Antero MidstreamAM +2.20%81 ROC (Joel Greenblatt) % is 22.31% as of Mar. 2026, which is 19% above its 10-year median of 18.77. 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 1,002 Oil & Gas companies, Antero Midstream ranks better than 75.65% on this metric.
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits). He defines ROC (Joel Greenblatt) % as EBIT divided by the total of Property, Plant and Equipment and net working capital. Antero Midstream's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 22.31%.
The historical rank and industry rank for Antero Midstream's ROC (Joel Greenblatt) % or its related term are showing as below:
AM'
s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -10.61 Med: 18.77 Max: 20.29
Current: 19.7
During the past 11 years, Antero Midstream's highest ROC (Joel Greenblatt) % was 20.29%. The lowest was -10.61%. And the median was 18.77%.
AM's ROC (Joel Greenblatt) % is ranked better than 75.65% of 1002
companies
in the Oil & Gas industry
Industry Median: 8.415
vs AM: 19.70
Antero Midstream's 5-Year average Growth Rate of ROC (Joel Greenblatt) % was 0.00% per year.
Antero Midstream (NYSE:AM) ROC (Joel Greenblatt) % Explanation
The way Joel Greenblatt defines Return on Capital is a more accurate measure of how efficiently the company generates returns onthe capital actually invested in the business. EBIT is used instead of net income because the tax and interest payment may be affected by factors other than the core business operation. Intangible assets are not included in the calculation because they don't need to be replaced.
Antero Midstream ROC (Joel Greenblatt) % Related Terms
Antero Midstream ROC (Joel Greenblatt) % Historical Data
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The historical data trend for Antero Midstream's ROC (Joel Greenblatt) % 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: ROC (Joel Greenblatt) % Comparison
For the Oil & Gas Midstream subindustry, Antero Midstream's ROC (Joel Greenblatt) %, along with its competitors' market caps and ROC (Joel Greenblatt) % 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 ROC (Joel Greenblatt) % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's ROC (Joel Greenblatt) % distribution charts can be found below:
* The bar in red indicates where Antero Midstream's ROC (Joel Greenblatt) % falls into.
Antero Midstream ROC (Joel Greenblatt) % Calculation
Joel Greenblatt defined Return on Capital differently in his book The Little Book That Still Beats the Market (Little Books. Big Profits) . He defines Return on Capital as follows:
EBIT stands for Earnings Before Interest and Taxes.
Fixed Assets are also known as non-current assets. They include the Property, Plant and Equipment that the firm needs in its operation.
GuruFocus calculates net working capital as: (Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Deferred Revenue + Other Current Liabilities). We're trying to account for OPERATING assets and liabilities (part of daily business) when calculating working capital. Cash and marketable securities are considered NON-OPERATING assets and are not included in calculation. We will also back out all interest bearing debt, short term debt and the portion of long term debt that is due in the current period from the current liabilities. This debt will be considered when computing cost of capital and it would be inappropriate to count it twice.
Note:
The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.
* 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 ROC (Joel Greenblatt) % of 22.31% mean?
Antero Midstream (AM) has a ROC (Joel Greenblatt) % of 22.31% as of Mar. 2026. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Antero Midstream and its competitors. This is 19% above median its historical median of 18.77. According to the industry distribution chart, Antero Midstream ranks #244 out of 1002 companies in the Oil & Gas industry, placing it in the top 24.4%.
Is Antero Midstream's ROC (Joel Greenblatt) % too high?
Antero Midstream's current ROC (Joel Greenblatt) % of 22.31% is 19% above median its 10-year median of 18.77. The Oil & Gas industry median ROC (Joel Greenblatt) % is 8.42. Antero Midstream's value of 22.31% is 165.1% above this industry median. Based on the distribution chart, Antero Midstream ranks #244 out of 1002 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 ROC (Joel Greenblatt) % compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #244 out of 1002 companies for ROC (Joel Greenblatt) %. This places Antero Midstream in the top 24% of its industry — outperforming the majority of peers. The industry median ROC (Joel Greenblatt) % is 8.42. Antero Midstream's value of 22.31% is 165.1% above this benchmark. While the company's 10-year median is 18.77 vs. the industry median of 8.42, 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 ROC (Joel Greenblatt) % for an Oil & Gas company?
The median ROC (Joel Greenblatt) % among Oil & Gas companies is 8.42, based on 1,002 companies in the industry. Companies in the top quartile (top 25%) have a ROC (Joel Greenblatt) % significantly above this median, while those in the bottom quartile fall well below. However, ROC (Joel Greenblatt) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current ROC (Joel Greenblatt) % of 22.31% is 165.1% 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 ROC (Joel Greenblatt) % mean?
A high ROC (Joel Greenblatt) % can signal that a stock is expensive relative to its fundamentals. Joel Greenblatt's return on capital is the ratio of EBIT to average fixed assets and net working capital. View historical data on Antero Midstream and its competitors. For the Oil & Gas industry, the median ROC (Joel Greenblatt) % is 8.42 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current ROC (Joel Greenblatt) % is 22.31%, which is 19% above median its own 10-year median of 18.77. 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 ROC (Joel Greenblatt) % is 22.31%, which is 19% above median its 10-year median of 18.77 and 165.1% above the Oil & Gas industry median of 8.42. 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 ROC (Joel Greenblatt) % calculated?
ROC (Joel Greenblatt) % is calculated from a company's financial statements. For Antero Midstream (AM), the current ROC (Joel Greenblatt) % is 22.31% 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:
ROC (Joel Greenblatt) %: 22.31% (19% above median its 10-year median of 18.77)
GF Value™: $17.31 vs. price of $23.19 (34% above fair value)
Industry Position: 165.1% above the Oil & Gas median (#244 of 1002)
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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