Antero MidstreamAM +0.13%80 Debt-to-EBITDA is 3.49 as of Mar. 2026, which is 0% above its 10-year median of 3.48. GuruFocus rates AM with a GF Score™ of 80/100 and a GF Value™ of $17.32 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 703 Oil & Gas companies, Antero Midstream ranks worse than 72.12% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for Antero Midstream's Debt-to-EBITDA or its related term are showing as below:
AM'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: -14.86 Med: 3.48 Max: 20.85
Current: 3.83
During the past 11 years, the highest Debt-to-EBITDA Ratio of Antero Midstream was 20.85. The lowest was -14.86. And the median was 3.48.
AM's Debt-to-EBITDA is ranked worse than 72.12% of 703
companies
in the Oil & Gas industry
Industry Median: 2
vs AM: 3.83
Antero Midstream (NYSE:AM) Debt-to-EBITDA Explanation
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
Antero Midstream Debt-to-EBITDA Related Terms
Antero Midstream Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for Antero Midstream's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Oil & Gas Midstream subindustry, Antero Midstream's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Antero Midstream Debt-to-EBITDA vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where Antero Midstream's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is four times the quarterly (Mar. 2026) EBITDA data.
Antero Midstream (AM) has a Debt-to-EBITDA of 3.49 as of Mar. 2026. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Antero Midstream. This is near median its historical median of 3.48. According to the industry distribution chart, Antero Midstream ranks #507 out of 703 companies in the Oil & Gas industry, placing it in the top 72.1%.
Is Antero Midstream's Debt-to-EBITDA too high?
Antero Midstream's current Debt-to-EBITDA of 3.49 is near median its 10-year median of 3.48. The Oil & Gas industry median Debt-to-EBITDA is 2.00. Antero Midstream's value of 3.49 is 74.5% above this industry median. Based on the distribution chart, Antero Midstream ranks #507 out of 703 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Antero Midstream has a GF Score™ of 80/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Antero Midstream's Debt-to-EBITDA compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #507 out of 703 companies for Debt-to-EBITDA. This places Antero Midstream in the lower half of its industry. The industry median Debt-to-EBITDA is 2.00. Antero Midstream's value of 3.49 is 74.5% above this benchmark. While the company's 10-year median is 3.48 vs. the industry median of 2.00, Antero Midstream has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for an Oil & Gas company?
The median Debt-to-EBITDA among Oil & Gas companies is 2.00, based on 703 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current Debt-to-EBITDA of 3.49 is 74.5% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on Antero Midstream. For the Oil & Gas industry, the median Debt-to-EBITDA is 2.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current Debt-to-EBITDA is 3.49, which is near median its own 10-year median of 3.48. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Antero Midstream stock overvalued right now?
Based on GuruFocus' analysis, Antero Midstream (AM) is currently considered Modestly Overvalued. The stock's GF Value™ is $17.32, compared to a current price of $22.46 — trading 29.7% above its estimated fair value. The current Debt-to-EBITDA is 3.49, which is near median its 10-year median of 3.48 and 74.5% above the Oil & Gas industry median of 2.00. Antero Midstream's overall GF Score™ is 80/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For Antero Midstream (AM), the current Debt-to-EBITDA is 3.49 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Antero Midstream (AM) Overvalued in 2026?
Based on GuruFocus' analysis, Antero Midstream stock appears to be overvalued.
The current stock price of $22.46 is trading 29.7% above its estimated GF Value™ of $17.32.
GuruFocus considers Antero Midstream to be Modestly Overvalued.
Key valuation signals for AM:
Debt-to-EBITDA: 3.49 (near median its 10-year median of 3.48)
GF Value™: $17.32 vs. price of $22.46 (29.7% above fair value)
Industry Position: 74.5% above the Oil & Gas median (#507 of 703)
No single metric tells the full story. See the AM stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Antero Midstream Corp is a midstream company that owns, operates, and develops midstream energy assets that service Antero Resources' production and completion activity in the Appalachian Basin, located in West Virginia and Ohio. The company has two operating segments: the Gathering and Processing segment, which includes a network of gathering pipelines and compressor stations that collect and process production from Antero Resources wells in West Virginia and Ohio, and the Water Handling segment, which includes two independent systems that deliver water from sources including the Ohio River, local reservoirs, and several regional waterways. The company derives a majority of its revenue from the Gathering and Processing segment.
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