AM
Antero Midstream Corporation
AM's fundamentals are mixed: its operating margin rose 20 points to 81%, while revenue grew 7.3%. At 14x earnings, it's trading below its usual 17x. Analysts expect earnings growth, though they disagree widely on how much.
AM Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Unavailable | |
| Stable |
AM's revenue and profitability are currently healthy, and its balance sheet is stable. There isn't enough data to rate its cash flow.
AM PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 14x | $20.40 | — |
| Cheap | 15x | $20.81 | +2% |
| Forward | 16x | $20.40 | — |
| Fair | 17x | $24.49 | +20% |
| Expensive | 21x | $29.34 | +44% |
Historical ranges are pointers, not guarantees.
AM's PE is in its cheap range at 14x. On analysts' estimates for next year's earnings, today's price would be 16x, in its fair range.
AM Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for AM, with profitability improving. However, they disagree widely on these estimates.
AM Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.24 | -12% |
| Q3 2026 | $1.42 | +45% |
| Q2 2026 | $0.84 | -12% |
| Q1 2026 | $0.86 | -1.1% |
| Q4 2025 | $0.86 | +3.6% |
| Q3 2025 | $0.98 | +21% |
| Q2 2025 | $0.95 | +19% |
| Q1 2025 | $0.87 | +8.7% |
| Q4 2024 | $0.83 | +7.8% |
AM earned $1.42 per share over the past year, up 45% from the year before.
AM Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $327M | +11% |
| Q2 2026 | $327.2M | +7.1% |
| Q1 2026 | $314.2M | +7.9% |
| Q4 2025 | $297M | +3.3% |
| Q3 2025 | $294.8M | +9.2% |
| Q2 2025 | $305.5M | +13% |
| Q1 2025 | $291.1M | +4.3% |
| Q4 2024 | $287.5M | +10% |
AM's revenue has grown year over year for 17 quarters in a row: $327M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 170% | +109 points |
| Q2 2026 | 56% | -5.4 points |
| Q1 2026 | 60% | -0.8 points |
| Q4 2025 | 34% | -28 points |
| Q3 2025 | 61% | +1 points |
| Q2 2025 | 61% | +4.4 points |
| Q1 2025 | 61% | +1.3 points |
| Q4 2024 | 62% | +2 points |
AM's operating margin was 170% last quarter, up 109 points from the same quarter a year ago, near the top of its range since 2019.
AM Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q4 2024 | $232.7M | +12% |
| Q3 2024 | $185.6M | -8.3% |
| Q2 2024 | $147.2M | -21% |
| Q1 2024 | $208.5M | +14% |
| Q3 2023 | $202.4M | +15% |
| Q2 2023 | $185.6M | +9.5% |
| Q1 2023 | $182.5M | -1.2% |
| Q3 2022 | $176.8M | -4.5% |
AM's free cash flow has been positive every quarter since late 2019: $1.3B over the past year, up 77% from the year before.
AM Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -26K shares |
| 1 year | -1% | -4.7M shares |
| 3 years | -1.2% | -5.8M shares |
| 5 years | -0.5% | -2.6M shares |
| Available history | +7.8% | +34.4M shares |
AM has 477M diluted shares, down 1% from a year ago, with $102M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $27.2M |
| Q2 2026 | $8.3M |
| Q1 2026 | $18M |
| Q4 2025 | $48.3M |
| Q3 2025 | $41.3M |
| Q2 2025 | $16.8M |
| Q1 2025 | $28.6M |
| Q4 2020 | — |
AM spent $102M buying back its own shares over the past year.
AM Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 2.5x | Moderate |
| Q2 2026 | 4.1x | High |
| Q1 2026 | 4.2x | High |
| Q4 2025 | 3.6x | Elevated |
| Q3 2025 | 3.3x | Elevated |
| Q2 2025 | 3.3x | Elevated |
| Q1 2025 | 3.6x | Elevated |
| Q3 2024 | 3.7x | Elevated |
AM's net debt is about 2.5 years of its operating earnings (EBITDA), down from 3.3 years a year ago.
AM Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.8 | Neutral |
| Stochastic | 29.7 | Neutral |
AM's weekly RSI is 46 (neutral) and its Stochastic is 30 (neutral).
AM PE vs Energy Sector
| Metric | AM | Sector median | Relative |
|---|---|---|---|
| PE | 14x | 13x | 9.5% above |
| PE % | 14 | 61 | 47 pts below |
AM is trading at 14x earnings, in line with the Energy sector's median of 13x.
AM Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $20.6 | 0.9% below |
| 20 week MA | $21.5 | 5.3% below |
| 50 week MA | $21.1 | 3.2% below |
| 100 week MA | $19.3 | 5.7% above |
| 200 week MA | $16.1 | 27% above |
AM has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 27% above its 200-week average.
AM Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $7.39 | $8.38 | +13% |
| 2021 | $8.38 | $9.60 | +15% |
| 2022 | $9.60 | $10.9 | +13% |
| 2023 | $10.9 | $12.5 | +15% |
| 2024 | $12.5 | $15.1 | +21% |
| 2025 | $15.1 | $17.7 | +17% |
| 2026 YTD | $17.7 | $20.4 | +15% |
AM has finished every year since 2020 higher, and it's up 15% so far in 2026.