Antero Midstream Corp. (AM) intrinsic value & 10-year financials
Antero Midstream Corp. (AM) has a Graham intrinsic value of $28.57 per share. At $20.64 on Oct 17, 2026, the stock trades 28% below that value. Over the last 10 fiscal years revenue grew 60.4% a year to $1.2B, with an average return on invested capital of 5.0%.
- Graham intrinsic value
- $28.57
- Share price (Oct 17, 2026)
- $20.64
- Price vs Graham value
- 28% below
- Market cap
- $10.0B
- Revenue (FY2025)
- $1.2B
- Revenue growth (10-yr CAGR)
- 60.4%
- ROIC (10-yr avg)
- 5.0%
- Free cash flow (FY2025)
- —
AM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.2B | $413.2M | $0.86 | — | 54.2% | 9.2% |
| FY2024 | $1.1B | $400.9M | $0.83 | $774.0M | 59.6% | 9.1% |
| FY2023 | $1.0B | $371.8M | $0.77 | $778.8M | 58.7% | 8.3% |
| FY2022 | $920.0M | $326.2M | $0.68 | $482.9M | 58.6% | 7.2% |
| FY2021 | $898.2M | $331.6M | $0.69 | — | 61.8% | 7.5% |
| FY2020 | $900.7M | -$122.5M | -$0.26 | $595.5M | -13.1% | -1.4% |
| FY2019 | $792.6M | -$355.1M | -$0.80 | $355.0M | -50.3% | -5.1% |
| FY2018 | $142.9M | $66.6M | $0.33 | — | 69.3% | — |
| FY2017 | $69.7M | $2.3M | — | — | 41.0% | — |
| FY2016 | $16.9M | $9.7M | — | — | 95.2% | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Antero Midstream Corp is a consistent compounder, expanding top-line revenue at 60.4% annually over the past decade.
Antero Midstream Corp has historically struggled to out-earn its cost of capital, averaging just 5.0% ROIC.
Antero Midstream Corp capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Antero Midstream Corp is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $28.57 per share.