Antero Midstream Corp · Natural Gas Transmission

AM

Low riskNext report: In 0 days (est.)

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The short version

A profitable company with steady sales. Institutions are adding.

Going well

Profitable, keeps 35% of sales as profit
Brings in more cash than it spends
High return on equity: 21%

Money moves

No insider buying or selling in the last 30 days
Institutions added 2.7% to their holdings in the quarter ending June 2026 (246 bought, 215 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$20.80-0.2% that day

Company value: $9.9B; Share price times all shares
Price vs profit (P/E): 24.8x; You pay about $25 for each $1 of yearly profit
Price vs sales: 8.0x; Company value is 8.0 times a year of sales
Debt vs value: 33%; Debt as a share of company value

From AM's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$327.2M+7.1% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $1.2B, up 6.9% from the 12 months before. Over 5 years, sales grew about 5.7% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of AM. Starting points are the company's recent numbers.

Sales growth+7% a yearRecently: +6.9% a yearProfit margin33%Last 12 months: 32.8%P/E at the end25xToday: 24.8x. Many steady companies trade at 12x to 25xShare count change0% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$1.7B

Profit in 5 years$571M

Price these guesses point to$30.06+45% vs $20.80 todayAbout +7.6% a year, before dividends

What today's price needs: with a 33% margin and a 25x P/E, sales could shrink about 0.6% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

4/6Mixed

PassReturn on equity 15%+Earns a lot on the money owners have in the business.20.5%
MissDebt under half of equityNot relying on borrowed money.1.63x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.35.2%
MissProfitable every yearSteady profits, not one good year.8 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$932.5M
PassShare count not growingNot diluting owners. Falling means buybacks.+0.4% in 3 years

Revenue: $1.2B; +7.4% vs prior year
5-year growth: +5.7%/yr; revenue, per year
Total debt: $3.2B; 1.63x equity
Current ratio: 3.41x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: gross margin 40%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Jul 29

Revenue: $327.2M; +7.1% YoY
EPS: $0.24; vs $0.26
Op. margin: 55.6%; -5.4 pts
Free cash flow: $254.2M
Share count: -1.1%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 1.1
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+2.7%

Institutions added 2.7% to their holdings. 246 bought, 215 sold. 3 quarters of net buying in a row.

Shares held by institutions285.4M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-0.3%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

1.8x · $3.6B debt

Shares outstandingLatest reported

475M

Earnings reports

Last 12

Next reportIn 0 days (est.)Estimated from the same quarter last year

Results filedJul 29
Results filedApr 29
Results filedFeb 11
Results filedOct 29, 2025
Results filedJul 30, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

No offerings, red flags or new big holders. Clean record.

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Stock awardDavid H KeyteDirector

3,408 shares

+3% of holdings
Now owns 121,311 shares
Filed 3 days after trade

Oct 10Form 4 ↗

Stock awardBrooks J KlimleyDirector

2,015 shares

+3% of holdings
Now owns 70,219 shares
Filed 3 days after trade

Oct 10Form 4 ↗

Stock awardW Howard Jr KeenanDirector

2,015 shares

+1% of holdings
Now owns 159,706 shares
Filed 3 days after trade

Oct 10Form 4 ↗

Stock awardPeter A DeaDirector

2,015 shares

+3% of holdings
Now owns 70,823 shares
Filed 3 days after trade

Oct 10Form 4 ↗

Stock awardNancy ChisholmDirector

2,015 shares

+6% of holdings
Now owns 36,223 shares
Filed 3 days after trade

Oct 10Form 4 ↗

Stock awardJohn C MollenkopfDirector

2,015 shares

+2% of holdings
Now owns 108,581 shares
Filed 3 days after trade

Oct 10Form 4 ↗

Insider tradeOct 13 · Form 4 ↗Insider tradeOct 13 · Form 4 ↗Planned insider saleAug 6 · Form 144 ↗Insider tradeAug 6 · Form 4 ↗Insider tradeAug 5 · Form 4 ↗Quarterly reportJul 29 · Form 10-Q ↗Earnings resultsJul 29 · Form 8-K ↗Investor disclosureJul 27 · Form 8-K ↗Insider tradeJul 14 · Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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