Antero MidstreamAM -0.20%81 Gross Margin % is 62.27% as of Mar. 2026, which is 2% below its 10-year median of 63.58. GuruFocus rates AM with a GF Score™ of 81/100 and a GF Value™ of $17.30 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 867 Oil & Gas companies, Antero Midstream ranks better than 90.66% on this metric.
The historical rank and industry rank for Antero Midstream's Gross Margin % or its related term are showing as below:
AM'
s Gross Margin % Range Over the Past 10 Years
Min: 59 Med: 63.58 Max: 65.3
Current: 64.52
During the past 11 years, the highestGross Margin % of Antero Midstream was 65.30%. The lowest was 59.00%. And the median was 63.58%.
AM's Gross Margin % is ranked better than 90.66% of 867
companies
in the Oil & Gas industry
Industry Median: 25.7
vs AM: 64.52
Antero Midstream had a gross margin of 62.27% for the quarter that ended in Mar. 2026 => Durable competitive advantage
The 5-Year average Growth Rate of Gross Margin for Antero Midstream was 0.00% per year.
Antero Midstream (NYSE:AM) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
Antero Midstream had a gross margin of 62.27% for the quarter that ended in Mar. 2026 => Durable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
Antero Midstream Gross Margin % Related Terms
Antero Midstream Gross Margin % Historical Data
* Premium members only.
The historical data trend for Antero Midstream's Gross Margin % 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 Gross Margin %, along with its competitors' market caps and Gross Margin % 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 Gross Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's Gross Margin % distribution charts can be found below:
* The bar in red indicates where Antero Midstream's Gross Margin % 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
Antero Midstream (AM) has a Gross Margin % of 62.27% as of Mar. 2026. Gross margin is the ratio of total gross profit to net sales. View historical data on Antero Midstream and its competitors. This is near median its historical median of 63.58. Over the past decade, Antero Midstream's Gross Margin % has ranged from 59.00 to 65.30. According to the industry distribution chart, Antero Midstream ranks #81 out of 867 companies in the Oil & Gas industry, placing it in the top 9.3%.
Is Antero Midstream's Gross Margin % too high?
Antero Midstream's current Gross Margin % of 62.27% is near median its 10-year median of 63.58. Over the past 10 years, this metric has ranged from a low of 59.00 to a high of 65.30. The Oil & Gas industry median Gross Margin % is 25.70. Antero Midstream's value of 62.27% is 142.3% above this industry median. Based on the distribution chart, Antero Midstream ranks #81 out of 867 companies in the Oil & Gas industry, which is in the top quartile — a strong position 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 Gross Margin % compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #81 out of 867 companies for Gross Margin %. This places Antero Midstream in the top 9% of its industry — outperforming the majority of peers. The industry median Gross Margin % is 25.70. Antero Midstream's value of 62.27% is 142.3% above this benchmark. Historically, Antero Midstream's own Gross Margin % has ranged from 59.00 to 65.30 over the past decade. While the company's 10-year median is 63.58 vs. the industry median of 25.70, 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 Gross Margin % for an Oil & Gas company?
The median Gross Margin % among Oil & Gas companies is 25.70, based on 867 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current Gross Margin % of 62.27% is 142.3% 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 Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on Antero Midstream and its competitors. For the Oil & Gas industry, the median Gross Margin % is 25.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current Gross Margin % is 62.27%, which is near median its own 10-year median of 63.58. 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 $17.30, compared to a current price of $22.17 — trading 28.1% above its estimated fair value. The current Gross Margin % is 62.27%, which is near median its 10-year median of 63.58 and 142.3% above the Oil & Gas industry median of 25.70. 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 Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For Antero Midstream (AM), the current Gross Margin % is 62.27% 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 $22.17 is trading 28.1% above its estimated GF Value™ of $17.30.
GuruFocus considers Antero Midstream to be Modestly Overvalued.
Key valuation signals for AM:
Gross Margin %: 62.27% (near median its 10-year median of 63.58)
GF Value™: $17.30 vs. price of $22.17 (28.1% above fair value)
Industry Position: 142.3% above the Oil & Gas median (#81 of 867)
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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