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Antero MidstreamAM +2.44%81 Intrinsic Value: Projected FCF is $16.28 as of Aug. 19, 2026, which is 1172% above its 10-year median of 1.28. GuruFocus rates AM with a GF Score™ of 81/100 and a GF Value™ of $18.64 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 626 Oil & Gas companies, Antero Midstream ranks worse than 70.29% on this metric.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
As of today (2026-08-19), Antero Midstream's Intrinsic Value: Projected FCF is $16.28. The stock price of Antero Midstream is $22.69. Therefore, Antero Midstream's Price-to-Intrinsic-Value-Projected-FCF of today is 1.4.
The historical rank and industry rank for Antero Midstream's Intrinsic Value: Projected FCF or its related term are showing as below:
AM'
s Price-to-Projected-FCF Range Over the Past 10 Years
Min: 1.02 Med: 1.28 Max: 1.57
Current: 1.39
During the past 11 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Antero Midstream was 1.57. The lowest was 1.02. And the median was 1.28.
AM's Price-to-Projected-FCF is ranked worse than 70.29% of 626
companies
in the Oil & Gas industry
Industry Median: 0.87
vs AM: 1.39
Antero Midstream (NYSE:AM) Intrinsic Value: Projected FCF Explanation
The growth multiple is capped between 8.35 and 17.74.
Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.
Antero Midstream's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as
Price-to-Intrinsic-Value-Projected-FCF
=
Share Price
/
Intrinsic Value: Projected FCF
=
22.69
/
16.282953262662
=
1.39
* 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 Intrinsic Value: Projected FCF Related Terms
Antero Midstream Intrinsic Value: Projected FCF Historical Data
* Premium members only.
The historical data trend for Antero Midstream's Intrinsic Value: Projected 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.
Antero Midstream Intrinsic Value: Projected FCF Chart
AM vs VNOM, FRO, DTM: Intrinsic Value: Projected FCF Comparison
For the Oil & Gas Midstream subindustry, Antero Midstream's Price-to-Projected-FCF, along with its competitors' market caps and Price-to-Projected-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 Price-to-Projected-FCF vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's Price-to-Projected-FCF distribution charts can be found below:
* The bar in red indicates where Antero Midstream's Price-to-Projected-FCF falls into.
Antero Midstream Intrinsic Value: Projected FCF Calculation
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.
* 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.
What does a Intrinsic Value: Projected FCF of $16.28 mean?
Antero Midstream (AM) has a Intrinsic Value: Projected FCF of $16.28 as of Aug. 19, 2026. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Antero Midstream and its competitors. This is 1172% above median its historical median of 1.28. Over the past decade, Antero Midstream's Intrinsic Value: Projected FCF has ranged from 1.02 to 1.57. According to the industry distribution chart, Antero Midstream ranks #440 out of 626 companies in the Oil & Gas industry, placing it in the top 70.3%.
Is Antero Midstream's Intrinsic Value: Projected FCF too high?
Antero Midstream's current Intrinsic Value: Projected FCF of $16.28 is 1172% above median its 10-year median of 1.28. Over the past 10 years, this metric has ranged from a low of 1.02 to a high of 1.57. The Oil & Gas industry median Intrinsic Value: Projected FCF is 0.87. Antero Midstream's value of $16.28 is 1771.3% above this industry median. Based on the distribution chart, Antero Midstream ranks #440 out of 626 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 Intrinsic Value: Projected FCF compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #440 out of 626 companies for Intrinsic Value: Projected FCF. This places Antero Midstream in the lower half of its industry. The industry median Intrinsic Value: Projected FCF is 0.87. Antero Midstream's value of $16.28 is 1771.3% above this benchmark. Historically, Antero Midstream's own Intrinsic Value: Projected FCF has ranged from 1.02 to 1.57 over the past decade. While the company's 10-year median is 1.28 vs. the industry median of 0.87, 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 Intrinsic Value: Projected FCF for an Oil & Gas company?
The median Intrinsic Value: Projected FCF among Oil & Gas companies is 0.87, based on 626 companies in the industry. Companies in the top quartile (top 25%) have a Intrinsic Value: Projected FCF significantly above this median, while those in the bottom quartile fall well below. However, Intrinsic Value: Projected FCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current Intrinsic Value: Projected FCF of $16.28 is 1771.3% 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 Intrinsic Value: Projected FCF mean?
A high Intrinsic Value: Projected FCF can signal that a stock is expensive relative to its fundamentals. Intrinsic Value: Projected FCF is the stock value based on a projected free cash flow model. View historical data on Antero Midstream and its competitors. For the Oil & Gas industry, the median Intrinsic Value: Projected FCF is 0.87 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current Intrinsic Value: Projected FCF is $16.28, which is 1172% above median its own 10-year median of 1.28. 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 $18.64, compared to a current price of $22.69 — trading 21.7% above its estimated fair value. The current Intrinsic Value: Projected FCF is $16.28, which is 1172% above median its 10-year median of 1.28 and 1771.3% above the Oil & Gas industry median of 0.87. 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 Intrinsic Value: Projected FCF calculated?
Intrinsic Value: Projected FCF is calculated from a company's financial statements. For Antero Midstream (AM), the current Intrinsic Value: Projected FCF is $16.28 as of Aug. 19, 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 $22.69 is trading 21.7% above its estimated GF Value™ of $18.64.
GuruFocus considers Antero Midstream to be Modestly Overvalued.
Key valuation signals for AM:
Intrinsic Value: Projected FCF: $16.28 (1172% above median its 10-year median of 1.28)
GF Value™: $18.64 vs. price of $22.69 (21.7% above fair value)
Industry Position: 1771.3% above the Oil & Gas median (#440 of 626)
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
Intrinsic Value: Projected FCF is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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