Is Antero Midstream Corp. overvalued or undervalued?

As of 2 May 2025, the valuation grade for Antero Midstream Corp. has moved from expensive to very expensive, indicating a significant shift in its perceived value. The company is currently considered overvalued. Key ratios include a P/E ratio of 21, an EV to EBITDA of 13.77, and a PEG ratio of 2.02, all of which suggest that the stock is trading at a premium compared to its earnings growth potential.
In comparison to its peers, Antero Midstream Corp. has a higher P/E ratio than Western Midstream Partners LP, which stands at 10.91, and Plains All American Pipeline LP, with a P/E of 9.29, both of which are rated very attractive. Additionally, the company’s dividend yield of 361.35% is striking, yet the high valuation metrics overshadow this attractive yield. Notably, Antero Midstream has outperformed the S&P 500 over the past year with a return of 27.13% compared to the index's 10.26%, but this performance does not mitigate its current overvaluation status.