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Antero MidstreamAM -1.00%75 Forward Rate of Return (Yacktman) % is 10.34% as of Mar. 2026, which is 3% below its 10-year median of 10.69. GuruFocus rates AM with a GF Score™ of 75/100 and a GF Value™ of $17.29 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 598 Oil & Gas companies, Antero Midstream ranks worse than 57.36% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. Antero Midstream's forward rate of return for was 10.34%.
The historical rank and industry rank for Antero Midstream's Forward Rate of Return (Yacktman) % or its related term are showing as below:
AM'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 10.26 Med: 10.69 Max: 21.34
Current: 10.58
During the past 11 years, Antero Midstream's highest Forward Rate of Return was 21.34. The lowest was 10.26. And the median was 10.69.
AM's Forward Rate of Return (Yacktman) % is ranked worse than 57.36% of 598
companies
in the Oil & Gas industry
Industry Median: 13.51
vs AM: 10.58
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
Antero Midstream (NYSE:AM) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
Antero Midstream Forward Rate of Return (Yacktman) % Related Terms
Antero Midstream Forward Rate of Return (Yacktman) % Historical Data
* Premium members only.
The historical data trend for Antero Midstream's Forward Rate of Return (Yacktman) % 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 Forward Rate of Return (Yacktman) % Chart
AM vs VNOM, FRO, DTM: Forward Rate of Return (Yacktman) % Comparison
For the Oil & Gas Midstream subindustry, Antero Midstream's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % 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 Forward Rate of Return (Yacktman) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where Antero Midstream's Forward Rate of Return (Yacktman) % falls into.
Antero Midstream Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* 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 Forward Rate of Return (Yacktman) % of 10.34% mean?
Antero Midstream (AM) has a Forward Rate of Return (Yacktman) % of 10.34% as of Mar. 2026. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Antero Midstream and its competitors. This is near median its historical median of 10.69. Over the past decade, Antero Midstream's Forward Rate of Return (Yacktman) % has ranged from 10.26 to 21.34. According to the industry distribution chart, Antero Midstream ranks #343 out of 598 companies in the Oil & Gas industry, placing it in the top 57.4%.
Is Antero Midstream's Forward Rate of Return (Yacktman) % too high?
Antero Midstream's current Forward Rate of Return (Yacktman) % of 10.34% is near median its 10-year median of 10.69. Over the past 10 years, this metric has ranged from a low of 10.26 to a high of 21.34. The Oil & Gas industry median Forward Rate of Return (Yacktman) % is 13.51. Antero Midstream's value of 10.34% is 23.5% below this industry median. Based on the distribution chart, Antero Midstream ranks #343 out of 598 companies in the Oil & Gas industry, which is below the industry midpoint. Overall, Antero Midstream has a GF Score™ of 75/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Antero Midstream's Forward Rate of Return (Yacktman) % compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #343 out of 598 companies for Forward Rate of Return (Yacktman) %. This places Antero Midstream in the lower half of its industry. The industry median Forward Rate of Return (Yacktman) % is 13.51. Antero Midstream's value of 10.34% is 23.5% below this benchmark. Historically, Antero Midstream's own Forward Rate of Return (Yacktman) % has ranged from 10.26 to 21.34 over the past decade. While the company's 10-year median is 10.69 vs. the industry median of 13.51, Antero Midstream has consistently been below 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 Forward Rate of Return (Yacktman) % for an Oil & Gas company?
The median Forward Rate of Return (Yacktman) % among Oil & Gas companies is 13.51, based on 598 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current Forward Rate of Return (Yacktman) % of 10.34% is 23.5% below 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 Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on Antero Midstream and its competitors. For the Oil & Gas industry, the median Forward Rate of Return (Yacktman) % is 13.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current Forward Rate of Return (Yacktman) % is 10.34%, which is near median its own 10-year median of 10.69. 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 $17.29, compared to a current price of $21.75 — trading 25.8% above its estimated fair value. The current Forward Rate of Return (Yacktman) % is 10.34%, which is near median its 10-year median of 10.69 and 23.5% below the Oil & Gas industry median of 13.51. Antero Midstream's overall GF Score™ is 75/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For Antero Midstream (AM), the current Forward Rate of Return (Yacktman) % is 10.34% 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 $21.75 is trading 25.8% above its estimated GF Value™ of $17.29.
GuruFocus considers Antero Midstream to be Modestly Overvalued.
Key valuation signals for AM:
Forward Rate of Return (Yacktman) %: 10.34% (near median its 10-year median of 10.69)
GF Value™: $17.29 vs. price of $21.75 (25.8% above fair value)
Industry Position: 23.5% below the Oil & Gas median (#343 of 598)
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.
75GF Score
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