Antero Midstream
AM on NYSE. Antero Midstream sells natural gas gathering and transportation services to energy producers. Market value $9.8bn.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Energy stocks on the list
This is not advice. Check the numbers below.
We could not compute this from the filings.
You pay 20.9 years of operating profit for the business. The average large US company costs around 18.
The filings do not give us enough to work this out.
Quality score: 73 of 100. Price score: 55 of 100. Our list needs 70 on quality and 60 on price.
$21.14 a share, 25% above its 1-year low
Over the past year the price has ranged from $16.96 to $23.83.
Dividend: 4.3% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $898m | $920m | $1.0bn | $1.1bn | $1.2bn |
| Operating margin | |||||
| Operating margin | 61.8% | 58.6% | 58.7% | 59.6% | 54.2% |
| Debt to equity | |||||
| Debt to equity | 1.37 | 1.53 | 1.49 | 1.47 | 1.63 |
| Shares outstanding | |||||
| Shares outstanding | 0.48bn | 0.48bn | 0.48bn | 0.48bn | 0.47bn |
Health checks
- Free cash flow positive2 of 2 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt1.63× equity
- Revenue growth, five yearsSlow, 5.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $327 million last quarter, up 7% on a year ago.
- Profit: $113 million, down 9% on a year ago.
- It keeps 53 cents of each $1 of sales as operating profit, down from 61 cents a year earlier.
- 1% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $3.6 billion more than cash, up from $3 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $270m |
| December 2024 | $287m |
| March 2025 | $291m |
| June 2025 | $305m |
| September 2025 | $295m |
| December 2025 | $297m |
| March 2026 | $314m |
| June 2026 | $327m |
| Quarter to | Amount |
|---|---|
| September 2024 | $100m |
| December 2024 | $111m |
| March 2025 | $121m |
| June 2025 | $124m |
| September 2025 | $116m |
| December 2025 | $52m |
| March 2026 | $118m |
| June 2026 | $113m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 11 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 531 funds in all.
- Brave Warrior AdvisorsGlenn Greenberg
- Value
- $41m
- Share of fund
- 0.9%
- Kahn BrothersThomas Kahn
- Value
- $268,586
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $60m | 0.1% | Added |
| Orbis Investment ManagementOrbis team (Allan Gray lineage) | $55m | 0.2% | Added |
| Brave Warrior AdvisorsGlenn Greenberg | $41m | 0.9% | |
| Kahn BrothersThomas Kahn | $268,586 | <0.1% |
Largest holders overall
- BlackRock$869mAdded
- Invesco$472mCut
- Vanguard Portfolio Management$414m
- Vanguard Capital Management$340m
- State Street$263m
- Geode Capital Management$236mAdded
- Tortoise Capital Advisors, L.L.C.$232mCut
- Dimensional Fund Advisors LP$205m
- Neuberger Berman Group$169mAdded
- Bank of New York Mellon$157mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
No one has reported a stake above 5% since December 2024.
- Invesco Ltd.Passive investorSold down below 5%Since 30 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Invesco Ltd. Passive investor | Sold down below 5% | 30 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $5m, $2m of it under preset trading plans.
- KLIMLEY BROOKS JDirectorSold
- Date
- 6 August 2026
- Shares
- 5,000
- Price
- $21.27
- Value
- $106,350
- Pearce SheriSee RemarksSold
- Date
- 4 August 2026
- Shares
- 16,000
- Price
- $22.01
- Value
- $352,160
- Schultz Yvette KSee Remarks, DirectorSold
- Date
- 4 May 2026
- Shares
- 69,269
- Price
- $21.90
- Value
- $2m
- Kennedy Michael N.See Remarks, DirectorSoldunder a preset trading plan
- Date
- 4 May 2026
- Shares
- 100,000
- Price
- $21.92
- Value
- $2m
- KLIMLEY BROOKS JDirectorSold
- Date
- 12 March 2026
- Shares
- 5,000
- Price
- $23.16
- Value
- $115,800
- Pearce SheriSee RemarksSold
- Date
- 10 March 2026
- Shares
- 14,000
- Price
- $22.76
- Value
- $318,640
- Schultz Yvette KSee Remarks, DirectorSold
- Date
- 9 March 2026
- Shares
- 25,000
- Price
- $22.81
- Value
- $570,250
- KLIMLEY BROOKS JDirectorSold
- Date
- 16 December 2025
- Shares
- 5,000
- Price
- $17.59
- Value
- $87,950
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 6 August 2026 | KLIMLEY BROOKS J Director | Sold | 5,000 | $21.27 | $106,350 |
| 4 August 2026 | Pearce Sheri See Remarks | Sold | 16,000 | $22.01 | $352,160 |
| 4 May 2026 | Schultz Yvette K See Remarks, Director | Sold | 69,269 | $21.90 | $2m |
| 4 May 2026 | Kennedy Michael N. See Remarks, Director | Sold under a preset trading plan | 100,000 | $21.92 | $2m |
| 12 March 2026 | KLIMLEY BROOKS J Director | Sold | 5,000 | $23.16 | $115,800 |
| 10 March 2026 | Pearce Sheri See Remarks | Sold | 14,000 | $22.76 | $318,640 |
| 9 March 2026 | Schultz Yvette K See Remarks, Director | Sold | 25,000 | $22.81 | $570,250 |
| 16 December 2025 | KLIMLEY BROOKS J Director | Sold | 5,000 | $17.59 | $87,950 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 11 Feb 2026, plus the 10-Q filed 29 Jul 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.