Reading the tape
NYSE: AM
Antero Midstream Corporation
Energy · Oil & Gas Midstream
Market Cap
$9.94B
52w High
$23.84
52w Low
$16.77
P/E
24.14
Volume
2.35M
Outstanding Shares
474.98M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inHigh confidence
1Y Price: 17.46%Revenue (TTM): 8.14%FCF (TTM): 9.44%P/FCF: 61st pct
What changed
The stock rose 17.46% over the last year. Revenue grew 8.14% over the trailing twelve months. Operating margin moved from 56.36% to 57.56%. Free cash flow grew 9.44% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (61st percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 57.56% — continued expansion would be needed to justify the premium. Revenue growth of 8.14% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
Antero Midstream Corporation owns, operates, and develops midstream energy infrastructure.
CEOMichael N. Kennedy
SectorEnergy
IndustryOil & Gas Midstream
Employees616
IPO dateMay 4, 2017
Valuation
Forward P/E—
EV/EBITDA12.32
Enterprise value$11.54B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Revenue growth8.62%
Gross margin64.52%▲2.71%vs FY2024
Operating margin57.56%▼8.59%vs FY2024
ROE20.95%▲10.54%vs FY2024
Analyst consensus
RatingHold
Target price$21.50▲2.77%
2
Buy
11
Hold
4
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 29, 2026
Q3 FY26 · EPS est $0.28 · Revenue est $321.62M
View
Dividends
$0.90/shareQuarterly4yr growth streakAt RiskAM pays a dividend with a 4.3% dividend yield, 4 consecutive years of growth, covered 1.8× by free cash flow.
Dividend Yield
4.3%
Annual Div / Share
$0.90
5yr CAGR
-4.74%
Dividend has been cut
Payout Ratio
106.52%
At Risk
Dividend Growth Rate
3yr CAGR
+0%
5yr CAGR
-4.74%
Dividend Safety
5/10At Risk
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$0.90+0.0%
2025$0.90+0.0%
2024$0.90+0.0%
2023$0.90+0.0%
2022$0.90-21.6%
2021$1.15-6.7%
2020$1.23+67.2%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$43/yr
$4/mo
In 5 yrs
$43/yr
$4/mo
In 10 yrs
$43/yr
$4/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$43/yr $4/mo | $43/yr $4/mo | $43/yr $4/mo |
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 1.8× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Risks to Watch
High payout ratio
With 106.52% of earnings paid as dividends, there is limited retained earnings for reinvestment — and a dividend cut becomes more likely if earnings decline.
Dividend has been reduced
The 5-year dividend CAGR of -4.74% is negative, indicating the payout has been cut over this period.