# Antero Midstream Partners LP (AM.US)

Canonical: https://gigainvestors.com/s/AM

Analysis as of: 2026-10-16T07:26:26.149Z. Financial observations: FY2015–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $19.92 per share; close as of 2026-10-15.

Estimated value: low $12.81 per share, central $18.29 per share, high $21.49 per share. Buy at or below the central value $18.29 per share. Valuation as of 2026-10-16T07:26:26.149Z; scenarios are not confidence intervals.

Expected annual return: 9.5% at the stated quote. About 9.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 1.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2018: 0.59×

- FY2019: -0.47×

- FY2020: -0.12×

- FY2021: 0.57×

- FY2022: 0.54×

- FY2023: 0.55×

- FY2024: 0.56×

- FY2025: 0.51×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.4%

- ROIC, second-lowest year: -2.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 24.0%

- ROIC including acquisitions, ten-year median: 3.4%

- Typical minus recent gross margin: -0.5 pp

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.2%

- FY2017: -2.3%

- FY2018: >100%

- FY2019: -5.8%

- FY2020: -1.7%

- FY2021: 7.6%

- FY2022: 7.1%

- FY2023: 8.5%

- FY2024: 9.2%

- FY2025: 9.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.6B

- Net income, five-year total: $1.8B

- Return on incremental invested capital: 49.1%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, final three-year average: 7.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.84×

- FY2022: 0.28×

- FY2023: 1.06×

- FY2024: 1.00×

- FY2025: 1.10×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 1.2% vs 9.2%

- Per-share earnings: 0.04 to 0.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.0%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: $4.8B

- Cumulative retained earnings: -$138M

- Diluted shares, 10-year annual growth: 10.0%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 46.5%

- Per-share value change: $0.79

- Per-share value, starting three-year median: $0.04

- Per-share value, ending three-year median: $0.83

- Buybacks concentrated in cheaper years (correlation): -0.96

- Average buyback yield: 0.9%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $2.1B

- Cumulative net income, 10 years: $1.8B

- ROIC, first three-year median: 1.2%

- ROIC, last three-year median: 9.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.05

- FY2017: $0.04

- FY2018: $2.38

- FY2019: -$0.80

- FY2020: -$0.26

- FY2021: $0.69

- FY2022: $0.68

- FY2023: $0.77

- FY2024: $0.83

- FY2025: $0.86

### accounting: pass

- Sloan accruals: -8.8%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 4.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.54×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.0%

- FY2017: -69.9%

- FY2018: 753.6%

- FY2019: -15.6%

- FY2020: -15.6%

- FY2021: -6.8%

- FY2022: -6.4%

- FY2023: -7.1%

- FY2024: -7.5%

- FY2025: -8.8%

## Holders

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Graham Kahn](https://gigainvestors.com/KB): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 7.6% a year for ten years · sales +7%

Story as of 2026-10-16T09:58:17.341Z; price observation 2026-10-15.

Price needs cash profits to grow 7.6% a year for ten years

- 2026-02-12: Antero Midstream Q4 Earnings Miss on Higher Operating Expenses ([finance.yahoo.com](https://finance.yahoo.com/news/antero-midstream-q4-earnings-miss-161300094.html))

- 2026-07-30: AM Q2 Earnings Miss on Higher Costs, Revenues Beat Estimates ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/am-q2-earnings-miss-higher-170600506.html))

### Sales · FY2024–2025

sales +7%; source https://www.sec.gov/Archives/edgar/data/1623925/000110465926013380/am-20251231x10k.htm; observed 2026-02-11.

- FY2016: $590M 

- FY2017: $0 

- FY2018: $1.0B 

- FY2019: $850M 

- FY2020: $971M 

- FY2021: $969M 

- FY2022: $991M 

- FY2023: $1.1B 

- FY2024: $1.2B 

- FY2025: $1.3B 

### Gross margin · FY2025

gross margin 65.3%; source https://www.sec.gov/Archives/edgar/data/1623925/000110465926013380/am-20251231x10k.htm; observed 2026-02-11.

- FY2016: 55.7% 

- FY2018: 56.6% 

- FY2019: 59.0% 

- FY2020: 64.5% 

- FY2021: 65.3% 

- FY2022: 61.4% 

- FY2023: 62.3% 

- FY2024: 63.6% 

- FY2025: 65.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas midstream; annual sales are USD 1.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1623925/000110465926013380/am-20251231x10k.htm (filed 2026-02-11); FY2025: revenue 1259098000; grossProfit 822206000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AM.US: Antero Midstream Corporation owns, operates, and develops midstream energy assets in the Appalachian Basin. It operates in two segments, Gathering and Processing, and Water Handling. The gathering and processing segment includes a network of gathering pipelines and compressor stations that collect and process natural gas and NGLs from Antero Resources' wells in West Virginia and Ohio. The Water Handling segment delivers water from sources, including the Ohio River, local reservoirs, and various regional waterways; other fluid handling services, which include transfer and disposal; uses water handling systems to transport flowback and produced water; and buried pipelines, surface pipelines, and water storage facilities, as well as pumping stations and blending facilities. Antero Midstream Corporation was founded in 2002 and is headquartered in Denver, Colorado.

### Why customers stay

Margins ranged from 62.3% to 65.3% during 2023–25; it earns 7.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 62.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 63.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1623925/000110465926013380/am-20251231x10k.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 65.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2016,0.012326381949130822],[2017,-0.02254858718706647],[2018,14.590846116385094],[2019,-0.057668322596564514],[2020,-0.01686865705668553],[2021,0.07586212368869787],[2022,0.07141750744063305],[2023,0.08479163584368972],[2024,0.09206007352954963],[2025,0.0941525522169586]]; median 0.07363981556466545. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 135 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 316459000; upkeep 99861000; owner earnings 9711000. Growth capex / owner earnings = 32.58768406961178.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2018: growth capex 391842000; upkeep 148000; owner earnings 443038000. Growth capex / owner earnings = 0.884443320888953.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 0; upkeep 232825000; owner earnings 278254000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 78927379.37192518; upkeep 436722620.6280748; owner earnings 91953379.37192518. Growth capex / owner earnings = 0.8583412584836763.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 0; upkeep 183999000; owner earnings 394518000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: growth capex 31667000; upkeep 210672000; owner earnings 400892000. Growth capex / owner earnings = 0.07899134929108088.

- Source: https://www.sec.gov/Archives/edgar/data/1623925/000110465926013380/am-20251231x10k.htm (filed 2026-02-11); FY2025: growth capex 0; upkeep 162255000; owner earnings 455890000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,182446000],[2017,31702000],[2018,86466000],[2019,496197000],[2020,590190000],[2021,471721000],[2022,433375000],[2023,435396000],[2024,438184000],[2025,439007000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1623925/000110465926013380/am-20251231x10k.htm (filed 2026-02-11); FY2025: cash repurchases 134981000 USD.

### Are managers owners

Insiders own 30.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AM.US SharesStats.PercentInsiders = 30.629 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 7.6% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate 0.0954843357907923. Price 19.92; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.9615620132137295 → FY2025 0.9454826754490571. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2017-05: $22.08 per share

- 2017-06: $21.98 per share

- 2017-07: $21.23 per share

- 2017-08: $19.06 per share

- 2017-09: $20.47 per share

- 2017-10: $18.71 per share

- 2017-11: $17.75 per share

- 2017-12: $19.72 per share

- 2018-01: $21.06 per share

- 2018-02: $18.50 per share

- 2018-03: $15.99 per share

- 2018-04: $17.22 per share

- 2018-05: $19.25 per share

- 2018-06: $18.86 per share

- 2018-07: $19.22 per share

- 2018-08: $16.89 per share

- 2018-09: $16.92 per share

- 2018-10: $16.11 per share

- 2018-11: $14.81 per share

- 2018-12: $11.18 per share

- 2019-01: $13.42 per share

- 2019-02: $12.77 per share

- 2019-03: $13.78 per share

- 2019-04: $12.21 per share

- 2019-05: $12.22 per share

- 2019-06: $11.46 per share

- 2019-07: $9.12 per share

- 2019-08: $7.11 per share

- 2019-09: $7.40 per share

- 2019-10: $6.44 per share

- 2019-11: $4.58 per share

- 2019-12: $7.59 per share

- 2020-01: $5.04 per share

- 2020-02: $4.36 per share

- 2020-03: $2.10 per share

- 2020-04: $4.75 per share

- 2020-05: $4.78 per share

- 2020-06: $5.10 per share

- 2020-07: $5.67 per share

- 2020-08: $6.77 per share

- 2020-09: $5.37 per share

- 2020-10: $5.73 per share

- 2020-11: $6.74 per share

- 2020-12: $7.71 per share

- 2021-01: $8.10 per share

- 2021-02: $8.82 per share

- 2021-03: $9.03 per share

- 2021-04: $8.64 per share

- 2021-05: $9.60 per share

- 2021-06: $10.39 per share

- 2021-07: $9.50 per share

- 2021-08: $9.61 per share

- 2021-09: $10.42 per share

- 2021-10: $10.64 per share

- 2021-11: $9.71 per share

- 2021-12: $9.68 per share

- 2022-01: $9.95 per share

- 2022-02: $10.04 per share

- 2022-03: $10.87 per share

- 2022-04: $10.27 per share

- 2022-05: $10.86 per share

- 2022-06: $9.05 per share

- 2022-07: $10.06 per share

- 2022-08: $10.07 per share

- 2022-09: $9.18 per share

- 2022-10: $10.65 per share

- 2022-11: $11.33 per share

- 2022-12: $10.79 per share

- 2023-01: $10.90 per share

- 2023-02: $10.54 per share

- 2023-03: $10.49 per share

- 2023-04: $10.76 per share

- 2023-05: $10.21 per share

- 2023-06: $11.60 per share

- 2023-07: $11.94 per share

- 2023-08: $12.12 per share

- 2023-09: $11.98 per share

- 2023-10: $12.34 per share

- 2023-11: $13.32 per share

- 2023-12: $12.53 per share

- 2024-01: $12.24 per share

- 2024-02: $13.40 per share

- 2024-03: $14.06 per share

- 2024-04: $13.84 per share

- 2024-05: $14.65 per share

- 2024-06: $14.74 per share

- 2024-07: $14.36 per share

- 2024-08: $14.87 per share

- 2024-09: $15.05 per share

- 2024-10: $14.37 per share

- 2024-11: $15.97 per share

- 2024-12: $15.09 per share

- 2025-01: $16.04 per share

- 2025-02: $16.95 per share

- 2025-03: $18.00 per share

- 2025-04: $16.55 per share

- 2025-05: $18.78 per share

- 2025-06: $18.95 per share

- 2025-07: $18.35 per share

- 2025-08: $17.79 per share

- 2025-09: $19.44 per share

- 2025-10: $17.25 per share

- 2025-11: $18.01 per share

- 2025-12: $17.79 per share

- 2026-01: $18.82 per share

- 2026-02: $22.48 per share

- 2026-03: $22.80 per share

- 2026-04: $21.86 per share

- 2026-05: $20.96 per share

- 2026-06: $22.75 per share

- 2026-07: $21.97 per share

- 2026-08: $22.42 per share

- 2026-09: $20.16 per share

- 2026-10: $19.92 per share

## Annual estimated value (USD per share)

- FY2022: low $2.09 per share, central $2.38 per share, high $2.77 per share

- FY2023: low $2.34 per share, central $2.66 per share, high $3.09 per share

- FY2024: low $7.61 per share, central $8.66 per share, high $10.06 per share

- FY2025: low $12.41 per share, central $17.60 per share, high $20.61 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:02.119Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1623925/000110465926013380/am-20251231x10k.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.