Antero Midstream vs Kinetik
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KIRAβs take AI analyst
I put Antero Midstream and Kinetik side by side, using each oneβs latest annual report. Here is what stands out:
- Kinetik is the larger business, with $1.8B of revenue in fiscal 2025 against $1.2B for Antero Midstream.
- Kinetik grew revenue faster (19.0%, against 7.4%).
- Antero Midstream kept more of each dollar of sales as operating profit (54.3% operating margin, against 9.4%).
- Antero Midstream earned a higher return on the capital invested in it (9.2%, against 8.6%).
- Investors pay more for each dollar of Antero Midstreamβs earnings: a P/E of 24.8x against 19.8x for Kinetik.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Antero Midstream
AM
6/8
Operating marginNet marginReturn on capitalPiotroski F-scoreNet debt / EBITDAShare count change
Kinetik
KNTK
2/8
Revenue growth5-year growth
Side by side
Best in the row
| Latest fiscal year | AM FY25 | KNTK FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.9B | $4.2B |
| Revenue | $1.2B | $1.8B |
| Free cash flow | β | $112M |
| Net income | $413M | $178M |
| Growth | ||
| Revenue growth | 7.4% | 19.0% |
| 5-year growth | 5.7% | 64.1% |
| Share count change | β0.6% | 4.2% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 54.3% | 9.4% |
| Net margin | 34.8% | 10.1% |
| FCF margin | β | 6.3% |
| Return on capital | 9.2% | 8.6% |
| Return on equity | 20.2% | β |
| Balance sheet | ||
| Net debt | $3.0B | $3.6B |
| Net debt / EBITDA | 3.6x | 6.7x |
| Dividends and buybacks | $574M | $370M |
| Valuation & quality | ||
| P/E | 24.8x | 19.8x |
| Piotroski F-score | 7 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.