AM EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
AM's ev/ebitda is higher than 65% of the last 10 years.
EV/EBITDA History
AM EV/EBITDA by year
Yearly range of AM’s ev/ebitda from 2017 to 2026. Over the full period it ranged from 8.8 to 2,199.8, averaging 88.7.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 11.1 | 13.9 | 15.3 | 13.8 |
| 2025 | 10.9 | 11.6 | 12.6 | 11.4 |
| 2024 | 9.9 | 11.0 | 11.9 | 10.8 |
| 2023 | 9.3 | 10.1 | 10.7 | 10.3 |
| 2022 | 9.1 | 10.0 | 10.7 | 10.2 |
| 2021 | 8.8 | 19.1 | 51.8 | 9.7 |
| 2020 | 45.7 | 45.7 | 45.7 | 45.7 |
| 2019 | 21.5 | 35.6 | 58.5 | 24.4 |
| 2018 | 21.1 | 92.1 | 160.7 | 21.1 |
| 2017 | 1,803.9 | 1,998.8 | 2,199.8 | 2,120.2 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is AM EV/EBITDA High or Low Right Now?
Antero Midstream Corporation's EV/EBITDA is currently 13.8, which is above average relative to its 10-year historical range. The 10-year median EV/EBITDA for AM is approximately 11.3. See all AM valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.