The business behind the dividend
| Measure | AM | Median | Formula |
|---|---|---|---|
| Return on equity | 21.0% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 12.4% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | — | — | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | — | — | Operating cash flow − capital expenditure |
| Operating margin | 54.2% | 15.0% | Operating income ÷ revenue |
| Net margin | 34.8% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.63x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 3.44x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 3.41x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 12.01x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.26x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Free cash flow, Owner earnings — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 21.0% | 19.0% | 17.3% | 14.9% | 14.5% | -5.1% | -11.3% | 215.8% | 31.6% | 94.6% | 17.3% |
| Return on capital employed | 12.4% | 12.6% | 11.4% | 9.7% | 10.3% | -2.1% | -6.6% | — | — | — | 10.3% |
| Operating margin | 54.2% | 59.6% | 58.7% | 58.6% | 61.8% | -13.1% | -50.3% | -30.7% | -59.0% | 95.2% | 54.2% |
| Net margin | 34.8% | 36.2% | 35.7% | 35.5% | 36.9% | -13.6% | -44.8% | 46.6% | 7.1% | 57.3% | 35.5% |
| Debt to equity | 1.63x | 1.47x | 1.49x | 1.53x | 1.37x | 1.28x | 0.92x | — | — | — | 1.47x |
| Current ratio | 3.41x | 1.17x | 0.95x | 0.87x | 0.74x | 1.00x | 0.45x | 0.17x | 0.42x | 1.38x | 0.87x |
| Cash conversion | 2.26x | 2.11x | 2.10x | 2.14x | 2.14x | — | — | 1.25x | 5.69x | 0.98x | 2.14x |
How it compares in utilities
Among the 57 utilities companies here measured on GAAP earnings, Antero Midstream pays out less than 2 of them. The median for that group is 61.5%, against this company’s 105.9%.
Closest on GAAP earnings
- Sempra (SRE) 93.8%
- Firstenergy (FE) 100.6%
- TXNM Energy (TXNM) 111.5%
- Algonquin Power & Utilities (AQN) 118.2%
Same sector and same denominator, so the figures are comparable. All 58 in utilities →