Antero Midstream Corp

Utilities
Natural Gas Distribution
www.anteromidstream.com

Earnings Score
Moat Score
Safety Score

Market Cap $7.21B
PE 19
Debt $3.19B
Cash $0.00
EV $10.40B
FCF $743.75M

Earnings

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Sales & Net Margins

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Earnings	$386.97M
EBIT	$643.74M
ROE	18%
ROA	11%
FCF	$743.75M
Equity	$2.13B
Growth Stability	100%
PE	18.63
PEG	0.47
PB	3.38
P/FCF	9.69
P/S	6.66
Price/Cash	0
Debt/Equity	1.5
Debt/FCF	4.29
Net Margins	35%
Op. Margins	59%
Earnings CAGR	34%
Sales Growth YoY	4%
Sales Growth QoQ	0%
Sales CAGR	30%
FCF CAGR	1%
Equity CAGR	165%
Earnings Stability	-0
Earnings Growth YoY	15%
Earnings Growth QoQ	16%
Earnings CAGR 5Y	39%

Sales CAGR 5Y	25%
FCF CAGR 5Y	3%
Equity CAGR 5Y	20%
Earnings CAGR 3Y	22%
Sales CAGR 3Y	22%
FCF CAGR 3Y	8%
Equity CAGR 3Y	-4%
Market Cap	$7.21B
Revenue	$1.08B
Dividend Yield	6%
Payout Ratio	113%
Assets	$5.78B
Total Debt	$3.19B
Cash	$0.00
Shares Outstanding	480.77M
EV	10.4B
Earnings Score	6%
Moat Score	95%
Safety Score	84%
Final Score	62%
Working Capital	8.36M
Current Ratio	1.09
Shares Growth 3y	0%
Equity Growth QoQ	0%
Equity Growth YoY	-1%

Assets & ROA

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Stockholders Equity & ROE

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Antero Midstream Corp is a midstream company that owns, operates and develops midstream energy infrastructure services and production activity in the Appalachian Basin's Marcellus Shale and Utica Shale located in West Virginia and Ohio. Its assets consist of gathering pipelines, compressor stations, interests in processing and fractionation plants, and water handling and treatment assets. The company, through its wholly-owned subsidiary Antero Midstream Partners and its affiliates, provides midstream services to Antero Resources Corp under long-term contracts.

SEC Filings

Direct access to Antero Midstream Corp (AM) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Antero Midstream Corp compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Antero Midstream Corp compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 34%

Stability -0%

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Antero Midstream Corp Discounted Cash Flow

Fully customizable DCF calculator online for Antero Midstream Corp.

Years

Calculation mode

= $7.8B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$744M	$748M	$753M	$757M	$762M	$767M	$771M	$776M	$781M	$786M	$790M	$7.9B
DCF		$680M	$622M	$569M	$520M	$476M	$435M	$398M	$364M	$333M	$305M	$3B
Value	$7.8B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	05/2017	12/2018	05/2019	TTM
Net Margins	62%	57%	-	43%	-	35%
ROA	-	93%	-	-	-	11%
ROE	-	95%	-	199%	-	18%

Good Net Margins (35.33%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	05/2017	12/2018	05/2019	TTM
Debt over FCF	-	-	-	-	-	4.29
Debt over Equity	-	-	-	-	-	1.5
Growth Stability	-	-	-	100%	-	100%

Bad Debt/FCF ratio (4.29)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Neutral Debt/Equity ratio (1.5)

The company has a balance between equity and debt that is not too good nor too bad.

Good Graham’s Stability (100%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	05/2017	12/2018	05/2019	CAGR 5Y
Revenue YoY growth	-	1K%	-	-	-	25%
Earnings YoY growth	-	1K%	-134%	-2K%	-	39%
Equity YoY growth	-	2K%	-	-	-	20%
FCF YoY growth	-	-	-	-	-	3%