Antero Midstream Partners LP (AM)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	500,073	484,250	464,119	453,806	443,736	435,449	442,468	445,382	448,740	440,190	459,314	470,968	-178,215	-489,666	-981,900	-1,002,569	-457,580	-217,037	161,055	82,474
Revenue (ttm)	US$ in thousands	1,041,771	1,023,154	990,349	960,969	919,985	894,922	888,692	892,572	898,202	885,572	894,183	881,132	900,719	935,926	946,306	982,188	792,588	597,013	391,034	168,561
Pretax margin		48.00%	47.33%	46.86%	47.22%	48.23%	48.66%	49.79%	49.90%	49.96%	49.71%	51.37%	53.45%	-19.79%	-52.32%	-103.76%	-102.08%	-57.73%	-36.35%	41.19%	48.93%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $500,073K ÷ $1,041,771K
= 48.00%

The pretax margin of Antero Midstream Corp has shown relatively stable performance over the past several quarters, ranging from 43.74% to 46.24%. The company's ability to generate profits before accounting for taxes and other expenses is a key indicator of its operational efficiency and profitability. Despite some fluctuations, the pretax margin has generally remained strong, indicating effective cost management and operational performance. This consistency suggests that Antero Midstream Corp has been successful in maintaining healthy profit margins in a challenging operating environment.

Peer comparison

Dec 31, 2023

Company name

Symbol

Pretax margin

Antero Midstream Partners LP

48.00%

Williams Companies Inc

WMB

38.36%