Antero Midstream
AM · Oil & Gas Storage & Transportation
$20.85
1.2%Dorian LPG
LPG · Oil & Gas Storage & Transportation
$54.06
5.1%The short version
- Antero Midstream is the larger business, with $1.2B of revenue in fiscal 2025 against $482M for Dorian LPG, about 2.5 times as much.
- Dorian LPG grew revenue faster (36.3%, against 7.4%).
- Antero Midstream kept more of each dollar of sales as operating profit (54.3% operating margin, against 43.7% operating margin).
- Dorian LPG earned a higher return on the capital invested in it (12.5%, against 9.2%).
- Investors pay more for each dollar of Antero Midstream’s earnings: a P/E of 24.8x against 7.2x for Dorian LPG.
| Latest fiscal year | AM · FY25 | LPG · FY26 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $2.3B |
| Revenue | $1.2B | $482M |
| Free cash flow | — | — |
| Net income | $413M | $194M |
| Growth | ||
| Revenue growth | 7.4% | 36.3% |
| 5-year growth | 5.7% | 8.8% |
| Share count change | −0.6% | 0.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 54.3% | 43.7% |
| Net margin | 34.8% | 40.2% |
| FCF margin | — | — |
| Return on capital | 9.2% | 12.5% |
| Return on equity | 20.2% | 17.7% |
| Balance sheet | ||
| Net debt | $3.0B | $233M |
| Net debt / EBITDA | 3.6x | 0.8x |
| Dividends and buybacks | $574M | $112M |
| Valuation & quality | ||
| P/E | 24.8x | 7.2x |
| Piotroski F-score | 7 | 5 |
FY17
AM —
LPG $167M
FY18
AM —
LPG $159M
FY19
AM $793M
LPG $158M
FY20
AM $901M
LPG $333M
FY21
AM $898M
LPG $316M
FY22
AM $920M
LPG $274M
FY23
AM $1.0B
LPG $390M
FY24
AM $1.1B
LPG $561M
FY25
AM $1.2B
LPG $353M
FY26
AM —
LPG $482M
AM
LPG
FY17
AM —
LPG 8.4%
FY18
AM —
LPG 2.4%
FY19
AM −50.3%
LPG −5.0%
FY20
AM −13.1%
LPG 48.3%
FY21
AM 61.8%
LPG 36.8%
FY22
AM 58.6%
LPG 33.7%
FY23
AM 58.7%
LPG 50.9%
FY24
AM 59.6%
LPG 58.6%
FY25
AM 54.3%
LPG 31.9%
FY26
AM —
LPG 43.7%
AM
LPG
FY17
AM —
LPG $50.2M
FY18
AM —
LPG $57.0M
FY19
AM —
LPG $4.9M
FY20
AM —
LPG $149M
FY21
AM —
LPG $161M
FY22
AM —
LPG $95.5M
FY23
AM —
LPG $155M
FY24
AM —
LPG —
FY25
AM —
LPG —
FY26
AM —
LPG —
AM
LPG
FY17
AM —
LPG 0.6%
FY18
AM —
LPG 0.2%
FY19
AM —
LPG −0.4%
FY20
AM −1.6%
LPG 8.1%
FY21
AM 7.5%
LPG 6.1%
FY22
AM 7.2%
LPG 5.2%
FY23
AM 8.3%
LPG 11.5%
FY24
AM 9.1%
LPG 19.1%
FY25
AM 9.2%
LPG 6.8%
FY26
AM —
LPG 12.5%
AM
LPG
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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.