Antero Midstream Corporation

AM · Energy · Oil & Gas Midstream · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

3.86B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

4.29B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

3.24B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

3.80B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

9.63B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

0.39×

the ratio the screener ranks by

Margin of Safety

-153.5%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 3.86B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)7.33B USD
−②Net Debt Today3.61B USD
+③Growth Value141.76M USD
=Value3.86B USD

EPV of the Operations (NOPAT over WACC)

7.33B USD

Net debt today

-3.61B USD

Growth Value

+141.76M USD

Value

3.86B USD

①EPV (earnings power value)

7.33B USD

②Net Debt Today

3.61B USD

③Growth Value

141.76M USD

Market value

Market Cap9.63B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-149.4%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 4.29B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE3.59B USD
+②Equity at Year 15, Today702.97M USD
=Value4.29B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

3.59B USD

②Equity at Year 15, Today

702.97M USD

Market value

Market Cap9.63B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-124.5%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 3.24B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF4.37B USD
+②Invested Capital at Year 15, Today2.49B USD
−③Net Debt Today3.61B USD
=Value3.24B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth rising to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

4.37B USD

②Invested Capital at Year 15, Today

2.49B USD

③Net Debt Today

3.61B USD

Market value

Market Cap9.63B USD

The price on the date above times the shares.

Value vs market

Margin of Safety-196.9%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 7.07%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.63×Market Risk Premium 6.00%= 8.28%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 151.18M USDPretax Income 564.76M USD= 26.77%

The tax the interest saves.

Interest Expense =EBIT 755.35M USD−Pretax Income 564.76M USD= 190.59M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 190.59M USDTotal Debt 3.61B USD×(1 − Tax Rate for WACC 26.77%)= 3.86%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 3.61B USDMarket Cap + Total Debt 9.63B USD + 3.61B USD= 27.29%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 72.71%×Cost of Equity 8.28%+Debt Weight 27.29%×Cost of Debt 3.86%= 7.07%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 6.37B USD − Total Liabilities 4.42B USD = Book Value Today 1.95B USD

Total Debt 3.61B USD − Cash 0 USD = Net Debt Today 3.61B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 1-0.8%at most 5%passes474,657,000 / 478,497,000
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets8.2%at least -10.0%passes(933.40M USD − 413.58M USD) ÷ 6.37B USD
Price to bookMarket Cap ÷ Book Value Today4.94×at most 3×does not pass9.63B USD ÷ 1.95B USD
Operating marginOperating Income ÷ Revenue58.2%above 10.0%passes733.01M USD ÷ 1.26B USD
Revenue growthRevenue ÷ Revenue a Year Before − 17.0%above 10.0%does not pass1.26B USD / 1.18B USD
Net cash(Cash − Total Debt) ÷ Market Cap-37.5%above -30%does not pass(0 USD − 3.61B USD) ÷ 9.63B USD
Operating efficiencyOperating Income ÷ Gross Profit89.1%above 25.0%passes733.01M USD ÷ 823.03M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

20.28 USD

Enterprise value

—

the provider's own figure

EV / EBITDA

—

Price / book

4.94×

the provider's book

Price / earnings

24.41×

Return on equity

19.8%

the provider's figure, not this page's

Profit margin

30.4%

Revenue growth

8.3%

Analyst target, mean

24.02 USD

Analysts

7

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

USD2022202320242025
Income statement

Revenue

991.65M1.11B1.18B1.26B

Gross profit

608.58M693.24M748.97M823.03M

Operating income

541.46M612.62M660.16M733.01M

EBITDA

operating income before depreciation and amortisation

836.95M924.97M967.29M960.54M

Pretax income

444.18M500.57M549.17M564.76M

Net income

326.57M372.16M401.29M413.58M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

327.64M372.26M411.85M483.58M

R&D

————
Balance sheet, year end

Total assets

5.80B5.74B5.77B5.89B

Total liabilities

3.60B3.59B3.65B3.92B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

2.19B2.15B2.12B1.97B

Total debt

3.36B3.22B3.12B3.23B

Cash and equivalents

066.07K0180.62M

Net PP&E

fixed assets after depreciation

3.76B3.80B3.89B3.46B

Working capital

current assets less current liabilities

-13.10M-5.29M17.47M268.65M
Cash flow

Operating cash flow

700.30M779.84M844.84M933.40M

Capital expenditure

paid out, so below zero

-516.17M-184.18M-242.58M-162.42M

Depreciation and amortisation

202.64M206.94M210.88M205.19M

Free cash flow

operating cash flow plus capital expenditure

184.14M595.66M602.26M770.98M