AMAntero Midstream Corp

Natural Gas Transmission

Revenue: $1.2B; 7.4% YoY
Operating margin: 54.2%; 9.0% YoY
EBITDA: $779M; 2.5% YoY
Market cap: $10.2B
Employees: 632; $2M revenue each
Net debt / EBITDA: 3.8×; $3.0B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
223% of net income
Cash flow under 80% of net income
Dilutive SBCNo
4% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
62% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$2M · 59th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
3.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$898M	$920M	$1.0B	$1.1B	$1.2B	7.4%
Operating income	$555M	$539M	$612M	$659M	$645M	2.2%
Net income	$332M	$326M	$372M	$401M	$418M	4.2%
Operating cash flow	$710M	$700M	$779M	$844M	$932M	10%
Capex	—	$217M	$266K	$70M	—
Stock-based comp	$14M	$20M	$32M	$44M	$46M	3.7%
Buybacks	—	—	—	$29M	$135M	370%
Dividends	$471M	$433M	$435M	$438M	$439M	0.3%

Deal filings

Filed	Form	Acquirer	Price	Premium
Jan 31, 2019	DEFM14A	—	$3.00	6%

13D filers

Filed	Filer	Form	Stake	Intent
May 6, 2020	ANTERO RESOURCES Corp	SC 13D/A	29.2%	Passive
May 6, 2020	RADY PAUL M	SC 13D/A	2.3%	Passive
Dec 16, 2019	ANTERO RESOURCES Corp	SC 13D/A	28.7%	Passive
Dec 16, 2019	Antero Subsidiary Holdings LLC	SC 13D/A	32.3%	Passive
Nov 13, 2019	Antero Subsidiary Holdings LLC	SC 13D/A	29.1%	Passive
Nov 13, 2019	Yorktown Energy Partners VII, L.P.	SC 13D/A	0.4%	Passive
Nov 13, 2019	Warburg Pincus Private Equity X O&G, L.P.	SC 13D/A	1.6%	Passive
Nov 13, 2019	ANTERO RESOURCES Corp	SC 13D/A	31.5%	Passive
Sep 9, 2019	YORKTOWN ENERGY PARTNERS V LP	SC 13D/A	0.7%	Passive
Sep 6, 2019	Antero Subsidiary Holdings LLC	SC 13D/A	28.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 8
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	343	—
FY2024	—	—	276	—
FY2023	—	—	215	—
FY2022	—	—	171	—
FY2021	—	—	140	—