Antero Midstream Corp (AM) — payout ratio, two ways
Fiscal year ending 2025-12-31 · sector Utilities · payout ratios computed from SEC filings, not taken from a data vendor.
| Basis | Payout | Why it differs |
|---|---|---|
| GAAP earnings | 105.9% | The basis that applies. A regulated utility earns an allowed return on its rate base, and the dividend is set against that. |
| Operating cash flow | 47.1% | Closer to meaningful than free cash flow, but still before the capital programme the regulator expects the company to run. |
No free cash flow figure is shown. This company does not report the inputs for it in its XBRL filings — capital expenditure, in particular, is often folded into a single investing total rather than tagged on its own. The figure is absent from the filings, not zero, and inventing one from a balance-sheet movement would be a guess dressed as a measurement.
Spread between highest and lowest: 59 percentage points. Same filings, different denominators.
Coverage rating 39 / 100 — Strained. ? Peer standing 2/50Direction 30/30Stability 18/20 Capped because the dividend exceeds what the basis that applies can fund.
GAAP earnings payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 105.9% |
| 2024-12-31 | 108.7% |
| 2023-12-31 | 117.1% |
| 2022-12-31 | 132.5% |
| 2021-12-31 | 142.3% |
| 2018-12-31 | 137.0% |
Coverage has improved three years running, 132.5% to 105.9%.
Among the 57 utilities companies here, only 4% pay out a larger share on this basis — this is at the demanding end.
The arithmetic
- GAAP earnings — dividends declared per share $0.91 ÷ diluted EPS $0.86
- Operating cash flow — dividends paid $439.0m ÷ operating cash flow $932.5m
Where the figures came from
- 10-K filed 2026-02-11 · accession
0001104659-26-013380
Every one is public at sec.gov and free to check. That is the point — you should not have to take my word for any of it.
Caveats on this company
- DPS derived from dividends paid ($0.91); no per-share tag filed
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell me — that is more useful to me than agreement.