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Antero Midstream
(NYSE:AM)
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Rating:74Outperform
Price Target:
$24.00
â–²(5.49% Upside)
Action:Reiterated
Date:07/31/26
The score is driven primarily by strong financial performance (high profitability and standout free cash flow generation) and a constructive earnings call highlighting volume growth, reaffirmed guidance, and improved leverage/liquidity after the Veolia recovery. Offsetting factors are weaker near-term technicals (trading below key short- and mid-term moving averages) and a relatively high P/E despite an attractive dividend yield.
Positive Factors
Free Cash Flow Generation
Sustained FCF (~$980M TTM) and 12 straight quarters of positive post‑dividend cash flow show the business consistently converts earnings into cash. This durable cash engine funds dividends, funds organic capex like Eastside Express, supports deleveraging and cushions cyclical volume swings.
Negative Factors
Customer Concentration
Relying on Antero Resources for roughly half the project backlog and underwriting of Eastside Express concentrates volumes and revenue with one counterparty. Even with acreage dedication, this raises counterparty risk, reduces diversification and amplifies cashflow exposure to AR's activity plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Generation
Sustained FCF (~$980M TTM) and 12 straight quarters of positive post‑dividend cash flow show the business consistently converts earnings into cash. This durable cash engine funds dividends, funds organic capex like Eastside Express, supports deleveraging and cushions cyclical volume swings.
Read all positive factors
Antero Midstream (AM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$10.56B
Dividend Yield4.08%
Average Volume (3M)2.29M
Price to Earnings (P/E)26.5
Beta (1Y)0.13
Revenue Growth7.19%
EPS Growth-11.58%
CountryUS
Employees632
SectorEnergy
Sector Strength52
IndustryOil & Gas Midstream
Share Statistics
EPS (TTM)0.84
Shares Outstanding474,674,000
10 Day Avg. Volume1,875,096
30 Day Avg. Volume2,288,164
Financial Highlights & Ratios
PEG Ratio5.72
Price to Book (P/B)4.31
Price to Sales (P/S)6.75
P/FCF Ratio11.04
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$24.50Price Target Upside7.69% Upside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)1.11
Revenue Forecast (FY)$1.32B
Antero Midstream Business Overview & Revenue Model
Company Description
Antero Midstream Corporation primarily owns, operates, and expands vital midstream energy infrastructure. Its operations are divided into two key divisions: Gathering and Processing, and Water Handling. The Gathering and Processing segment involve...
How the Company Makes Money
Antero Midstream makes money by charging fees under long-term contracts for midstream services it provides to natural gas and natural gas liquids producers, with a significant portion of its business historically tied to Antero Resources (its anch...
Antero Midstream Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call conveyed a positive tone: strong operational growth (≈20% YoY gas gathered), record but modestly growing EBITDA ($289M, +2% YoY), durable free cash flow (12 consecutive quarters) and a materially improved balance sheet after a $370M+ Veolia recovery (pro forma leverage 2.8x). Management is advancing strategic capex (Eastside Express $200–$300M) and a large project backlog while highlighting improved well productivity (EURs +60%). Principal risks include concentration of forthcoming projects with Antero Resources, capital overlap in 2027+, reliance on FIDs from power/data center projects, and limited near-term EBITDA expansion despite record results. On balance, the positive cash flow, balance sheet flexibility, and clear growth projects outweigh the noted risks.Positive Updates
Strong Gas Gathering Growth
Gathered over 4.1 Bcf/d in Q2, an almost 20% year-over-year increase driven by integration of the HG Midstream assets, increasing scale and regional footprint.
Negative Updates
Modest Year-over-Year EBITDA Growth Despite Record
Adjusted EBITDA was a record $289 million but only rose 2% year-over-year, indicating limited YoY margin expansion in the quarter despite scale gains from the HG acquisition.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Gas Gathering Growth
Gathered over 4.1 Bcf/d in Q2, an almost 20% year-over-year increase driven by integration of the HG Midstream assets, increasing scale and regional footprint.
Read all positive updates
Company Guidance
Guidance highlights: Q2 gathering averaged >4.1 Bcf/d (nearly +20% YoY) with record adjusted EBITDA of $289 million (+2% YoY); management expects high‑single‑digit sequential EBITDA growth in Q3 and remains on track to meet full‑year EBITDA guidance. Q2 capex was $47 million and the business generated $80 million of free cash flow after dividends (12th consecutive quarter of positive FCF and multi‑year cash‑flow consistency); in July the company received >$370 million of damages/interest from Veolia, leaving pro‑forma leverage at 2.8x (below the 3.0x target), no near‑term maturities after calling the 2028 bond at par, and converted balances into lower‑cost, prepayable credit‑facility debt. Strategic project outlook: Eastside Express is expected to cost $200–300 million over 2–3 years (~$100 million/yr), be 1.5–2.0 Bcf/d with seven interconnects and phased in through ’28–’29; management is evaluating several billion dollars of regional opportunities (a 15‑project backlog, roughly half tied to Antero Resources), benefits from 1.0 million acres dedicated by AR and AM gathering ~50% of West Virginia production, and early results show Marcellus EURs on the revisit >60% above prior offsets. Other items: closed‑loop water reuse (cost‑plus ~13%) and HG system connectivity are expected to drive additional high‑single‑digit EBITDA growth in 2027, and potential AR curtailments (~50 MMcf/d) would be immaterial to AM (~1% of Q2 volumes, ~0.25% annual impact).Antero Midstream Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
63
Positive
Cash Flow
88
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.31B | 1.26B | 1.18B | 1.11B | 990.66M | 968.87M |
| Gross Profit | 825.88M | 822.21M | 748.22M | 692.55M | 607.97M | 632.29M |
| EBITDA | 972.55M | 937.26M | 966.32M | 924.05M | 836.12M | 803.48M |
| Net Income | 399.69M | 413.16M | 400.89M | 371.79M | 326.24M | 331.62M |
Balance Sheet | ||||||
| Total Assets | 6.36B | 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 | 3.61B | 3.22B | 3.12B | 3.21B | 3.36B | 3.12B |
| Total Liabilities | 4.42B | 3.91B | 3.77B | 3.59B | 3.60B | 3.26B |
| Stockholders Equity | 1.95B | 1.97B | 2.12B | 2.15B | 2.19B | 2.29B |
Cash Flow | ||||||
| Free Cash Flow | 979.66M | 770.21M | 601.65M | 595.06M | 183.95M | 476.93M |
| Operating Cash Flow | 961.21M | 932.46M | 843.99M | 779.06M | 699.60M | 709.75M |
| Investing Cash Flow | -912.66M | -169.21M | -242.73M | -183.21M | -493.83M | -233.24M |
| Financing Cash Flow | -48.55M | -500.32M | -601.33M | -595.79M | -205.78M | -477.15M |
Antero Midstream Technical Analysis
Positive
22.75
Price Trends
21.90
Positive
21.72
Positive
20.18
Positive
Market Momentum
-0.03
Negative
52.13
Neutral
82.64
Negative
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 22.75 is above the 20-day moving average (MA) of 21.97, above the 50-day MA of 21.90, and above the 200-day MA of 20.18, indicating a bullish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 52.13 is Neutral, neither overbought nor oversold. The STOCH value of 82.64 is Negative, 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 |
|---|---|---|---|---|---|---|---|
81 Outperform | $19.90B | 15.04 | 34.12% | 7.71% | 18.00% | -2.36% | |
75 Outperform | $8.26B | 13.72 | 69.02% | 7.47% | 2.78% | 7.61% | |
74 Outperform | $10.56B | 26.48 | 20.19% | 3.96% | 7.19% | -11.58% | |
74 Outperform | $16.40B | 6.44 | 27.46% | 6.48% | 9.00% | 299.23% | |
70 Outperform | $13.89B | 29.30 | 9.87% | 2.33% | 18.12% | 22.38% | |
66 Neutral | $8.05B | 18.52 | -23.32% | 6.37% | 10.46% | 281.46% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% |
* Energy Sector Average
AM
Antero Midstream
22.08
4.96
28.99%
PAA
Plains All American
23.45
7.27
44.90%
WES
Western Midstream Partners
48.29
13.06
37.08%
HESM
Hess Midstream Partners
39.78
1.94
5.14%
KNTK
Kinetik
51.66
13.69
36.05%
DTM
DT Midstream
134.79
34.14
33.92%
Antero Midstream Corporate Events
Business Operations and Strategy
Antero Midstream Announces Early Redemption of Senior Notes
Positive
Jul 27, 2026
On July 24, 2026, Antero Midstream Corporation announced it will redeem all $650 million of its outstanding 5.75% Senior Notes due 2028 on August 8, 2026. The redemption will be executed at 100% of the principal amount of each note, plus accrued a...
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...
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.