← All companies ← ALX Manual AMAL → Pipelines & Midstream CQP →

AM, Antero Midstream Corporation

Pipelines & Midstream capital-intensive Cyclical

Revenue is Natural Gas Gathering Transportation Marketing and Processing Affiliate (83%) and Natural Gas Water Handling and Treatment Affiliate (23%).

Cash expenditures to construct new midstream infrastructure and those expenditures incurred in order to extend the useful lives of our assets, reduce costs, increase revenues or increase system throughput or capacity from current levels, including well connections that increase existing system throughput.

Latest annual: FY2025 10-K

AM · Antero Midstream Corporation

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$1.2B

+7.4% YoY · 6% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $1.2B 5-yr avg $1.0B

Operating margin 52.8% 5-yr avg 58.6%

ROIC 9% 5-yr avg 8%

Next report Est. 10/26–11/2 · the 10-Q for the quarter ended late September · due within 40 days of period end · has filed ~30 days after · the wire records it on arrival

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: A regulated utility, earning a set return on the capital it sinks into its network.
Situation: Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power.
What moves the needle: Operating margin has run about 56% through the cycle, a wide margin for the work it does — whether that reflects a durable edge or one that can fade is what the record weighs. The margin is cyclical, swinging between −59% and 95% over the years, so the through-cycle figure carries more than any single year — and the balance sheet at the trough more than the peak. Capital spending runs about 18% of sales, well above depreciation, so the return earned on what it sinks into that plant weighs as much as the margin. Read this kind of business on rate base and the allowed return. On its own account, the filing leans hardest on supplier & input dependence, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has sat near the cost of capital (median 7%). By owner earnings: roughly 70% of revenue reaches owners as cash, consistently. Modest returns here are the design, not a verdict: a regulated utility's prices are set by commission, so the questions are the return the regulator allows, how fast the invested base it earns that return on is growing, and the health of the relationship with the commissions that decide both — all of which live in the 10-K, not the multiple.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

Natural Gas Gathering Transportation Marketing And Processing Affiliate is 83% of revenue, with Natural Gas Water Handling And Treatment Affiliate the other meaningful line at 23%.

Revenue by product line, FY2025

Natural Gas Gathering Transportation Marketing And Processing Affiliate83%$987M
Natural Gas Water Handling And Treatment Affiliate23%$269M
Natural Gas Water Handling And Treatment0%$2M

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2016–2025

realized figures from each filing · older years to the left

2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMJun 2026
											Income statement
$17M	$70M	$143M	$793M	$901M	$898M	$920M	$1.0B	$1.1B	$1.2B	$1.2B	RevenueRevenue
5%	59%	31%	15%	6%	7%	7%	7%	8%	7%	7%	SG&A / revenueSG&A/rev
$16M	($41M)	($44M)	($398M)	($118M)	$555M	$539M	$612M	$659M	$645M	$652M	Operating incomeOp. inc.
95.2%	−59.0%	−30.7%	−50.3%	−13.1%	61.8%	58.6%	58.7%	59.6%	54.2%	52.8%	Operating marginOp. mgn
$16M	$29M	$99M	($458M)	($178M)	$449M	$444M	$500M	$549M	$564M	—	Pretax incomePretax
$10M	$5M	$61M	($356M)	($123M)	$331M	$326M	$371M	$400M	$413M	$399M	Net incomeNet inc.
40%	—	33%	—	—	26%	26%	26%	27%	27%	27%	Effective tax rateTax rate
											Cash flow & returns
$10M	$28M	$84M	$622M	$753M	$710M	$700M	$779M	$844M	$932M	$961M	Operating cash flowOp. cash
—	—	—	$96M	$109M	$109M	$132M	$136M	$140M	$134M	$140M	DepreciationDeprec.
($174K)	($12M)	($13M)	$809M	$755M	$256M	$222M	$240M	$259M	$340M	$378M	Working capital & otherWC & other
—	—	—	$267M	$158M	—	$217M	$266K	$70M	—	—	CapexCapex
—	—	—	33.7%	17.5%	—	23.6%	0.0%	6.3%	—	—	Capex / revenueCapex/rev
—	—	—	$527M	$645M	—	$568M	$779M	$774M	—	—	Owner earningsOwner earn.
—	—	—	66.5%	71.6%	—	61.7%	74.8%	70.0%	—	—	Owner earnings marginOE mgn
—	—	—	$355M	$595M	—	$483M	$779M	$774M	—	—	Free cash flowFCF
—	—	—	44.8%	66.1%	—	52.5%	74.8%	70.0%	—	—	Free cash flow marginFCF mgn
—	$16M	$84M	$492M	$590M	$471M	$433M	$435M	$438M	$439M	$436M	Dividends paidDiv. paid
—	—	—	$126M	$25M	—	—	—	$29M	$135M	—	BuybacksBuybacks
—	—	—	($526M)	($219M)	($233M)	($494M)	($183M)	($243M)	($169M)	—	Investing cash flowInv. cash
—	($32M)	($87M)	($98M)	($535M)	($477M)	($206M)	($596M)	($601M)	($500M)	—	Financing cash flowFin. cash
—	—	—	($2M)	($595K)	($640K)	—	$66K	($66K)	$263M	—	Change in cashΔ cash
—	-214%	-102%	-5%	-2%	8%	7%	8%	9%	9%	9%	ROICROIC
95%	32%	199%	-11%	-5%	14%	15%	17%	19%	21%	21%	Return on equityROE
—	−71%	−74%	−27%	−29%	−6%	−5%	−3%	−2%	−1%	−2%	Retained to equityRetained/eq
											Balance sheet
$10M	$6M	$3M	$1M	$640K	—	—	$66K	—	$180M	$0	Cash & investmentsCash+inv
—	—	—	$5M	$839K	$747K	$575K	—	—	—	—	ReceivablesReceiv.
—	$236K	$28K	$7M	$9M	$24M	$23M	—	—	—	—	Accounts payablePayables
—	—	—	($2M)	($9M)	($23M)	($22M)	—	—	—	—	Operating working capitalOper. WC
$10M	$6M	$3M	$109M	$94M	$84M	$89M	$91M	$118M	$380M	$141M	Current assetsCur. assets
$7M	$14M	$17M	$242M	$94M	$114M	$102M	$96M	$101M	$111M	$167M	Current liabilitiesCur. liab.
1.4×	0.4×	0.2×	0.4×	1.0×	0.7×	0.9×	0.9×	1.2×	3.4×	0.8×	Current ratioCurr. ratio
—	—	—	$3.3B	$3.3B	$3.4B	$3.8B	$3.8B	$3.9B	$3.5B	—	Net PP&ENet PP&E
$17M	$30M	$48M	$6.3B	$5.6B	$5.5B	$5.8B	$5.7B	$5.8B	$5.9B	$6.4B	Total assetsAssets
—	—	—	$2.9B	$3.1B	$3.1B	$3.4B	$3.2B	$3.1B	$3.2B	$3.6B	Total debtDebt
—	—	—	$2.9B	$3.1B	$3.1B	$3.4B	$3.2B	$3.1B	$3.0B	$3.6B	Net debt / (cash)Net debt
$7M	$14M	$17M	$3.1B	$3.2B	$3.3B	$3.6B	$3.6B	$3.6B	$3.9B	—	Total liabilitiesTotal liab.
$10M	$16M	$31M	$3.1B	$2.4B	$2.3B	$2.2B	$2.2B	$2.1B	$2.0B	$1.9B	Shareholders’ equityEquity
—	50.1%	24.6%	9.3%	1.4%	1.5%	2.1%	3.0%	4.0%	3.9%	3.5%	Stock comp / revenueSBC/rev
—	—	—	$340M	$575M	—	—	—	—	—	$575M	Goodwill written downGW imp.
											Per share
—	186M	186M	443M	478M	480M	480M	482M	485M	482M	478M	Shares out (diluted)Shares
—	$0.37	$0.77	$1.79	$1.88	$1.87	$1.92	$2.16	$2.28	$2.46	$2.58	Revenue / shareRev/sh
—	$0.03	$0.33	$-0.80	$-0.26	$0.69	$0.68	$0.77	$0.83	$0.86	$0.84	EPS (diluted)EPS
—	—	—	$1.19	$1.35	—	$1.18	$1.61	$1.60	—	—	Owner earnings / shareOE/sh
—	—	—	$0.80	$1.24	—	$1.01	$1.61	$1.60	—	—	Free cash flow / shareFCF/sh
—	$0.09	$0.45	$1.11	$1.23	$0.98	$0.90	$0.90	$0.90	$0.91	$0.91	Dividends / shareDiv/sh
—	—	—	$0.60	$0.33	—	$0.45	$0.00	$0.14	—	—	Cap. spending / shareCapex/sh
—	$0.08	$0.17	$7.10	$5.06	$4.77	$4.56	$4.46	$4.36	$4.09	$4.07	Book value / shareBVPS

The diluted share count moved ×2.38 into 2019 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+26.6%/yr (8-yr)	+5.5%/yr
Owner earnings / share	+6.0%/yr (5-yr)	+6.0%/yr
EPS	+54.4%/yr (8-yr)	—
Dividends / share	+34.3%/yr (8-yr)	−5.9%/yr
Capital spending / share	−24.9%/yr (5-yr)	−24.9%/yr
Book value / share	+62.6%/yr (8-yr)	−4.2%/yr

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2016FY2025

Owner-earnings bridge

FY2019–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business turned $400M of profit into $774M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.

Reported net income$400M

Owner earnings$774M · 70% of revenue

	FY2024	FY2023	FY2022	FY2020	FY2019
Reported net income	$400M	$371M	$326M	($123M)	($356M)
Depreciationnon-cash charge added back	+$140M	+$136M	+$132M	+$109M	+$96M
Amortization of intangible assetsnon-cash charge added back; the purchase price of past acquisitions, expensed over time	+$71M	+$71M	+$71M	+$71M	+$57M
Stock-based compensationreal costnon-cash, but a real cost	+$44M	+$32M	+$20M	+$13M	+$74M
Working capital & othertiming of cash in and out, other non-cash items	+$189M	+$169M	+$152M	+$684M	+$752M
Cash from operations	$844M	$779M	$700M	$753M	$622M
Maintenance capital expenditurethe spending needed just to hold position and volume	−$70M	−$266K	−$132M	−$109M	−$96M
Owner earnings	$774M	$779M	$568M	$645M	$527M
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	—	−$85M	−$49M	−$172M
Free cash flow	$774M	$779M	$483M	$595M	$355M
Owner-earnings marginowner earnings ÷ revenue	70%	75%	62%	72%	66%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $44M), owner earnings is nearer $730M.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

Interest expense not tagged in the data

What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
How heavy is the debt, net of cash? $3.0B · 4.7× operating profit

Heavy net debt

Cash $180M − debt $3.2B

What this means
Netting $180M of cash and short-term investments against $3.2B of debt leaves $3.0B owed, about 4.7× a year's operating profit (5.0× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

Is it a good business?

Return on invested capital 7%

Below average through the cycle

9-yr median, range -214%–9%; 9% latest = NOPAT $472M ÷ invested capital $5.0B

Industry peers: median 5%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran 9% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin —

Not enough data

Industry peers: median 14%

What this means
The filing data didn't include the inputs for this check.
Are earnings backed by cash? 2.26×

Cash-backed

Cash from ops $932M ÷ net income $413M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

Not enough data

What this means
The filing data didn't include the inputs for this check.
Investing or harvesting? —

Not enough data

What this means
The filing data didn't include the inputs for this check.

The promise and the pay packet

Is the buyback buying ownership, or mopping up? 3.9%

The buyback only stands still

Stock compensation $46M (fiscal 2025), 3.9% of revenue · repurchases $135M · diluted shares +0.4% since 2022

What this means
Stock handed to employees is a real cost paid in the owner's own currency: it is charged against profit, but the shares it creates are permanent. Many companies repurchase stock at the same time, which looks like a return of capital and often is not — if the count barely moves, the cash merely cancelled the pay packet and bought the owner nothing. The three states worth telling apart are a count genuinely shrinking, a count standing still despite large repurchases, and a count rising because the issuance was never offset at all.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Near

Revenue ≥ $2B · $1.2B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity —

Current ratio ≥ 2× (waived for utilities) · exempt

What this means
Graham exempted public utilities from this test: their working capital “takes care of itself” through the continuous bond-and-share financing of growth, so a thin current ratio is the industry's structure, not a warning. His substitute test — debt no more than twice book equity — is the next line.
Conservative debt Pass

Debt ≤ 2× equity (Graham's utility test) · $3.2B vs $2.0B equity

What this means
Graham's own substitution for public utilities: debt not exceeding twice the stock equity at book value, in place of the working-capital tests an industrial faces. A utility finances its plant with bonds by design; the question is whether the borrowing stays inside the equity behind it.
Earnings stability Miss

A profit every year (10-yr record) · 2 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Near

Uninterrupted dividends · 9 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +1458%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $0.83/share (latest year $0.87), the averaged base the calculator's gate runs on, and book value is $4.15/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2016–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 8 of 10

What this means
Lost money in 2 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 7 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 2% → 58% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 2% early to 58% lately, median 54% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth +6%/yr

What this means
Owner earnings grew about 6% a year over the record.
Worst year 2017 · −59.0% op. margin

What this means
Operations went underwater in 2017, understand why before trusting the good years.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Jun 30, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$141M

Other current assets$141M

Current liabilities$167M

Other current liabilities$167M

Current ratio0.84×all current assets ÷ what's due · Graham looked for 2×

Quick ratio0.84×stricter: inventory excluded

Cash ratio0.00×strictest: cash alone against what's due

Working capital($26M)the cushion left after near-term bills

Revenue, latest quarter vs. a year ago+7.1%the freshest read on whether the business is still growing

Current ratio, recent quarters1.1× → 0.8×

Deeper floors

Tangible book value$293Mequity stripped of goodwill & intangibles

Net current asset value($4.3B)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$3.6Bno operating-lease liability tagged this quarter, so debt alone

From the company's latest filing.

How the cash was used, 2019–2024

Over the record, the business generated $3.7B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$712M · 19%
Dividends$2.4B · 65%
Buybacks$179M · 5%
Retained (debt / cash)$420M · 11%

Returned to owners$2.6B
78% of the owner earnings the business produced over the span, $2.4B as dividends and $179M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt rose $674M and cash and short-term investments fell $1M.
Average price paid for buybacks$5482.14
Across the years where the filing reports a share count, 0M shares were bought for $126M, about $5482.14 each.
Net change in share count7.9%
The diluted count rose from 443M to 478M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record$0.90/sh
Paid in 5 of the years on record, the per-share dividend shrinking about 5% a year. It was cut at least once along the way.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Chief executive	Pay, as filed	“Actually paid”	Owner earnings
2021	Paul M. Rady	$5.4M	$7.8M	—
2022	Paul M. Rady	$10.5M	$14.0M	$568M
2023	Paul M. Rady	$11.3M	$18.9M	$779M
2024	Paul M. Rady	$11.1M	$21.4M	$774M
2025	Michael N. Kennedy	$5.4M	$10.1M	—
2025	Paul M. Rady	$11.1M	$22.9M	—

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.1%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio86:1
What the chief earns for every dollar the median employee makes, per the 2026 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$46M
The slice of the business handed to employees in shares in fiscal 2025, 3.9% of revenue, equal to 7.1% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Income taxes as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pipelines & Midstream

The same industry, side by side on owner economics. Each column names the period it is read over, and a median resting on fewer than three years carries that count beside it; the group median at the foot is the line to read each figure against.

Company	Revenuelatest FY, USD	Gross marginmedian over the record	Op. marginmedian over the record	ROICmedian over the record	Owner earn. marginmedian over the record
NGLNGL ENERGY PARTNERS LP Common	$3.2B	14%	2.8%	3%	1%
KNTKKinetik Holdings Inc.	$1.8B	30%3y	8.7%	3%	17%
KGSKodiak Gas Services	$1.3B	38%	28.7%	6%	6%
DTMDT Midstream Inc. Common Stock	$1.2B	—	51.1%	5%	59%
EEExcelerate Energy Inc.	$1.2B	—	19.9%	7%	14%
AMAntero Midstream Corporation	$1.2B	—	56.4%	7%	70%
USACUSA Compression Partners LP Common	$998M	—	23.1%	6%	18%
SMCSummit Midstream Corporation	$562M	73%	12.9%	1%2y	8%
Group median	—	—	21.5%	5%	15%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Antero Midstream Corporation has delivered.

Antero Midstream Corporation’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Antero Midstream Corporation earns about $832M on its 70.0% median owner-earnings margin. This year’s — margin runs in line with that. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($832M) Net of stock comp (−$44M TTM)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.71% 10-year Treasury (Aug 18, 2026) + 4.29 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’19→’24+10%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.71%, as of Aug 18, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings — on 475M shares outstanding, per the 10-Q cover, as of 2026-07-24; net debt $3.6B. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh AM against another business →

The owners of AM: the meeting and the votes →

Cite: Owner Scorecard, "Antero Midstream Corporation (AM), the owner's record," https://ownerscorecard.com/c/AM, data as of 2026-08-17.

Manual order: ← ALX its page in the Manual AMAL →

Industry order: the Pipelines & Midstream chapter CQP →