Antero Midstream Partners LP (AM)
Pretax margin
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) | US$ in thousands | 500,073 | 443,736 | 448,740 | -178,215 | -457,580 |
| Revenue | US$ in thousands | 1,041,770 | 919,985 | 898,202 | 900,719 | 792,588 |
| Pretax margin | 48.00% | 48.23% | 49.96% | -19.79% | -57.73% |
December 31, 2023 calculation
Pretax margin = EBT ÷ Revenue
= $500,073K ÷ $1,041,770K
= 48.00%
Antero Midstream Corp has shown variability in its pretax margin over the past five years. The pretax margin improved from 2019 to 2021, reaching 46.32%, indicating a strong ability to generate profits before taxes relative to revenue during those years. However, there was a significant decline in 2020, with a negative pretax margin of -18.35%, which suggests the company faced challenges or incurred losses during that period.
The company rebounded in 2022 and 2023, with pretax margins of 44.79% and 44.95% respectively, staying relatively stable around the mid-40% range. This stability may indicate improved operational efficiencies and better cost management strategies. Overall, Antero Midstream Corp's pretax margin performance demonstrates both resilience and the ability to navigate challenging periods while maintaining profitability in more recent years.
Peer comparison
Dec 31, 2023