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Antero Midstream Corporation
🏹 Trader: 🎯 Near 52W High | BRS 68 Forming View all →
$10.5B
Market Cap
20.7
P/E
2.92
PEG
10.5%
ROCE
20.2%
ROE
1.63
D/E
58.2%
OPM
-4.6%
% from 52W High
68
α RS
🔍 AM is showing a high-conviction setup because it matches 9 of 39 tracked screener presets, Sector RRG has Energy in the Leading quadrant with the trail still strengthening, and RS Rating is 68. Net: Broad signal stack, not a recommendation. ? Conviction RRG RS Rating
Sources
Conviction 9/39 · Energy in Leading quadrant · RS Rating 68
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About

Antero Midstream Corporation owns, operates, and develops midstream energy assets in the Appalachian Basin. It operates in two segments, Gathering and Processing, and Water Handling. The gathering and processing segment includes a network of gathering pipelines and compressor stations that collect and process natural gas and NGLs from Antero Resources’ wells in West Virginia and Ohio. The Water Handling segment delivers water from sources, including the Ohio River, local reservoirs, and various regional waterways; other fluid handling services, which include transfer and disposal; uses water handling systems to transport flowback and produced water; and buried pipelines, surface pipelines, and water storage facilities, as well as pumping stations and blending facilities. Antero Midstream Corporation was founded in 2002 and is headquartered in Denver, Colorado.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →
📊 MIXED Q1 2026 EBITDA $288M, free cash flow $192M, closed $1.1B acquisition.
Revenue & Profitability
Adjusted EBITDA for Q1 2026 was $288 million, a 5% increase year-over-year. Free cash flow before dividends was $192 million, and free cash flow after dividends was $85 million (8% increase year-over-year). The company exited the quarter with leverage in the low three times range and over $800 million in liquidity. No specific revenue, net income, or operating income figures were provided.
Outlook
Management highlighted significant demand growth for U.S. energy due to geopolitical events and data center announcements. The company expects to enhance connectivity within its operating areas, especially the dry gas area and newly acquired assets, to support this demand. The outlook is for continued capital-efficient growth driven by low-cost volume growth.
Growth Drivers
Key growth drivers include the full-year integration of the acquired water system (expected in 2027), which alone supports high single-digit EBITDA growth. Additional growth could come from increased upstream completions by Antero Resources. The company is also participating in local demand projects (data centers, power) that require infrastructure laterals and water services.
Balance Sheet & CapEx
Capital expenditures in Q1 2026 were used to finance part of the $1.1 billion acquisition. The company expects higher capex in upcoming quarters as construction season improves. Specific capex guidance for 2026 was not changed. The water system integration is budgeted at $25 million, about halfway completed as of Q1. The company also opportunistically repurchased shares.
Margins
Not discussed in this earnings call.
Key Risks
The transcript did not explicitly discuss risks. However, management noted that adverse winter weather (Winter Storm Gerri) was successfully navigated without outages. An analyst question touched on the timeline for supporting larger projects, implying execution risk, but no specific risk factors were flagged.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-30
Record Q2 gathering volumes and EBITDA growth were driven by the HG Midstream integration and strong regional demand. Financial flexibility improved with a $370M legal settlement, while major infrastructure projects like East Side Express are set to support future growth.
Q1 2026 Q1 2026 2026-04-30
Q1 2026 saw EBITDA and free cash flow growth, successful asset integration, and the largest acquisition to date. High single-digit EBITDA growth is expected, with incremental returns from local demand projects and a strong liquidity position.
Q4 2025 Q4 2025 2026-02-12
Closed a $1.1B acquisition, driving 7% EBITDA and 30% free cash flow growth in 2025. 2026 guidance calls for 8% EBITDA and 11% free cash flow growth, with continued capital efficiency and leverage in the low 3x range.
Q3 2025 Q3 2025 2025-10-30
Expanded Marcellus Shale footprint and asset acquisitions drove 10% EBITDA growth and 94% higher free cash flow year-over-year. Leverage fell to 2.7x, with a balanced focus on debt reduction and share repurchases. Ongoing initiatives target both liquids-rich and dry gas growth.
Q2 2025 Q2 2025 2025-07-31
Second quarter results featured record volumes, 11% EBITDA growth, and nearly 90% higher free cash flow after dividends. 2025 guidance was raised, capital spending trimmed, and leverage reduced, with no material cash taxes expected through at least 2028.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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