Antero Midstream Corporation (AM) Stock

Antero Midstream Corporation (AM) is a Utilities stock trading at $22.26 (as of 2026-08-20), with a market capitalization of $10.57B and a trailing P/E of 22.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Antero Midstream Corporation owns and operates midstream energy infrastructure, including facilities and services for gathering and processing hydrocarbon production and for water handling. Its Gathering and Processing operations collect and process production from wells in West Virginia and Ohio, while its Water Handling segment delivers fresh water through related pumping, storage, and blending facilities.

Understand Antero Midstream Corporation: how it makes money

Antero Midstream Corporation owns, operates, and develops midstream energy infrastructure, earning money by collecting and processing natural gas production through Gathering and Processing, and by delivering fresh water through Water Handling facilities.

The core profit engine is operating the midstream pipeline and compression network that gathers and processes production from Antero Resources' wells in West Virginia and Ohio, plus operating water delivery infrastructure (pumping, storage, and blending) to support those operations.

Revenue by segment (latest quarter)
Gathering&Processing$0.3B
WaterHandling$0.1B

Business quality (Strong): Segment structure is clear and tied to specific infrastructure (gathering and compression, and water handling), but the provided operating metrics are limited to segment revenue labels rather than volume or utilization measures.

Valuation: At 25× earnings, AM trades 14% above the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

  • Asset-backed midstream footprint: Gathering and Processing includes a network of gathering pipelines and compressor stations that collects and processes Antero Resources' wells in West Virginia and Ohio.
  • Adds a second infrastructure line: Water Handling delivers fresh water and includes pumping stations, water storage, and blending facilities.

Bear case

  • Customer and feedstock concentration to Antero Resources: The Gathering and Processing segment is described as collecting and processing production from Antero Resources' wells in West Virginia and Ohio.
  • Limited indication of third-party water monetization: Third-Party Water Revenue is shown as 0.0 in the provided segment revenue candidates.
Valuation — source: SEC EDGAR (first-party)
Price$22.26
Market Cap$10.57B
P/E Ratio22.7
EV / EBITDA16.1
Price / Book5.43
Price / Sales8.46
DCF Value (model)$12.13
DCF Upside vs Price-45.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$1.19B
Net Margin34.8%
Revenue Growth (YoY)7.4%
EPS Growth (YoY)3.6%
Financial Health — source: SEC EDGAR
Altman Z-Score2.24 (grey)
Valuation vs Sector & Industry
Stock P/E22.7
Sector P/E (Utilities)21.3
Industry P/E (Utilities)20.6
vs Sector6.3%
vs Industry9.9%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($846.27M)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorUtilities
IndustryUtilities
CEOMichael N. Kennedy
Employees616
CountryUS
IPO Date2017-05-04

Related Companies (Business model: Refining & Midstream Energy; 8 closest by market cap; US-domiciled)

  • The Williams Companies, Inc. (WMB)
  • Enterprise Products Partners L.P. (EPD)
  • Kinder Morgan, Inc. (KMI)
  • Targa Resources Corp. (TRGP)
  • DT Midstream, Inc. (DTM)
  • Kodiak Gas Services, Inc. (KGS)
  • Archrock, Inc. (AROC)
  • Kinetik Holdings Inc. (KNTK)
AM earnings history · AM institutional & insider holders · AM KPIs & operating metrics · AM financials · AM investor presentations & press releases · AM SEC filings · AM peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.