Antero Midstream vs International Seaways
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The short version
- Antero Midstream is the larger business, with $1.2B of revenue in fiscal 2025 against $843M for International Seaways.
- Antero Midstream grew revenue faster (7.4%, against −11.4%).
- Antero Midstream kept more of each dollar of sales as operating profit (54.3% operating margin, against 41.0%).
- Investors pay more for each dollar of Antero Midstream’s earnings: a P/E of 24.8x against 7.1x for International Seaways.
| Latest fiscal year | AM · FY25 | INSW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $5.5B |
| Revenue | $1.2B | $843M |
| Free cash flow | — | $379M |
| Net income | $413M | $309M |
| Growth | ||
| Revenue growth | 7.4% | −11.4% |
| 5-year growth | 5.7% | 14.9% |
| Share count change | −0.6% | −0.2% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 54.3% | 41.0% |
| Net margin | 34.8% | 36.7% |
| FCF margin | — | 44.9% |
| Return on capital | 9.2% | — |
| Return on equity | 20.2% | 16.0% |
| Balance sheet | ||
| Net debt | $3.0B | $400M |
| Net debt / EBITDA | 3.6x | 0.8x |
| Dividends and buybacks | $574M | $145M |
| Valuation & quality | ||
| P/E | 24.8x | 7.1x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
AM —
INSW $398M
FY17
AM —
INSW $290M
FY18
AM —
INSW $270M
FY19
AM $793M
INSW $366M
FY20
AM $901M
INSW $422M
FY21
AM $898M
INSW $273M
FY22
AM $920M
INSW $865M
FY23
AM $1.0B
INSW $1.1B
FY24
AM $1.1B
INSW $952M
FY25
AM $1.2B
INSW $843M
AM
INSW
Operating margin
FY16
AM —
INSW 1.8%
FY17
AM —
INSW −37.2%
FY18
AM —
INSW −20.2%
FY19
AM −50.3%
INSW 15.1%
FY20
AM −13.1%
INSW 9.5%
FY21
AM 61.8%
INSW −41.1%
FY22
AM 58.6%
INSW 51.2%
FY23
AM 58.7%
INSW 57.4%
FY24
AM 59.6%
INSW 47.8%
FY25
AM 54.3%
INSW 41.0%
AM
INSW
Free cash flow
FY16
AM —
INSW $127M
FY17
AM —
INSW −$156M
FY18
AM —
INSW −$161M
FY19
AM —
INSW $86.9M
FY20
AM —
INSW $216M
FY21
AM —
INSW −$77.2M
FY22
AM —
INSW $287M
FY23
AM —
INSW $687M
FY24
AM —
INSW $546M
FY25
AM —
INSW $379M
AM
INSW
Return on capital
FY16
AM —
INSW 0.4%
FY17
AM —
INSW −5.5%
FY18
AM —
INSW −2.6%
FY19
AM —
INSW 2.6%
FY20
AM −1.6%
INSW 2.2%
FY21
AM 7.5%
INSW −5.1%
FY22
AM 7.2%
INSW 20.3%
FY23
AM 8.3%
INSW 27.5%
FY24
AM 9.1%
INSW —
FY25
AM 9.2%
INSW —
AM
INSW
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.