AM (Antero Midstream) ROCE %: 13.97% (As of Mar. 2026)

What is Antero Midstream ROCE %?

Antero Midstream AM -0.27% 81 ROCE % is 13.97% as of Mar. 2026. 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.

ROCE % measures how well a company generates profits from its capital. It is calculated as EBIT divided by Capital Employed, where Capital Employed is calculated as Total Assets minus Total Current Liabilities. Antero Midstream's annualized ROCE % for the quarter that ended in Mar. 2026 was 13.97%.

Antero Midstream (NYSE:AM) ROCE % Explanation

ROCE % can be especially useful when comparing the performance of capital-intensive companies. Unlike ROE %, which indicates the profitability of Shareholders Equity, ROCE % also considers long-term debt in Capital Employed. This can be helpful when analyzing companies with significant debt, as the result is neutralized by taking debt into consideration.

Generally speaking, a higher ROCE % indicates a stonger profitability for a company. Moreover, it is important to look at the ratio from a long term perspective. Investors tend to favor companies with stable and rising ROCE % trend over those with volatile ones.

Antero Midstream ROCE % Related Terms

Antero Midstream ROCE % Historical Data

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The historical data trend for Antero Midstream's ROCE % 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 ROCE % Chart

Antero Midstream Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

ROCE %

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11.40

12.66

13.37

13.20

Antero Midstream Quarterly Data
	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25	Jun25	Sep25	Dec25	Mar26
ROCE %	Get a 7-Day Free Trial															14.50	15.35	14.86	8.70	13.97

81GF Score

Antero Midstream Corp AM

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Antero Midstream ROCE % Calculation

Antero Midstream's annualized ROCE % for the fiscal year that ended in Dec. 2025 is calculated as:

ROCE %	=	EBIT	/	( (Capital Employed	+	Capital Employed)	/ count )
		(A: Dec. 2025 )		(A: Dec. 2024 )		(A: Dec. 2025 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(A: Dec. 2025 )		(A: Dec. 2024 )		(A: Dec. 2025 )
	=	754.6	/	( ( (5761.748 - 100.612)	+	(5884.116 - 111.482) )	/ 2 )
	=	754.6	/	( (5661.136	+	5772.634)	/ 2 )
	=	754.6	/	5716.885
	=	13.20 %

Antero Midstream's ROCE % of for the quarter that ended in Mar. 2026 is calculated as:

ROCE %	=	EBIT ⁽¹⁾	/	( (Capital Employed	+	Capital Employed)	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	EBIT	/	( ( (Total Assets - Total Current Liabilities)	+	(Total Assets - Total Current Liabilities) )	/ count )
		(Q: Mar. 2026 )		(Q: Dec. 2025 )		(Q: Mar. 2026 )
	=	839.736	/	( ( (5884.116 - 111.482)	+	(6405.864 - 157.25) )	/ 2 )
	=	839.736	/	( ( 5772.634	+	6248.614 )	/ 2 )
	=	839.736	/	6010.624
	=	13.97 %

(1) Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

Frequently Asked Questions Learn more about ROCE % →

What does a ROCE % of 13.97% mean?

Antero Midstream (AM) has a ROCE % of 13.97% as of Mar. 2026.

Is Antero Midstream's ROCE % too high?

Antero Midstream's current ROCE % is 13.97%. The Oil & Gas industry median ROCE % is 6.79. Antero Midstream's value of 13.97% is 105.7% above this industry median. 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 ROCE % compare to VNOM and FRO?

Antero Midstream's ROCE % of 13.97% can be compared against companies in the Oil & Gas industry. The industry median ROCE % is 6.79. Antero Midstream's value of 13.97% is 105.7% above this benchmark. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good ROCE % for an Oil & Gas company?

The median ROCE % among Oil & Gas companies is 6.79, based on 977 companies in the industry. Companies in the top quartile (top 25%) have a ROCE % significantly above this median, while those in the bottom quartile fall well below. However, ROCE % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Antero Midstream's current ROCE % of 13.97% is 105.7% 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 ROCE % mean?

A high ROCE % can signal that a stock is expensive relative to its fundamentals. For the Oil & Gas industry, the median ROCE % is 6.79 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Midstream's current ROCE % is 13.97%. 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 ROCE % is 13.97% and 105.7% above the Oil & Gas industry median of 6.79. 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 ROCE % calculated?

ROCE % is calculated from a company's financial statements. For Antero Midstream (AM), the current ROCE % is 13.97% 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:

ROCE %: 13.97%
GF Value™: $17.30 vs. price of $22.15 (28% above fair value)
GF Score™: 81/100 with 8 warning signs
Industry Position: 105.7% above the Oil & Gas median

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 Business Description

Industry Energy Oil & Gas

Comparable Companies VNOM FRO DTM GLNG PAGP HESM PAA INSW STNG KNTK TSX:ENB WMB EPD TSX:TRP KMI ET MPLX TRGP OKE LNG

Other Exchanges 5711:Germany

Address 1615 Wynkoop Street, Denver, CO, USA, 80202

Website https://www.anteromidstream.com

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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$22.15

Price

$17.30

GF Value

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