Antero Midstream (AM)
NYSEEnergyOil & Gas MidstreamSnapshot 2026-11-04
$19.86-5.16%
Close 2026-11-04 · 1-day change
NYSEEnergyOil & Gas MidstreamSnapshot 2026-11-04
QuarterlyIQ Insights · AM
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within energy on a research-validated quality screen. As of 2026-11-04.
The screen ranks AM against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 4 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Energy names rated strong grew net income 55% of the time over the next year (vs 58% for the rest of the cohort, n=1774).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
On the operational front, we are currently servicing two drilled but uncompleted growth pads utilizing our legacy water system and remain on track to complete our HG water system integration efforts…
Stated in 4 of 4 supplied quarters. Management reported: “These growth pads and integration efforts are expected to drive visible EBITDA growth in the fourth quarter of 2026 and 2027.”” “Our water integration projects remain on track, which we expect to drive high-single digit EBITDA growth in 2027.”” Revenue was $327.022 million in 2026-Q3.
“On the operational front, we are currently servicing two drilled but uncompleted growth pads utilizing our legacy water system and remain on track to complete our HG water system integration efforts…”
“Our water integration projects remain on track, which we expect to drive high-single digit EBITDA growth in 2027.””
“Mr. Kennedy continued, “In addition to the integration efforts that remain on schedule, we continue to invest capital to improve the connectivity and market outlets on our gathering systems.”
“Antero Midstream’s water system will service Antero Resources legacy acreage completions in 2026 before integrating the water systems and providing incremental water services in 2027 and beyond on th…”
Lastly, the Company continued initial construction on East Side Express, the Company’s first regional connectivity expansion project.
Stated in 2 of 4 supplied quarters. Management reported: “Lastly, the Company continued initial construction on East Side Express, the Company’s first regional connectivity expansion project.” “Mr. Kennedy further added, “In addition, during the quarter we commenced initial construction of our first intrastate regional pipeline, the “East Side Express”, which will enhance regional connectivity within our operating areas.”
This includes reducing absolute debt by over $400 million during the quarter, calling our nearest maturity senior notes, and accelerating share repurchases once our leverage target was achieved.
Stated in 2 of 4 supplied quarters. Management reported: “This includes reducing absolute debt by over $400 million during the quarter, calling our nearest maturity senior notes, and accelerating share repurchases once our leverage target was achieved.” “Looking ahead to 2026, we expect to maintain a strong balance sheet with leverage near 3-times and a balanced approach of debt reduction and opportunistic share repurchases.”
These growth pads and integration efforts are expected to drive visible EBITDA growth in the fourth quarter of 2026 and 2027.”
Stated in 3 of 4 supplied quarters. Management reported: “Antero Midstream also expects to place in service 80 MMcf/d of additional compression capacity in the liquids-rich corridor in the fourth quarter of 2026.” “The Company is forecasting Adjusted EBITDA of $1.19 to $1.24 billion, which represents an 8% increase compared to 2025 at the midpoint.”
“These growth pads and integration efforts are expected to drive visible EBITDA growth in the fourth quarter of 2026 and 2027.””
Direct capital to gathering, compression, water infrastructure, and expansion projects while maintaining the stated 2026 capital budget.
Over the trailing year it converted 1.93x of net income into operating cash flow. Historically, Energy names rated neutral grew net income 40% of the time over the next year (vs 47% for the rest of the cohort, n=1310).
Not enough signal yet.
Not enough signal to read sensitivity to the broad stock market, Fed net liquidity, long-term interest rates, the US dollar, real (inflation-adjusted) rates (low R² over the window).
11 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Energy names rated stable grew net income 61% of the time over the next year (vs 57% for the rest of the cohort, n=1671).
Not investment advice. As of 2026-11-04.
“Lastly, the Company continued initial construction on East Side Express, the Company’s first regional connectivity expansion project.”
“Mr. Kennedy further added, “In addition, during the quarter we commenced initial construction of our first intrastate regional pipeline, the “East Side Express”, which will enhance regional connectiv…”
“This includes reducing absolute debt by over $400 million during the quarter, calling our nearest maturity senior notes, and accelerating share repurchases once our leverage target was achieved.”
“Looking ahead to 2026, we expect to maintain a strong balance sheet with leverage near 3-times and a balanced approach of debt reduction and opportunistic share repurchases.”
“Looking ahead, we expect an increase in volumes across both the gathering and water businesses to drive EBITDA growth in the back half of the year in line with our full year guidance range.””
“Looking ahead we expect our just-in-time organic strategy, bolstered by the highly accretive HG Energy acquisition, to continue delivering high-single digit EBITDA growth in the future.””