AM
EnergyAntero Midstream Corporation · Oil & Gas Midstream · $11B
What is Antero Midstream Corporation?
Antero Midstream Corporation is a large-cap midstream energy company headquartered in Denver, Colorado. It provides gathering, processing, and water handling services primarily for Antero Resources' natural gas production across West Virginia and Ohio.
Antero Midstream earns revenue by owning and operating pipeline networks, compressor stations, and water infrastructure that support upstream natural gas production. Its Gathering and Processing segment collects and processes wellhead gas, while its Water Handling segment delivers fresh water and manages storage and blending facilities. Because the majority of its throughput comes from a long-term relationship with Antero Resources, the business model centers on fee-based contracts that provide relatively predictable cash flows.
The company was incorporated in 2013 and went public in 2017, establishing itself as a dedicated midstream infrastructure provider in the Appalachian Basin.
- Natural gas gathering pipeline networks in West Virginia and Ohio
- Compression and processing facilities for wellhead production
- Fresh water delivery systems for drilling operations
- Pumping stations, water storage, and blending infrastructure
Is AM a Good Stock to Buy?
UQS Score rates AM as Good overall, reflecting a balanced profile across its five quality pillars.
The Quality pillar stands out as the clearest strength, indicating that Antero Midstream generates reliable, fee-based cash flows consistent with well-run midstream operators. The Valuation pillar also registers as Good, suggesting the market is not pricing AM at a significant premium relative to its fundamentals.
The Moat, Growth, and Risk pillars each land at Neutral — reflecting the company's concentrated customer base and the modest organic growth typical of mature midstream infrastructure businesses.
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Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does AM pay dividends?
Yes — Antero Midstream Corporation pays a dividend.
Antero Midstream pays a regular dividend, consistent with the midstream sector's tradition of returning cash to shareholders through stable distributions. The fee-based nature of its contracts supports dividend sustainability, making AM a name income-oriented investors often research. Investors should verify the current yield and payout details on the company's investor relations page.
When does AM report earnings?
Antero Midstream reports earnings on a quarterly cadence, typical for US-listed equities.
The company's results tend to reflect throughput volumes tied to Antero Resources' drilling activity, alongside the stability that fee-based contracts provide. Segment performance across Gathering and Processing versus Water Handling can shift depending on upstream capital programs.
For the most recent quarter's results and guidance updates, visit Antero Midstream's official investor relations page.
AM Price History
+201.6% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Antero Midstream Corporation?
Based on Antero Midstream Corporation's historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
AM Long-term Outlook
With Growth and Risk pillars both at Neutral, AM's fundamental outlook is one of steady-state operation rather than rapid expansion. The company's trajectory is closely tied to Antero Resources' production volumes, which limits upside but also provides a degree of revenue visibility. Valuation rated as Good suggests the current price may already reflect these measured expectations, leaving limited margin-of-safety concerns but also modest re-rating potential.
Growth drivers
- Continued drilling activity by Antero Resources increasing throughput volumes
- Potential infrastructure expansions tied to Appalachian Basin development
- Fee escalation provisions embedded in long-term gathering agreements
Key risks
- High customer concentration — Antero Resources represents the vast majority of revenue
- Natural gas price cycles indirectly affecting upstream drilling budgets
- Regulatory and environmental scrutiny on midstream infrastructure development
AM vs Peers
Antero Midstream operates in a midstream infrastructure space that includes a range of pipeline and energy services companies across North America.
South Bow focuses on crude oil pipeline transportation across Canada and the US, giving it a different commodity exposure than AM's natural gas gathering focus.
Keyera operates a diversified Canadian midstream network spanning gathering, processing, and NGL marketing, offering broader commodity and geographic diversification than AM.
Frontline is a tanker shipping company transporting crude oil globally — a fundamentally different business model from AM's fixed, land-based pipeline infrastructure.
Frequently Asked Questions
What does Antero Midstream do?
Antero Midstream owns and operates gathering pipelines, compressor stations, and water handling infrastructure in West Virginia and Ohio. It collects and processes natural gas from Antero Resources' wells and delivers fresh water for drilling operations, earning revenue primarily through long-term, fee-based contracts.
Does AM pay dividends?
Yes, Antero Midstream pays a regular dividend. The company's fee-based cash flows support consistent distributions, which is a hallmark of the midstream sector. Income-focused investors should check the current dividend rate and schedule on the company's investor relations page.
When does AM report earnings?
Antero Midstream reports on a quarterly cadence, in line with standard US-listed company practice. For exact upcoming report dates, refer to the investor relations section of the Antero Midstream website.
Is AM a good stock to buy?
UQS Score rates AM as Good overall. Its Quality pillar is Strong and Valuation is rated Good, while Moat, Growth, and Risk are each Neutral. Whether that profile fits your portfolio depends on your income goals and risk tolerance. The full pillar breakdown is available to UQS Pro members.
Is AM overvalued?
The UQS Valuation pillar for AM is rated Good, suggesting the stock is not trading at a significant premium relative to its fundamentals. Midstream companies are often assessed on cash flow yield and distribution coverage rather than traditional earnings multiples. View the complete valuation analysis with a Pro membership.
How does AM compare to its competitors?
Compared to peers like South Bow and Keyera, Antero Midstream is more narrowly focused on a single Appalachian Basin customer. That concentration can mean lower complexity but also higher dependency on one upstream operator's activity levels. Frontline operates in marine tanker shipping, making it a structurally different business.
What is AM's market cap bracket?
Antero Midstream is classified as a large-cap company. This places it among the more substantial publicly traded midstream operators, typically associated with greater liquidity and institutional investor coverage than smaller peers.
Who founded Antero Midstream?
Antero Midstream was incorporated in 2013 and went public in 2017 as a spinoff from Antero Resources. Founding context and executive history are publicly available through the company's filings and investor relations materials.
Is AM a long-term quality investment?
As a long-term quality indicator, AM's Strong Quality pillar suggests the business generates dependable cash flows supported by fee-based contracts. However, the Neutral Growth pillar reflects limited expansion prospects, which matters for investors seeking compounding growth over time alongside income.
What is the main competitive advantage of Antero Midstream?
AM's primary advantage is its integrated, dedicated infrastructure serving Antero Resources under long-term agreements. This creates revenue predictability that many pure-market midstream operators lack. The UQS Moat pillar rates this advantage as Neutral, reflecting that the concentration in one customer also limits the breadth of that moat.
What sector does AM belong to?
Antero Midstream operates in the Energy sector, specifically within midstream infrastructure. Midstream companies sit between upstream producers and downstream consumers, earning fees for transportation, gathering, processing, and storage services rather than taking direct commodity price risk.
Is AM a growth stock or value stock?
Based on its UQS profile, AM leans toward the value and income side of the spectrum. The Growth pillar is Neutral, indicating modest expansion expectations, while the Valuation pillar is Good — characteristics more consistent with a yield-oriented holding than a high-growth opportunity.
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Pro Analysis
AM — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 23, 2026 | 52.8 | 81.6 | 40.0 | 49.8 | 16.7 | 66.3 | -0.3 |
| May 22, 2026 | 53.1 | 81.6 | 40.0 | 49.8 | 16.7 | 68.3 | +0.1 |
| May 21, 2026 | 53.0 | 81.6 | 40.0 | 49.8 | 16.7 | 67.6 | +0.2 |
| May 20, 2026 | 52.8 | 81.6 | 40.0 | 49.8 | 16.7 | 65.9 | +0.1 |
| May 19, 2026 | 52.7 | 81.6 | 40.0 | 49.1 | 16.7 | 66.3 | 0.0 |
| May 16, 2026 | 52.7 | 81.6 | 40.0 | 49.1 | 16.7 | 66.6 | 0.0 |
| May 15, 2026 | 52.7 | 81.6 | 40.0 | 49.1 | 16.7 | 66.8 | -0.1 |
| May 14, 2026 | 52.8 | 81.6 | 40.0 | 49.2 | 16.7 | 67.0 | -0.1 |
| May 13, 2026 | 52.9 | 81.6 | 40.0 | 49.2 | 16.7 | 67.9 | -0.1 |
| May 12, 2026 | 53.0 | 81.6 | 40.0 | 49.4 | 16.7 | 67.9 | -0.1 |
AM — Pillar Breakdown
Quality
— 81.6/100 (25%)Antero Midstream Corporation demonstrates outstanding capital efficiency and profitability, placing it among the highest-quality businesses in the market.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 49.8/100 (20%)Antero Midstream Corporation shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 16.7/100 (15%)Antero Midstream Corporation presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 68.8/100 (15%)Antero Midstream Corporation trades at a reasonable valuation with decent earnings yield and FCF multiples.
Inverse of forward P/E — higher yield means cheaper stock.
How many years of FCF the market cap represents.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 40/100 (25%)Antero Midstream Corporation possesses some competitive advantages but faces meaningful competition. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for AM.
Score Composition
Financial Data
More Stock Analysis
How is the AM UQS Score Calculated?
The UQS (Unified Quality Score) for Antero Midstream Corporation is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Antero Midstream Corporation's competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Antero Midstream Corporation is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.