3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
Antero Midstream's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was -129.54%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for Antero Midstream's 3-Year ROIIC % or its related term are showing as below:
AM's 3-Year ROIIC % is ranked worse than 91.49% of 928
companies
in the Oil & Gas industry
Industry Median: -0.195
vs AM: -129.54
Antero Midstream (NYSE:AM) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
Antero Midstream 3-Year ROIIC % Related Terms
Antero Midstream 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for Antero Midstream's 3-Year ROIIC % 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 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Midstream's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where Antero Midstream's 3-Year ROIIC % 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
Antero Midstream (AM) has a 3-Year ROIIC % of -129.54 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Antero Midstream and its competitors. According to the industry distribution chart, Antero Midstream ranks #849 out of 928 companies in the Oil & Gas industry, placing it in the top 91.5%.
Is Antero Midstream's 3-Year ROIIC % too high?
Antero Midstream's current 3-Year ROIIC % is -129.54. Based on the distribution chart, Antero Midstream ranks #849 out of 928 companies in the Oil & Gas industry, which is in the bottom quartile 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 3-Year ROIIC % compare to VNOM and FRO?
According to the Oil & Gas industry distribution chart, Antero Midstream ranks #849 out of 928 companies for 3-Year ROIIC %. This places Antero Midstream in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good 3-Year ROIIC % for an Oil & Gas company?
A good 3-Year ROIIC % depends on the Oil & Gas industry context. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on Antero Midstream and its competitors. Antero Midstream's current 3-Year ROIIC % is -129.54. 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 3-Year ROIIC % is -129.54. 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 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For Antero Midstream (AM), the current 3-Year ROIIC % is -129.54 as of Dec. 2025. 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:
3-Year ROIIC %: -129.54
GF Value™: $17.31 vs. price of $23.19 (34% above fair value)
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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