AMAntero Midstream Corporation
Is the business good?
The checks split: earnings fully cash-backed (2.0×), but margins compressing.
Operating profit is fully backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Margin-driven, fat margins on slower asset turns. ROE 21% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is AM?
Antero Midstream Corporation earns 9.3% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 0.34 points above what the capital costs: growth creates value
- Operating margin
- 53%
Operating margin · Oil & Gas Midstream median 30% · 12 months to Q2 2026
- Cash conversion
- 2.03×
Cash conversion · 1.70× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- −1.1%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −13% |
| FY2021 | 62% |
| FY2022 | 59% |
| FY2023 | 59% |
| FY2024 | 60% |
| FY2025 | 54% |
Details›
- Gross margin12 months to Q2 2026
- 78%
- Operating margin12 months to Q2 2026
- 53%
- Net margin12 months to Q2 2026
- 32%
- Revenue, trailing twelve months
- $1.23B
- Net income, trailing twelve months
- $400M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 9.3%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Oil & Gas Midstream
Ranks #13 of 22 by RyuScore