CluenexAntero Midstream AM
Antero Midstream scores average on business quality (5.4 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Antero Midstream does
Antero Midstream owns and operates gathering pipelines, compression stations, and water handling assets in the Appalachian Basin, generating cash by charging fixed fees to natural gas producers. UBS recently lowered its price target to $22 while maintaining a neutral stance, focusing investor attention on cash return sustainability.
- What it does best
Antero Midstream delivers elite capital efficiency, converting its revenue into an operating margin of 59.7% that sits in the top decile of the energy sector. This operating leverage stems from dedicated gathering acreage agreements with parent producer Antero Resources, locking in long-term volume without pricing risk.
- The main risk
Antero Midstream carries a debt-to-equity ratio of 1.6x, leaving its dividend and buyback programs vulnerable if producer drilling activity slows down across its dedicated Appalachian footprint.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins at 59.7% and free cash flow margins at the 98th sector percentile show exceptional conversion of revenue into cash as fixed asset costs get absorbed by rising volume.
Physical infrastructure creates a local monopoly over producer gathering routes, locking in regional volumes with fixed-fee contracts backed by a sector operating margin percentile of 96.
Revenue grew 7.4% to $1.2B over the latest period, continuing a steady multi-year climb from $898M in 2021 as volume commitments from producers expand processing needs.
With interest coverage at 3.6x and net debt sitting at $3.0B, debt servicing consumes meaningful cash before free cash flow of $775M can fund shareholder returns, keeping the balance sheet constrained.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
2 sold $459K outside pre-planned sales.
Our sealed record on AM
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Antero Midstream scores average on the Cluenex quality check (5.4 of 10), measured against its own industry. Profitability is strong, moat fair, growth steady and financial health weak.
In the last 90 days of SEC Form 4 filings: 2 sold $459K outside pre-planned sales.
Oct 28, 2026.
See AM today
- Today's verdict on AM, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Antero Midstream (AM)”, https://cluenex.com/stocks/am/, data as of Oct 10, 2026.