Antero Midstream (AM) Financials

$17.58 +0.02 (+0.09%)

As of 03:01 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	0.00	0.00	2.33	133	-355	-123	332	326	372	401
Consolidated Net Income / (Loss)	2.05	9.71	2.33	67	-355	-123	332	326	372	401
Net Income / (Loss) Continuing Operations	2.05	9.71	2.33	67	-355	-123	332	326	372	401
Total Pre-Tax Income	2.53	16	29	99	-458	-178	449	444	500	549
Total Operating Income	1.26	16	-41	-44	-398	-118	555	539	612	659
Total Gross Profit	1.26	17	0.00	0.00	654	806	812	810	899	959
Total Revenue	1.26	17	0.00	0.00	850	971	969	991	1,112	1,177
Operating Revenue	1.26	17	-	-	850	971	969	991	1,112	1,177
Total Cost of Revenue	0.00	0.00	0.00	0.00	196	165	157	180	213	218
Operating Cost of Revenue	-	-	-	-	196	165	157	180	213	218
Total Operating Expenses	0.00	0.81	41	44	1,052	924	256	270	287	300
Selling, General & Admin Expense	0.00	0.81	41	44	118	52	64	62	71	86
Depreciation Expense	-	-	-	-	96	109	109	132	136	140
Amortization Expense	-	-	-	-	57	71	71	71	71	71
Other Operating Expenses / (Income)	-	-	-	-	20	15	4.46	4.39	2.64	1.91
Impairment Charge	-	-	-	-	762	674	5.04	3.70	0.15	0.33
Other Special Charges / (Income)	0.00	0.00	-	-	0.00	2.93	3.63	-2.25	6.03	0.72
Total Other Income / (Expense), net	1.26	0.00	70	143	-59	-61	-107	-96	-112	-111
Interest Expense	-	0.00	-	0.14	110	147	197	0.00	0.00	14
Interest & Investment Income	1.26	-	70	-	51	86	90	-96	-112	-96
Income Tax Expense	0.48	6.42	26	32	-102	-56	117	117	128	148
Basic Earnings per Share	$0.00	$0.00	$0.03	$0.33	($0.80)	($0.26)	$0.69	$0.68	$0.77	$0.83
Weighted Average Basic Shares Outstanding	0.00	0.00	186.18M	372.41M	442.64M	478.28M	477.27M	478.23M	479.38M	480.82M
Diluted Earnings per Share	$0.00	$0.00	$0.03	$0.33	($0.80)	($0.26)	$0.69	$0.68	$0.77	$0.83
Weighted Average Diluted Shares Outstanding	-	0.00	186.18M	186.20M	442.64M	478.28M	479.74M	480.30M	482.37M	485.25M
Weighted Average Basic & Diluted Shares Outstanding	-	0.00	186.18M	186.20M	442.64M	476.91M	477.68M	478.61M	479.74M	478.61M

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Antero Midstream's Financials

When does Antero Midstream's fiscal year end?

According to the most recent income statement we have on file, Antero Midstream's financial year ends in December. Their financial 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. See Antero Midstream's forecast for analyst expectations on what’s next for the company.

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 5/6/2025 by MarketBeat.com Staff

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Antero Midstream (AM) Financials

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