Price as of close on Nov 3, 2026 · Financials updated Nov 3, 2026
Basics
Sector
Energy
Industry
Oil & Gas Midstream
Country
United States
Market cap
9.9B USD
Enterprise value
13.4B USD
Full-time employees
632
Overall health
Strength:growing faster than most peersgrowing faster than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: less short-term liquidity (current ratio 0.84 vs a peer median of 1.37) and more debt relative to equity (1.83× vs a peer median of 0.47×)higher risk: less liquidity (current ratio 0.84 vs peers 1.37) and more debt vs equity (1.83× vs peers 0.47×)
Profit isn't fully turning into cash. Free cash flow is only 16% of reported profit.
Free cash flow is only 16% of reported profit. That usually means heavy spending on facilities and equipment, or cash tied up in inventory and unpaid bills. Worth checking whether it's a phase of investment or a lasting pattern.
Wide margins.Operating margin 53% (12 months to Jun 2026) vs a peer median of 12%.Operating margin 53% vs peers 12%.
Antero Midstream keeps 53% of revenue as operating profit, more than 95% of peers (median 12%).
StockQuotient Score
46/ 100▼ 5 since Oct 27 closeOct 5 52 → Nov 4 46 (-6)
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 48 → 24
Peer companies moved-24
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Why it changed since the Oct 27, 2026 close: Score 83 → 84
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Why it changed since the Oct 27, 2026 close: Safety percentile 13 → 12
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Antero Midstream
Is Antero Midstream getting weaker?
Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is 46/100, down 5 since Oct 28, 2026.
How is Antero Midstream valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 24/100 against 404 energy peers.Free cash flow yield 0.6% vs a peer median of 6.2% (weaker than 75% of peers).Free cash flow yield 0.6% vs peers 6.2% (weaker than 75% of peers).
Is Antero Midstream growing?
Yes, faster than most of its peers. Growth scores 62/100 against 404 energy peers.3-year revenue growth 7.6% vs a peer median of -1.3% (stronger than 76% of peers).3-year revenue growth 7.6% vs peers -1.3% (stronger than 76% of peers).
How profitable is Antero Midstream?
More profitable than most of its peers. Profitability scores 84/100 against 404 energy peers.Operating margin 52.8% vs a peer median of 11.7% (stronger than 95% of peers).Operating margin 52.8% vs peers 11.7% (stronger than 95% of peers).
How risky is Antero Midstream?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Debt / equity 1.83× vs a peer median of 0.47× (weaker than 87% of peers).Debt / equity 1.83× vs peers 0.47× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.2B USD
1.2B USD
+1.8%
Net income (12 months)
415.5M USD
404.5M USD
−2.6%
Operating margin
54.2%
52.8%
−1.3 pts
Debt
3.7B USD
3.6B USD
−2.7%
Cash
0 USD
0 USD
—
Shares outstanding
475.0M
474.7M
−0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Oil & Gas Midstream · 32 companies
Valuations in Oil & Gas Midstream are near the top of their range since Aug 2019.
86% of months since Aug 2019 were valued lower than now.
54% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +44% and earnings +16% (medians): prices rose faster than earnings.
Median price-to-sales is +39% vs the whole market, against a usual +3%.
Aug 2019Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since Aug 2019; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
61.8%
58.6%
58.7%
59.6%
54.2%
▼ 5.3 pts
Net margin
36.9%
35.5%
35.7%
36.2%
34.8%
▼ 1.5 pts
Return on assets (ROA)
6.0%
5.6%
6.5%
7.0%
7.0%
▲ 0.1 pts
Return on equity (ROE)
14.5%
14.9%
17.3%
19.0%
21.0%
▲ 2.0 pts
Free cash flow margin
—
52.5%
74.8%
70.0%
—
—
Current ratio
0.74×
0.87×
0.95×
1.17×
3.41×
▲ 190%
Debt to equity
1.37×
1.53×
1.49×
1.47×
1.63×
▲ 11%
AM price history
Price history is added with the daily price update and will appear after the next one.