Antero MidstreamAM +2.20%81 Return-on-Tangible-Equity is 82.12% as of Mar. 2026, which is 116% above its 10-year median of 37.95. GuruFocus rates AM with a GF Score™ of 81/100 and a GF Value™ of $17.31 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 945 Oil & Gas companies, Antero Midstream ranks better than 93.33% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Antero Midstream's annualized net income for the quarter that ended in Mar. 2026 was $473 Mil. Antero Midstream's average shareholder tangible equity for the quarter that ended in Mar. 2026 was $576 Mil. Therefore, Antero Midstream's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 82.12%.
The historical rank and industry rank for Antero Midstream's Return-on-Tangible-Equity or its related term are showing as below:
AM'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -64.53 Med: 37.95 Max: 286.68
Current: 50.52
During the past 11 years, Antero Midstream's highest Return-on-Tangible-Equity was 286.68%. The lowest was -64.53%. And the median was 37.95%.
AM's Return-on-Tangible-Equity is ranked better than 93.33% of 945
companies
in the Oil & Gas industry
Industry Median: 6.71
vs AM: 50.52
Antero Midstream (NYSE:AM) Return-on-Tangible-Equity Explanation
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Antero Midstream Return-on-Tangible-Equity Related Terms
Antero Midstream Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Antero Midstream's Return-on-Tangible-Equity 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.
AM vs VNOM, FRO, DTM: Return-on-Tangible-Equity Comparison
For the Oil & Gas Midstream subindustry, Antero Midstream's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Antero Midstream's Return-on-Tangible-Equity 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.
In the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 82.12% mean?
Antero Midstream (AM) has a Return-on-Tangible-Equity of 82.12% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Antero Midstream and its competitors. This is 116% above median its historical median of 37.95. According to the industry distribution chart, Antero Midstream ranks #63 out of 945 companies in the Oil & Gas industry, placing it in the top 6.7%.
Is Antero Midstream's Return-on-Tangible-Equity too high?
Antero Midstream's current Return-on-Tangible-Equity of 82.12% is 116% above median its 10-year median of 37.95. The Oil & Gas industry median Return-on-Tangible-Equity is 6.71. Antero Midstream's value of 82.12% is 1123.8% above this industry median. Based on the distribution chart, Antero Midstream ranks #63 out of 945 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 Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Antero Midstream's Return-on-Tangible-Equity compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #63 out of 945 companies for Return-on-Tangible-Equity. This places Antero Midstream in the top 7% of its industry — outperforming the majority of peers. The industry median Return-on-Tangible-Equity is 6.71. Antero Midstream's value of 82.12% is 1123.8% above this benchmark. While the company's 10-year median is 37.95 vs. the industry median of 6.71, 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 Return-on-Tangible-Equity for an Oil & Gas company?
The median Return-on-Tangible-Equity among Oil & Gas companies is 6.71, based on 945 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current Return-on-Tangible-Equity of 82.12% is 1123.8% 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 Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Antero Midstream and its competitors. For the Oil & Gas industry, the median Return-on-Tangible-Equity is 6.71 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current Return-on-Tangible-Equity is 82.12%, which is 116% above median its own 10-year median of 37.95. 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 Significantly Overvalued. The stock's GF Value™ is $17.31, compared to a current price of $23.19 — trading 34% above its estimated fair value. The current Return-on-Tangible-Equity is 82.12%, which is 116% above median its 10-year median of 37.95 and 1123.8% above the Oil & Gas industry median of 6.71. 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 Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Antero Midstream (AM), the current Return-on-Tangible-Equity is 82.12% 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 $23.19 is trading 34% above its estimated GF Value™ of $17.31.
GuruFocus considers Antero Midstream to be Significantly Overvalued.
Key valuation signals for AM:
Return-on-Tangible-Equity: 82.12% (116% above median its 10-year median of 37.95)
GF Value™: $17.31 vs. price of $23.19 (34% above fair value)
Industry Position: 1123.8% above the Oil & Gas median (#63 of 945)
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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