Antero Midstream Partners LP (AM) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Antero Midstream Partners LP stock $11.47, price $19.17, that is 40.2% below the price, quality 68 out of 100. Rating: strongly overvalued. Calculated from audited financials with 25 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $6.26 – $23.36 · fair‑value band $7.03 – $14.91 · the $19.17 price screens above the $11.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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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.
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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.
Stock analysis
Antero Midstream Partners LP (AM) currently trades at $19.17, while our model-based Fair Value estimate is $11.47, 40% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $15.09 per share, and 3 of the 25 models we run sit above the $19.17 price.
Bear case: the Asset-Based group reads lowest at $1.27, and 22 of the 25 models stay below the price. Data coverage for this calculation is high.
Scenario range: $7.03 (bear) to $14.91 (bull), the price of $19.17 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap $9.1B Mid · P/E ratio 13.5 · P/S ratio 6.71 · EPS (TTM) $1.42 · Dividend yield 4.7% · Net margin 50.1% · Return on equity 31.6% · Return on assets (EBIT) 10.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 83 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −25% fair-value upside, at −40%, AM screens richer than that median.
Fair Value models
Bear$7.03Fair Value $11.47Bull$14.91
Price $19.17 · Downside -40.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.4416 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 2 officers or directors sold shares worth $458,510 and none bought.
SaleBrooks J KlimleyDirector3× since Dec 16, 2025: 15,000 shares, avg. $20.67$310,100Aug 6, 2026
SaleSheri PearceOfficer2× since Mar 10, 2026: 30,000 shares, avg. $22.36$670,800Aug 4, 2026
SaleMichael N. KennedyOfficer, Director100,000 shares at $21.92$2.2MMay 4, 202610b5-1 plan
SaleYvette K SchultzOfficer, Director2× since Mar 9, 2026: 94,269 shares, avg. $22.14$2.1MMay 4, 2026
Plus 16 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+7.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
Start year 2020 (pandemic)
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+79.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+9.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.4%
Dividend (yield on the price)4.7%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.4% vs 32.3%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−12% → 51%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+3.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +1.5% a year for the price and +5.0% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Stable fee-based cash flows from long-term contracts with Antero Resources represent the core strength, while high leverage and integration risks from new pipelines constrain durability.
Main risk: Any material adverse development at Antero Resources could reduce dedicated volumes or fees and thereby affect the company's revenues and cash flows.
Bull case: The company could attract additional third-party volumes through new pipelines or expand services into power supply for data centers to lessen reliance on its main customer.
Bear case: If Antero Resources curtails drilling activity or encounters operational setbacks, throughput on the dedicated assets could fall and pressure the company's fee-based margins.
Antero Midstream generates stable fee-based cash flows from gathering and processing assets that serve Antero Resources under long-term contracts. The Eastside Express pipeline and recent HG Midstream integration now test whether added volumes will outweigh the capital outlays and integration risks. Will disciplined project execution deliver more throughput growth than the spending pressures it creates?
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Peer Groupⓘ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.Oil & Gas Midstream · 81 stocks
Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside−40.2% · Below median
Profitability
Return on equity (12 months)31.6% · Top 25%
Return on assets7.0% · Above median
Net margin (12 months)50.1% · Top 25%
Operating margin (12 months)52.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)12.0% · Below median
Dividend yield (12 months)4.7% · Above median
Balance sheet
Debt / equity1.63× · Above median
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
P/E (12 months)13.5× · Pricier than median
P/B4.59× · Priciest 25%
P/S (12 months)6.71× · Priciest 25%
Price / free cash flow (fiscal year)11.8× · Cheaper than median
EV/EBITDA12.5× · Pricier than median
PEG1.17× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 6
FUTURE (revenue growth)60· sector 100
PAST (return on equity)100· sector 52
HEALTH (low debt)18· sector 55
DIVIDEND (yield)94· sector 78
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Antero Midstream Partners LP (AM) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $11.47 versus a price of $19.17, about 40% lower (overvalued).
What is the fair value of AM?
Our model-based fair value for Antero Midstream Partners LP is $11.47 (as of Nov 5, 2026), built from audited fundamentals. The current price: $19.17.
What is the quality score of AM?
Antero Midstream Partners LP has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Antero Midstream Partners LP (AM)?
Our model-based price target is the fair value of $11.47 (as of Nov 5, 2026) from 25 valuation models. Cautious scenario $7.03, optimistic scenario $14.91. It is a calculation from audited fundamentals, not an analyst target.
What is the Antero Midstream Partners LP stock forecast for 2026?
Our models put fair value at $11.47, about 40% lower versus a price of $19.17 (overvalued). Cautious scenario $7.03, optimistic scenario $14.91. The calculation is refreshed regularly with new filings.
What is the revenue of Antero Midstream Partners LP (AM)?
Antero Midstream Partners LP reported trailing-twelve-month revenue of about $1.4B (latest available figure, as of Nov 5, 2026).
Does Antero Midstream Partners LP pay a dividend?
Antero Midstream Partners LP currently shows a dividend yield of 4.69% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Antero Midstream Partners LP (AM)?
For today's price to be fair in a discounted-cash-flow model, Antero Midstream Partners LP would have to grow free cash flow by +3.9 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.3 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of AM use?
Our models discount Antero Midstream Partners LP at 8.5 %: a base by market capitalisation (large), damped by beta 0.69, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Antero Midstream Partners LP that is +3.9 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has Antero Midstream Partners LP (AM) delivered so far?
Over the past 5 years revenue at Antero Midstream Partners LP grew +5.3 % a year. The price currently implies +3.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Antero Midstream Partners LP (AM) growing?
The median revenue growth in the sector is +14.1 % a year. That is the yardstick for the growth priced into Antero Midstream Partners LP (+3.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Antero Midstream Partners LP (AM)?
The free-cash-flow yield on the price is 8.42 %: that much free cash flow Antero Midstream Partners LP produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Antero Midstream Partners LP (AM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Antero Midstream Partners LP it is $11.47 per share (as of Nov 5, 2026), against a price of $19.17. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Antero Midstream Partners LP stock overvalued or undervalued in 2026?
As of Nov 5, 2026, AM trades above its calculated fair value: price $19.17, fair value $11.47, a gap of about −40% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AM?
No. The price is what the market pays today ($19.17); the fair value is what the company's own numbers justify ($11.47). For Antero Midstream Partners LP the two are $7.70 per share apart. That gap is exactly why we show both numbers side by side.
How much is Antero Midstream Partners LP worth?
The market values Antero Midstream Partners LP at about $9.1B (market capitalisation, as of Nov 5, 2026). Per share that is $19.17; our models calculate a fair value of $11.47 per share.
What do the bullish and bearish scenarios say about AM?
Our models span a range for Antero Midstream Partners LP: cautious scenario $7.03, base $11.47, optimistic $14.91 per share (as of Nov 5, 2026, price $19.17). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AM?
Antero Midstream Partners LP trades at a price-to-earnings ratio of 13.5 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $11.47 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings, 5 of the years ex one-offs: 18.3. Other multiples: PEG 1.2, P/B 4.6, P/S 6.7, EV/EBITDA 12.5.
What is the PEG ratio of AM?
The PEG ratio of Antero Midstream Partners LP is 1.17 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Antero Midstream Partners LP (AM)?
Balance-sheet figures for Antero Midstream Partners LP (as of Nov 5, 2026): return on equity 31.6%, debt of 1.63 per unit of equity. They feed the Quality Score of 68/100, which measures business quality independently of the share price.
How far is AM from its 52-week high?
Antero Midstream Partners LP trades at $19.17, about 18% below its 52-week high of $23.36 and 14% above the low of $16.77 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $11.47 is for.
Which stocks are comparable to Antero Midstream Partners LP?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Kinder Morgan, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Antero Midstream Partners LP stock attractive at the current price?
The data as of Nov 5, 2026: price $19.17, calculated fair value $11.47 (−40%), Quality Score 68/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AM calculated?
We run Antero Midstream Partners LP through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $11.47, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Antero Midstream Partners LP itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Antero Midstream Partners LP (AM)?
The closing price on Nov 5, 2026 was $19.17. Our model-based fair value is $11.47, about 40% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Antero Midstream Partners LP right now?
The price sits above even our optimistic bull case ($14.91). The favourable scenario is already priced in. Solid but not exceptional quality (68/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($7.03 to $14.91) leaves room in how you read the outcome.
Where does the earnings growth of Antero Midstream Partners LP (AM) come from?
Earnings per share at Antero Midstream Partners LP grew +36.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +7.9 %, EBIT margin +28.5 %, tax rate −0.9 %, residual (interest, one-offs) −0.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Antero Midstream Partners LP
How large is the market capitalisation of Antero Midstream Partners LP (AM)?
The market capitalisation of Antero Midstream Partners LP is $9.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Antero Midstream Partners LP (AM)?
The price-to-sales ratio of Antero Midstream Partners LP is 6.71 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Antero Midstream Partners LP (AM)?
Earnings per share at Antero Midstream Partners LP are $1.42 (price ÷ EPS = P/E 13.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Antero Midstream Partners LP (AM)?
The dividend yield of Antero Midstream Partners LP is 4.7% (payout 63.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Antero Midstream Partners LP (AM)?
The net margin of Antero Midstream Partners LP is 50.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Antero Midstream Partners LP (AM)?
The return on equity (ROE) of Antero Midstream Partners LP is 31.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Antero Midstream Partners LP (AM)?
On an EBIT basis the return on assets of Antero Midstream Partners LP is 10.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Antero Midstream Partners LP (AM)?
The operating margin of Antero Midstream Partners LP is 52.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Antero Midstream Partners LP (AM)?
Revenue at Antero Midstream Partners LP is growing +12.0% versus a year earlier (3y avg +8.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Antero Midstream Partners LP (AM)?
Earnings per share at Antero Midstream Partners LP are growing +242% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Antero Midstream Partners LP (AM) carry?
The net debt of Antero Midstream Partners LP is $3.0B (fiscal year 2025, ≈ 3.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026