Forensic Analysis · Energy / Oil & Gas · as of Aug 10, 2026
Antero Midstream Corp (AM)
A forensic read on Antero Midstream Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality compounder
Forensic grade
Safe
Financial health
3.8
Distress distance
Clean
Earnings quality
5
Forensic signals
25.5
P / E (ttm)
21.0%
ROE
$10.4B
Market cap
4.19%
Dividend yield
7.4%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Antero Midstream Corp earns an A (High-quality compounder) forensic quality grade, and its balance-sheet distress test reads 3.8, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
8.4%
FY2025
Return on invested capital.Return on invested capital is 8.4% in the latest fiscal year and steady — around its ~8% cost of capital, so growth is roughly value-neutral.
+0.1%/yr
FY2022–FY2025
Share count.Diluted share count changed +0% over the last 3 years to FY2025 (+0.1%/yr). Roughly flat — buybacks ($135M) are about offsetting stock comp ($46M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
62% of OCF
FY2025
Shareholder returns.Returned $574M to shareholders (buybacks + dividends) in FY2025 — 62% of operating cash flow. Capex isn't disclosed for FY2025, so this is the ceiling on coverage, not the free-cash-flow payout — actual free-cash coverage is tighter than this reads.
$916M
FY2019–FY2020
Goodwill impairments.Took $916M of goodwill writedowns across 2 years (FY2019 ($340M), FY2020 ($575M)). Writedowns mean past acquisitions underperformed what was paid for them.
-20%
FY2020→FY2021
Dividend — cut.The payout was CUT ~20% in FY2021 (from FY2020) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies. Measured on total dividend dollars rather than per share: the reported share count steps sharply around FY2019, a stock-split seam between filing vintages rather than a change in the payout, and a split leaves the dollars paid untouched.
Key fundamentals
Latest Revenue$1.19B
Revenue Growth YoY+7.4%
Revenue CAGR (3yr)+8.9%
Net Margin34.8%
Return on Equity21.0%
Debt / Equity1.63x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Antero Midstream Corp's actual 10-K/10-Q/8-K filings?