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Arphra AIPlain-English read on Antero Midstream Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $968.87M | $990.66M | $1.11B | $1.18B | $1.26B | $1.3B | $1.39B | $1.46B | $1.64B |
| Cost of revenue | $336.58M | $382.69M | $419.9M | $428.65M | $436.89M | $477.74M | $490.03M | $530.25M | $598.41M |
| Gross profit | $632.29M | $607.97M | $692.55M | $748.22M | $822.21M | $842.61M | $881.62M | $933.64M | $1.05B |
| Gross margin | +65.26% | +61.37% | +62.25% | +63.58% | +65.30% | +64.58% | +63.60% | +64.11% | +63.96% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $63.84M | $62.13M | $71.07M | $86.09M | $87.93M | $87.6M | $96.31M | $99.24M | $114.45M |
| Total operating expenses | $76.97M | $68.5M | $80.69M | $89.05M | $177.54M | $125.74M | $134.9M | $144.58M | $159.41M |
| Operating income | $555.33M | $539.47M | $611.86M | $659.17M | $644.67M | $718.68M | $759.01M | $784.65M | $870.28M |
| Operating margin | +57.32% | +54.46% | +55.00% | +56.01% | +51.20% | +55.08% | +54.75% | +53.88% | +53.07% |
| EBITDA | $803.48M | $836.12M | $924.05M | $966.32M | $937.26M | $1.05B | $1.09B | $1.15B | $1.31B |
| EBIT | $624.02M | $633.68M | $717.32M | $755.65M | $732.28M | $818.96M | $861.22M | $910.54M | $1B |
| Below the line | |||||||||
| Interest expense | $175.28M | $189.95M | $217.25M | $207.03M | $190.4M | $224.57M | $236.6M | $254.73M | $277.74M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$106.59M | -$95.73M | -$111.79M | -$110.55M | -$80.47M | — | — | — | — |
| Pre-tax income | $448.74M | $443.74M | $500.07M | $548.62M | $564.2M | $595.3M | $636.38M | $653.71M | $740.91M |
| Income tax expense | $117.12M | $117.49M | $128.29M | $147.73M | $151.03M | $159.17M | $170.5M | $177.01M | $198.97M |
| Earnings | |||||||||
| Net income | $331.62M | $326.24M | $371.79M | $400.89M | $413.16M | $442.79M | $449.74M | $490.64M | $549.7M |
| Net income · continuing ops | $331.62M | $326.24M | $371.79M | $400.89M | $413.16M | $447.36M | $453.79M | $472.72M | $534.63M |
| Net margin | +34.23% | +32.93% | +33.42% | +34.06% | +32.81% | +33.94% | +32.44% | +33.69% | +33.52% |
| EPS · basic | $0.69 | $0.68 | $0.77 | $0.83 | $0.86 | $1.09 | $1.28 | $1.41 | $1.60 |
| EPS · diluted | $0.69 | $0.68 | $0.77 | $0.83 | $0.86 | $1.10 | $1.27 | $1.43 | $1.58 |
| EPS · low estimate | — | — | — | — | — | $1.05 | $1.20 | $1.40 | $1.46 |
| EPS · high estimate | — | — | — | — | — | $1.15 | $1.38 | $1.46 | $1.71 |
| Shares · basic | 477.49M | 478.23M | 482.37M | 480.82M | 477.91M | 482.14M | 481.61M | 475.36M | 479.91M |
| Shares · diluted | 480.15M | 480.3M | 482.37M | 485.25M | 482.18M | 480.03M | 481.62M | 483.89M | 480.97M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 5 | 5 | 2 |
| Analysts (EPS) | — | — | — | — | — | 4 | 4 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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