Antero Midstream (AM)
NYSE:AM
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Antero Midstream
(NYSE:AM)
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Rating:74Outperform
Price Target:
$24.00
▲(6.81% Upside)
Action:ReiteratedDate:02/24/26
The score is driven primarily by strong financial fundamentals (durable profitability and robust cash generation) and a favorable earnings outlook with rising EBITDA/free cash flow guidance. Offsetting factors are leveraged balance sheet risk, a less compelling valuation (P/E ~24.5), and technically overbought signals that increase near-term volatility risk despite the uptrend.
Positive Factors
Strong cash generation
Consistent, high operating cash flow (≈$932M in 2025) and positive free cash flow across years underpin durable financial flexibility. This cash generation funds the dividend, buybacks, capex and debt reduction, covers interest by ~6–8x, and supports multi-year capital returns and deleveraging plans.
Negative Factors
Elevated leverage
Balance sheet leverage is meaningful and rising (debt/equity ~1.3–1.6; peak ~1.63 in 2025), constraining financial flexibility. Higher leverage limits capacity for opportunistic investments, increases sensitivity to commodity/volume shocks, and elevates refinancing and rating risks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Consistent, high operating cash flow (≈$932M in 2025) and positive free cash flow across years underpin durable financial flexibility. This cash generation funds the dividend, buybacks, capex and debt reduction, covers interest by ~6–8x, and supports multi-year capital returns and deleveraging plans.
Read all positive factors
Antero Midstream (AM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.63B
Dividend Yield4.98%
Average Volume (3M)2.66M
Price to Earnings (P/E)20.6
Beta (1Y)0.39
Revenue Growth8.70%
EPS Growth21.42%
CountryUS
Employees616
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.11
Shares Outstanding473,081,000
10 Day Avg. Volume2,304,857
30 Day Avg. Volume2,664,487
Financial Highlights & Ratios
PEG Ratio5.69
Price to Book (P/B)4.31
Price to Sales (P/S)6.75
P/FCF Ratio11.04
Enterprise Value/Market Cap1.29
Enterprise Value/Revenue10.92
Enterprise Value/Gross Profit16.72
Enterprise Value/Ebitda13.44
Forecast
1Y Price Target
$22.40Price Target Upside-0.31% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering5
EPS Forecast (FY)1.11
Revenue Forecast (FY)$1.28B
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 an...
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 c...
Antero Midstream Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive and growth-oriented outlook driven by a strategic $1.1B acquisition, record free cash flow (up 30% y/y), continued EBITDA expansion (7% in 2025) and positive 2026 guidance (adjusted EBITDA > $1.2B, +8% y/y; free cash flow after dividends $360M, +11% y/y). Key strengths include capital efficiency (20% ROIC), a modest 2026 capex plan ($190–220M), and clear integration plans for water assets that enhance visibility. Risks include a temporary rise in leverage to the low-3x range post-acquisition, reliance on Antero Resources’ drilling program to realize throughput gains, modest Q4 EBITDA growth (4% y/y) relative to the full-year pace, and integration/timing risks tied to M&A contributions to guidance. Overall, the positives—record cash generation, disciplined capital returns, and an accretive acquisition—outweigh the identified execution and leverage risks.Positive Updates
Strategic Acquisition of HG Mid
Closed acquisition of HG Mid for $1,100,000,000, adding over 400 highly economic undeveloped locations in the core Marcellus Shale and providing immediate development optionality and infrastructure synergies.
Negative Updates
Leverage Impact from M&A
Leverage was reduced to 2.7x after Q4 actions but is expected to sit in the low-3x range following the HG Mid acquisition and integration, reflecting higher gross debt levels tied to the $1.1B purchase.
Read all updates
Q4-2025 Updates
Positive
Negative
Strategic Acquisition of HG Mid
Closed acquisition of HG Mid for $1,100,000,000, adding over 400 highly economic undeveloped locations in the core Marcellus Shale and providing immediate development optionality and infrastructure synergies.
Read all positive updates
Company Guidance
Management’s 2026 guidance calls for adjusted EBITDA of over $1,200,000,000 (≈8% year‑over‑year growth) and free cash flow after dividends of $360,000,000 (≈11% y/y) after a capital budget of $190,000,000–$220,000,000 and a $0.90 per‑share dividend, with leverage expected to remain in the low‑3x range; this follows 2025 results of 7% EBITDA growth, record free cash flow after dividends of $325,000,000 (up 30% vs. 2024) and quarterly adjusted EBITDA of $285,000,000 (up 4% y/y), while Q4 free cash flow after dividends was $85,000,000 used to reduce leverage to 2.7x and repurchase ~ $48,000,000 of stock, and management highlighted a $1,100,000,000 HG Mid acquisition adding over 400 undeveloped locations and anticipates further high‑single‑digit EBITDA growth in 2027 (and beyond) as the three‑rig, two‑completion‑crew program drives a “couple hundred million a day” of incremental throughput.Antero Midstream Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
81
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.26B | 1.18B | 1.11B | 990.66M | 968.87M |
| Gross Profit | 822.21M | 748.22M | 692.55M | 607.97M | 632.29M |
| EBITDA | 937.26M | 966.32M | 924.05M | 836.12M | 803.48M |
| Net Income | 413.16M | 400.89M | 371.79M | 326.24M | 331.62M |
Balance Sheet | |||||
| Total Assets | 5.88B | 5.88B | 5.74B | 5.79B | 5.54B |
| Cash, Cash Equivalents and Short-Term Investments | 180.44M | 0.00 | 66.00K | 0.00 | 0.00 |
| Total Debt | 3.22B | 3.12B | 3.21B | 3.36B | 3.12B |
| Total Liabilities | 3.91B | 3.77B | 3.59B | 3.60B | 3.26B |
| Stockholders Equity | 1.97B | 2.12B | 2.15B | 2.19B | 2.29B |
Cash Flow | |||||
| Free Cash Flow | 770.21M | 601.65M | 595.06M | 183.95M | 476.93M |
| Operating Cash Flow | 932.46M | 843.99M | 779.06M | 699.60M | 709.75M |
| Investing Cash Flow | -169.21M | -242.73M | -183.21M | -493.83M | -233.24M |
| Financing Cash Flow | -500.32M | -601.33M | -595.79M | -205.78M | -477.15M |
Antero Midstream Technical Analysis
Neutral
22.47
Price Trends
21.72
Positive
19.71
Positive
18.69
Positive
Market Momentum
0.23
Positive
48.65
Neutral
27.57
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 22.47 is below the 20-day moving average (MA) of 22.95, above the 50-day MA of 21.72, and above the 200-day MA of 18.69, indicating a neutral trend. The MACD of 0.23 indicates Positive momentum. The RSI at 48.65 is Neutral, neither overbought nor oversold. The STOCH value of 27.57 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $15.32B | 8.81 | 14.75% | 8.54% | -7.53% | 9.74% | |
75 Outperform | $13.67B | 27.57 | 9.41% | 2.70% | 20.39% | -3.85% | |
74 Outperform | $10.63B | 20.58 | 20.12% | 4.98% | 8.70% | 21.42% | |
74 Outperform | $16.31B | 13.53 | 34.44% | 9.13% | 5.81% | -13.58% | |
73 Outperform | $8.22B | 11.96 | 59.38% | 8.45% | 10.78% | 19.10% | |
69 Neutral | $7.39B | 12.53 | -15.64% | 8.77% | 15.00% | -84.96% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
AM
Antero Midstream
22.47
6.97
45.01%
PAA
Plains All American
21.71
5.97
37.96%
WES
Western Midstream Partners
41.42
8.17
24.56%
HESM
Hess Midstream Partners
39.58
5.59
16.46%
KNTK
Kinetik
45.60
3.67
8.76%
DTM
DT Midstream
134.39
43.97
48.62%
Antero Midstream Corporate Events
Business Operations and StrategyM&A Transactions
Antero Midstream Sells Utica Shale Midstream Assets for Cash
Positive
Feb 23, 2026
On February 23, 2026, Antero Midstream’s wholly owned subsidiaries completed the previously announced sale of substantially all of their Utica Shale midstream assets to an affiliate of Infinity Natural Resources and Northern Oil and Gas for ...
Business Operations and StrategyM&A Transactions
Antero Midstream amends terms of asset purchase agreement
Neutral
Feb 3, 2026
On December 22, 2025, Antero Midstream and the other parties to a previously executed purchase agreement entered into a First Amendment to that agreement, revising and restating certain annexes. The amendment indicates a contractual adjustment to ...
Business Operations and StrategyPrivate Placements and Financing
Antero Midstream Shifts Capital Structure With New Notes
Neutral
Dec 23, 2025
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, Nation...
M&A TransactionsPrivate Placements and Financing
Antero Midstream Prices $600M Senior Notes Offering
Neutral
Dec 10, 2025
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...
M&A TransactionsPrivate Placements and Financing
Antero Midstream Announces $500M Senior Notes Offering
Neutral
Dec 9, 2025
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 facili...
Business Operations and StrategyM&A Transactions
Antero Midstream Acquires HG Energy II for $1.1B
Positive
Dec 8, 2025
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 ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.