# Antero Midstream Corporation (AM)

> Source: Nexqual · https://nexqual.com/AM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Antero Midstream Corporation (AM), nexqual.com/AM" · informational, not investment advice.

**Price:** USD 20.61 (-0.67% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 20.75 · day 19.98–20.96 · 52w 16.96–23.84 · market cap $9.78B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.23B, net income $400M (32.4% margin) (SEC filings).
- Valuation: P/E 24.5x (avg 18.5x at the last 3 fiscal year-ends), EV/EBITDA 16.9x, net debt $3.57B.
- 2 of 80 tracked superinvestors hold AM (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $4.2M; 3 not under a Rule 10b5-1 plan ($2.0M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 3.13 on a 1–5 scale) (8 analysts), mean target USD 24 (range 22–26).
- Total return with dividends: 1Y +19.4% vs S&P 500 +14.9%; 5Y +152.9% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD 0.36, revenue estimate $341M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $898M | $920M | $1.04B | $1.11B | $1.19B | $1.23B |
| Operating income | $555M | $539M | $612M | $659M | $645M | $652M |
| Net income | $332M | $326M | $372M | $401M | $413M | $400M |
| EPS (diluted) | $0.69 | $0.68 | $0.77 | $0.83 | $0.86 | — |
| Free cash flow | — | $483M | $779M | $774M | — | — |
| Operating margin | 61.8% | 58.6% | 58.7% | 59.6% | 54.2% | 52.8% |
| Net margin | 36.9% | 35.5% | 35.7% | 36.2% | 34.8% | 32.4% |
| Revenue growth | -0.3% | +2.4% | +13.2% | +6.2% | +7.4% | — |
| Cash + short-term investments | — | $0K | $66K | — | $180M | — |
| Total debt | $3.12B | $3.36B | $3.21B | $3.12B | $3.22B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.5x · P/S 7.9x · EV/EBITDA 16.9x · EV/Sales 10.8x · P/B 5.0x · Earnings yield 4.09% · Dividend yield (paid, TTM) 4.45% · Buyback yield (TTM) 1.19% · Net debt $3.57B · EV $13.3B
P/E at fiscal year-ends: Dec 2025 20.8x, Dec 2024 18.3x, Dec 2023 16.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold AM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Glenn Greenberg | Brave Warrior Advisors | 0.90% | $41.5M | Reduced -0.9% |
| Kahn Brothers | Kahn Brothers Group | 0.05% | $269K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-06 | Klimley Brooks J | Director | 5,000 | $106K | 6.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-04 | Pearce Sheri | See Remarks | 16,000 | $352K | 16% | No | Routine (sold in Aug each year 2023–2025) |
| 2026-05-04 | Schultz Yvette K | See Remarks | 69,269 | $1.5M | 10.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-04 | Kennedy Michael N. | See Remarks | 100,000 | $2.2M | 6.2% | Yes (adopted November 6, 2025) | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.13 on a 1–5 scale), 8 analysts; mean target USD 24 (low 22, high 26).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-21 | UBS | Target lowered | Neutral | $24 → $22 |
| 2026-08-03 | Wells Fargo | Target raised | Equal-Weight | $23 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +19.4% | +152.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +19.4% | +20.3% |
| Volatility (annualized) | 21.1% | 25.4% |
| Max drawdown | -13.8% (Mar 2026→Oct 2026) | -19.0% (Mar 2022→Jun 2022) |

## Peers (Oil & Gas Midstream)
KNTK (Kinetik Holdings Inc.) USD 54.64 -1.89% · FRO (Frontline Plc) USD 51.22 -0.14% · DTM (DT Midstream, Inc.) USD 123.4 -0.87% · SOBO (South Bow Corporation) USD 34.57 -0.52% · PAGP (Plains GP Holdings, L.P.) USD 27.93 +0.04% · HESM (Hess Midstream LP) USD 30.04 -3.32%

## More
Full page: https://nexqual.com/AM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name AM in their own reports (relationship from AM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | ANTERO RESOURCES Corp (AR) | 10-K 2026-02-11 | "Antero Midstream Partners." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Gathering & Compression | $257.7M | 78.8% | +7.6% | $187.6M | 72.8% |
| Water Handling | $69.5M | 21.2% | +5.6% | -$2.9M | -4.1% |
| Corporate costs (not allocated) | — | — | — | -$2.9M | — |
| Total revenue | $327.2M | 100% | — | $181.9M | 55.6% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Natural Gas Gathering Transportation Marketing & Processing Affiliate | $271.5M | 83.0% | +9.1% |
| Gathering | $137.7M | 42.1% | +20.9% |
| Natural Gas Water Handling & Treatment Affiliate | $78.5M | 24.0% | +6.5% |
| Compression | $72.5M | 22.1% | +6.6% |
| Gathering High Pressure | $61.3M | 18.7% | -8.5% |
| Other Fluid Handling | $45.4M | 13.9% | +29.0% |
| Fresh Water Delivery | $33.2M | 10.1% | -15.1% |
| Total revenue | $327.2M | 100% | — |
The lines above cover 213.9% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "Our water integration projects remain on track, which we expect to drive high-single digit EBITDA growth in 2027.”"
- "Agnew further added, “In July, Antero Midstream received approximately $371 million of proceeds from Veolia, which allowed us to reduce absolute debt and be below our 3-times leverage target ahead of expectations."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.36 | $0.34 | +6.8% | $340.6M | 1 |
| Next quarter (ends 2026-12-31) | $0.36 | $0.34 | +5.9% | $350.8M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.39 | $1.30 | +6.8% | $1.34B | 1 |
| Next fiscal year (ends 2027-12-31) | $1.61 | $1.48 | +8.8% | $1.46B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-28): ±6.6%; last 8 reports averaged ±2.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.0% | ±6.6% |
| 2026-12-18 | 56 | 27.1% | ±8.9% |
| 2027-01-15 | 84 | 24.5% | ±9.7% |
| 2027-03-19 | 147 | 26.3% | ±13.6% |
| 2027-06-17 | 237 | 26.6% | ±17.1% |