Antero Midstream Corp (AM)

Natural Gas Transmission

Latest Price

$21.33

TTM P/E

25.39

Normalized P/E

26.80

Div Yield

Book Value

4.10

P/B Ratio

5.20

Valuation metrics

EPS: $0.86

Book value / share: $4.16

Formula: √(22.5 × EPS × BVPS)

Graham Number

$8.97

58% downside

Norm. op. income: $555M (median of 7yr)

Tax rate: 26%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$2.20

90% downside

Base FCF: $595M (median of recent 5yr)

Growth: 12%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$30.12

+41% upside

EPS: $0.86

Target P/E: 27×

Formula: EPS × P/E

P/E Fair Value

$23.22

+9% upside

58.9% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	38.20M	$869.0M	8.05%	+1.08M	2026-06-30
Invesco Ltd.	20.75M	$471.0M	4.37%	-809.9K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	18.19M	$413.0M	3.83%	-106.8K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	14.96M	$340.0M	3.15%	+149.5K	2026-06-30
STATE STREET CORP	11.56M	$262.0M	2.44%	-34.7K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	10.36M	$235.0M	2.18%	+461.9K	2026-06-30
TORTOISE CAPITAL ADVISORS, L.L.C.	10.18M	$231.0M	2.15%	-975.9K	2026-06-30
DIMENSIONAL FUND ADVISORS LP	9.01M	$204.0M	1.90%	-6.7K	2026-06-30
NEUBERGER BERMAN GROUP LLC	7.43M	$169.0M	1.57%	+162.2K	2026-06-30
Bank of New York Mellon Corp	6.92M	$157.0M	1.46%	-2.21M	2026-06-30