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Antero Midstream Corp

AMAbove valueExpectations · demanding

Held by 3 superinvestors.

Price$21.91
Holders3
Total value$45.8M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
+7.4%
Net margin
35.2%
ROE
21.2%
FCF margin
—
Revenue $900.7M → $1.19B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$8/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$22
cheaperpricier

Zero-growth floor

$2

Central IV

$8

Optimistic top

$13

Antero Midstream Corp (AM): Two methods value the business — a conservative owner-earnings DCF and a growth-credited Greenwald estimate, $2–$13 / sh. Today’s price sits above both (price $22 as of 2026-08-25).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

Revenue growth 4% (lower of historical trend and fundamental cap, capped by moat) · moat 10 yr · discount 13.7% · Zero-growth downside $2

Price as of 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.

Method & numbers

Model cautions

  • The two methods’ midpoints differ materially — growth assumptions warrant review (over 20%).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $5.96 – $9.15 · Greenwald $8.96 – $13.12 (neutral $10.95) · zero-growth base $6.76 · reproduction $0.61

Moat Franchise (moat) · terminal value 36% of present value · owner-earnings yield 4% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$2.33 – $4.51 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex unavailable → degraded to the v1 simplification (maintenance capex = D&A, so the depreciation add-back nets to zero). Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$5.80 – $6.76 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 12.1–14.1% band (9–11% base + 3.1pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-30, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex or D&A unavailable → degraded to normalized net income (= average net income over the years shown). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 3.1pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 9.2 years of owner earnings, adding 3.1pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $293.15M = $0.61 / sh. Tangible net assets = shareholders' equity − goodwill − intangibles, ÷ diluted shares (no R&D history to capitalize).

Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Assumes a narrow moat · competitive-advantage period ≈ 10 years.

Growth value: if the moat holds for 10 yr at ROIIC ≈ 69%, $2.20–$6.36 / sh (neutral $4.19). Conservative, not a forecast.

Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 21% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 9.2 years of owner earnings → +3.1pp cost-of-equity premium → effective 12.1%–14.1%.

Owner-earnings DCF: growth g₁ 4% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 12.28%–15.08% (DGS10 +4.5% to a 12% strict end, each +3.08pp for leverage premium, as of 2026-08-24). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp. Two-method midpoint gap 32%.

Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about 24.4% a year in owner-earnings for the next few years. Revenue actually grew 6.3% a year.

The market wants it well ahead of its own track record.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

3 holders · $45.8M combined · this quarter +0 opened / -0 exited

This quarter1 added1 trimmed
Holders 2 → 3 · last 8q

SEC 13F · notes

Written summary

Antero Midstream Corp (AM) is held by 3 of the superinvestors tracked on Compounder, with a combined $45.8M in reported 13F value. The largest position belongs to Glenn Greenberg, where it makes up 0.9% of the portfolio.

Other notable holders by value include Ray Dalio (0.0% of its book) and Thomas Kahn (0.0% of its book).

Over the latest quarter, 0 of the tracked filers opened a new position in AM, 1 added to existing ones, 1 trimmed, and 0 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

Also held by these investors

Investors holding Antero Midstream Corp (AM) also commonly hold →

AM's price is not below its conservative value band. See current strike-zone stocks

Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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