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Antero Midstream Corp key statistics and ratios

In fiscal 2025, Antero Midstream Corp had return on equity of 20.2% and a net margin of 34.7%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin61.8%57.3%7.1%42.9%−44.9%−13.7%36.9%35.4%35.6%36.2%34.7%53.4%
Return on equity———198.9%−22.4%−4.4%14.1%14.5%17.1%18.8%20.2%32.3%
Return on assets—55.9%21.0%158.5%−11.2%−2.1%5.9%5.7%6.4%7.0%7.1%11.1%
Effective tax rate38.2%39.8%91.9%32.7%——26.1%26.5%25.7%26.9%26.8%26.5%
Dividends ÷ net income——324.2%137.1%——142.3%132.9%117.1%109.3%106.4%64.3%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 6 checks passed · September 30, 2026
What it owns · $6.3bn
Short-term assets $127mLonger-term assets $6.2bn
What it owes, and who funded it · $6.3bn
Short-term liabilities $150mLonger-term liabilities $4.0bnShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $127m of assets due within a year against $150m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $127m short-term assets against $4.0bn of longer-dated liabilities.
  • More cash than debt $0 of cash against $3.2bn of debt.
  • Debt below 40% of shareholders' equity Debt is 142% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 139% to 142% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.3bn of operating cash flow against $3.2bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Antero Midstream Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

67 /100

Moderate moat

How hard Antero Midstream's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 9 / 20

    Net income has been a median 6.4% of total assets over 10 years.

  • Durability 10 / 20

    Operating margin has been a median 58.7%; its worst year was -70.4%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 5 of 5 years, at a median 69.3% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 0.1% over five years; stock-based pay has been a median 3.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Antero Midstream Corp's SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Antero Midstream Corp.