Antero Midstream (AM)
Energy · Natural gas midstream logistics and gathering
Midstream infrastructure company providing gathering, compression, processing, and water handling services almost exclusively to Antero Resources in the Appalachian Basin.
What Antero Midstream does
Antero Midstream Corporation operates natural gas gathering and compression systems, water handling services, and processing assets primarily serving Antero Resources Corporation in the Appalachian Basin. The company generates substantially all of its revenue from fees charged for gathering, compressing, and transporting natural gas and natural gas liquids produced by Antero Resources, along with water management services for well completion activities. The company also holds investments in unconsolidated affiliates and has recently undertaken acquisitions to expand its asset base and service offerings.
Themes: ["Midstream energy infrastructure","Natural gas logistics","Unconventional gas production support","Water management in energy production","Appalachian Basin development"]
Fundamentals
- Price$22.58 as of 2026-07-09 close
- Market cap$10.8B as of 2026-07-10
- 1-year return+28.5% as of 2026-07-09 close
- P/E26.20 as of 2026-07-10
- Net margin+33.9% as of 2026-07-10
- Gross margin+80.5% as of 2026-07-10
- ROE+20.4% as of 2026-07-10
- Debt / equity1.89 as of 2026-07-10
- Revenue growth (YoY)+8.3% as of 2026-07-10
- Revenue CAGR (3y)+8.9% SEC XBRL
- Beta0.63 as of 2026-07-10
Dividend: yield +4.0%; 2-year non-decreasing per-share dividend streak (SEC XBRL).
Key risks (from latest filing)
["Heavy customer concentration: substantially all revenue derived from Antero Resources; any material adverse change to Antero Resources' operations, financial condition, production levels, or capital availability directly threatens Antero Midstream's revenue and financial stability.","Commodity price volatility and indirect exposure: natural gas, NGLs, and oil price declines can reduce Antero Resources' development spending and production volumes, thereby reducing demand for Antero Midstream's gathering and water handling services.","Execution risk on capital projects: ability to complete construction of or acquire new gathering, compression, processing, and water handling assets on schedule and at budgeted cost, with operational performance meeting design expectations."]
Competitors & peers
- Summit Midstream Partners (SMLP)
- EQT Midstream Partners (EQM)
- Equitrans Midstream (ETRN)
- NiSource (NI)
- Gulfport Midstream Partners
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.