Antero Midstream Corp (AM)
NYSE:AM
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Antero Midstream
(NYSE:AM)
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Rating:72Outperform
Price Target:
$23.50
â–²(10.38% Upside)
Action:Reiterated
Date:06/05/26
AM’s score is driven primarily by strong profitability and improving free cash flow, supported by a constructive earnings update with reaffirmed guidance and solid liquidity. Offsetting factors are elevated leverage (a key financial risk), a mixed/weak near-term technical setup (negative MACD and below short-term moving averages), and a less attractive valuation at ~24.5x earnings despite a ~4.2% dividend yield.
Positive Factors
Cash Generation
AM's free cash flow nearly matches net income (FCF/net income ~0.98x) and operating cash flow is large and recurring. This durable cash generation supports dividends, funding for organic growth and acquisitions, and reduces near-term refinancing risk, underpinning capital allocation flexibility over coming quarters.
Negative Factors
Elevated Leverage
Leverage has risen materially (post-acquisition leverage in low-3x range per management), which reduces financial flexibility and amplifies downside if throughput or cash flow soften. Higher leverage can constrain growth capital, limit opportunistic investments and increase refinancing risk over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
AM's free cash flow nearly matches net income (FCF/net income ~0.98x) and operating cash flow is large and recurring. This durable cash generation supports dividends, funding for organic growth and acquisitions, and reduces near-term refinancing risk, underpinning capital allocation flexibility over coming quarters.
Read all positive factors
Antero Midstream (AM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.25B
Dividend Yield4.98%
Average Volume (3M)2.40M
Price to Earnings (P/E)24.8
Beta (1Y)0.24
Revenue Growth8.14%
EPS Growth-0.91%
CountryUS
Employees616
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.86
Shares Outstanding474,980,000
10 Day Avg. Volume2,121,622
30 Day Avg. Volume2,396,151
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 Cap1.33
Enterprise Value/Revenue10.63
Enterprise Value/Gross Profit16.48
Enterprise Value/Ebitda13.55
Forecast
1Y Price Target
$23.60Price Target Upside10.85% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)1.1
Revenue Forecast (FY)$1.30B
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 by charging fees for midstream services that support natural gas and NGL production. Its primary revenue streams are: (1) Gathering and compression: AM earns fee-based revenue by gathering natural gas from well sites t...
Antero Midstream Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call conveyed solid operational and financial progress: adjusted EBITDA grew 5% year-over-year to $288 million, free cash flow increased (FCF after dividends +8% YoY), the largest-ever $1.1 billion acquisition closed ahead of expectations with integration on track, and liquidity remained strong (> $800M). Management highlighted commissioning of compression capacity, water system integration (completion by year-end 2026) and a development program expected to yield high-single-digit EBITDA growth and high-teens to ~20% returns on base investments. Near-term headwinds include increased capex, $25M of remaining integration costs with benefits phased into 2027, and elevated near-term leverage from the acquisition and buybacks. Incremental upside from data center/local power projects is promising but still early and unquantified. Overall, positive operational execution and financial resilience outweigh the manageable integration, capex, and timing risks.Positive Updates
Adjusted EBITDA Growth
Adjusted EBITDA of $288 million in Q1 2026, a 5% year-over-year increase driven by higher gathering, compression, and processing volumes.
Negative Updates
Near-Term Increased Capital Spend
Expect an increase in capital expenditures in upcoming quarters as construction season improves and integration projects progress, which will raise near-term cash needs versus prior quarters.
Read all updates
Q1-2026 Updates
Positive
Negative
Adjusted EBITDA Growth
Adjusted EBITDA of $288 million in Q1 2026, a 5% year-over-year increase driven by higher gathering, compression, and processing volumes.
Read all positive updates
Company Guidance
Management reaffirmed unchanged 2026 guidance and expects high‑single‑digit EBITDA growth, with Q1 adjusted EBITDA of $288M (+5% y/y), free cash flow of $192M before dividends and $85M after dividends (+8% y/y); they closed a $1.1B acquisition in February, exited the quarter with leverage in the low‑3x range and >$800M of liquidity, and expect leverage to decline toward a ~3.0x target by year‑end 2026. Capex is expected to increase over the next few quarters in line with the full‑year budget as they commission growth projects (dry‑gas compression expansion completed) and complete water system integration (roughly $25M total, ~$5M for gathering work, about 50% complete) to support three rigs on the rich gas system, one on dry gas and one on the acquired blended system; the base business targets high‑teens to 20% ROIC with upside above high‑single‑digit EBITDA growth if AR ramps to three rigs and two completion crews.Antero Midstream Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
64
Positive
Cash Flow
90
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.29B | 1.26B | 1.18B | 1.11B | 990.66M | 968.87M |
| Gross Profit | 829.53M | 822.21M | 748.22M | 692.55M | 607.97M | 632.29M |
| EBITDA | 1.01B | 937.26M | 966.32M | 924.05M | 836.12M | 803.48M |
| Net Income | 410.69M | 413.16M | 400.89M | 371.79M | 326.24M | 331.62M |
Balance Sheet | ||||||
| Total Assets | 6.41B | 5.88B | 5.88B | 5.74B | 5.79B | 5.54B |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 180.44M | 0.00 | 66.00K | 0.00 | 0.00 |
| Total Debt | 3.71B | 3.22B | 3.12B | 3.21B | 3.36B | 3.12B |
| Total Liabilities | 4.47B | 3.91B | 3.77B | 3.59B | 3.60B | 3.26B |
| Stockholders Equity | 1.94B | 1.97B | 2.12B | 2.15B | 2.19B | 2.29B |
Cash Flow | ||||||
| Free Cash Flow | 915.95M | 770.21M | 601.65M | 595.06M | 183.95M | 476.93M |
| Operating Cash Flow | 972.15M | 932.46M | 843.99M | 779.06M | 699.60M | 709.75M |
| Investing Cash Flow | -917.71M | -169.21M | -242.73M | -183.21M | -493.83M | -233.24M |
| Financing Cash Flow | -54.43M | -500.32M | -601.33M | -595.79M | -205.78M | -477.15M |
Antero Midstream Technical Analysis
Positive
21.29
Price Trends
21.67
Negative
21.15
Positive
19.37
Positive
Market Momentum
-0.09
Positive
49.86
Neutral
44.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AM, the sentiment is Positive. The current price of 21.29 is below the 20-day moving average (MA) of 21.56, below the 50-day MA of 21.67, and above the 200-day MA of 19.37, indicating a neutral trend. The MACD of -0.09 indicates Positive momentum. The RSI at 49.86 is Neutral, neither overbought nor oversold. The STOCH value of 44.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
80 Outperform | $17.76B | 14.72 | 34.98% | 9.13% | 11.43% | -8.64% | |
80 Outperform | $14.56B | 31.33 | 9.82% | 2.70% | 22.22% | 23.30% | |
76 Outperform | $8.03B | 13.60 | 64.33% | 8.45% | 7.06% | 13.61% | |
73 Outperform | $16.17B | 13.94 | 11.77% | 8.54% | -9.94% | 43.70% | |
72 Outperform | $10.25B | 24.83 | 20.38% | 4.98% | 8.14% | -0.91% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $7.65B | 13.06 | -16.36% | 8.77% | -1.05% | 160.44% |
* Energy Sector Average
AM
Antero Midstream
21.52
3.64
20.36%
PAA
Plains All American
22.60
6.55
40.78%
WES
Western Midstream Partners
44.37
9.49
27.20%
HESM
Hess Midstream Partners
38.82
2.92
8.14%
KNTK
Kinetik
45.19
4.30
10.51%
DTM
DT Midstream
142.50
37.48
35.69%
Antero Midstream Corporate Events
Executive/Board ChangesShareholder Meetings
Antero Midstream Shareholders Reelect Directors, Support Governance Measures
Positive
Jun 4, 2026
At its June 3, 2026 annual meeting, Antero Midstream stockholders elected three Class I directors, reappointing Peter A. Dea, W. Howard Keenan Jr. and Janine J. McArdle to serve on the board until the 2029 annual meeting. Shareholders also overwhe...
Business Operations and StrategyRegulatory Filings and Compliance
Antero Midstream Releases Updated Investor Presentation Under Regulation FD
Neutral
May 12, 2026
On May 12, 2026, Antero Midstream Corporation announced that it had posted an updated investor presentation on its corporate website, making new materials available to shareholders and market participants. The company specified that the posted pre...
Business Operations and StrategyRegulatory Filings and Compliance
Antero Midstream Updates Web-Based Investor Presentation Disclosure
Neutral
Apr 1, 2026
On April 1, 2026, Antero Midstream Corporation posted an updated investor presentation on its corporate website, making new information available to shareholders and market participants through its online disclosure channels. The company clarified...
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.