At a glance
Antero Midstream Partners LP is worth $9.80B, about 24 times its fiscal 2025 earnings. Revenue grew 7.4% to $1.19B in fiscal 2025, with 34.7% kept as profit; over 5 years it has grown 5.7% a year. It pays a 4.43% dividend yield, raised every year for at least 3 years, and returned $2.38B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +23.2% over the past year with dividends reinvested and +21.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 60.8% in the 2020 crash (S&P 500: 33.7%) and 21.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month and 4 months after the lows.
The business in plain English
Antero Midstream owns the pipes and equipment between gas wells and the wider energy market, which is what "midstream" means. Its gathering pipelines collect natural gas and natural gas liquids (NGLs) from wells in West Virginia and Ohio, and its compressor stations pressurize the gas. Its water systems pipe water from the Ohio River and local reservoirs to new wells for hydraulic fracturing (fracking). It also holds interests in plants that process gas and separate its liquids into products, including a 50% stake in a joint venture operated by MarkWest.
Nearly all its revenue comes from Antero Resources, one of North America's largest natural gas producers, which owned 29% of Antero Midstream as of December 31, 2025. Long-term contracts pay a set fee for each unit of gas gathered and compressed, adjusted yearly for inflation. Because it earns fees rather than selling gas, its direct exposure to commodity prices is limited. Agreements cover gathering and compression through 2038 and water services through 2035.
Revenue for 2025 was about $1.19 billion: gathering and compression supplied 80% and water handling 20%. On February 3, 2026, the company closed a $1.1 billion purchase of HG Midstream's gathering and water assets in West Virginia's Marcellus Shale. In December 2025, it agreed to sell most of its Ohio Utica Shale assets for $400 million.
Price history
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AM +23.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Natural Gas Gathering Transportation Marketing And Processing Affiliate | $987.3M | 83.1% |
| Natural Gas Water Handling And Treatment Affiliate | $269.4M | 22.7% |
| Natural Gas Water Handling And Treatment | $2.4M | 0.2% |
By business segment
| Gathering And Compression | $950.2M | 80% |
| Water Handling | $238.2M | 20% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $327.0M, up 10.9% from a year earlier, and net income was $392.5M (+238.8%).
- For fiscal 2025, revenue was $1.19B (+7.4% year over year; +5.7% a year from FY2020 to FY2025) with a 34.7% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +5.7% good |
|---|---|
| Operating margin | 54.2% good |
| Return on equity (FY2025) | 20.9% good |
| Return on assets (FY2025) | 7% watch |
| Net cash (cash minus debt) | $-3.15B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $900.7M | $-123.1M | $595.5M |
| FY2021 | $898.2M | $331.1M | — |
| FY2022 | $920.0M | $325.7M | $482.9M |
| FY2023 | $1.04B | $371.2M | $778.8M |
| FY2024 | $1.11B | $400.3M | $774.0M |
| FY2025 | $1.19B | $412.6M | — |
Valuation snapshot
| Market value | $9.80B |
|---|---|
| P/E ratio | 24.1 |
| Dividend yield | 4.43% |
Rank among 1514 US companies
Market value at each year end
Antero Midstream Partners LP’s market value went from $3.82B at the end of 2019 to $9.80B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is up 16%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.80B | +15.7% |
| 2025 | $8.47B | +16.7% |
| 2024 | $7.26B | +20.8% |
| 2023 | $6.01B | +16.4% |
| 2022 | $5.16B | +11.7% |
| 2021 | $4.62B | +25.8% |
| 2020 | $3.67B | -3.8% |
| 2019 | $3.82B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AM price data to Oct 28, 2026 | +21.9% | +23.2% | +26.3% | +21.8% | +5.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.9% |
| 2025 | +24.5% |
| 2024 | +28.7% |
| 2023 | +26.0% |
| 2022 | +22.3% |
| 2021 | +39.9% |
| 2020 | +27.7% |
| 2019 | -58.4% |
| 2018 | -22.2% |
| 2017 | -2.3% |
| 2016 | +40.8% |
| 2015 | -14.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 50.6% over that stretch · deepest drop along the way 60.8%, back to its old high 1.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 7.2% over that stretch · deepest drop along the way 21.9%, back to its old high 4.1 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 4 sales ($4.2M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 4, 2026 | Michael N. Kennedy See Remarks, Director | sell (plan) | $2.2M |
| May 4, 2026 | Yvette K Schultz See Remarks, Director | sell | $1.5M |
| Aug 4, 2026 | Sheri Pearce See Remarks | sell | $352K |
| Aug 6, 2026 | Brooks J Klimley Director | sell | $106K |
Who owns it
Large shareholders (13G filings)
| Invesco Ltd. | 4.7% | Sep 30, 2025 |
ETFs with the most weight in AM
| DDIV First Trust Dorsey Wright Momentum & Dividend ETF | 6.07% |
| MDST Westwood Salient Enhanced Midstream Income ETF | 4.99% |
| ENFR Alerian Energy Infrastructure ETF | 4.52% |
| EINC VanEck Energy Income ETF | 4.41% |
| UMI USCF Midstream Energy Income Fund ETF | 4.04% |
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 4.03% |
| BKGI BNY Mellon Global Infrastructure Income ETF | 3.85% |
| MLPX Global X MLP & Energy Infrastructure ETF | 2.98% |
What could go wrong
- Nearly all revenue comes from one customer. Substantially all revenue comes from Antero Resources. If it slows drilling or runs into financial trouble, revenue could suffer, and in a bankruptcy its contracts could be renegotiated or rejected.
- Conflicts of interest with Antero Resources. Antero Resources owned 29% of the company as of December 31, 2025, and the two share officers and employees. Antero Resources may favor its own interests and has no obligation to favor Antero Midstream.
- Volumes depend on new wells being drilled. Gas output from existing wells naturally declines, and minimum volume guarantees apply only in certain cases. Water revenue depends on how many wells are completed. Fewer new wells means less gas and water to handle.
- The $1.1 billion HG deal carries risk. Antero Midstream agreed to pay $1.1 billion in cash for HG Midstream's West Virginia gathering and water assets; the deal closed February 3, 2026. Benefits may fall short, and uninsured liabilities could surface.
- Its systems are concentrated in one region. Its pipelines and water systems are concentrated in the Appalachian Basin. Regional problems, such as outages on connecting third-party pipelines or shortages of equipment and skilled labor, could hit the whole business.
- Debt and dividends compete for cash. Total debt was about $3.2 billion as of September 30, 2026. The company says it may reduce or stop dividends, and spending much of its cash flow on dividends and buybacks can limit growth.
Recent events
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released
- Acquisition or sale of assets completed; Other company announcement
For income and retirement investors
Antero Midstream's dividend yielded 4.43% as of October 28, 2026, but its record is mixed. Dividends per share fell from about $1.23 in 2020 to about $0.90 by 2022, then rose slightly for three straight years to about $0.91 in 2025. Dividends paid in 2025 equaled 106% of net income, so earnings alone did not cover them. Cash flow gave more room: in 2024, free cash flow (cash left after capital spending) of about $774 million covered about $438 million in dividends. Buybacks rose to about $135 million in 2025.
In the 2020 COVID crash, the shares fell 60.8% between February 20 and March 18, 2020, then regained that level by April 30. Between the market's January 2022 peak and its October 2022 low, the stock gained 7.2%, despite its own 21.9% drop that summer. Its worst decline over about 12 years of price history was 92.7%. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Antero Midstream make money?
Antero Midstream earns fees for collecting and compressing natural gas and for supplying and handling water at wells drilled by Antero Resources, which provided substantially all its revenue. In the year ended December 31, 2025, gathering and compression brought in 80% of its roughly $1.19 billion revenue, and water handling 20%. Gas fees are charged per unit and adjusted yearly for inflation. Because it charges fees rather than selling gas, its direct exposure to gas prices is limited, though its volumes depend on how much Antero Resources drills.
Does Antero Midstream raise its dividend every year?
No, not every year. Dividends per share rose for three straight years through 2025, but only slightly, from about $0.90 in 2022 to about $0.91 in 2025. Before that, they fell from about $1.23 in 2020, so over 2020 to 2025 dividends per share shrank by an average of 5.9% a year. In its annual report, the company warns it may reduce or stop paying dividends. The yield was 4.43% as of October 28, 2026.
Is Antero Midstream's dividend covered?
Not by earnings in 2025, though free cash flow covered it in earlier years. Dividends paid in 2025 equaled about 106% of net income of about $413 million. Free cash flow, the cash left after capital spending, exceeded dividends paid in each year from 2022 to 2024. In 2024 it was about $774 million against about $438 million of dividends. Total debt of about $3.2 billion as of September 30, 2026, also has a claim on that cash.
Is Antero Midstream owned by Antero Resources?
Partly. They are separate companies, but Antero Resources owned 29% of Antero Midstream as of December 31, 2025, and supplied substantially all of its revenue. Antero Resources has dedicated substantially all of its current and future acreage in West Virginia, Ohio and Pennsylvania to Antero Midstream for gathering and compression. The two share officers and employees, and Antero Midstream warns that conflicts of interest can arise and that Antero Resources may favor its own interests.
How has Antero Midstream stock performed?
It has done well over five years and less well over ten. As of October 28, 2026, the stock returned 23.2% over one year, an average of 21.8% a year over five years and 5.9% a year over ten years. It fell 58.4% in 2019, then rose in every calendar year from 2020 through 2025. Its worst decline over about 12 years of price history was 92.7%, so the long-run path has been far from smooth.