Antero Midstream Corp (NYSE: AM)

Sector: Energy Industry: Oil & Gas Midstream CIK: 0001623925
Market Cap 10.24 Bn
P/B 4.43
P/E 31.09
P/S 11.56
ROIC (Qtr) 8.45
Div Yield % 7.06
Rev 1y % (Qtr) 3.31
Total Debt (Qtr) 3.22 Bn
Debt/Equity (Qtr) 1.63
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About

Investment thesis

Bull case

  • Operating cash flow of 932.46M provides strong 20.29x coverage of stock compensation 45.96M, indicating sustainable incentive practices.
  • Strong operating cash flow of 932.46M provides 10.60x coverage of SG&A expenses 87.93M, showing efficient operational cost management.
  • Robust free cash flow of 770.21M exceeds capital expenditure of 162.25M by 4.75x, indicating strong organic growth funding capability.
  • Operating cash flow of 932.46M fully covers other non-current liabilities 578.06M by 1.61x, showing strong long-term stability.
  • Operating cash flow of 932.46M provides solid 8.36x coverage of current liabilities 111.48M, showing strong operational health.

Bear case

  • Operating cash flow of 932.46M barely covers its investment activities of (169.21M), with a coverage ratio of -5.51, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Operating cash flow of 932.46M provides thin coverage of dividend payments of (439.01M) with a -2.12 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Cash reserves of 262.94M provide limited coverage of acquisition spending of (6.65M), which is -39.52x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of 932.46M is outpaced by equity issuance of (134.98M) (-6.91 ratio), indicating concerning reliance on equity markets for funding operations.
  • Tax assets of 1.90M provide limited offset against tax liabilities of 563M, which is 0x, indicating potential future cash flow pressure from tax obligations.

Segments Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

Companies in the Oil & Gas Midstream
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 ENB Enbridge Inc 112.63 Bn 21.82 2.37 76.66 Bn
2 EPD Enterprise Products Partners L.P. 81.14 Bn 17.33 2.56 33.58 Bn
3 TRP Tc Energy Corp 64.68 Bn 26.06 5.82 43.86 Bn
4 MPLX Mplx Lp 58.19 Bn 14.78 4.97 25.92 Bn
5 KMI Kinder Morgan, Inc. 56.67 Bn 46.57 3.70 32.00 Bn
6 WMB Williams Companies, Inc. 54.06 Bn -94.68 7.35 27.99 Bn
7 LNG Cheniere Energy, Inc. 49.66 Bn -50.93 183.24 25.19 Bn
8 TRGP Targa Resources Corp. 48.94 Bn 0.00 10.77 17.43 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.27 3.63
EV to Cash from Ops. EV/CFO 17.72 38.33
EV to Debt EV to Debt 4.14 -74.71
EV to EBIT EV/EBIT 21.83 18.29
EV to EBITDA EV/EBITDA 20.52 7.00
EV to Free Cash Flow [EV/FCF] EV/FCF 23.65 63.00
EV to Market Cap EV to Market Cap 1.30 2.28
EV to Revenue EV/Rev 15.05 9.80
Price to Book Value [P/B] P/B 4.43 51.38
Price to Earnings [P/E] P/E 31.09 69.14
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.94 -3.69
Dividend Payout Ratio % Div Payout % (Qtr) 105.20 71.20
Dividend per Basic Share Div per Share (Qtr) 0.90 1.46
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 55.83 33.21
Interest Coverage Int. cover (Qtr) 3.96 5.29
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 33.05 -6.96
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 0.00 16,425.73
Dividend Growth (1y) % Div 1y % (Qtr) -2.17 -2.61
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 0.08 -0.02
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -2.53 -3.25
EBIT Growth (1y) % EBIT 1y % (Qtr) -0.14 -7.01
EBT Growth (1y) % EBT 1y % (Qtr) 2.84 -231.64
EPS Growth (1y) % EPS 1y % (Qtr) 3.61 -42.37
FCF Growth (1y) % FCF 1y % (Qtr) 28.02 -2.78
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 7.69 1.01
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.20 0.77
Cash Payout Ratio Cash Payout (Qtr) 0.40 0.21
Cash Ratio Cash Ratio (Qtr) 2.36 0.91
Current Ratio Curr Ratio (Qtr) 3.41 1.78
Debt to Equity Ratio Debt/Equity (Qtr) 1.63 1.13
Interest Cover Ratio Int Coverage (Qtr) 3.96 5.29
Times Interest Earned Times Interest Earned (Qtr) 3.96 5.29
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 74.80 35.43
EBIT Margin % EBIT Margin % (Qtr) 63.50 27.71
EBT Margin % EBT Margin % (Qtr) 47.47 17.46
Gross Margin % Gross Margin % (Qtr) 80.50 48.73
Net Profit Margin % Net Margin % (Qtr) 34.80 15.45