Antero Midstream CorporationAM
NYSE•Energy•Oil & Gas Midstream
Antero Midstream Corporation owns, operates, and develops midstream energy assets in the Appalachian Basin. It operates in two segments, Gathering and Processing, and Water Handling. The gathering and processing segment includes a network of gathering pipelines and compressor stations that collect and process natural gas and NGLs from Antero Resources' wells in West Virginia and Ohio. The Water Handling segment delivers water from sources, including the Ohio River, local reservoirs, and various regional waterways; other fluid handling services, which include transfer and disposal; uses water handling systems to transport flowback and produced water; and buried pipelines, surface pipelines, and water storage facilities, as well as pumping stations and blending facilities. Antero Midstream Corporation was founded in 2002 and is headquartered in Denver, Colorado.
Antero Midstream Corporation (AM) reported trailing twelve months revenue of $1.21B as of March 2026, a 8.3% increase year-over-year. Quarterly revenue reached $314.21M, reflecting continued top-line momentum.
Antero Midstream Corporation generated $410.69M in TTM net income, with quarterly EBITDA of $244.46M. The operating margin contracted from 60.9% to 60.0%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (60.0%) and net margin (37.6%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 41.5% a year ago, reflecting increased costs or interest expense.
AM trades at a P/E of 24.6x (in line with broad market averages) and a P/S of 8.3x. The price-to-book ratio of 5.2x indicates a significant premium over book value.
The company generated $200.72M in free cash flow over the trailing twelve months, a 19.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.41B in total assets with $3.67B in long-term debt against $1.94B in stockholders equity for a debt-to-equity ratio of 1.9. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~57.0% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 20.3% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~12.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 9.8% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.9x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 27.1% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.