Antero Midstream vs DT Midstream
Add, change or remove companies; up to four.
The short version
- DT Midstream is the larger business, with $1.2B of revenue in fiscal 2025 against $1.2B for Antero Midstream.
- DT Midstream grew revenue faster (26.7%, against 7.4%).
- Antero Midstream kept more of each dollar of sales as operating profit (54.3% operating margin, against 49.4%).
- Antero Midstream earned a higher return on the capital invested in it (9.2%, against 5.7%).
- Investors pay more for each dollar of DT Midstream’s earnings: a P/E of 27.1x against 24.8x for Antero Midstream.
| Latest fiscal year | AM · FY25 | DTM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $12.7B |
| Revenue | $1.2B | $1.2B |
| Free cash flow | — | $441M |
| Net income | $413M | $441M |
| Growth | ||
| Revenue growth | 7.4% | 26.7% |
| 5-year growth | 5.7% | 10.5% |
| Share count change | −0.6% | 4.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 54.3% | 49.4% |
| Net margin | 34.8% | 35.5% |
| FCF margin | — | 35.5% |
| Return on capital | 9.2% | 5.7% |
| Return on equity | 20.2% | 9.4% |
| Balance sheet | ||
| Net debt | $3.0B | $3.3B |
| Net debt / EBITDA | 3.6x | 3.8x |
| Dividends and buybacks | $574M | $324M |
| Valuation & quality | ||
| P/E | 24.8x | 27.1x |
| Piotroski F-score | 7 | 7 |
Revenue
FY19
AM $793M
DTM $504M
FY20
AM $901M
DTM $754M
FY21
AM $898M
DTM $840M
FY22
AM $920M
DTM $920M
FY23
AM $1.0B
DTM $922M
FY24
AM $1.1B
DTM $981M
FY25
AM $1.2B
DTM $1.2B
AM
DTM
Operating margin
FY19
AM −50.3%
DTM 51.8%
FY20
AM −13.1%
DTM 54.9%
FY21
AM 61.8%
DTM 47.9%
FY22
AM 58.6%
DTM 52.0%
FY23
AM 58.7%
DTM 51.1%
FY24
AM 59.6%
DTM 49.9%
FY25
AM 54.3%
DTM 49.4%
AM
DTM
Free cash flow
FY19
AM —
DTM $179M
FY20
AM —
DTM $79.0M
FY21
AM —
DTM $432M
FY22
AM —
DTM $387M
FY23
AM —
DTM $26.0M
FY24
AM —
DTM $413M
FY25
AM —
DTM $441M
AM
DTM
Return on capital
FY19
AM —
DTM —
FY20
AM −1.6%
DTM —
FY21
AM 7.5%
DTM 5.5%
FY22
AM 7.2%
DTM 5.3%
FY23
AM 8.3%
DTM 5.0%
FY24
AM 9.1%
DTM 4.6%
FY25
AM 9.2%
DTM 5.7%
AM
DTM
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.