Antero MidstreamAM -0.27%81 PB Ratio is 5.43 as of Jun. 24, 2026, which is 136% above its 10-year median of 2.30. 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 923 Oil & Gas companies, Antero Midstream ranks worse than 90.03% on this metric.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. As of today (2026-06-24), Antero Midstream's share price is $22.15. Antero Midstream's Book Value per Share for the quarter that ended in Mar. 2026 was $4.08. Hence, Antero Midstream's PB Ratio of today is 5.43.
Warning Sign:
Antero Midstream Corp stock PB Ratio (=5.45) is close to 10-year high of 5.58.
The historical rank and industry rank for Antero Midstream's PB Ratio or its related term are showing as below:
AM'
s PB Ratio Range Over the Past 10 Years
Min: 0.34 Med: 2.3 Max: 5.58
Current: 5.43
During the past 11 years, Antero Midstream's highest PB Ratio was 5.58. The lowest was 0.34. And the median was 2.30.
AM's PB Ratio is ranked worse than 90.03% of 923
companies
in the Oil & Gas industry
Industry Median: 1.44
vs AM: 5.43
During the past 12 months, Antero Midstream's average Book Value Per Share Growth Rate was -6.50% per year.
During the past 3 years, the average Book Value Per Share Growth Rate was -3.20% per year.
During the past 5 years, the average Book Value Per Share Growth Rate was -3.50% per year.
During the past 10 years, the average Book Value Per Share Growth Rate was 92.40% per year.
During the past 11 years, the highest 3-Year average Book Value Per Share Growth Rate of Antero Midstream was 390.60% per year. The lowest was -11.00% per year. And the median was 102.00% per year.
The PB Ratio works the best for the businesses that earn most of their profit from their assets, e.g. banks and insurance companies.
Be Aware
Some businesses have very light assets, such as software companies or insurance agencies. The PB Ratio does not work well for these companies. Some companies even have negative equity, so the PB Ratio cannot be applied to them.
Antero Midstream PB Ratio Related Terms
Antero Midstream PB Ratio Historical Data
* Premium members only.
The historical data trend for Antero Midstream's PB Ratio 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 PB Ratio, along with its competitors' market caps and PB Ratio 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 PB Ratio vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's PB Ratio distribution charts can be found below:
* The bar in red indicates where Antero Midstream's PB Ratio falls into.
The PB Ratio, or Price-to-Book ratio, or Price/Book, is a financial ratio used to compare a company's market price to its Book Value per Share. It is a ratio widely used to value stocks.
* 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.
It can also be calculated from the numbers for the whole company:
A closely related ratio is called Price-to-Tangible-Book. The difference between Price-to-Tangible-Book and PB Ratio is that book value other than intangibles are used in the calculation.
Antero Midstream (AM) has a PB Ratio of 5.43 as of Jun. 24, 2026. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Antero Midstream and its competitors. This is 136% above median its historical median of 2.30. Over the past decade, Antero Midstream's PB Ratio has ranged from 0.34 to 5.58. According to the industry distribution chart, Antero Midstream ranks #831 out of 923 companies in the Oil & Gas industry, placing it in the top 90%.
Is Antero Midstream's PB Ratio too high?
Antero Midstream's current PB Ratio of 5.43 is 136% above median its 10-year median of 2.30. Over the past 10 years, this metric has ranged from a low of 0.34 to a high of 5.58. The Oil & Gas industry median PB Ratio is 1.44. Antero Midstream's value of 5.43 is 277.1% above this industry median. Based on the distribution chart, Antero Midstream ranks #831 out of 923 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 PB Ratio compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #831 out of 923 companies for PB Ratio. This places Antero Midstream in the lower half of its industry. The industry median PB Ratio is 1.44. Antero Midstream's value of 5.43 is 277.1% above this benchmark. Historically, Antero Midstream's own PB Ratio has ranged from 0.34 to 5.58 over the past decade. While the company's 10-year median is 2.30 vs. the industry median of 1.44, 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 PB Ratio for an Oil & Gas company?
The median PB Ratio among Oil & Gas companies is 1.44, based on 923 companies in the industry. Companies in the top quartile (top 25%) have a PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current PB Ratio of 5.43 is 277.1% 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 PB Ratio mean?
A high PB Ratio can signal that a stock is expensive relative to its fundamentals. Price-to-Book ratio is the ratio of share price to a company's book value per share. View historical data on Antero Midstream and its competitors. For the Oil & Gas industry, the median PB Ratio is 1.44 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current PB Ratio is 5.43, which is 136% above median its own 10-year median of 2.30. 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 $22.15 — trading 28% above its estimated fair value. The current PB Ratio is 5.43, which is 136% above median its 10-year median of 2.30 and 277.1% above the Oil & Gas industry median of 1.44. 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 PB Ratio calculated?
PB Ratio is calculated from a company's financial statements. For Antero Midstream (AM), the current PB Ratio is 5.43 as of Jun. 24, 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 $22.15 is trading 28% above its estimated GF Value™ of $17.30.
GuruFocus considers Antero Midstream to be Modestly Overvalued.
Key valuation signals for AM:
PB Ratio: 5.43 (136% above median its 10-year median of 2.30)
GF Value™: $17.30 vs. price of $22.15 (28% above fair value)
Industry Position: 277.1% above the Oil & Gas median (#831 of 923)
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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