Antero Midstream Corp
AM
Antero Midstream Corp AI Insights
Informational only. Not investment advice.Snapshot
- FCF TTM of 757.9M vs industry median of -180.6M - rare positive FCF generator in capex-heavy midstream sector[Free Cash Flow]
- Operating margin 58.1% TTM vs industry median 19.1% - 3x advantage from fee-based contracts with parent Antero Resources[Operating Margin]
- Dividend payout ratio 7yr avg 128% - historically paying more than earnings, funded by FCF but unsustainable if FCF declines[Dividend Payout Ratio Avg 7yr]
Watch Triggers
- Free Cash Flow: Falls below 500M TTM — Would pressure 7x dividend coverage and force payout cut or debt increase
- Debt to Equity: Rises above 2.0x — Zero cash buffer means debt increase signals stress or acquisition
- Operating Margin: Falls below 50% — Would indicate contract renegotiation pressure from Antero Resources
Bull Case
Fee-based model with captive customer (Antero Resources) delivers 58% operating margins and 60% FCF margins - structural advantage vs commodity-exposed peers
ROE 22.5% TTM vs industry median 9.1% with minimal capex needs (-151.8M vs -1.1B median) - capital-light compounder
Bear Case
Single customer concentration (Antero Resources) creates binary risk - parent distress would devastate revenue base
P/S 6.8x vs industry median 2.8x and P/B 8.8x prices in premium - limited margin of safety if growth stalls
Bull vs Bear Balance
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Forward Thesis
FCF yield compression likely as capex normalizes, but dividend coverage improving
- Capex TTM -151.8M vs industry median -1.1B
- FCF margin 60.6% enables dividend without debt
- Debt/equity 1.46x manageable at current rates
Public Strategies Rankings
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AM Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$8.81B | — | ||
$0 | — | ||
19 | — | ||
$1.25B | +8.7% | — | |
$0.99 | +19.9% | — | |
58.1% | +2.5% | — | |
37.8% | +3.9% | — | |
$757.88M | +34.9% | — | |
0.23 | +4.3% | — | |
Beta 5Y (Monthly) | unknown | — |
AM Dividend History
2026
$0.22502025
$0.90002024
$0.90002023
$0.90002022
$0.90002021
$0.98252020
$0.92252019
$1.08152018
$0.45202017
$0.0860AM Stock Splits
AM SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/29/25 | 09/30/25 | 10-Q | |
07/30/25 | 06/30/25 | 10-Q | |
04/30/25 | 03/31/25 | 10-Q | |
02/12/25 | 12/31/24 | Unknown | |
10/30/24 | 09/30/24 | 10-Q | |
07/31/24 | 06/30/24 | 10-Q | |
04/24/24 | 03/31/24 | 10-Q | |
02/14/24 | 12/31/23 | 10-K | |
10/25/23 | 09/30/23 | 10-Q | |
07/26/23 | 06/30/23 | 10-Q | |
04/26/23 | 03/31/23 | 10-Q | |
02/15/23 | 12/31/22 | 10-K | |
10/26/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/27/22 | 03/31/22 | 10-Q | |
02/16/22 | 12/31/21 | 10-K | |
10/27/21 | 09/30/21 | 10-Q | |
07/28/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/17/21 | 12/31/20 | 10-K | |
10/28/20 | 09/30/20 | 10-Q | |
07/30/20 | 06/30/20 | 10-Q | |
04/29/20 | 03/31/20 | 10-Q | |
02/12/20 | 12/31/19 | 10-K | |
10/30/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
05/01/19 | 03/31/19 | 10-Q | |
02/13/19 | 12/31/18 | 10-K | |
10/31/18 | 09/30/18 | 10-Q | |
08/01/18 | 06/30/18 | 10-Q | |
04/25/18 | 03/31/18 | 10-Q | |
02/13/18 | 12/31/17 | 10-K | |
11/01/17 | 09/30/17 | 10-Q | |
08/02/17 | 06/30/17 | 10-Q | |
06/02/17 | 03/31/17 | 10-Q | |
05/05/17 | 12/31/16 | 424B4 | |
11/01/17 | 09/30/16 | 10-Q | |
08/02/17 | 06/30/16 | 10-Q | |
06/02/17 | 03/31/16 | 10-Q |