Antero Midstream Partners LP (AM) Fair Value & Analysis
Energy · US · Market cap $10.2B · ISIN US03676B1026
What is Antero Midstream Partners LP really worth?
Antero Midstream Partners LP
AM · US
A solid business, but trading 228% above our fair value of $6.85.
Strengths
Risks
For context
Fair value as of: Aug 17, 2026
From 25 valuation models · updated 19 days ago
Share price +2.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($19.14). The favourable scenario is already priced in.
- The model range is unusually wide ($5.73 to $19.14). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 17, 2026.
How to read this chart
60‑month range $6.26 – $23.36 · fair‑value band $5.73 – $19.14 · the $22.46 price screens above the $6.85 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 17, 2026.
Analysis
Antero Midstream Partners LP (AM) currently trades at $22.46, while our model-based Fair Value estimate is $6.85, implying the stock looks roughly 227.9% overvalued today. The Quality Score stands at 66/100 (solid quality), in the Energy sector. Bull case: the Growth Earnings group reads highest at a median of $35.68 per share, and 9 of the 25 models we run sit above the $22.46 price. Bear case: the Asset-Based group reads lowest at $2.78, and 16 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Antero Midstream Partners LP generated revenue of $1.3B at a net margin of 31.9%. Revenue grew 8.6% year over year. It earns a return on equity of 20.4%. Net debt stands at $3.0B. Fundamentals as of Aug 17, 2026
Our scenario range runs from $5.73 (bear case) to $19.14 (bull case); at $22.46, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 5% below its 52-week high and 39% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at −70%, AM screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Growth Earnings ($35.68) versus Asset-Based ($2.78). Highest evidence: EPV (73).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 17, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 69
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Antero Midstream Corporation owns, operates, and develops midstream energy assets in the Appalachian Basin. It operates in two segments, Gathering and Processing, and Water Handling.
Full company description
Antero Midstream Corporation owns, operates, and develops midstream energy assets in the Appalachian Basin. It operates in two segments, Gathering and Processing, and Water Handling. The gathering and processing segment includes a network of gathering pipelines and compressor stations that collect and process natural gas and NGLs from Antero Resources' wells in West Virginia and Ohio. The Water Handling segment delivers water from sources, including the Ohio River, local reservoirs, and various regional waterways; other fluid handling services, which include transfer and disposal; uses water handling systems to transport flowback and produced water; and buried pipelines, surface pipelines, and water storage facilities, as well as pumping stations and blending facilities. Antero Midstream Corporation was founded in 2002 and is headquartered in Denver, Colorado.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Antero Midstream Partners LP reported revenue of $1.3B in FY2025 versus $969M in FY2021, a compound +6.8%/yr. Reported net income was $413M in FY2025, compounding +5.7%/yr from FY2021.
of which total revenue +20.0 % · buybacks/dilution −10.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
AM screens 228% overvalued. Compare with Enbridge Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Antero Midstream (AM) Up 4.6% Since Last Earnings Report: Can It Continue?
- How Record EBITDA and Eastside Express Launch Will Impact Antero Midstream (AM) Investors
- Antero Announced as Official Jersey Patch Sponsor of WVU Athletics
- Is Antero Midstream Stock Worth Buying Despite Its Premium Valuation?
Peer Group
Oil & Gas Midstream · 89 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Midstream median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 42/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Midstream stocks, each showing price versus our Fair Value estimate (as of Aug 17, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Enbridge Inc ENB | $50.72 | $35.83 | −29% |
| The Williams Companies, Inc WMB | $74.05 | $11.73 | −84% |
| Enterprise Products Partners L.P. EPD | $39.02 | $20.94 | −46% |
| TC Energy Corporation TRP | C$88.72 | C$24.53 | −72% |
| Kinder Morgan, Inc KMI | $31.60 | $10.92 | −65% |
| Energy Transfer LP, ET | $21.31 | $11.45 | −46% |
| MPLX LP owns and MPLX | $59.25 | $36.42 | −39% |
| ONEOK, Inc OKE | $95.69 | $58.62 | −39% |
| Targa Resources Corp TRGP | $286.91 | $79.61 | −72% |
| Cheniere Energy, Inc LNG | $280.80 | $199.99 | −29% |
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