📊 AM Key Takeaways
Is Antero Midstream Corp (AM) a Good Investment?
Antero Midstream exhibits exceptional operational profitability (60% operating margin) and robust free cash flow generation ($168.6M), but faces critical financial distress with zero cash reserves, 1.89x debt-to-equity leverage, and current ratio below 1.0. The combination of liquidity constraints and flat net income growth despite revenue expansion signals deteriorating financial health that outweighs strong operational metrics.
Antero Midstream shows strong underlying fundamentals with very high operating and net margins, robust cash generation, and low capital intensity that converts revenue efficiently into free cash flow. Financial health is solid on liquidity and profitability, though the balance sheet remains meaningfully levered and earnings growth is currently modest, which keeps the outlook favorable but not without risk.
Antero Midstream Corp Key Strengths (AM)
- Exceptional operating margins of 60% and net margins of 37.6% demonstrate pricing power in essential natural gas transmission infrastructure
- Strong free cash flow generation of $168.6M with 53.7% FCF margin provides structural cash-generative capacity for debt service
- Revenue growth of 7.4% YoY in stable, contracted infrastructure business with essential utility characteristics
- Exceptional free cash flow generation with $862.47M of FCF and a 72.6% FCF margin
- Strong profitability profile with 54.2% operating margin, 34.7% net margin, and 20.9% ROE
- Healthy liquidity position with a 3.41x current and quick ratio plus positive revenue growth of 7.4% YoY
AM Stock Risks: Antero Midstream Corp Investment Risks
- Critical liquidity crisis: zero cash reserves, current ratio of 0.99x, and quick ratio of 0.99x indicate inability to meet short-term obligations without operational cash flow
- Extreme financial leverage at 1.89x debt-to-equity ratio with $3.7B long-term debt limits financial flexibility and increases refinancing risk
- Net income essentially flat YoY (-0.1%) despite 7.4% revenue growth signals margin compression and operational deterioration masked by strong absolute margins
- Leverage remains elevated with $3.22B of long-term debt and 1.63x debt-to-equity
- Net income was essentially flat year over year, indicating limited bottom-line growth despite revenue gains
- Asset-heavy midstream business may face slower growth if customer volumes or capital allocation weaken
Key Metrics to Watch
- Monthly free cash flow trends and debt paydown velocity
- Debt covenant compliance status and debt maturity schedule
- Operating margin sustainability and drivers of recent net income stagnation
- Debt reduction and leverage ratios, including debt-to-equity and interest burden
- Sustainability of free cash flow and revenue growth relative to net income growth
Antero Midstream Corp (AM) Financial Metrics & Key Ratios
💡 AI Analyst Insight
The 53.7% free cash flow margin provides substantial flexibility for dividends, buybacks, and strategic investments. The current ratio below 1.0x warrants monitoring of short-term liquidity.
AM Profit Margin, ROE & Profitability Analysis
AM vs Energy Sector: How Antero Midstream Corp Compares
How Antero Midstream Corp compares to Energy sector averages
Sector benchmarks are approximate industry averages. Actual sector performance may vary.
Is Antero Midstream Corp Stock Overvalued? AM Valuation Analysis 2026
Based on fundamental analysis, Antero Midstream Corp has mixed fundamental signals relative to the Energy sector in 2026.
Note: This is a fundamental analysis based on SEC filings. For P/E ratio, price targets, and market-based valuation, consult financial data providers. This is not investment advice.
Antero Midstream Corp Balance Sheet: AM Debt, Cash & Liquidity
AM Revenue & Earnings Growth: 5-Year Financial Trend
5-Year Trend Summary: Antero Midstream Corp's revenue has grown significantly by 32% over the 5-year period, indicating strong business expansion. The most recent EPS of $0.77 reflects profitable operations.
AM Revenue Growth, EPS Growth & YoY Performance
AM Quarterly Earnings & Performance
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $291.1M | $118.3M | $0.25 |
| Q3 2025 | $269.9M | $86.0M | $0.21 |
| Q2 2025 | $269.8M | $86.0M | $0.18 |
| Q1 2025 | $279.1M | $103.9M | $0.21 |
| Q3 2024 | $263.8M | $86.0M | $0.20 |
| Q2 2024 | $258.3M | $86.0M | $0.18 |
| Q1 2024 | $259.5M | $86.5M | $0.18 |
| Q3 2023 | $231.0M | $79.4M | $0.17 |
Data sourced from SEC EDGAR 10-Q quarterly filings. Figures may represent quarterly or cumulative values.
Antero Midstream Corp Dividends, Buybacks & Capital Allocation
AM SEC Filings: Latest 10-K & 10-Q Analysis
Access official SEC EDGAR filings for Antero Midstream Corp (CIK: 0001623925)
📋 Recent SEC Filings
❓ Frequently Asked Questions about AM
What is the AI rating for AM?
Antero Midstream Corp (AM) has a Combined AI Grade of B from Claude (C) and ChatGPT (A) with 76% combined confidence, based on fundamental analysis of SEC EDGAR filings.
What are AM's key strengths?
Claude: Exceptional operating margins of 60% and net margins of 37.6% demonstrate pricing power in essential natural gas transmission infrastructure. Strong free cash flow generation of $168.6M with 53.7% FCF margin provides structural cash-generative capacity for debt service. ChatGPT: Exceptional free cash flow generation with $862.47M of FCF and a 72.6% FCF margin. Strong profitability profile with 54.2% operating margin, 34.7% net margin, and 20.9% ROE.
What are the risks of investing in AM?
Claude: Critical liquidity crisis: zero cash reserves, current ratio of 0.99x, and quick ratio of 0.99x indicate inability to meet short-term obligations without operational cash flow. Extreme financial leverage at 1.89x debt-to-equity ratio with $3.7B long-term debt limits financial flexibility and increases refinancing risk. ChatGPT: Leverage remains elevated with $3.22B of long-term debt and 1.63x debt-to-equity. Net income was essentially flat year over year, indicating limited bottom-line growth despite revenue gains.
What is AM's revenue and growth?
Antero Midstream Corp reported revenue of $314.2M.
Does AM pay dividends?
Antero Midstream Corp pays dividends, with $111.1M distributed to shareholders in the trailing twelve months.
Where can I find AM SEC filings?
Official SEC filings for Antero Midstream Corp (CIK: 0001623925) including 10-K, 10-Q, and 8-K reports are available on SEC EDGAR.
What is AM's EPS?
Antero Midstream Corp has a diluted EPS of $0.25.
How is the AI analysis conducted?
Two independent AI systems — Claude (Anthropic) and ChatGPT (OpenAI) — analyze SEC EDGAR filings including 10-K annual reports and 10-Q quarterly reports. Each AI evaluates financial health, profitability ratios, balance sheet strength, and growth metrics. The combined grade reflects both perspectives for balanced insights.
What is AM's fundamental grade?
Based on our AI fundamental analysis in June 2026, Antero Midstream Corp has a B grade with 76% confidence. Review the strengths and risks sections above for full context. This is not investment advice.
Is AM stock overvalued or undervalued?
Valuation metrics for AM: ROE of 6.1% (sector avg: 14%), net margin of 37.6% (sector avg: 12%). Compare these metrics with sector averages to assess valuation.
What is AM's AI grade for 2026?
Our dual AI analysis gives Antero Midstream Corp a combined B grade for 2026. Revenue is data pending, with profitability above sector average. Always conduct your own research.
What is AM's free cash flow?
Antero Midstream Corp's operating cash flow is $238.6M, with capital expenditures of $70.0M. FCF margin is 53.7%.
How does AM compare to other Energy stocks?
Vs Energy sector averages: Net margin 37.6% (avg: 12%), ROE 6.1% (avg: 14%), current ratio 0.99 (avg: 1.3).
Is Antero Midstream Corp carrying too much debt?
AM has a debt-to-equity ratio of 1.89x, which is above the Energy sector average of 0.6x. Combined with a current ratio below 1, this warrants careful monitoring of the balance sheet.