Antero Midstream CorpAntero Midstream Corp
Antero Midstream Corp

Antero Midstream Corp

AM
Energy·Oil, Gas & Consumable Fuels

Antero Midstream Corp. is a growth-oriented midstream energy company, which owns, operates, and develops midstream energy assets to service Antero Resources production and completion activity. It operates through the following 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 production from Antero Resources wells in West Virginia and Ohio. The Water Handling segment focuses on two independent systems that deliver fresh water from sources including the Ohio River, local reservoirs, and several regional waterways. The company was founded on September 23, 2013 and is headquartered in Denver, CO.

Colorado; U.S.A
Market cap
No dataNo data
Revenue
$1.2B+7.4% YoY
Net income
$413.2M+3.1% YoY
Free cash flow
$862.5M+11.4% YoY

Market

Listed stock
AMPriceNYSE
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Financial performance

Revenue
$1.2B+7.4% YoY
Operating income
$644.7M−2.2% YoY
Net income
$413.2M+3.1% YoY
Free cash flow
$862.5M+11.4% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $898.2M, 2022 $920M, 2023 $1B, 2024 $1.1B, 2025 $1.2B. Operating income: 2021 $555.3M, 2022 $539.5M, 2023 $611.9M, 2024 $659.2M, 2025 $644.7M. Net income: 2021 $331.6M, 2022 $326.2M, 2023 $371.8M, 2024 $400.9M, 2025 $413.2M. Free cash flow: 2021 $709.8M, 2022 $482.9M, 2023 $778.8M, 2024 $774M, 2025 $862.5M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
7.4%+125 bps YoY
Gross margin
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Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $555.3M, 2022-12-31 $539.5M, 2023-12-31 $611.9M, 2024-12-31 $659.2M, 2025-12-31 $644.7M. Net income: 2021-12-31 $331.6M, 2022-12-31 $326.2M, 2023-12-31 $371.8M, 2024-12-31 $400.9M, 2025-12-31 $413.2M. Free cash flow: 2021-12-31 $709.8M, 2022-12-31 $482.9M, 2023-12-31 $778.8M, 2024-12-31 $774M, 2025-12-31 $862.5M

Growth heatmap

2022202320242025CAGR
Revenue
+2.4%
+13.2%
+6.2%
+7.4%
+7.3%
Gross profit
-0.2%
+12.0%
+7.2%
+7.7%
+6.6%
Operating income
-2.9%
+13.4%
+7.7%
-2.2%
+3.8%
Free cash flow
-32.0%
+61.3%
-0.6%
+11.4%
+5.0%

Earnings quality

Operating cash flow
$932.5M+10.5% YoY
Net income
$413.2M+3.1% YoY
Free cash flow
$862.5M+11.4% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 226%, 2024-12-31 211%, 2023-12-31 210%, 2022-12-31 214%, 2021-12-31 214%. Free cash flow: 2025-12-31 209%, 2024-12-31 193%, 2023-12-31 209%, 2022-12-31 148%, 2021-12-31 214%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
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FCF / share
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Diluted shares
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
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Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

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Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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