Antero MidstreamAM +0.13%81 EV-to-FCF is 17.92 as of Jul. 05, 2026, which is 1% below its 10-year median of 18.19. GuruFocus rates AM with a GF Score™ of 81/100 and a GF Value™ of $17.32 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 577 Oil & Gas companies, Antero Midstream ranks worse than 57.89% on this metric.
EV-to-FCF is calculated as enterprise value divided by its free cash flow. As of today, Antero Midstream's Enterprise Value is $14,381 Mil.
Antero Midstream's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 was $803 Mil. Therefore, Antero Midstream's EV-to-FCF for today is 17.92.
The historical rank and industry rank for Antero Midstream's EV-to-FCF or its related term are showing as below:
AM'
s EV-to-FCF Range Over the Past 10 Years
Min: 11.69 Med: 18.19 Max: 53.6
Current: 17.92
During the past 11 years, the highest EV-to-FCF of Antero Midstream was 53.60. The lowest was 11.69. And the median was 18.19.
AM's EV-to-FCF is ranked worse than 57.89% of 577
companies
in the Oil & Gas industry
Industry Median: 15.35
vs AM: 17.92
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
EV-to-FCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Antero Midstream's PE Ratio (TTM) for today is calculated as:
Antero Midstream's share price for today is $22.46.
Antero Midstream's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $0.860.
* 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.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Free Cash Flow is an important financial metric because it represents the actual amount of cash at a company's disposal. Companies with a low EV-to-FCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Antero Midstream EV-to-FCF Related Terms
Antero Midstream EV-to-FCF Historical Data
* Premium members only.
The historical data trend for Antero Midstream's EV-to-FCF 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 EV-to-FCF, along with its competitors' market caps and EV-to-FCF 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 EV-to-FCF vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's EV-to-FCF distribution charts can be found below:
* The bar in red indicates where Antero Midstream's EV-to-FCF falls into.
Antero Midstream's current Enterprise Value is $14,381 Mil.
Antero Midstream's Free Cash Flow for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was $803 Mil.
* 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.
Antero Midstream (AM) has a EV-to-FCF of 17.92 as of Jul. 05, 2026. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Antero Midstream and its competitors. This is near median its historical median of 18.19. Over the past decade, Antero Midstream's EV-to-FCF has ranged from 11.69 to 53.60. According to the industry distribution chart, Antero Midstream ranks #334 out of 577 companies in the Oil & Gas industry, placing it in the top 57.9%.
Is Antero Midstream's EV-to-FCF too high?
Antero Midstream's current EV-to-FCF of 17.92 is near median its 10-year median of 18.19. Over the past 10 years, this metric has ranged from a low of 11.69 to a high of 53.60. The Oil & Gas industry median EV-to-FCF is 15.35. Antero Midstream's value of 17.92 is 16.7% above this industry median. Based on the distribution chart, Antero Midstream ranks #334 out of 577 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Antero Midstream has a GF Score™ of 81/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Antero Midstream's EV-to-FCF compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #334 out of 577 companies for EV-to-FCF. This places Antero Midstream in the lower half of its industry. The industry median EV-to-FCF is 15.35. Antero Midstream's value of 17.92 is 16.7% above this benchmark. Historically, Antero Midstream's own EV-to-FCF has ranged from 11.69 to 53.60 over the past decade. While the company's 10-year median is 18.19 vs. the industry median of 15.35, 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 EV-to-FCF for an Oil & Gas company?
The median EV-to-FCF among Oil & Gas companies is 15.35, based on 577 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-FCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current EV-to-FCF of 17.92 is 16.7% 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 EV-to-FCF mean?
A high EV-to-FCF can signal that a stock is expensive relative to its fundamentals. EV to FCF ratio is the company's enterprise value divided by free cash flow. View historical data on Antero Midstream and its competitors. For the Oil & Gas industry, the median EV-to-FCF is 15.35 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current EV-to-FCF is 17.92, which is near median its own 10-year median of 18.19. 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 EV-to-FCF is 17.92, which is near median its 10-year median of 18.19 and 16.7% above the Oil & Gas industry median of 15.35. Antero Midstream's overall GF Score™ is 81/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-FCF calculated?
EV-to-FCF is calculated from a company's financial statements. For Antero Midstream (AM), the current EV-to-FCF is 17.92 as of Jul. 05, 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:
EV-to-FCF: 17.92 (near median its 10-year median of 18.19)
GF Value™: $17.32 vs. price of $22.46 (29.7% above fair value)
Industry Position: 16.7% above the Oil & Gas median (#334 of 577)
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.
81GF Score
Get the complete analysis for AM
EV-to-FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
AM has been successfully added to your 
