | 25,000 | $22.81 | $0.6M | Form 4 |
| Dec 16, 2025 | Brooks J KlimleyDirector | Sold | 5,000 | $17.59 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 7 / 8 | 7 / 8 | 7 / 8 |
| Accruals ratio | −7.1% | −7.7% | −8.9% |
| Altman Z'' | 1.40 | 1.45 | 1.57 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Antero Midstream AM | $9.9B | 7.4% | 54.3% | — | 9.2% | 24.8x | 7 | |
| DT Midstream DTM | $12.7B | 26.7% | 49.4% | 35.5% | 5.7% | 27.1x | 7 | Compare → |
| Viper Energy VNOM | $9.1B | 62.0% | −10.0% | — | −1.3% | — | 3 | Compare → |
| International Seaways INSW | $5.5B | −11.4% | 41.0% | 44.9% | — | 7.1x | 6 | Compare → |
| Kinetik KNTK | $4.2B | 19.0% | 9.4% | 6.3% | 8.6% | 19.8x | 5 | Compare → |
7 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $793M | $901M | $898M | $920M | $1.0B | $1.1B | $1.2B |
| Operating income | −$399M | −$118M | $555M | $540M | $612M | $659M | $645M |
| Interest expense | $83.0M | $141M | $180M | $183M | $214M | $190M | $188M |
| Pretax income | −$458M | −$178M | $449M | $444M | $500M | $549M | $564M |
| Income tax | −$103M | −$55.7M | $117M | $118M | $128M | $148M | $151M |
| Net income | −$355M | −$123M | $332M | $326M | $372M | $401M | $413M |
| Diluted EPS | −$0.80 | −$0.26 | $0.69 | $0.68 | $0.77 | $0.83 | $0.86 |
| Diluted shares | 0.44B | 0.48B | 0.48B | 0.48B | 0.48B | 0.49B | 0.48B |
| Cash flow | |||||||
| Cash from operations | $622M | $753M | $710M | $700M | $779M | $844M | $933M |
| Depreciation and amortization | $95.5M | $109M | $180M | $202M | $207M | $211M | $205M |
| Stock-based compensation | $73.5M | $12.8M | $13.5M | $19.7M | $31.6M | $44.3M | $46.0M |
| Acquisitions | $620M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $126M | $24.7M | $0.0M | $0.0M | $0.0M | $28.7M | $135M |
| Dividends paid | $492M | $590M | $471M | $433M | $435M | $438M | $439M |
| Dividends and buybacks | $618M | $614M | $471M | $433M | $435M | $466M | $574M |
| Balance sheet | |||||||
| Cash and short-term investments | $1.2M | $0.6M | $0.0M | $0.0M | $0.1M | $0.0M | $180M |
| Total debt | $2.9B | $3.1B | $3.1B | $3.4B | $3.2B | $3.1B | $3.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $109M | $93.9M | $83.8M | $89.0M | $91.1M | $118M | $380M |
| Current liabilities | $242M | $94.0M | $114M | $102M | $96.4M | $101M | $112M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $3.3B | $3.3B | $3.4B | $3.8B | $3.8B | $3.9B | $3.5B |
| Total assets | $6.3B | $5.6B | $5.5B | $5.8B | $5.7B | $5.8B | $5.9B |
| Total liabilities | $3.1B | $3.2B | $3.3B | $3.6B | $3.6B | $3.6B | $3.9B |
| Shareholders' equity | $3.1B | $2.4B | $2.3B | $2.2B | $2.2B | $2.1B | $2.0B |
| Margins | |||||||
| Operating margin | −50.3% | −13.1% | 61.8% | 58.6% | 58.7% | 59.6% | 54.3% |
| EBITDA margin | −38.2% | −1.0% | 81.8% | 80.6% | 78.6% | 78.6% | 71.5% |
| Net margin | −44.8% | −13.6% | 36.9% | 35.5% | 35.7% | 36.2% | 34.8% |
| Returns | |||||||
| Return on capital | — | −1.6% | 7.5% | 7.2% | 8.3% | 9.1% | 9.2% |
| Return on capital employed | — | −2.0% | 10.2% | 9.7% | 10.8% | 11.7% | 11.3% |
| Return on equity | — | −4.4% | 14.1% | 14.6% | 17.1% | 18.8% | 20.2% |
| Return on assets | — | −2.1% | 6.0% | 5.8% | 6.5% | 7.0% | 7.1% |
| Growth | |||||||
| Revenue growth | — | 13.6% | −0.3% | 2.4% | 13.2% | 6.2% | 7.4% |
| Net income growth | — | — | — | −1.6% | 14.0% | 7.8% | 3.1% |
| EPS growth | — | — | — | −1.5% | 13.2% | 7.8% | 3.6% |
| Share count change | — | 8.1% | 0.3% | 0.1% | 0.4% | 0.6% | −0.6% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | 4.3x | 4.5x | 3.9x | 3.6x | 3.6x |
| Debt / equity | 0.9x | 1.3x | 1.4x | 1.5x | 1.5x | 1.5x | 1.6x |
| Interest coverage | −4.8x | −0.8x | 3.1x | 3.0x | 2.9x | 3.5x | 3.4x |
| Current ratio | 0.5x | 1.0x | 0.7x | 0.9x | 1.0x | 1.2x | 3.4x |
| Quick ratio | 0.5x | 1.0x | 0.7x | 0.9x | 1.0x | 1.2x | 3.4x |
| Capital allocation | |||||||
| Stock comp / revenue | 9.3% | 1.4% | 1.5% | 2.1% | 3.0% | 4.0% | 3.9% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 5.0 | 5.0 | 7.0 | 7.0 | 7.0 |
| Altman Z'' | 0.3 | 0.4 | 1.3 | 1.3 | 1.4 | 1.5 | 1.6 |
| Accruals ratio | — | −14.7% | −6.8% | −6.6% | −7.1% | −7.7% | −8.9% |
Source: SEC EDGAR XBRL filings (CIK 0001623925). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.