Antero Midstream Corporation (AM) Stock Analysis
Over the past 10 years, Antero Midstream (AM) earnings per share (EPS) grew 70.3% a year, revenue grew 12.5% a year and free cash flow grew 27.0% a year, with an average return on invested capital (ROIC) of 143.1%. AM stock trades at $21.14, a P/E of 25.2, above its historical average of 17.8. Analysts' average 12-month price target is $23.75 (+12.4%).
Antero Midstream Corporation primarily owns, operates, and expands vital midstream energy infrastructure. Its operations are divided into two key divisions: Gathering and Processing, and Water Handling.
Exhibit A Growth Dossier
| Metric | 10yr | 5yr | 1yr | Grade |
|---|---|---|---|---|
| Book Value/Share GrowthBV/S | 105.8% | -4.2% | -5.8% | B+ |
| EPS GrowthEPS | 70.3% | 86.2% | -11.6% | B+ |
| Revenue GrowthRevenue | 12.5% | 5.3% | 7.2% | B |
| Cash Flow GrowthCash Flow | 27.0% | 5.3% | 9.7% | A- |
| ROICROIC | 143.1% | 7.8% | 8.2% | A- |
Exhibit B Valuation Ledger
- Current EPS
- $0.84
- Historical Avg P/E
- 17.8
- Future P/E (used for sticker price)
- Projected EPS (10yr)
- Sticker Price (10yr)
- Price for 15% Annual Return
- Expected Annual Return
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Not investment advice — a structured read of historical fundamentals, not a forecast or recommendation. Always do your own research.
Exhibit C Raw Data (last 10 years)
| Metric | Trend | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / ShareBV/S | $0.00 | $0.06 | -$0.02 | $0.16 | $7.10 | $5.06 | $4.76 | $4.56 | $4.46 | $4.36 | $4.09 | $4.08 | |
| Basic EPSEPS | $0.00 | $0.05 | $0.04 | $2.37 | -$0.80 | -$0.26 | $0.69 | $0.68 | $0.77 | $0.83 | $0.86 | $0.84 | |
| RevenueRevenue | $387,324,000 | $590,211,000 | $0 | $1,028,522,000 | $849,598,000 | $971,391,000 | $968,874,000 | $990,657,000 | $1,112,443,000 | $1,176,865,000 | $1,259,098,000 | $1,312,628,000 | |
| Free Cash FlowCash Flow | $-452,340,000 | $-37,713,000 | $28,080,000 | $83,531,000 | $355,004,000 | $595,451,000 | $476,927,000 | $183,954,000 | $595,064,000 | $601,655,000 | $770,209,000 | $979,656,000 | |
| ROIC (%)ROIC | 84.3% | 94.6% | -21.4% | 1325.7% | -5.1% | -1.5% | 7.6% | 7.0% | 8.1% | 8.3% | 8.2% | — |
The exact underlying data used to compute the growth rates and grades above. The highlighted TTM column is the trailing twelve months through the most recently reported quarter.
Ticker INVESTigator Price Target
Analyst Data
Price Target
Where the stock trades today vs. the range of 12-month price targets from covering analysts.
17 firms rate it — 2 buy, 11 hold, 4 sell · Most recent Sep 2026
AM Stock FAQ
What is AM's stock price target?
The average 12-month analyst price target for AM is $23.75, with a range of $22.00 to $25.00. That is +12.4% from the current price of $21.14.
Do analysts rate AM a buy?
Opinion is mixed. Of 17 firms covering Antero Midstream, the ratings are 2 buy or strong buy, 11 hold and 4 sell or strong sell.
How fast is Antero Midstream growing?
Annual growth rates for AM. EPS: 70.3% over 10 years, 86.2% over 5 years, -11.6% over 1 year. Revenue: 12.5% over 10 years, 5.3% over 5 years, 7.2% over 1 year. Free cash flow: 27.0% over 10 years, 5.3% over 5 years, 9.7% over 1 year. Book value per share: 105.8% over 10 years, -4.2% over 5 years, -5.8% over 1 year.
What is AM's ROIC?
Antero Midstream's return on invested capital (ROIC) was 8.2% in fiscal 2025. Its 10-year average ROIC is 143.1%. ROIC above 10% is generally a sign of a business with a durable competitive advantage.
What is AM's P/E ratio?
AM's current P/E ratio is 25.2, compared with a historical average of 17.8. Trailing earnings per share are $0.84.
What is Antero Midstream's market cap and stock price?
AM last traded at $21.14 as of October 6, 2026. Its 52-week range is $16.96 to $23.84. Antero Midstream has a market cap of $9.93B.
Exhibit D Related Coverage
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Data as of October 6, 2026. Findings are derived from historical fundamentals — not a forecast, not advice. Cross-examine before you invest.
Grades are produced by Ticker INVESTigator's own model from public financial data and are for informational and educational purposes only. They are not investment advice or a recommendation to buy or sell any security. Do your own research.