AM Financials Antero Midstream Corp

11 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Oct 31, 2026, 11:16 UTC Overview →

Growth & profitability

Revenue has grown 5.7% per year over the past 5 years.
Net income has grown in line with revenue (5.9% vs 5.7% per year).
Operating margin has expanded, at 54.2% in the latest year.
Free cash flow has grown 26.6% per year over the past 5 years.

Financial health

Total debt ($3.2B) exceeds cash ($263M); net debt is $3.0B.
Total debt has grown slower than revenue (0.8% vs 5.7% per year).
Total debt is 5.0× EBITDA.

Shareholder returns

Dividends have been paid for 9 consecutive years, consuming 105.0% of earnings.
The dividend has declined 5.7% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$1.2B	$418M	0.0%	54.2%	21.2%	7.1%	—	$3.2B	$263M
2024	$1.1B	$401M	0.0%	59.6%	19.0%	7.0%	$774M	$3.1B	—
2023	$1.0B	$372M	0.0%	58.7%	17.3%	6.5%	$779M	$3.2B	$66000
2022	$920M	$326M	0.0%	58.6%	14.9%	5.6%	$483M	$3.4B	$0
2021	$898M	$332M	0.0%	61.8%	14.5%	6.0%	—	$3.1B	—
2020	$901M	—	0.0%	-13.1%	0.0%	0.0%	—	$3.1B	$640000
2019	$793M	—	0.0%	-50.3%	0.0%	0.0%	—	$2.9B	$1M
2018	$143M	—	0.0%	-30.7%	0.0%	0.0%	—	—	$3M
2017	$70M	$5M	0.0%	-59.0%	—	16.6%	—	—	$6M
2016	$17M	$10M	0.0%	95.2%	—	55.9%	—	—	$10M
2015	$1M	$781000	0.0%	0.0%	—	—	—	—	—

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Sep '26	$327M	$393M	0.0%	170.4%	17.7%	6.2%	—	$3.2B	$0
Jun '26	$327M	$114M	0.0%	55.6%	5.8%	1.8%	—	$3.6B	$0
Mar '26	$314M	$118M	0.0%	60.0%	6.1%	1.8%	—	$3.7B	$0
Dec '25	$297M	$52M	0.0%	33.8%	2.6%	0.9%	—	$3.2B	$263M
Sep '25	$295M	$116M	0.0%	61.2%	5.6%	2.0%	—	$3.0B	$0
Jun '25	$305M	$125M	0.0%	61.0%	6.0%	2.2%	—	$3.0B	$0
Mar '25	$291M	$121M	0.0%	60.9%	5.8%	2.1%	—	$3.1B	$0
Dec '24	$287M	$111M	0.0%	61.8%	5.3%	1.9%	$233M	$3.1B	—
Sep '24	$270M	$100M	0.0%	60.2%	4.7%	1.7%	$186M	$3.2B	$0
Jun '24	$270M	$86M	0.0%	56.6%	4.0%	1.5%	$147M	$3.2B	$0
Mar '24	$279M	$104M	0.0%	59.6%	4.8%	1.8%	$209M	$3.2B	$26M
Dec '23	$260M	$100M	0.0%	59.8%	4.7%	1.8%	$208M	$3.2B	$66000
Sep '23	$264M	$98M	0.0%	61.5%	4.5%	1.7%	$202M	$3.3B	$0
Jun '23	$258M	$87M	0.0%	56.3%	4.0%	1.5%	$186M	$3.3B	—
Mar '23	$259M	$87M	0.0%	57.2%	4.0%	1.5%	$182M	$3.3B	—
Dec '22	$242M	$83M	0.0%	59.7%	3.8%	1.4%	—	$3.4B	$0
Sep '22	$231M	$84M	0.0%	59.6%	3.8%	1.5%	—	$3.1B	—
Jun '22	$229M	$79M	0.0%	56.1%	3.6%	1.4%	—	$3.2B	—
Mar '22	$218M	$80M	0.0%	59.1%	3.5%	1.4%	—	$3.1B	—
Dec '21	$216M	$79M	0.0%	59.4%	3.4%	1.4%	—	$3.1B	—

Valuation over time

How the market has priced AM against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 15.2× (Mar '23) to 23.7× (Nov '26).
The price-to-sales ratio has risen from 5.4× (Mar '23) to 8.3× (Nov '26).
The dividend yield has fallen from 8.7% (Mar '23) to 4.4% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is AM growing its revenue and profit?

Over the past 5 years, Antero Midstream Corp's revenue has grown 5.7% per year, and net income grown 5.9% per year. These are computed facts, not advice.

How much debt does AM have?

As of FY2025, Antero Midstream Corp reported $3.2B of total debt against $263M of cash.

What is AM's profit margin?

In FY2025, gross margin was —, operating margin 54.2%, and net margin 35.2%.

What is AM's P/E ratio?

Antero Midstream Corp's P/E (TTM) is 14.63 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the AM stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 23.7× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.