Antero Midstream (AM) Financials

$18.85 +0.00 (+0.02%)

Closing price 03:59 PM Eastern

Extended Trading

$18.70 -0.16 (-0.84%)

As of 07:42 PM Eastern

Annual Income Statements for Antero Midstream

This table shows Antero Midstream's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	401	372	326	332	-123	-355	133	2.33	0.00	0.00
Consolidated Net Income / (Loss)	401	372	326	332	-123	-355	67	2.33	9.71	2.05
Net Income / (Loss) Continuing Operations	401	372	326	332	-123	-355	67	2.33	9.71	2.05
Total Pre-Tax Income	549	500	444	449	-178	-458	99	29	16	2.53
Total Operating Income	659	612	539	555	-118	-398	-44	-41	16	1.26
Total Gross Profit	959	899	810	812	806	654	0.00	0.00	17	1.26
Total Revenue	1,177	1,112	991	969	971	850	0.00	0.00	17	1.26
Operating Revenue	1,177	1,112	991	969	971	850	-	-	17	1.26
Total Cost of Revenue	218	213	180	157	165	196	0.00	0.00	0.00	0.00
Operating Cost of Revenue	218	213	180	157	165	196	-	-	-	-
Total Operating Expenses	300	287	270	256	924	1,052	44	41	0.81	0.00
Selling, General & Admin Expense	86	71	62	64	52	118	44	41	0.81	0.00
Depreciation Expense	140	136	132	109	109	96	-	-	-	-
Amortization Expense	71	71	71	71	71	57	-	-	-	-
Other Operating Expenses / (Income)	1.91	2.64	4.39	4.46	15	20	-	-	-	-
Impairment Charge	0.33	0.15	3.70	5.04	674	762	-	-	-	-
Other Special Charges / (Income)	0.72	6.03	-2.25	3.63	2.93	0.00	-	-	0.00	0.00
Total Other Income / (Expense), net	-111	-112	-96	-107	-61	-59	143	70	0.00	1.26
Interest Expense	14	0.00	0.00	197	147	110	0.14	-	0.00	-
Interest & Investment Income	-96	-112	-96	90	86	51	-	70	-	1.26
Income Tax Expense	148	128	117	117	-56	-102	32	26	6.42	0.48
Basic Earnings per Share	$0.83	$0.77	$0.68	$0.69	($0.26)	($0.80)	$0.33	$0.03	$0.00	$0.00
Weighted Average Basic Shares Outstanding	480.82M	479.38M	478.23M	477.27M	478.28M	442.64M	372.41M	186.18M	0.00	0.00
Diluted Earnings per Share	$0.83	$0.77	$0.68	$0.69	($0.26)	($0.80)	$0.33	$0.03	$0.00	$0.00
Weighted Average Diluted Shares Outstanding	485.25M	482.37M	480.30M	479.74M	478.28M	442.64M	186.20M	186.18M	0.00	-
Weighted Average Basic & Diluted Shares Outstanding	478.61M	479.74M	478.61M	477.68M	476.91M	442.64M	186.20M	186.18M	0.00	-

This table shows Antero Midstream's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	121	111	100	86	104	100	98	87	87	83	84
Consolidated Net Income / (Loss)	121	111	100	86	104	100	98	87	87	83	84
Net Income / (Loss) Continuing Operations	121	111	100	86	104	100	98	87	87	83	84
Total Pre-Tax Income	157	156	138	114	140	131	134	116	118	115	114
Total Operating Income	177	178	162	153	166	156	162	146	148	144	138
Total Gross Profit	252	249	236	231	243	227	230	223	219	211	202
Total Revenue	309	305	288	287	297	278	282	276	277	259	249
Operating Revenue	309	305	288	287	297	278	282	276	277	259	249
Total Cost of Revenue	57	56	52	56	54	51	52	53	58	48	47
Operating Cost of Revenue	57	56	52	56	54	51	52	53	58	48	47
Total Operating Expenses	75	71	73	78	77	71	67	78	71	67	64
Selling, General & Admin Expense	23	21	23	21	21	18	18	18	17	15	14
Depreciation Expense	33	33	33	38	37	35	31	35	35	34	34
Amortization Expense	18	18	18	18	18	18	18	18	18	18	18
Other Operating Expenses / (Income)	0.49	0.43	0.45	0.46	0.57	0.57	0.77	0.68	0.62	1.01	0.92
Impairment Charge	0.82	-	0.33	-	-	-	0.00	-	-	-	0.00
Total Other Income / (Expense), net	-20	-22	-24	-38	-26	-24	-28	-29	-30	-29	-23
Interest Expense	0.00	-53	0.34	14	53	-55	0.00	0.00	55	-138	48
Interest & Investment Income	-20	-75	-24	-25	28	-79	-28	-29	24	-166	24
Income Tax Expense	36	45	38	28	36	31	37	29	32	33	30
Basic Earnings per Share	$0.25	$0.22	$0.21	$0.18	$0.22	$0.21	$0.20	$0.18	$0.18	$0.16	$0.18
Weighted Average Basic Shares Outstanding	479.06M	480.82M	481.29M	481.10M	479.90M	479.38M	479.68M	479.50M	478.61M	478.23M	478.46M
Diluted Earnings per Share	$0.25	$0.23	$0.21	$0.18	$0.21	$0.21	$0.20	$0.18	$0.18	$0.17	$0.17
Weighted Average Diluted Shares Outstanding	484.38M	485.25M	485.53M	484.78M	484.30M	482.37M	482.84M	481.51M	481.46M	480.30M	480.32M
Weighted Average Basic & Diluted Shares Outstanding	479.22M	478.61M	481.32M	481.26M	481.24M	479.74M	479.71M	479.68M	479.66M	478.61M	478.48M

This table details how cash moves in and out of Antero Midstream's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-0.07	0.07	0.00	-0.64	-0.60	-1.59	-3.17	-3.62	9.54	0.07
Net Cash From Operating Activities	844	779	700	710	753	622	84	28	9.54	0.30
Net Cash From Continuing Operating Activities	844	779	700	710	753	622	84	28	9.54	0.30
Net Income / (Loss) Continuing Operations	401	372	326	332	-123	-355	67	2.33	9.71	0.78
Consolidated Net Income / (Loss)	401	372	326	332	-123	-355	67	2.33	9.71	0.78
Depreciation Expense	140	136	132	109	109	96	-	-	-	-
Amortization Expense	77	77	76	76	75	60	0.15	-	0.00	-
Non-Cash Adjustments To Reconcile Net Income	84	64	43	72	692	900	15	19	-6.57	-0.97
Changes in Operating Assets and Liabilities, net	142	131	123	122	0.25	-78	1.38	7.05	6.40	0.48
Net Cash From Investing Activities	-243	-183	-494	-233	-219	-526	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	-243	-183	-493	-233	-219	-526	0.00	0.00	0.00	0.00
Purchase of Property, Plant & Equipment	-242	-184	-516	-233	-197	-392	-	-	-	-
Acquisitions	-2.39	-0.26	0.00	-2.07	-25	465	-	-	-	-
Sale of Property, Plant & Equipment	1.34	1.09	5.73	1.65	0.82	0.00	-	-	-	-
Sale and/or Maturity of Investments	0.00	0.00	17	0.00	0.00	-	-	-	-	-
Other Investing Activities, net	0.66	-0.03	-0.10	0.00	1.94	-599	-	-	-	-
Net Cash From Financing Activities	-601	-596	-206	-477	-535	-98	-87	-32	0.00	-0.22
Net Cash From Continuing Financing Activities	-601	-596	-206	-477	-535	-98	-87	-32	0.00	0.00
Repayment of Debt	-2,284	-1,190	-1,035	-1,764	-352	-125	-0.23	-	-	-
Repurchase of Common Equity	-29	0.00	0.00	-	-25	-126	-	-	0.00	-
Payment of Dividends	-438	-435	-433	-472	-590	-496	-86	-16	0.00	0.00
Issuance of Debt	2,165	1,038	1,269	1,763	550	650	-	-	-	-
Other Financing Activities, net	-15	-8.50	-6.90	-5.01	-117	-2.02	-	-16	0.00	-
Cash Interest Paid	190	214	183	180	141	83	0.00	-	-	-

This table details how cash moves in and out of Antero Midstream's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	0.00	-	-	-26	26	0.07	-	-	0.00	-	-
Net Cash From Operating Activities	199	233	185	216	211	208	202	186	183	169	177
Net Cash From Continuing Operating Activities	199	233	185	216	211	208	202	186	183	169	177
Net Income / (Loss) Continuing Operations	121	111	100	86	104	100	98	87	87	83	84
Consolidated Net Income / (Loss)	121	111	100	86	104	100	98	87	87	83	84
Depreciation Expense	33	33	33	38	37	35	31	35	35	34	34
Amortization Expense	19	19	19	19	19	19	19	19	19	19	19
Non-Cash Adjustments To Reconcile Net Income	18	18	16	33	17	18	13	18	16	7.84	8.59
Changes in Operating Assets and Liabilities, net	8.12	52	17	40	34	36	42	27	26	25	31
Net Cash From Investing Activities	-32	-40	-55	-111	-37	-54	-45	-42	-42	-278	-53
Net Cash From Continuing Investing Activities	-32	-39	-55	-111	-37	-54	-45	-42	-42	-278	-53
Purchase of Property, Plant & Equipment	-31	-38	-55	-112	-37	-54	-45	-42	-43	-279	-74
Acquisitions	-1.75	-1.50	-0.89	-	-	-	-	-	-	-	-
Other Investing Activities, net	0.01	0.66	-	0.00	-0.00	-0.01	-0.01	-0.01	-0.00	-0.07	-0.02
Net Cash From Financing Activities	-167	-193	-130	-131	-147	-155	-157	-144	-141	109	-124
Net Cash From Continuing Financing Activities	-167	-193	-130	-131	-147	-155	-157	-144	-141	109	-124
Repayment of Debt	-311	-321	-314	-765	-884	-325	-306	-280	-279	-1,035	-
Repurchase of Common Equity	-29	-	-	-	-	-	-	-	-	-	-
Payment of Dividends	-113	-109	-109	-113	-108	-108	-108	-111	-109	-108	-108
Issuance of Debt	304	266	293	761	845	278	257	254	248	1,252	-16
Other Financing Activities, net	-18	-0.17	-0.36	-14	-0.03	-0.15	-0.00	-7.18	-1.17	-0.12	-0.02
Cash Interest Paid	65	29	72	47	42	55	51	57	50	53	44

This table presents Antero Midstream's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Total Assets	5,762	5,738	5,791	4,767	5,611	6,283	48	30	17
Total Current Assets	118	91	89	84	94	109	2.91	5.99	9.83
Cash & Equivalents	0.00	0.07	0.00	-	0.64	1.24	2.82	5.99	9.61
Accounts Receivable	116	90	87	0.75	75	106	-	-	0.22
Other Current Assets	2.05	1.50	1.33	0.92	1.48	1.72	0.09	-	-
Plant, Property, & Equipment, net	3,882	3,794	3,751	3,395	3,254	3,273	0.00	0.00	0.00
Total Noncurrent Assets	1,762	1,853	1,951	1,369	2,263	2,901	45	24	7.54
Long-Term Investments	604	627	653	-	722	710	43	24	7.54
Intangible Assets	1,145	1,215	1,286	1,357	1,427	1,498	-	-	-
Other Noncurrent Operating Assets	13	11	12	13	9.61	14	-	-	-
Total Liabilities & Shareholders' Equity	5,762	5,738	5,791	5,544	5,611	6,283	48	30	17
Total Liabilities	3,647	3,586	3,599	3,257	3,193	3,139	17	0.00	7.10
Total Current Liabilities	101	96	102	114	94	242	17	-14	7.10
Accounts Payable	16	15	28	24	9.50	9.79	0.76	-0.29	-
Accrued Expenses	84	81	73	81	75	104	0.41	-	0.43
Other Current Liabilities	0.64	0.83	1.06	4.62	9.56	3.11	-	-	-
Total Noncurrent Liabilities	3,546	3,489	3,497	3,143	3,099	2,897	0.00	0.00	0.00
Long-Term Debt	3,117	3,213	3,361	3,123	3,092	2,892	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	414	266	131	14	-	-	-	-	-
Other Noncurrent Operating Liabilities	15	10	4.43	6.66	7.00	5.13	-	-	-
Total Equity & Noncontrolling Interests	2,115	2,152	2,192	2,287	2,418	3,143	31	16	10
Total Preferred & Common Equity	2,115	2,152	2,192	2,287	2,418	3,143	31	16	10
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-
Total Common Equity	2,115	2,152	2,192	2,287	2,418	3,143	31	16	10
Common Stock	2,025	2,051	2,110	2,419	2,882	3,485	31	16	10
Retained Earnings	91	100	83	-132	-464	-342	-	-	-

This table presents Antero Midstream's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	5,752	5,777	5,775	5,749	5,759	5,753	5,032	5,564
Total Current Assets	128	100	104	134	96	94	98	81
Accounts Receivable	125	99	103	106	94	92	0.37	79
Other Current Assets	2.77	1.30	0.96	1.81	0.81	0.80	1.74	0.56
Plant, Property, & Equipment, net	3,884	3,892	3,869	3,789	3,783	3,756	3,749	3,508
Total Noncurrent Assets	1,740	1,785	1,802	1,827	1,881	1,902	1,280	1,975
Long-Term Investments	600	609	613	619	636	640	-	659
Intangible Assets	1,127	1,162	1,180	1,198	1,233	1,251	1,268	1,304
Other Noncurrent Operating Assets	13	14	9.54	10	12	12	11	12
Total Liabilities & Shareholders' Equity	5,752	5,777	5,775	5,749	5,759	5,753	5,771	5,564
Total Liabilities	3,664	3,648	3,648	3,599	3,608	3,600	3,595	3,352
Total Current Liabilities	90	92	116	107	111	97	96	106
Accounts Payable	21	15	19	24	28	21	21	24
Accrued Expenses	67	76	96	82	82	75	69	73
Other Current Liabilities	2.48	0.92	0.89	0.88	0.67	0.82	1.07	9.31
Total Noncurrent Liabilities	3,573	3,556	3,532	3,492	3,497	3,503	3,499	3,246
Long-Term Debt	3,111	3,172	3,187	3,175	3,259	3,307	3,331	3,143
Noncurrent Deferred & Payable Income Tax Liabilities	448	369	331	302	229	192	163	99
Other Noncurrent Operating Liabilities	14	15	15	14	9.75	4.59	4.62	3.90
Total Equity & Noncontrolling Interests	2,089	2,130	2,127	2,150	2,151	2,153	2,175	2,212
Total Preferred & Common Equity	2,089	2,130	2,127	2,150	2,151	2,153	2,175	2,212
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,089	2,130	2,127	2,150	2,151	2,153	2,175	2,212
Common Stock	1,989	2,030	2,041	2,046	2,053	2,066	2,089	2,128
Retained Earnings	99	100	86	104	98	87	87	84

This table displays calculated financial ratios and metrics derived from Antero Midstream's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.79%	12.29%	2.25%	-0.26%	14.34%	0.00%	0.00%	-100.00%	1,240.51%	0.00%
EBITDA Growth	6.22%	10.29%	0.98%	1,016.19%	127.32%	-344.72%	341.17%	-355.02%	1,176.11%	0.00%
EBIT Growth	7.73%	13.42%	-2.86%	572.06%	70.48%	-502.29%	340.81%	-355.02%	1,176.11%	0.00%
NOPAT Growth	5.89%	14.69%	-3.35%	598.36%	70.48%	-844.70%	-782.58%	-134.45%	849.73%	0.00%
Net Income Growth	7.83%	13.96%	-1.62%	370.65%	65.50%	-633.14%	2,764.86%	-76.06%	374.87%	0.00%
EPS Growth	7.79%	13.24%	-1.45%	365.38%	67.50%	-342.42%	1,000.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	8.33%	11.36%	-1.43%	-5.79%	21.05%	645.10%	197.48%	194.43%	3,132.88%	0.00%
Free Cash Flow Firm Growth	-4.17%	363.76%	-76.22%	-3.59%	110.11%	-7,505,505.57%	100.31%	-246.92%	0.00%	0.00%
Invested Capital Growth	-2.32%	-3.32%	5.68%	-3.12%	-12.17%	35,366.87%	-209.20%	305.59%	0.00%	0.00%
Revenue Q/Q Growth	2.38%	1.70%	2.60%	-30.83%	216.61%	9.31%	-100.00%	-100.00%	0.00%	0.00%
EBITDA Q/Q Growth	2.30%	1.59%	2.95%	2.02%	127.50%	1.90%	2,435.84%	-319.71%	0.00%	0.00%
EBIT Q/Q Growth	3.46%	1.92%	2.98%	2.50%	72.34%	-37.97%	2,432.35%	-319.71%	0.00%	0.00%
NOPAT Q/Q Growth	1.57%	3.62%	2.37%	-13.16%	72.34%	-37.97%	-1,018.99%	-637.82%	0.00%	0.00%
Net Income Q/Q Growth	2.75%	4.99%	1.29%	-56.12%	84.09%	-87.73%	30.28%	235.01%	0.00%	0.00%
EPS Q/Q Growth	2.47%	5.48%	1.49%	1.47%	68.29%	-175.86%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	2.97%	5.37%	0.63%	-5.62%	1.89%	36.53%	15.87%	56.47%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	6.46%	70.90%	-66.36%	-13.17%	110.73%	-1.33%	-94.87%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	-1.36%	-0.74%	4.36%	-1.42%	-1.84%	0.00%	8.76%	210.50%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.48%	80.84%	81.80%	83.78%	82.97%	76.95%	0.00%	0.00%	100.00%	100.00%
EBITDA Margin	74.42%	74.12%	75.47%	76.41%	6.83%	-28.58%	0.00%	0.00%	95.20%	100.00%
Operating Margin	56.01%	55.00%	54.46%	57.32%	-12.11%	-46.90%	0.00%	0.00%	95.20%	100.00%
EBIT Margin	56.01%	55.00%	54.46%	57.32%	-12.11%	-46.90%	0.00%	0.00%	95.20%	100.00%
Profit (Net Income) Margin	34.06%	33.42%	32.93%	34.23%	-12.61%	-41.80%	0.00%	0.00%	57.31%	161.79%
Tax Burden Percent	73.07%	74.35%	73.52%	73.90%	68.75%	77.61%	67.34%	8.13%	60.20%	80.89%
Interest Burden Percent	83.23%	81.73%	82.25%	80.81%	151.49%	114.83%	99.86%	-69.49%	100.00%	200.00%
Effective Tax Rate	26.93%	25.65%	26.48%	26.10%	0.00%	0.00%	32.66%	91.87%	39.80%	19.11%
Return on Invested Capital (ROIC)	10.29%	9.44%	8.32%	8.71%	-1.61%	-10.27%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	7.12%	6.30%	5.53%	5.37%	-3.33%	-17.01%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	8.51%	7.68%	6.25%	5.39%	-2.80%	-12.11%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	18.79%	17.12%	14.57%	14.10%	-4.41%	-22.37%	286.68%	17.97%	94.57%	0.00%
Cash Return on Invested Capital (CROIC)	12.64%	12.81%	2.79%	11.88%	11.34%	-105.40%	0.00%	-172.28%	0.00%	0.00%
Operating Return on Assets (OROA)	11.46%	10.61%	10.22%	10.70%	-1.98%	-12.59%	0.00%	0.00%	92.87%	0.00%
Return on Assets (ROA)	6.97%	6.45%	6.18%	6.39%	-2.06%	-11.22%	0.00%	0.00%	55.91%	0.00%
Return on Common Equity (ROCE)	18.79%	17.12%	14.57%	14.10%	-4.41%	-22.37%	286.68%	17.97%	94.57%	0.00%
Return on Equity Simple (ROE_SIMPLE)	18.95%	17.28%	14.88%	14.50%	-5.07%	-11.30%	215.83%	14.90%	94.57%	0.00%
Net Operating Profit after Tax (NOPAT)	482	455	397	410	-82	-279	-30	-3.35	9.71	1.02
NOPAT Margin	40.93%	40.89%	40.04%	42.36%	-8.48%	-32.83%	0.00%	0.00%	57.31%	80.89%
Net Nonoperating Expense Percent (NNEP)	3.17%	3.14%	2.78%	3.34%	1.72%	6.74%	402.48%	60.94%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	9.21%	8.48%	7.14%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	18.52%	19.16%	18.20%	16.22%	17.03%	23.05%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	7.31%	6.39%	6.27%	6.59%	5.38%	13.90%	0.00%	0.00%	4.80%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.47%	25.76%	27.29%	26.47%	95.08%	123.86%	0.00%	0.00%	4.80%	0.00%
Earnings before Interest and Taxes (EBIT)	659	612	539	555	-118	-398	99	-41	16	1.26
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	876	825	748	740	66	-243	99	-41	16	1.26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.39	2.58	2.01	1.62	1.10	0.70	34.89	118.62	0.00	0.00
Price to Tangible Book Value (P/TBV)	7.38	5.93	4.86	3.99	2.68	2.05	34.89	118.62	0.00	0.00
Price to Revenue (P/Rev)	6.08	4.99	4.45	3.83	2.73	2.59	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	17.86	14.94	13.51	11.19	0.00	0.00	8.08	796.34	0.00	0.00
Dividend Yield	6.05%	7.77%	9.77%	12.64%	22.08%	24.77%	7.82%	0.86%	0.00%	0.00%
Earnings Yield	5.60%	6.69%	7.40%	8.93%	0.00%	0.00%	12.37%	0.13%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.09	1.72	1.45	1.47	1.05	0.83	0.00	128.73	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	8.22	7.32	7.18	7.05	5.17	5.30	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	11.04	9.87	9.52	9.23	75.74	0.00	10.39	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	14.67	13.31	13.19	12.31	0.00	0.00	10.40	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	20.08	17.90	17.94	16.66	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	11.46	10.45	10.17	9.63	6.67	7.24	12.34	64.88	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	16.35	13.18	53.44	12.21	8.65	0.00	13,463.45	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.47	1.49	1.53	1.37	1.28	0.96	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	1.47	1.49	1.53	1.37	1.28	0.92	0.00	0.00	0.00	0.00
Financial Leverage	1.20	1.22	1.13	1.00	0.84	0.71	-1.03	-0.72	-1.67	0.00
Leverage Ratio	2.70	2.65	2.36	2.21	2.14	1.99	1.67	1.82	1.69	0.00
Compound Leverage Factor	2.24	2.17	1.94	1.78	3.24	2.29	1.66	-1.27	1.69	0.00
Debt to Total Capital	59.57%	59.89%	60.52%	57.73%	56.11%	48.98%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	2.03%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	59.57%	59.89%	60.52%	57.73%	56.11%	46.95%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.43%	40.11%	39.48%	42.27%	43.89%	51.02%	100.00%	100.00%	100.00%	0.00%
Debt to EBITDA	3.56	3.90	4.50	4.22	46.61	-12.43	0.00	0.00	0.00	0.00
Net Debt to EBITDA	2.87	3.14	3.62	4.22	35.71	-9.50	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	3.56	3.90	4.50	4.22	46.61	-11.91	0.00	0.00	0.00	0.00
Debt to NOPAT	6.47	7.06	8.47	7.61	-37.54	-10.82	0.00	0.00	0.00	0.00
Net Debt to NOPAT	5.22	5.69	6.83	7.61	-28.76	-8.27	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	6.47	7.06	8.47	7.61	-37.54	-10.37	0.00	0.00	0.00	0.00
Altman Z-Score	1.79	1.50	1.23	1.23	0.49	0.24	44.86	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.17	0.95	0.87	0.74	1.00	0.45	0.17	-0.42	1.38	0.00
Quick Ratio	1.15	0.93	0.85	0.01	0.80	0.44	0.17	-0.42	1.38	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	592	617	133	560	581	-5,744	0.08	-24	17	0.00
Operating Cash Flow to CapEx	350.21%	425.92%	137.20%	307.02%	384.57%	158.78%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	41.99	0.00	0.00	2.84	3.95	-52.03	0.56	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	59.90	0.00	0.00	3.60	5.12	5.64	614.20	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	42.79	0.00	0.00	2.43	3.79	2.09	614.20	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.19	0.19	0.19	0.16	0.27	0.00	0.00	0.98	0.00
Accounts Receivable Turnover	11.45	12.62	22.65	25.73	10.78	0.00	0.00	0.00	78.08	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.31	0.29	0.28	0.29	0.30	0.00	0.00	0.00	0.00	0.00
Accounts Payable Turnover	13.89	9.86	6.95	9.50	17.15	37.12	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	31.88	28.92	16.11	14.19	33.85	0.00	0.00	0.00	4.67	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	26.27	37.03	52.54	38.43	21.28	9.83	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	5.61	-8.11	-36.43	-24.25	12.57	-9.83	0.00	0.00	4.67	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,628	4,738	4,901	4,637	4,787	5,450	-15	14	-6.88	0.00
Invested Capital Turnover	0.25	0.23	0.21	0.21	0.19	0.31	0.00	0.00	-4.92	0.00
Increase / (Decrease) in Invested Capital	-110	-163	263	-149	-663	5,465	-30	21	-6.88	0.00
Enterprise Value (EV)	9,673	8,141	7,115	6,835	5,024	4,505	1,030	1,822	0.00	0.00
Market Capitalization	7,160	5,555	4,407	3,712	2,655	2,198	1,077	1,851	0.00	0.00
Book Value per Share	$4.39	$4.49	$4.58	$4.79	$5.07	$6.24	$0.17	$0.08	$0.20	$0.00
Tangible Book Value per Share	$2.02	$1.95	$1.89	$1.95	$2.08	$2.13	$0.17	$0.08	$0.20	$0.00
Total Capital	5,232	5,365	5,554	5,410	5,510	6,161	31	16	10	0.00
Total Debt	3,117	3,213	3,361	3,123	3,092	3,017	0.00	0.00	0.00	0.00
Total Long-Term Debt	3,117	3,213	3,361	3,123	3,092	2,892	0.00	0.00	0.00	0.00
Net Debt	2,513	2,587	2,709	3,123	2,369	2,306	-46	-30	-17	0.00
Capital Expenditures (CapEx)	241	183	510	231	196	392	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	17	-5.36	-13	-30	-0.71	-9.76	-17	14	-6.88	0.00
Debt-free Net Working Capital (DFNWC)	17	-5.29	-13	-30	-0.07	-8.53	-14	20	2.73	0.00
Net Working Capital (NWC)	17	-5.29	-13	-30	-0.07	-134	-14	20	2.73	0.00
Net Nonoperating Expense (NNE)	81	83	70	79	40	76	-96	-5.67	0.00	-1.02
Net Nonoperating Obligations (NNO)	2,513	2,587	2,709	2,351	2,369	2,306	-46	-1.46	-17	0.00
Total Depreciation and Amortization (D&A)	217	213	208	185	184	156	0.15	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	1.48%	-0.48%	-1.32%	-3.12%	-0.07%	-1.15%	0.00%	0.00%	-40.62%	0.00%
Debt-free Net Working Capital to Revenue	1.48%	-0.48%	-1.32%	-3.12%	-0.01%	-1.00%	0.00%	0.00%	16.09%	0.00%
Net Working Capital to Revenue	1.48%	-0.48%	-1.32%	-3.12%	-0.01%	-15.72%	0.00%	0.00%	16.09%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.83	$0.77	$0.68	$0.69	($0.26)	($0.80)	$0.33	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	480.82M	479.38M	478.23M	477.27M	478.28M	885.28M	186.24M	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$0.83	$0.77	$0.68	$0.69	($0.26)	($0.80)	$0.33	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	485.25M	482.37M	480.30M	479.74M	478.28M	442.64M	186.24M	186.19M	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	($0.80)	$0.33	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	478.61M	479.74M	478.61M	477.68M	476.91M	442.64M	186.20M	186.19M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	482	459	398	417	391	254	-30	-29	9.71	1.02
Normalized NOPAT Margin	40.99%	41.30%	40.14%	43.02%	40.28%	29.95%	0.00%	0.00%	57.31%	80.89%
Pre Tax Income Margin	46.62%	44.95%	44.79%	46.32%	-18.35%	-53.86%	0.00%	0.00%	95.20%	200.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	46.78	0.00	0.00	2.82	-0.80	-3.61	728.35	0.00	0.00	0.00
NOPAT to Interest Expense	34.18	0.00	0.00	2.08	-0.56	-2.53	-217.11	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	29.68	0.00	0.00	1.65	-2.13	-7.16	728.35	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	17.08	0.00	0.00	0.91	-1.89	-6.08	-217.11	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	109.30%	117.11%	132.84%	142.25%	-481.68%	-139.73%	129.81%	688.65%	0.00%	0.00%
Augmented Payout Ratio	116.46%	117.11%	132.84%	142.25%	-501.85%	-175.08%	129.81%	688.65%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Antero Midstream's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.07%	9.83%	2.14%	4.17%	7.06%	7.18%	13.19%	11.92%	17.35%	10.70%	2.57%
EBITDA Growth	2.82%	9.41%	0.93%	4.79%	9.86%	6.56%	11.07%	9.15%	14.81%	12.21%	1.43%
EBIT Growth	6.60%	14.17%	0.07%	4.97%	12.07%	8.00%	17.81%	13.34%	14.86%	12.16%	-2.86%
NOPAT Growth	10.88%	6.52%	-0.53%	5.27%	13.31%	15.24%	16.64%	13.18%	13.56%	9.63%	-3.03%
Net Income Growth	16.18%	10.69%	1.96%	-1.12%	20.14%	21.32%	16.43%	9.59%	8.08%	5.30%	-5.95%
EPS Growth	19.05%	9.52%	5.00%	0.00%	16.67%	23.53%	17.65%	5.88%	5.88%	6.25%	-10.53%
Operating Cash Flow Growth	-5.52%	11.70%	-8.65%	16.28%	15.24%	23.54%	14.50%	9.48%	-1.05%	2.66%	-4.49%
Free Cash Flow Firm Growth	0.46%	-15.90%	393.10%	5,617.89%	433.66%	275.90%	-63.17%	-104.33%	-70.76%	-165.71%	-60.38%
Invested Capital Growth	-1.73%	-2.32%	-1.71%	-2.47%	-1.95%	-3.32%	1.65%	2.41%	1.45%	5.68%	-0.18%
Revenue Q/Q Growth	1.20%	6.12%	0.03%	-3.12%	6.80%	-1.30%	2.01%	-0.43%	6.91%	4.23%	0.86%
EBITDA Q/Q Growth	-0.23%	7.13%	2.25%	-5.92%	6.16%	-1.17%	6.17%	-1.37%	2.97%	3.01%	4.33%
EBIT Q/Q Growth	-0.29%	9.42%	6.33%	-8.12%	6.79%	-4.09%	11.54%	-1.90%	2.91%	4.63%	7.30%
NOPAT Q/Q Growth	7.56%	8.01%	2.30%	-6.70%	3.33%	0.86%	8.26%	0.43%	5.08%	2.09%	5.05%
Net Income Q/Q Growth	8.59%	11.48%	15.93%	-17.21%	3.46%	2.69%	12.42%	0.58%	4.49%	-1.45%	5.82%
EPS Q/Q Growth	8.70%	9.52%	16.67%	-14.29%	0.00%	5.00%	11.11%	0.00%	5.88%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-14.50%	25.82%	-14.30%	2.49%	1.08%	2.91%	9.08%	1.57%	8.36%	-4.62%	4.29%
Free Cash Flow Firm Q/Q Growth	-8.31%	19.03%	-14.88%	8.14%	-23.25%	597.89%	1,052.57%	-110.46%	125.30%	-246.14%	12.04%
Invested Capital Q/Q Growth	-0.63%	-1.36%	-0.18%	0.45%	-1.23%	-0.74%	-0.96%	0.98%	-2.61%	4.36%	-0.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.60%	81.67%	82.01%	80.38%	81.83%	81.72%	81.56%	80.94%	79.12%	81.37%	81.24%
EBITDA Margin	74.14%	75.20%	74.49%	72.88%	75.04%	75.49%	75.39%	72.44%	73.13%	75.94%	76.83%
Operating Margin	57.39%	58.25%	56.49%	53.14%	56.03%	56.03%	57.66%	52.73%	53.53%	55.61%	55.40%
EBIT Margin	57.39%	58.25%	56.49%	53.14%	56.03%	56.03%	57.66%	52.73%	53.53%	55.61%	55.40%
Profit (Net Income) Margin	39.10%	36.44%	34.69%	29.93%	35.03%	36.15%	34.75%	31.53%	31.21%	31.94%	33.78%
Tax Burden Percent	76.98%	71.37%	72.31%	75.16%	74.01%	76.49%	72.74%	74.94%	73.20%	71.69%	73.47%
Interest Burden Percent	88.49%	87.65%	84.93%	74.94%	84.46%	84.35%	82.85%	79.79%	79.66%	80.12%	83.00%
Effective Tax Rate	23.02%	28.63%	27.69%	24.84%	25.99%	23.51%	27.26%	25.06%	26.80%	28.31%	26.53%
Return on Invested Capital (ROIC)	11.32%	10.45%	9.92%	9.59%	9.93%	9.89%	9.69%	8.80%	8.53%	8.28%	8.36%
ROIC Less NNEP Spread (ROIC-NNEP)	10.70%	9.83%	9.24%	8.50%	9.19%	9.19%	8.90%	7.95%	7.65%	7.47%	7.66%
Return on Net Nonoperating Assets (RNNOA)	12.72%	11.75%	11.19%	10.40%	10.89%	11.20%	10.41%	9.32%	8.70%	8.44%	8.25%
Return on Equity (ROE)	24.04%	22.20%	21.11%	20.00%	20.82%	21.09%	20.10%	18.13%	17.23%	16.72%	16.61%
Cash Return on Invested Capital (CROIC)	12.42%	12.64%	11.74%	12.48%	11.90%	12.81%	7.63%	6.49%	7.21%	2.79%	8.42%
Operating Return on Assets (OROA)	11.87%	11.92%	11.26%	10.54%	11.77%	10.81%	11.14%	9.87%	10.41%	10.44%	9.64%
Return on Assets (ROA)	8.08%	7.46%	6.91%	5.94%	7.36%	6.98%	6.71%	5.90%	6.07%	5.99%	5.88%
Return on Common Equity (ROCE)	24.04%	22.20%	21.11%	20.00%	20.82%	21.09%	20.10%	18.13%	17.23%	16.72%	16.61%
Return on Equity Simple (ROE_SIMPLE)	20.00%	0.00%	18.32%	18.25%	18.10%	0.00%	16.46%	15.81%	15.29%	0.00%	14.56%
Net Operating Profit after Tax (NOPAT)	136	127	117	115	123	119	118	109	109	103	101
NOPAT Margin	44.18%	41.57%	40.84%	39.94%	41.47%	42.86%	41.94%	39.52%	39.18%	39.86%	40.70%
Net Nonoperating Expense Percent (NNEP)	0.62%	0.61%	0.68%	1.10%	0.75%	0.70%	0.79%	0.86%	0.88%	0.81%	0.71%
Return On Investment Capital (ROIC_SIMPLE)	2.62%	2.42%	-	-	-	2.22%	-	-	-	1.86%	-
Cost of Revenue to Revenue	18.40%	18.33%	17.99%	19.62%	18.17%	18.28%	18.44%	19.06%	20.88%	18.63%	18.76%
SG&A Expenses to Revenue	7.46%	6.81%	7.95%	7.38%	7.15%	6.45%	6.26%	6.58%	6.26%	5.60%	5.46%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	24.20%	23.43%	25.52%	27.24%	25.80%	25.62%	23.90%	28.11%	25.47%	25.76%	25.85%
Earnings before Interest and Taxes (EBIT)	177	178	162	153	166	156	162	146	148	144	138
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	229	229	214	209	223	210	212	200	203	197	191
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.07	3.39	3.35	3.28	3.04	2.58	2.46	2.37	2.07	2.01	1.71
Price to Tangible Book Value (P/TBV)	8.84	7.38	7.38	7.38	6.86	5.93	5.76	5.65	4.96	4.86	4.16
Price to Revenue (P/Rev)	7.15	6.08	6.21	6.11	5.77	4.99	4.84	4.81	4.36	4.45	3.91
Price to Earnings (P/E)	20.35	17.86	18.29	18.00	16.80	14.94	14.94	14.99	13.53	13.51	11.72
Dividend Yield	5.07%	6.05%	6.07%	6.20%	6.60%	7.77%	8.16%	8.46%	9.57%	9.77%	11.41%
Earnings Yield	4.91%	5.60%	5.47%	5.56%	5.95%	6.69%	6.69%	6.67%	7.39%	7.40%	8.53%
Enterprise Value to Invested Capital (EV/IC)	2.39	2.09	2.07	2.03	1.94	1.72	1.66	1.61	1.64	1.45	1.33
Enterprise Value to Revenue (EV/Rev)	9.26	8.22	8.44	8.36	8.01	7.32	7.23	7.32	7.59	7.18	6.48
Enterprise Value to EBITDA (EV/EBITDA)	12.48	11.04	11.33	11.19	10.74	9.87	9.75	9.83	10.12	9.52	8.62
Enterprise Value to EBIT (EV/EBIT)	16.43	14.67	15.22	15.01	14.40	13.31	13.18	13.49	14.02	13.19	11.95
Enterprise Value to NOPAT (EV/NOPAT)	22.22	20.08	20.45	20.13	19.32	17.90	18.02	18.40	19.13	17.94	16.16
Enterprise Value to Operating Cash Flow (EV/OCF)	13.23	11.46	11.83	11.42	11.24	10.45	10.70	10.88	11.23	10.17	9.00
Enterprise Value to Free Cash Flow (EV/FCFF)	19.11	16.35	17.45	16.10	16.12	13.18	21.90	25.15	22.94	53.44	15.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.49	1.47	1.49	1.50	1.48	1.49	1.51	1.54	1.53	1.53	1.42
Long-Term Debt to Equity	1.49	1.47	1.49	1.50	1.48	1.49	1.51	1.54	1.53	1.53	1.42
Financial Leverage	1.19	1.20	1.21	1.22	1.19	1.22	1.17	1.17	1.14	1.13	1.08
Leverage Ratio	2.71	2.70	2.69	2.69	2.49	2.65	2.60	2.59	2.39	2.36	2.45
Compound Leverage Factor	2.40	2.36	2.29	2.02	2.11	2.24	2.15	2.06	1.91	1.89	2.04
Debt to Total Capital	59.83%	59.57%	59.83%	59.97%	59.62%	59.89%	60.24%	60.56%	60.49%	60.52%	58.70%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	59.83%	59.57%	59.83%	59.97%	59.62%	59.89%	60.24%	60.56%	60.49%	60.52%	58.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	40.17%	40.43%	40.17%	40.03%	40.38%	40.11%	39.76%	39.44%	39.51%	39.48%	41.30%
Debt to EBITDA	3.53	3.56	3.70	3.73	3.76	3.90	4.01	4.18	4.31	4.50	4.33
Net Debt to EBITDA	2.85	2.87	2.99	3.01	3.00	3.14	3.23	3.37	4.31	3.62	3.42
Long-Term Debt to EBITDA	3.53	3.56	3.70	3.73	3.76	3.90	4.01	4.18	4.31	4.50	4.33
Debt to NOPAT	6.28	6.47	6.69	6.71	6.77	7.06	7.42	7.83	8.13	8.47	8.11
Net Debt to NOPAT	5.07	5.22	5.40	5.42	5.39	5.69	5.97	6.32	8.13	6.83	6.41
Long-Term Debt to NOPAT	6.28	6.47	6.69	6.71	6.77	7.06	7.42	7.83	8.13	8.47	8.11
Altman Z-Score	1.73	1.51	1.49	1.45	1.41	1.24	1.18	1.14	1.08	1.01	0.95
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.42	1.17	1.09	0.89	1.25	0.95	0.86	0.97	1.02	0.87	0.76
Quick Ratio	1.38	1.15	1.08	0.89	1.23	0.93	0.85	0.95	0.00	0.85	0.75
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	217	237	199	234	216	282	40	-4.24	41	-160	110
Operating Cash Flow to CapEx	651.67%	609.84%	339.83%	193.90%	567.23%	387.99%	447.02%	444.15%	433.51%	60.70%	251.70%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	583.66	17.08	4.05	0.00	0.00	0.00	0.74	0.00	2.29
Operating Cash Flow to Interest Expense	0.00	0.00	542.33	15.76	3.95	0.00	0.00	0.00	3.35	0.00	3.70
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	382.74	7.63	3.25	0.00	0.00	0.00	2.57	0.00	2.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.20	0.20	0.20	0.21	0.19	0.19	0.19	0.19	0.19	0.17
Accounts Receivable Turnover	10.31	11.45	11.95	11.74	21.33	12.62	12.64	12.65	26.17	22.65	11.68
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.31	0.31	0.30	0.30	0.30	0.29	0.30	0.29	0.29	0.28	0.28
Accounts Payable Turnover	9.77	13.89	9.81	10.72	9.21	9.86	8.03	9.05	7.25	6.95	6.96
Days Sales Outstanding (DSO)	35.41	31.88	30.54	31.09	17.11	28.92	28.88	28.85	13.95	16.11	31.24
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	37.36	26.27	37.20	34.05	39.61	37.03	45.46	40.32	50.34	52.54	52.46
Cash Conversion Cycle (CCC)	-1.95	5.61	-6.67	-2.96	-22.50	-8.11	-16.58	-11.47	-36.40	-36.43	-21.22
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,599	4,628	4,692	4,701	4,680	4,738	4,774	4,820	4,773	4,901	4,696
Invested Capital Turnover	0.26	0.25	0.24	0.24	0.24	0.23	0.23	0.22	0.22	0.21	0.21
Increase / (Decrease) in Invested Capital	-81	-110	-82	-119	-93	-163	78	113	68	263	-8.36
Enterprise Value (EV)	11,010	9,673	9,698	9,561	9,067	8,141	7,912	7,768	7,833	7,115	6,259
Market Capitalization	8,499	7,160	7,136	6,987	6,537	5,555	5,290	5,101	4,502	4,407	3,775
Book Value per Share	$4.36	$4.39	$4.43	$4.42	$4.48	$4.49	$4.48	$4.49	$4.55	$4.58	$4.62
Tangible Book Value per Share	$2.01	$2.02	$2.01	$1.97	$1.99	$1.95	$1.91	$1.88	$1.90	$1.89	$1.90
Total Capital	5,200	5,232	5,302	5,314	5,325	5,365	5,410	5,460	5,507	5,554	5,355
Total Debt	3,111	3,117	3,172	3,187	3,175	3,213	3,259	3,307	3,331	3,361	3,143
Total Long-Term Debt	3,111	3,117	3,172	3,187	3,175	3,213	3,259	3,307	3,331	3,361	3,143
Net Debt	2,511	2,513	2,562	2,574	2,530	2,587	2,623	2,667	3,331	2,709	2,484
Capital Expenditures (CapEx)	31	38	54	111	37	54	45	42	42	278	70
Debt-free, Cash-free Net Working Capital (DFCFNWC)	37	17	8.36	-12	0.28	-5.36	-15	-2.70	2.20	-13	-26
Debt-free Net Working Capital (DFNWC)	37	17	8.36	-12	26	-5.29	-15	-2.70	2.20	-13	-26
Net Working Capital (NWC)	37	17	8.36	-12	26	-5.29	-15	-2.70	2.20	-13	-26
Net Nonoperating Expense (NNE)	16	16	18	29	19	19	20	22	22	21	17
Net Nonoperating Obligations (NNO)	2,511	2,513	2,562	2,574	2,530	2,587	2,623	2,667	2,598	2,709	2,484
Total Depreciation and Amortization (D&A)	52	52	52	57	56	54	50	54	54	53	53
Debt-free, Cash-free Net Working Capital to Revenue	3.15%	1.48%	0.73%	-1.08%	0.02%	-0.48%	-1.38%	-0.25%	0.21%	-1.32%	-2.65%
Debt-free Net Working Capital to Revenue	3.15%	1.48%	0.73%	-1.08%	2.33%	-0.48%	-1.38%	-0.25%	0.21%	-1.32%	-2.65%
Net Working Capital to Revenue	3.15%	1.48%	0.73%	-1.08%	2.33%	-0.48%	-1.38%	-0.25%	0.21%	-1.32%	-2.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.25	$0.22	$0.21	$0.18	$0.22	$0.21	$0.20	$0.18	$0.18	$0.16	$0.18
Adjusted Weighted Average Basic Shares Outstanding	479.06M	480.82M	481.29M	481.10M	479.90M	479.38M	479.68M	479.50M	478.61M	478.23M	478.46M
Adjusted Diluted Earnings per Share	$0.25	$0.23	$0.21	$0.18	$0.21	$0.21	$0.20	$0.18	$0.18	$0.17	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	484.38M	485.25M	485.53M	484.78M	484.30M	482.37M	482.84M	481.51M	481.46M	480.30M	480.32M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	479.22M	478.61M	481.32M	481.26M	481.24M	479.74M	479.71M	479.68M	479.66M	478.61M	478.48M
Normalized Net Operating Profit after Tax (NOPAT)	137	127	117	116	123	119	118	113	108	103	100
Normalized NOPAT Margin	44.39%	41.53%	40.81%	40.30%	41.47%	42.86%	42.06%	41.10%	39.12%	39.86%	40.08%
Pre Tax Income Margin	50.79%	51.06%	47.97%	39.82%	47.32%	47.26%	47.77%	42.07%	42.64%	44.55%	45.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	476.33	11.16	3.12	0.00	0.00	0.00	2.72	0.00	2.88
NOPAT to Interest Expense	0.00	0.00	344.41	8.39	2.31	0.00	0.00	0.00	1.99	0.00	2.12
EBIT Less CapEx to Interest Expense	0.00	0.00	316.74	3.03	2.42	0.00	0.00	0.00	1.94	0.00	1.41
NOPAT Less CapEx to Interest Expense	0.00	0.00	184.82	0.26	1.61	0.00	0.00	0.00	1.22	0.00	0.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	106.03%	109.30%	112.21%	112.60%	111.75%	117.11%	122.87%	127.79%	130.32%	132.84%	134.48%
Augmented Payout Ratio	119.74%	116.46%	112.21%	112.60%	111.75%	117.11%	122.87%	127.79%	130.32%	132.84%	134.48%

Frequently Asked Questions About Antero Midstream's Financials

When does Antero Midstream's financial year end?

According to the most recent income statement we have on file, Antero Midstream's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Antero Midstream's net income changed over the last 9 years?

Antero Midstream's net income appears to be on an upward trend, with a most recent value of $400.89 million in 2024, rising from $2.05 million in 2015. The previous period was $371.79 million in 2023. Check out Antero Midstream's forecast to explore projected trends and price targets.

What is Antero Midstream's operating income?

Antero Midstream's total operating income in 2024 was $659.17 million, based on the following breakdown:

Total Gross Profit: $958.89 million
Total Operating Expenses: $299.72 million

How has Antero Midstream revenue changed over the last 9 years?

Over the last 9 years, Antero Midstream's total revenue changed from $1.26 million in 2015 to $1.18 billion in 2024, a change of 93,006.4%.

How much debt does Antero Midstream have?

Antero Midstream's total liabilities were at $3.65 billion at the end of 2024, a 1.7% increase from 2023, and a 51,260.2% increase since 2016.

How much cash does Antero Midstream have?

In the past 8 years, Antero Midstream's cash and equivalents has ranged from $0.00 in 2021 to $9.61 million in 2016, and is currently $0.00 as of their latest financial filing in 2024.

How has Antero Midstream's book value per share changed over the last 9 years?

Over the last 9 years, Antero Midstream's book value per share changed from 0.00 in 2015 to 4.39 in 2024, a change of 439.5%.

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This page (NYSE:AM) was last updated on 5/29/2025 by MarketBeat.com Staff

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Antero Midstream (AM) Financials

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