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Antero Midstream Valuation Multiples

Discover revenue and EBITDA valuation multiples for Antero Midstream and similar public comparables like TAQA, Dana Gas, and AGL Energy.

Antero Midstream Overview

About Antero Midstream

Antero Midstream Corp is a midstream company that owns, operates, and develops midstream energy assets that service Antero Resources’ production and completion activity in the Appalachian Basin located in West Virginia and Ohio. The company has two operating segments; the Gathering and Processing segment includes a network of gathering pipelines and compressor stations that collect and process production from Antero Resources wells in West Virginia and Ohio and the Water Handling segment includes two independent systems that deliver water from sources including the Ohio River, local reservoirs and several regional waterways. It derives a majority of its revenue from the Gathering and Processing segment.


Founded

2013

HQ

United States of America
Employees

616

Financials

LTM Revenue $1.1B

LTM EBITDA $1.1B

EV

$12.1B

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Antero Midstream Financials

Antero Midstream has a last 12-month revenue (LTM) of $1.1B and a last 12-month EBITDA of $1.1B.

In the most recent fiscal year, Antero Midstream achieved revenue of $1.2B and an EBITDA of $966M.

Antero Midstream expects next 12-month revenue of  XXX    and NTM EBITDA of  XXX

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Antero Midstream P&L

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue $1.1B XXX $1.2B XXX XXX XXX
Gross Profit $913M XXX $748M XXX XXX XXX
Gross Margin 81% XXX 64% XXX XXX XXX
EBITDA $1.1B XXX $966M XXX XXX XXX
EBITDA Margin 95% XXX 82% XXX XXX XXX
EBIT $790M XXX $660M XXX XXX XXX
EBIT Margin 70% XXX 56% XXX XXX XXX
Net Profit $441M XXX $401M XXX XXX XXX
Net Margin 39% XXX 34% XXX XXX XXX
Net Debt XXX XXX $3.1B XXX XXX XXX

Financial data powered by Morningstar, Inc.

Antero Midstream Stock Performance

As of May 30, 2025, Antero Midstream's stock price is $19.

Antero Midstream has current market cap of $9.0B, and EV of $12.1B.

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Antero Midstream Stock Data

EV Market Cap Price 1D Price 1M Price 3M Price 12M EPS
$12.1B $9.0B XXX XXX XXX XXX $0.89

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Antero Midstream Valuation Multiples

As of May 30, 2025, Antero Midstream has market cap of $9.0B and EV of $12.1B.

Antero Midstream's trades at 10.3x EV/Revenue multiple, and 12.5x EV/EBITDA.

Equity research analysts estimate Antero Midstream's 2025E EV/Revenue multiple at  XXX and 2025E EV/EBITDA multiple at  XXX

Antero Midstream has a P/E ratio of 20.4x.

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Antero Midstream Financial Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Market cap (current) $9.0B XXX $9.0B XXX XXX XXX
EV (current) $12.1B XXX $12.1B XXX XXX XXX
EV/Revenue 10.7x XXX 10.3x XXX XXX XXX
EV/EBITDA 11.3x XXX 12.5x XXX XXX XXX
EV/EBIT 15.3x XXX 18.4x XXX XXX XXX
EV/Gross Profit 13.3x XXX n/a XXX XXX XXX
P/E 20.4x XXX 22.4x XXX XXX XXX
EV/FCF 17.1x XXX 20.1x XXX XXX XXX

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Antero Midstream Margins & Growth Rates

Antero Midstream's last 12 month revenue growth is 5%

Antero Midstream's revenue per employee in the last FY averaged $1.9M, while opex per employee averaged $0.1M for the same period.

Antero Midstream's rule of 40 is 88% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Antero Midstream's rule of X is 106% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Antero Midstream Operational Valuation Multiples

LTM NTM Last FY FY 2025 FY 2026 FY 2027
Revenue Growth 5% XXX 1% XXX XXX XXX
EBITDA Margin 95% XXX 82% XXX XXX XXX
EBITDA Growth 4% XXX 9% XXX XXX XXX
Rule of 40 88% XXX 87% XXX XXX XXX
Bessemer Rule of X XXX XXX 106% XXX XXX XXX
Revenue per Employee XXX XXX $1.9M XXX XXX XXX
Opex per Employee XXX XXX $0.1M XXX XXX XXX
S&M Expenses to Revenue XXX XXX n/a XXX XXX XXX
G&A Expenses to Revenue XXX XXX n/a XXX XXX XXX
R&D Expenses to Revenue XXX XXX n/a XXX XXX XXX
Opex to Revenue XXX XXX 7% XXX XXX XXX

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Antero Midstream Public Comps

See public comps and valuation multiples for Energy Exploration & Generation and Fossil Fuels comps
EV/Revenue EV/EBITDA
2025E 2026E 2027E 2025E 2026E 2027E
ADNOC Drilling Company XXX XXX XXX XXX XXX XXX
ADNOC Gas XXX XXX XXX XXX XXX XXX
Dana Gas XXX XXX XXX XXX XXX XXX
TAQA XXX XXX XXX XXX XXX XXX
AGL Energy XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX
XXXXXXXX XXX XXX XXX XXX XXX XXX

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Antero Midstream M&A and Investment Activity

Antero Midstream acquired  XXX companies to date.

Last acquisition by Antero Midstream was  XXXXXXXX, XXXXX XXXXX XXXXXX . Antero Midstream acquired  XXXXXXXX for  XXX (EV/Revenue multiple of  XXX ).

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Latest Acquisitions by Antero Midstream

Acquired Company EV EV/Revenue EV/EBITDA
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX
XXXXXXXXX XXX XXX XXX

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About Antero Midstream

When was Antero Midstream founded? Antero Midstream was founded in 2013.
Where is Antero Midstream headquartered? Antero Midstream is headquartered in United States of America.
How many employees does Antero Midstream have? As of today, Antero Midstream has 616 employees.
Who is the CEO of Antero Midstream? Antero Midstream's CEO is Mr. Paul M. Rady.
Is Antero Midstream publicy listed? Yes, Antero Midstream is a public company listed on NYS.
What is the stock symbol of Antero Midstream? Antero Midstream trades under AM ticker.
When did Antero Midstream go public? Antero Midstream went public in 2017.
Who are competitors of Antero Midstream? Similar companies to Antero Midstream include e.g. ADNOC Drilling Company, ADNOC Gas, Dana Gas, TAQA.
What is the current market cap of Antero Midstream? Antero Midstream's current market cap is $9.0B
What is the current revenue of Antero Midstream? Antero Midstream's last 12 months revenue is $1.1B.
What is the current revenue growth of Antero Midstream? Antero Midstream revenue growth (NTM/LTM) is 5%.
What is the current EV/Revenue multiple of Antero Midstream? Current revenue multiple of Antero Midstream is 10.7x.
Is Antero Midstream profitable? Yes, Antero Midstream is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Antero Midstream? Antero Midstream's last 12 months EBITDA is $1.1B.
What is Antero Midstream's EBITDA margin? Antero Midstream's last 12 months EBITDA margin is 95%.
What is the current EV/EBITDA multiple of Antero Midstream? Current EBITDA multiple of Antero Midstream is 11.3x.
What is the current FCF of Antero Midstream? Antero Midstream's last 12 months FCF is $710M.
What is Antero Midstream's FCF margin? Antero Midstream's last 12 months FCF margin is 63%.
What is the current EV/FCF multiple of Antero Midstream? Current FCF multiple of Antero Midstream is 17.1x.

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