Antero Midstream Corporation (AM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+23.1%

$25.83

vs $20.99 price

Levered DCF

$32.11

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.32

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.69×	18.18×	16.27×	15.87×	14.03×	-29.65×	-9.49×	4.72×
P/B	4.31×	3.43×	2.81×	2.35×	2.02×	1.52×	1.07×	67.76×
P/S	6.75×	6.17×	5.43×	5.21×	4.77×	3.8×	3.95×	2.03×
EV / EBITDA	12.32×	10.73×	10.02×	10.19×	9.64×	45.72×	-32.11×	14,110.64×
Gross margin	65.3%	63.6%	62.3%	61.4%	65.3%	64.5%	59.0%	56.6%
Operating margin	51.2%	56.0%	55.0%	54.5%	57.3%	-12.1%	-46.9%	59.1%
Net margin	32.8%	34.1%	33.4%	32.9%	34.2%	-12.6%	-41.8%	43.1%
Current ratio	3.41×	1.17×	0.95×	0.87×	0.74×	1×	0.45×	0.17×
Debt / equity	1.63×	1.47×	1.49×	1.53×	1.37×	1.28×	0.92×	0×
Interest coverage	3.39×	3.18×	2.82×	2.84×	3.17×	-0.8×	-3.61×	9.81×
Dividend yield	5.2%	6.0%	7.2%	8.4%	10.2%	16.0%	14.8%	4.1%
Payout ratio	106.3%	109.3%	117.1%	132.8%	142.2%	-481.7%	-139.7%	19.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.0%	19.0%	17.3%	14.9%	14.5%	-5.1%	-11.3%	1435.6%
Return on invested capital	8.2%	8.3%	8.1%	7.0%	7.6%	-1.5%	-5.1%	1325.7%
Return on assets	7.0%	6.8%	6.5%	5.6%	6.0%	-2.2%	-5.7%	928.7%
Free cash flow yield	9.1%	8.3%	9.8%	3.6%	10.3%	16.1%	10.6%	4.0%
Earnings yield	4.9%	5.5%	6.2%	6.3%	7.2%	-3.3%	-10.6%	21.2%
Enterprise value	$11.5B	$10.4B	$9.3B	$8.5B	$7.7B	$6.8B	$6.3B	$2.1B
Net debt / EBITDA	3.25×	3.23×	3.48×	4.02×	3.89×	20.85×	-14.85×	-19.07×
Cash conversion cycle (days)	19	22	20	10	6	24	38	-1