olivLaw · US equity research
Antero Midstream Corporation AM
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
Antero Midstream is a natural gas midstream company that gathers, compresses and handles water for production in the Appalachian Basin, almost entirely for Antero Resources. In the second quarter of 2026 gathering volumes rose 19% year over year and revenues reached 327 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Antero Midstream Corporation (AM) stock was 19.86 USD (−5.16% on the day), with market capitalisation 9.4 bn USD, P/E 14.0 on diluted EPS of 1.42 USD over the last 12 months, dividend yield 4.63%, beta 0.39, 52-week range 17.15–23.60 USD. Latest reported quarter (Q3 2026): revenue of 327.0 m USD (+10.9% YoY), net income of 392.7 m USD (+238.5% YoY), diluted EPS 0.82 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 38.0
- weak (30–45)
- Bollinger (20, 2)
- 20.00 – 21.64
- below the lower band · %B -0.08 · band width 7.9%
- SMA 50 / 200
- 21.29 / 21.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.11 / -0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.4% | −1.1% | −2.3 pp | — |
| 3 months | −6.1% | −0.5% | −5.7 pp | — |
| 6 months | −6.1% | +4.4% | −10.5 pp | — |
| Year to date | +11.6% | +12.3% | −0.7 pp | — |
| 1 year | +15.5% | +13.5% | +2.0 pp | +14.4% |
| 3 years | +53.7% | +76.4% | −22.7 pp | +66.7% |
| 5 years | +84.2% | +63.7% | +20.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 287.5 m | 291.1 m | 305.5 m | 294.8 m | 297.0 m | 314.2 m | 327.2 m | 327.0 m |
| Operating income | 177.7 m | 177.2 m | 186.4 m | 180.5 m | 100.5 m | 188.6 m | 181.9 m | 557.2 m |
| Pre-tax income | 155.8 m | 156.8 m | 168.5 m | 161.7 m | 77.2 m | 155.9 m | 154.5 m | 532.8 m |
| Income tax | 44.6 m | 36.1 m | 44.0 m | 45.7 m | 25.3 m | 37.6 m | 41.0 m | 140.1 m |
| Net income | 111.2 m | 120.7 m | 124.5 m | 116.0 m | 51.9 m | 118.3 m | 113.5 m | 392.7 m |
| Diluted EPS | 0.23 ≈ | 0.25 | 0.26 | 0.24 | 0.11 ≈ | 0.25 | 0.24 | 0.82 |
| Operating cash flow | 232.7 m | 198.9 m | 265.2 m ≈ | 212.8 m ≈ | 255.5 m | 238.6 m | 254.2 m ≈ | 600.3 m ≈ |
| Capex | 0 | — | — | — | — | — | — | — |
| Dividends paid | 108.4 m | 112.6 m | 111.5 m ≈ | 107.7 m ≈ | 107.2 m | 111.1 m | 109.6 m ≈ | 106.8 m ≈ |
| Share repurchases | — | 28.6 m | 16.8 m ≈ | 41.3 m ≈ | 48.3 m | 18.0 m | 8.3 m ≈ | 27.2 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 15 percentile of its own 26-quarter history (min 12.4, median 17.1, max 46.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 142.9 m | 792.6 m | 900.7 m | 898.2 m | 920.0 m | 1.0 bn | 1.1 bn | 1.2 bn |
| Revenue YoY | +105.0% | +454.6% | +13.6% | −0.3% | +2.4% | +13.2% | +6.2% | +7.4% |
| Net income | 66.6 m | -355.1 m | -122.5 m | 331.6 m | 326.2 m | 371.8 m | 400.9 m | 413.2 m |
| Net income YoY | +1,248.6% | −633.1% | unavailable | unavailable | −1.6% | +14.0% | +7.8% | +3.1% |
| Diluted EPS | 0.33 | -0.80 | -0.26 | 0.69 | 0.68 | 0.77 | 0.83 | 0.86 |
| Diluted EPS YoY | unavailable | −342.4% | unavailable | unavailable | −1.4% | +13.2% | +7.8% | +3.6% |
| net % | 46.6% | -44.8% | -13.6% | 36.9% | 35.5% | 35.7% | 36.2% | 34.8% |
| Free cash flow | unavailable | 355.0 m | 595.5 m | unavailable | 482.9 m | 778.8 m | 774.0 m | unavailable |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 180.4 m USD
- Financial debt
- 3.2 bn USD
- Net debt
- 3.0 bn USD
- Equity
- 2.0 bn USD
- Total assets
- 5.9 bn USD
- Debt / equity
- 1.63x
- Current ratio
- 3.41x
- ROE
- 20.2%
- ROA
- 7.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 900.7 m | 898.2 m | 920.0 m | 1.0 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | -117.6 m | 555.3 m | 539.5 m | 611.9 m | 659.2 m | 644.7 m | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 108.8 m | — | — | — | — | — | SEC (XBRL)· 17 Feb 2021verified |
| EBITDA | -8.8 m ≈ | — | — | — | — | — | SEC (XBRL)· 17 Feb 2021derived |
| Pre-tax income | -178.2 m | 448.7 m | 443.7 m | 500.1 m | 548.6 m | 564.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | -55.7 m | 117.1 m | 117.5 m | 128.3 m | 147.7 m | 151.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Net income | -122.5 m | 331.6 m | 326.2 m | 371.8 m | 400.9 m | 413.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | -0.26 | 0.69 | 0.68 | 0.77 | 0.83 | 0.86 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 478.3 m | 479.7 m | 480.3 m | 482.4 m | 485.2 m | 482.2 m | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 640.0 k | — | 0 | 66.0 k | — | 180.4 m | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | 839.0 k | 747.0 k | 575.0 k | — | — | — | SEC (XBRL)· 15 Feb 2023verified |
| Current assets | 93.9 m | 83.8 m | 89.0 m | 91.1 m | 118.1 m | 379.9 m | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 3.3 bn | 3.4 bn | 3.8 bn | 3.8 bn | 3.9 bn | 3.5 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.4 bn | 1.4 bn | 1.3 bn | 1.2 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 5.6 bn | 5.5 bn | 5.8 bn | 5.7 bn | 5.8 bn | 5.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 9.5 m | 23.6 m | 22.9 m | — | — | — | SEC (XBRL)· 15 Feb 2023verified |
| Long-term debt | 3.1 bn | 3.1 bn | 3.4 bn | 3.2 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 94.0 m | 114.0 m | 102.1 m | 96.4 m | 100.6 m | 111.5 m | SEC (XBRL)· 11 Feb 2026verified |
| Total liabilities | 3.2 bn | 3.3 bn | 3.6 bn | 3.6 bn | 3.6 bn | 3.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 2.4 bn † | 2.3 bn † | 2.2 bn † | 2.2 bn † | 2.1 bn † | 2.0 bn † | SEC (XBRL)· 11 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 753.4 m | 709.8 m | 699.6 m | 779.1 m | 844.0 m | 932.5 m | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 157.9 m | — | 216.7 m | 266.0 k | 70.0 m | — | SEC (XBRL)· 12 Feb 2025verified |
| Free cash flow | 595.5 m ≈ | — | 482.9 m ≈ | 778.8 m ≈ | 774.0 m ≈ | — | SEC (XBRL)· 12 Feb 2025derived |
| Investing cash flow | -219.2 m | -233.2 m | -493.8 m | -183.2 m | -242.7 m | -169.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -534.7 m | -477.2 m | -205.8 m | -595.8 m | -601.3 m | -500.3 m | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 589.6 m | 471.2 m | 432.8 m | 434.8 m | 437.6 m | 439.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 24.7 m | — | — | — | 28.7 m | 135.0 m | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 9.4 bn USD
Key indicators
Coverage and freshness
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 19.75 – 35.07 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E19.75 – 35.07 (Mid 26.64)10 companies used · median multiple 18.8x · quartiles 13.9x – 24.7xAROC, DTM, EPD, ET, KMI, KNTK, TRGP, USAC, WES, WMB
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 14.5% | 78 (vs peers) | 19% |
| Net margin · Quality | 53.4% | 100 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 8.9% | 74 (on a fixed band) | 15% |
| EPS CAGR 3Y · Growth | 8.1% | 54 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 4 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 14.0x | 75 (vs peers) | 19% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 5.7% | 82 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial4/100 · 1/3 factors with a value
- Growth64/100 · 2/2 factors with a value
- Quality86/100 · 2/3 factors with a value
- Returns· partial82/100 · 1/2 factors with a value
- Valuation· partial75/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ANTERO MIDSTREAM CORPORATION (AM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 1.2 bn USD in 2025; YoY growth 7.4%; net margin 53.4%; ROE 31.6%.
The estimated value range is 19.75–35.07 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 26.64 USD, the price of 19.86 USD leaves a potential of 34.2% (value / price − 1) and a margin of safety of 25.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 14.5%
- Net margin: 53.4%
- Revenue CAGR 3Y: 8.9%
- P/E (TTM): 14.0x
- Shareholder yield (distributions): 5.7%
What contradicts it
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMBWilliams Companies, Inc. | 83.0 bn | 27.1 | 24.0% | 25.2% | +13.8% | +11% / +84% |
| EPDEnterprise Products Partners L.P. | 79.2 bn | 12.0 | — | 10.2% | −6.4% | +12% / +37% |
| KMIKinder Morgan, Inc. | 70.2 bn | 19.5 | 11.6% | 19.6% | +12.2% | +15% / +79% |
| ETEnergy Transfer LP | 67.0 bn | 12.7 | — | 4.9% | +3.5% | +16% / +40% |
| TRGPTarga Resources Corp. | 61.1 bn | 27.2 | 72.6% | 13.5% | +3.9% | +63% / +215% |
| WESWestern Midstream Partners, LP | 17.6 bn | 13.6 | — | 28.2% | +6.6% | +8% / +43% |
| DTMDT Midstream, Inc. | 12.0 bn | 25.5 | 9.9% | 35.4% | +26.7% | −3% / +105% |
| AMAntero Midstream Corporation | 9.4 bn | 14.0 | 31.6% | 53.4% | +7.4% | +16% / +54% |
| AROCArchrock, Inc. | 5.0 bn | 14.8 | 22.6% | 22.9% | +28.7% | +17% / +97% |
| KGSKodiak Gas Services, Inc. | 4.2 bn | 48.6 | 4.6% | 5.8% | +12.8% | +17% / +134% |
| USACUSA Compression Partners, LP | 3.5 bn | 22.3 | — | 12.4% | +5.0% | −3% / +3% |
| KNTKKinetik Holdings Inc. | 3.4 bn | 18.1 | — | 10.4% | +19.0% | +48% / +41% |
| NGLNGL Energy Partners LP | 1.9 bn | — | — | -3.8% | −9.0% | +58% / +258% |
| SMCSummit Midstream Corporation | 308.0 m | 9,397.5 | 0.1% | 0.0% | +30.8% | +15% / +40% |
| TRPTc Energy Corporation | — | — | 12.8% | 23.1% | +10.7% | +14% / +67% |
| TCPATranscanada Pipelines Ltd | — | — | 14.0% | 23.1% | +7.2% | −13% / unavailable |
| TGSGas Transporter Of The South Inc. | — | — | 18.1% | 30.3% | +23.7% | −26% / +67% |
| NGGNational Grid PLC | — | — | 8.6% | 15.8% | −7.4% | +12% / +29% |
1- and 3-year price returns: for AM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 12.38 Total return -38% · Per year -38% | 21.84 Total return 10% · Per year 10% | 32.84 Total return 65% · Per year 65% |
| 3 years | 13.10 Total return -34% · Per year -13% | 25.90 Total return 30% · Per year 9% | 42.60 Total return 115% · Per year 29% |
| 5 years | 13.87 Total return -30% · Per year -7% | 30.73 Total return 55% · Per year 9% | 55.28 Total return 178% · Per year 23% |
- Exit P/E± 6.48
- Net margin± 4.53
- Annual revenue growth± 3.57
- Annual dilution± 0.38
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
In brief
Antero Midstream is a natural gas midstream company that gathers, compresses and handles water for production in the Appalachian Basin, almost entirely for Antero Resources 1. In the second quarter of 2026 gathering volumes rose 19% year over year and revenues reached 327 million USD 32.
SWOT
Strengths
- The company has long-term contracts with fixed fees and CPI adjustments, which give relatively predictable revenue 1.
- Its assets are strategically placed in the Appalachian Basin, and processing and fractionation capacity was fully utilized in the second quarter of 2026 23.
- Liquidity improved after the Veolia litigation recovery and the refinancing of notes, strengthening the balance sheet 3.
Weaknesses
- Almost all revenue comes from one customer, Antero Resources, which concentrates counterparty risk 1.
- Fresh water volumes fell in the second quarter of 2026, showing the segment's sensitivity to completion activity 3.
- Interest costs rose after the HG acquisition financing, which weighs on net income 3.
Opportunities
- The East Side Express could open new revenue streams by delivering dry gas to regional markets 3.
- Integrating the HG acquisition could drive EBITDA growth, and services to other Appalachian operators could diversify the customer base 32.
- Available liquidity could support new investment or shareholder returns if market conditions are favorable 3.
Risks
- Dependence on Antero Resourceshigh
Almost all revenue comes from Antero Resources, and any problem at this customer could materially affect the company 1.
- Reduced drilling activityhigh
If Antero Resources scales back its development program, demand for gathering and water services could decline 1.
- Sales of dedicated acreagemedium
Antero Resources may dispose of certain dedicated acreage without the company's consent, which could reduce future volumes 1.
- Financing costsmedium
Dependence on capital markets and on Antero Resources' credit rating could raise financing costs 1.
- Inflationary pressureslow
Operating and capital costs could rise if inflation or supply chain disruptions persist 2.
Investment thesis
What would need to be true (bull case)
- Gathered volumes rose sharply in the second quarter of 2026, and the company reported a new record for production gathered 3.
- The Veolia recovery allowed debt reduction and a fall below the leverage target, which could create room for new projects 3.
- The East Side Express and the integration of the HG acquisition could diversify long-term growth sources 32.
What would break the thesis
- The company depends almost entirely on one customer, and that customer's problems could quickly affect results 1.
- Fresh water deliveries fell in the second quarter of 2026, which could signal slower completion activity 3.
- Interest costs rose after the HG acquisition financing, which could limit earnings per share growth 3.
What to watch
- Second-half EBITDA growth, as guided by the companyQ4 2026
- Progress of the HG acquisition integration and contract changes with Antero Resources2026
- Trends in fresh water volumes and completion activityQ3 2026
- Water handling EBITDA growth the company expects for 20272027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (28 Oct 2026 · results), 10-Q (28 Oct 2026).
The business
Antero Midstream Corporation (NYSE: AM) is a growth-oriented midstream energy company that owns, operates and develops midstream assets, mainly serving Antero Resources' production in West Virginia and Ohio 12. Its assets include gathering pipelines, compressor stations, interests in processing and fractionation plants and independent water handling systems 1. The company closed the HG Midstream acquisition for 1.1 billion USD and sold its Utica Shale assets in Ohio for 400 million USD 21.
The business rests on long-term contracts with fixed fees, many adjusted annually for CPI, and revenue depends on gathered gas volumes and water delivered for well completions 1. For Antero Resources the company holds long-term dedications covering substantially all of its current and future acreage 1. Reporting is split into two segments: gathering and processing, and water handling 2.
Market context
Trends
- Rising gas volumes in Appalachiatailwind
Higher gathered volumes in the second quarter of 2026, with processing and fractionation capacity fully utilized, point to solid demand for the company's services 3. If well development continues, volumes could support EBITDA growth in the second half of the year 3. Dependence on Antero Resources' drilling program remains a key factor 1.
- Integration of the HG acquisitionmixed
The HG Midstream acquisition brought gathering pipelines and integrated water assets in the core of the Marcellus Shale, and the company is working to integrate them through 2026 23. Integration could accelerate EBITDA growth in 2027, but it depends on operational execution and on contract changes with Antero Resources 32.
- Lower fresh water deliveriesheadwind
Fresh water deliveries fell year over year in the second quarter of 2026, possibly reflecting less completion activity or lower water use per well 3. If the decline persists, revenue in the water handling segment could be affected 1.
- Debt reduction after the litigation recoverytailwind
Receipt of 371 million USD from Veolia and the call of 2028 notes reduced debt, and the company fell below its 3-times leverage target 3. This financial flexibility could support new investment or returns to shareholders 32.
Competitive position
The supplied sources describe competition only in general terms, referring to other operators in the Appalachian Basin to which the company could extend its midstream services 2. The company relies mainly on Antero Resources as its anchor customer, which concentrates its competitive exposure 1. Specific competitors are not named in the supplied sources.
Its competitive position rests on strategically located assets and its relationship with Antero Resources, and extending services to other Appalachian operators could diversify the customer base 2. However, the lack of other major customers could become a weakness if the competitive environment tightens 1.
- Other midstream operators in the Appalachian Basin
The sources refer to other Appalachian Basin operators to which the company could offer midstream services, without naming them 2.
- Appalachian producers
Regional producers could become customers or rivals for dedicated acreage, but the sources do not name them 1.
- Third-party processing and fractionation facilities
The sources describe the processing joint venture but do not list other providers of such services 2.
- Regional intrastate pipelines
The East Side Express could compete with other regional pipelines in West Virginia, though the sources do not identify them 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report28 Oct 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report27 Jul 2026Regulation FD disclosure
- Current report04 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report12 May 2026Regulation FD disclosure
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Proxy statement23 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Antero Midstream Corporation · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Antero Midstream Corporation · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Antero Midstream Corporation · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.