Antero MidstreamAM -0.27%81 Pretax Margin % is 46.48% as of Mar. 2026, which is 4% above its 10-year median of 44.81. 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 916 Oil & Gas companies, Antero Midstream ranks better than 91.81% on this metric.
The historical rank and industry rank for Antero Midstream's Pretax Margin % or its related term are showing as below:
AM'
s Pretax Margin % Range Over the Past 10 Years
Min: -53.86 Med: 44.81 Max: 46.62
Current: 43.81
AM's Pretax Margin % is ranked better than 91.81% of 916
companies
in the Oil & Gas industry
Industry Median: 5.165
vs AM: 43.81
Antero Midstream (NYSE:AM) Pretax Margin % Explanation
The pretax margin, as know as pretax profit margin, is widely used to measure the operating efficiency of a company before deducting taxes.
The pretax margin is sometimes preferred over the net margin as tax expenditures can make profitability comparisons between companies misleading.
It is a useful tool to compare companies operating in the same sector and less effective when comparing companies from other sectors as each industry generally has different operating expenses and sales patterns.
The long term trend of the pretax margin is a good indicator of the competitiveness and health of the business.
Antero Midstream Pretax Margin % Related Terms
Antero Midstream Pretax Margin % Historical Data
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The historical data trend for Antero Midstream's Pretax 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 Pretax Margin %, along with its competitors' market caps and Pretax 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 Pretax Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's Pretax Margin % distribution charts can be found below:
* The bar in red indicates where Antero Midstream's Pretax 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.
Antero Midstream (AM) has a Pretax Margin % of 46.48% as of Mar. 2026. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Antero Midstream and its competitors. This is near median its historical median of 44.81. According to the industry distribution chart, Antero Midstream ranks #75 out of 916 companies in the Oil & Gas industry, placing it in the top 8.2%.
Is Antero Midstream's Pretax Margin % too high?
Antero Midstream's current Pretax Margin % of 46.48% is near median its 10-year median of 44.81. The Oil & Gas industry median Pretax Margin % is 5.17. Antero Midstream's value of 46.48% is 799.9% above this industry median. Based on the distribution chart, Antero Midstream ranks #75 out of 916 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 Pretax Margin % compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #75 out of 916 companies for Pretax Margin %. This places Antero Midstream in the top 8% of its industry — outperforming the majority of peers. The industry median Pretax Margin % is 5.17. Antero Midstream's value of 46.48% is 799.9% above this benchmark. While the company's 10-year median is 44.81 vs. the industry median of 5.17, 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 Pretax Margin % for an Oil & Gas company?
The median Pretax Margin % among Oil & Gas companies is 5.17, based on 916 companies in the industry. Companies in the top quartile (top 25%) have a Pretax Margin % significantly above this median, while those in the bottom quartile fall well below. However, Pretax Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current Pretax Margin % of 46.48% is 799.9% 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 Pretax Margin % mean?
A high Pretax Margin % can signal that a stock is expensive relative to its fundamentals. Pre-Tax margin is the ratio of total pre-tax income to net sales. View historical data on Antero Midstream and its competitors. For the Oil & Gas industry, the median Pretax Margin % is 5.17 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current Pretax Margin % is 46.48%, which is near median its own 10-year median of 44.81. 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 Pretax Margin % is 46.48%, which is near median its 10-year median of 44.81 and 799.9% above the Oil & Gas industry median of 5.17. 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 Pretax Margin % calculated?
Pretax Margin % is calculated from a company's financial statements. For Antero Midstream (AM), the current Pretax Margin % is 46.48% 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 $22.15 is trading 28% above its estimated GF Value™ of $17.30.
GuruFocus considers Antero Midstream to be Modestly Overvalued.
Key valuation signals for AM:
Pretax Margin %: 46.48% (near median its 10-year median of 44.81)
GF Value™: $17.30 vs. price of $22.15 (28% above fair value)
Industry Position: 799.9% above the Oil & Gas median (#75 of 916)
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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