# Antero Midstream Corporation Common Stock (AM) — Stock CV

Antero Midstream Corporation is a $10.0B utility company. Revenue grew 6.9% over the last year, it keeps 32¢ of every dollar of sales as profit, and its net debt equals ~3.9 years of free cash flow. It trades at 25.0× earnings — near the highest of its own history.

> Antero Midstream Corp is a midstream company that owns, operates, and develops midstream energy assets that service Antero Resources' production and completion activity in the Appalachian Basin, located in West Virginia and Ohio.

## Identity

- **Ticker**: AM
- **Sector**: Utilities
- **Industry**: Natural Gas Transmission
- **Headquarters**: DENVER, CO
- **Employees**: 632
- **Website**: https://www.anteromidstream.com
- **Market cap**: $10.0B
- **Last price**: $21.09
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $1.23B
- **Net income**: $400M
- **Free cash flow**: $776M
- **Net debt**: $3.04B
- **P/E**: 25.0
- **Revenue growth (YoY)**: 6.9%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 44 |
| Growth | 49 |
| Profitability | 82 |
| Health | 24 |
| Quality | 53 |
| Moat | 25 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +6.9% YoY
- [x] Profitable — $400M TTM
- [x] Profit growing — +8.1% YoY
- [x] Generates cash — $776M TTM
- [x] Debt under control — ~3.9y of cash flow to repay
- [x] Established company — $10.0B market cap
- [x] Not printing shares — +0.8% shares over ~5y
- [x] Proven track record — 7/9 profitable years
- [ ] Financially stable — health score 24/100
- [x] Pays a dividend — yield 4.36%
- [x] Valuation not extreme — P/E 25.0

## Experience (career milestones)

- **FY2025** — Best year on record: $413M net income
- **FY2023** — Revenue crossed $1B: $1.04B for the year
- **FY2017** — First recorded profitable year: $2.33M net income
- **FY2017** — Positive free cash flow every year since: 9-year streak
- **2017** — The company acquired assets in the Utica Shale from Rex Energy for $30 million
- **2016** — The company acquired assets in the Marcellus Shale from Statoil for $96 million
- **2013** — The company became a public company via an initial public offering, raising $1.5 billion
- **2002** — The company was founded in 2002 by Paul M

## Strengths

- High gross margin (80.5%)
- Strongly profitable — 32.4% net margin
- Strong cash conversion — FCF is 62.9% of revenue
- Interest covered 8.6× by operating earnings
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Loss-making in 2 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $898M | $332M | $477M |
| FY2022 | $920M | $326M | $401M |
| FY2023 | $1.04B | $372M | $595M |
| FY2024 | $1.11B | $401M | $672M |
| FY2025 | $1.19B | $413M | $770M |

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Source: https://stockcv.com/AM — derived from company filings; may be delayed or incomplete. Information, not investment advice.