Antero Midstream vs Viper Energy
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The short version
- Viper Energy is the larger business, with $1.4B of revenue in fiscal 2025 against $1.2B for Antero Midstream.
- Viper Energy grew revenue faster (62.0%, against 7.4%).
- Antero Midstream kept more of each dollar of sales as operating profit (54.3% operating margin, against β10.0%).
- Antero Midstream earned a higher return on the capital invested in it (9.2%, against β1.3%).
| Latest fiscal year | AM Β· FY25 | VNOM Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $9.1B |
| Revenue | $1.2B | $1.4B |
| Free cash flow | β | β |
| Net income | $413M | β$68.0M |
| Growth | ||
| Revenue growth | 7.4% | 62.0% |
| 5-year growth | 5.7% | 41.0% |
| Share count change | β0.6% | 51.7% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 54.3% | β10.0% |
| Net margin | 34.8% | β4.9% |
| FCF margin | β | β |
| Return on capital | 9.2% | β1.3% |
| Return on equity | 20.2% | β2.2% |
| Balance sheet | ||
| Net debt | $3.0B | $2.2B |
| Net debt / EBITDA | 3.6x | 4.7x |
| Dividends and buybacks | $574M | $328M |
| Valuation & quality | ||
| P/E | 24.8x | β |
| Piotroski F-score | 7 | 3 |
Revenue
FY16
AM β
VNOM $79.1M
FY17
AM β
VNOM $172M
FY18
AM β
VNOM $289M
FY19
AM $793M
VNOM $298M
FY20
AM $901M
VNOM $251M
FY21
AM $898M
VNOM $505M
FY22
AM $920M
VNOM $867M
FY23
AM $1.0B
VNOM $828M
FY24
AM $1.1B
VNOM $861M
FY25
AM $1.2B
VNOM $1.4B
AM
VNOM
Operating margin
FY16
AM β
VNOM β11.8%
FY17
AM β
VNOM 66.2%
FY18
AM β
VNOM 70.3%
FY19
AM β50.3%
VNOM 64.9%
FY20
AM β13.1%
VNOM 21.1%
FY21
AM 61.8%
VNOM 71.6%
FY22
AM 58.6%
VNOM 78.5%
FY23
AM 58.7%
VNOM 74.9%
FY24
AM 59.6%
VNOM 65.9%
FY25
AM 54.3%
VNOM β10.0%
AM
VNOM
Free cash flow
FY16
AM β
VNOM $68.6M
FY17
AM β
VNOM $139M
FY18
AM β
VNOM $240M
FY19
AM β
VNOM $237M
FY20
AM β
VNOM $197M
FY21
AM β
VNOM β
FY22
AM β
VNOM β
FY23
AM β
VNOM β
FY24
AM β
VNOM β
FY25
AM β
VNOM β
AM
VNOM
Return on capital
FY16
AM β
VNOM β
FY17
AM β
VNOM 13.9%
FY18
AM β
VNOM 15.6%
FY19
AM β
VNOM 8.8%
FY20
AM β1.6%
VNOM 1.6%
FY21
AM 7.5%
VNOM 13.4%
FY22
AM 7.2%
VNOM 23.3%
FY23
AM 8.3%
VNOM 16.7%
FY24
AM 9.1%
VNOM 12.8%
FY25
AM 9.2%
VNOM β1.3%
AM
VNOM
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.