Antero Midstream (AM) AI Stock Analysis

• Market Cap: $8.24B
• Dividend Yield: 4.98%
• Average Volume (3M): 2.36M
• Price to Earnings (P/E): 17.7
• Beta (1Y): 0.51
• Revenue Growth: 8.70%
• EPS Growth: 21.42%
• Country: US
• Employees: 616
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Midstream
• EPS (TTM): 0.24
• Shares Outstanding: 476,275,000
• 10 Day Avg. Volume: 1,888,324
• 30 Day Avg. Volume: 2,357,275
• PEG Ratio: 2.32
• Price to Book (P/B): 3.43
• Price to Sales (P/S): 6.17
• P/FCF Ratio: 12.06
• Enterprise Value/Market Cap: 1.50
• Enterprise Value/Revenue: 9.90
• Enterprise Value/Gross Profit: 15.24
• Enterprise Value/Ebitda: 11.90
• 1Y Price Target: $20.00
• Price Target Upside: 15.41% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 74 Outperform
• Price Target: $20.00 ▲(15.41% Upside)

The score is driven primarily by strong financial performance—especially cash flow and profitability—tempered by leverage. Positive earnings-call updates on EBITDA/free-cash-flow growth, leverage reduction, and refinancing further support the outlook, while technicals remain neutral-to-weak and valuation is supported mainly by the dividend yield.

Positive Factors

Cash Generation

Strong cash generation supports operational flexibility, allowing Antero Midstream to invest in growth opportunities and manage debt effectively.

Strategic Positioning

Strategic infrastructure and partnerships position Antero Midstream to capitalize on increasing natural gas demand, supporting long-term growth.

Debt Reduction

Effective debt management enhances financial stability and reduces risk, improving the company's ability to navigate economic fluctuations.

Negative Factors

High Leverage

High leverage can strain financial resources and limit flexibility, potentially impacting future investment and growth capabilities.

Stagnant Revenue Growth

Stagnant revenue growth may hinder the company's ability to expand its market share and invest in new opportunities, affecting long-term prospects.

Uncertain Capital Allocation

Unclear capital allocation strategies could lead to inefficient use of resources, affecting the company's ability to optimize growth and shareholder returns.

Antero Midstream Business Overview & Revenue Model

Company Description

Antero Midstream Corporation owns, operates, and develops midstream energy infrastructure. It operates through Gathering and Processing, and Water Handling segments. The Gathering and Processing segment includes a network of gathering pipelines and compressor stations that collects and processes production from Antero Resources' wells in West Virginia and Ohio. The Water Handling segment delivers fresh water; and offers pumping stations, water storage, and blending facilities. The company was incorporated in 2013 and is headquartered in Denver, Colorado.

How the Company Makes Money

Antero Midstream makes money through a variety of revenue streams centered around its midstream services. The company earns revenue primarily from long-term, fixed-fee contracts with Antero Resources, which provide stable cash flows and mitigate commodity price exposure. Key revenue streams include gathering and compression fees, which are charged for transporting natural gas from production sites to processing facilities. Additionally, Antero Midstream generates income from water handling services, including the delivery and treatment of water used in hydraulic fracturing. The company's strategic partnerships and infrastructure investments further enhance its ability to meet the growing demand for midstream services in the Appalachian region, thereby contributing to its earnings.

Antero Midstream Financial Statement Overview

Summary

Antero Midstream exhibits strong profitability and cash generation with stable margins and substantial free cash flow growth. Although revenue growth is minimal and leverage is high, the company effectively utilizes equity to generate returns. The financial position is stable, but attention to debt levels is warranted.

Income Statement

Antero Midstream shows strong profitability with a consistent gross profit margin reaching 100% in the latest year. The net profit margin improved to 36.24%, indicating efficient cost management. Revenue experienced a slight decline of 0.56% from the previous year, but EBIT and EBITDA margins are solid at 59.61%. Overall, profitability metrics are robust, though revenue growth is stagnant.

Balance Sheet

The debt-to-equity ratio is high at 1.47, indicating significant leverage. However, return on equity improved to 18.95%, reflecting effective use of equity to generate profits. The equity ratio stands at 36.71%, suggesting moderate financial stability. While leverage is a concern, profitability offsets some risks.

Cash Flow

Free cash flow grew by 41.86% over the past year, demonstrating strong cash generation. The operating cash flow to net income ratio is 2.10, indicating substantial cash inflows relative to net income. The free cash flow to net income ratio is 2.11, reflecting solid free cash flow relative to earnings. Overall, cash flow metrics highlight strong liquidity and cash generation capabilities.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.25B	1.18B	1.11B	990.66M	968.87M	971.39M
Gross Profit	811.77M	748.22M	692.55M	607.97M	632.29M	626.54M
EBITDA	1.04B	966.32M	924.05M	836.12M	803.48M	148.25M
Net Income	472.42M	400.89M	371.79M	326.24M	331.62M	-122.53M
Balance Sheet
Total Assets	5.72B	5.88B	5.74B	5.79B	5.54B	5.61B
Cash, Cash Equivalents and Short-Term Investments	0.00	0.00	66.00K	0.00	0.00	640.00K
Total Debt	3.01B	3.12B	3.21B	3.36B	3.12B	3.09B
Total Liabilities	3.65B	3.77B	3.59B	3.60B	3.26B	3.19B
Stockholders Equity	2.07B	2.12B	2.15B	2.19B	2.29B	2.42B
Cash Flow
Free Cash Flow	1.04B	601.65M	595.06M	183.95M	476.93M	595.45M
Operating Cash Flow	909.65M	843.99M	779.06M	699.60M	709.75M	753.38M
Investing Cash Flow	-158.90M	-242.73M	-183.21M	-493.83M	-233.24M	-219.23M
Financing Cash Flow	-750.75M	-601.33M	-595.79M	-205.78M	-477.15M	-534.75M

Antero Midstream Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 17.33
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AM, the sentiment is Neutral. The current price of 17.33 is below the 20-day moving average (MA) of 17.67, below the 50-day MA of 17.78, and below the 200-day MA of 17.69, indicating a bearish trend. The MACD of -0.14 indicates Positive momentum. The RSI at 46.52 is Neutral, neither overbought nor oversold. The STOCH value of 31.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for AM.

Antero Midstream Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
WES	80 Outperform	$16.83B	12.20	40.29%	9.13%	5.81%	-13.58%
PAA	79 Outperform	$13.12B	15.08	9.78%	8.54%	-7.53%	9.74%
DTM	78 Outperform	$12.03B	30.01	9.04%	2.70%	20.39%	-3.85%
HESM	77 Outperform	$7.05B	12.07	59.81%	8.45%	10.78%	19.10%
AM	74 Outperform	$8.24B	17.74	22.52%	4.98%	8.70%	21.42%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
KNTK	52 Neutral	$5.93B	90.46	―	8.77%	15.00%	-84.96%

Antero Midstream Corporate Events

Antero Midstream Shifts Capital Structure With New Notes

Antero Midstream announced that, in connection with the issuance of its Notes, it has terminated all remaining commitments under previously arranged debt financing facilities that had been provided by Royal Bank of Canada, Wells Fargo Bank, National Association, their affiliates and other lending parties to Antero Midstream Partners. The move indicates a shift in the company’s capital structure toward the newly issued Notes and away from the prior committed debt financing, which may streamline its funding sources and alter its banking relationships and liquidity profile.

The most recent analyst rating on (AM) stock is a Hold with a $20.00 price target. To see the full list of analyst forecasts on Antero Midstream stock, see the AM Stock Forecast page.

Antero Midstream Prices $600M Senior Notes Offering

On December 9, 2025, Antero Midstream Corporation announced the pricing of its upsized private placement of $600 million in senior unsecured notes due 2034, with the offering expected to close on December 23, 2025. The company plans to use the net proceeds, along with other financial resources, to fund the acquisition of HG Energy II Midstream Holdings, LLC. The completion of this offering is not dependent on the acquisition or the disposition of Antero Midstream’s Utica Shale midstream assets, though certain conditions could trigger a mandatory redemption of the notes if the acquisition does not close by the specified dates.

The most recent analyst rating on (AM) stock is a Sell with a $20.00 price target. To see the full list of analyst forecasts on Antero Midstream stock, see the AM Stock Forecast page.

Antero Midstream Announces $500M Senior Notes Offering

On December 9, 2025, Antero Midstream Corporation announced the intention of its subsidiaries to commence a private offering of $500 million in senior notes due 2034. The proceeds from this offering, along with funds from a revolving credit facility and the sale of Utica Shale midstream assets, are intended to finance the acquisition of HG Energy II Midstream Holdings, LLC. The offering and acquisition are not contingent on each other, and if the acquisition does not close by the specified date, the company will redeem the notes at their initial issue price.

The most recent analyst rating on (AM) stock is a Sell with a $20.00 price target. To see the full list of analyst forecasts on Antero Midstream stock, see the AM Stock Forecast page.

Antero Midstream Acquires HG Energy II for $1.1B

On December 5, 2025, Antero Midstream Partners LP, a subsidiary of Antero Midstream Corporation, entered into an agreement to acquire HG Energy II Midstream Holdings, LLC for $1.1 billion in cash. Concurrently, Antero Resources Corporation agreed to purchase HG Energy II Production Holdings, LLC for $2.8 billion. The acquisitions, expected to close in the first half of 2026, aim to enhance Antero Midstream’s asset base in the Marcellus Shale. Additionally, Antero Midstream plans to divest its Ohio Utica Shale assets for $400 million, expected to close in the first quarter of 2026. These strategic transactions are anticipated to be accretive to free cash flow and improve the company’s leverage profile, positioning it for further debt reduction and shareholder returns.

The most recent analyst rating on (AM) stock is a Sell with a $20.00 price target. To see the full list of analyst forecasts on Antero Midstream stock, see the AM Stock Forecast page.

Antero Midstream Updates Investor Presentation Online

On November 12, 2025, Antero Midstream Corporation updated its investor presentation on its website. This update is not considered filed under the Securities Exchange Act of 1934, nor is it incorporated by reference under the Securities Act of 1933.

The most recent analyst rating on (AM) stock is a Sell with a $20.00 price target. To see the full list of analyst forecasts on Antero Midstream stock, see the AM Stock Forecast page.