Antero MidstreamAM +0.13%81 Graham Number is $3.42 as of Mar. 2026, which is 61% above its 10-year median of 2.12. GuruFocus rates AM with a GF Score™ of 81/100 and a GF Value™ of $17.31 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 604 Oil & Gas companies, Antero Midstream ranks worse than 96.52% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-07-02), the stock price of Antero Midstream is $22.46. Antero Midstream's graham number for the quarter that ended in Mar. 2026 was $3.42. Therefore, Antero Midstream's Price to Graham Number ratio for today is 6.58.
The historical rank and industry rank for Antero Midstream's Graham Number or its related term are showing as below:
AM'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 0.36 Med: 2.12 Max: 157.46
Current: 6.57
During the past 11 years, the highest Price to Graham Number ratio of Antero Midstream was 157.46. The lowest was 0.36. And the median was 2.12.
AM's Price-to-Graham-Number is ranked worse than 96.52% of 604
companies
in the Oil & Gas industry
Industry Median: 1.04
vs AM: 6.57
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Antero Midstream (NYSE:AM) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Antero Midstream's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Mar. 2026 )
=
22.46
/
3.42
=
6.58
* 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.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Antero Midstream Graham Number Related Terms
Antero Midstream Graham Number Historical Data
* Premium members only.
The historical data trend for Antero Midstream's Graham Number 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 Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number 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 Price-to-Graham-Number vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Antero Midstream's Price-to-Graham-Number 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.
Antero Midstream (AM) has a Graham Number of $3.42 as of Mar. 2026. The Graham Number values a company based on its per-share earnings and book value. View historical data on Antero Midstream and its competitors. This is 61% above median its historical median of 2.12. Over the past decade, Antero Midstream's Graham Number has ranged from 0.36 to 157.46. According to the industry distribution chart, Antero Midstream ranks #583 out of 604 companies in the Oil & Gas industry, placing it in the top 96.5%.
Is Antero Midstream's Graham Number too high?
Antero Midstream's current Graham Number of $3.42 is 61% above median its 10-year median of 2.12. Over the past 10 years, this metric has ranged from a low of 0.36 to a high of 157.46. The Oil & Gas industry median Graham Number is 1.04. Antero Midstream's value of $3.42 is 228.8% above this industry median. Based on the distribution chart, Antero Midstream ranks #583 out of 604 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. 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 Graham Number compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #583 out of 604 companies for Graham Number. This places Antero Midstream in the lower half of its industry. The industry median Graham Number is 1.04. Antero Midstream's value of $3.42 is 228.8% above this benchmark. Historically, Antero Midstream's own Graham Number has ranged from 0.36 to 157.46 over the past decade. While the company's 10-year median is 2.12 vs. the industry median of 1.04, 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 Graham Number for an Oil & Gas company?
The median Graham Number among Oil & Gas companies is 1.04, based on 604 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current Graham Number of $3.42 is 228.8% 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 Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Antero Midstream and its competitors. For the Oil & Gas industry, the median Graham Number is 1.04 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current Graham Number is $3.42, which is 61% above median its own 10-year median of 2.12. 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 $17.31, compared to a current price of $22.46 — trading 29.8% above its estimated fair value. The current Graham Number is $3.42, which is 61% above median its 10-year median of 2.12 and 228.8% above the Oil & Gas industry median of 1.04. 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 Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Antero Midstream (AM), the current Graham Number is $3.42 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 29.8% above its estimated GF Value™ of $17.31.
GuruFocus considers Antero Midstream to be Modestly Overvalued.
Key valuation signals for AM:
Graham Number: $3.42 (61% above median its 10-year median of 2.12)
GF Value™: $17.31 vs. price of $22.46 (29.8% above fair value)
Industry Position: 228.8% above the Oil & Gas median (#583 of 604)
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
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