Antero Midstream Partners LP (AM)

Debt-to-equity ratio

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Long-term debt	US$ in thousands	3,116,960	3,213,220	3,361,280	3,122,910	3,091,630
Total stockholders’ equity	US$ in thousands	2,115,170	2,151,730	2,192,320	2,286,700	2,418,290
Debt-to-equity ratio		1.47	1.49	1.53	1.37	1.28

December 31, 2024 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $3,116,960K ÷ $2,115,170K
= 1.47

The debt-to-equity ratio for Antero Midstream Partners LP has shown a fluctuating trend over the five-year period from 2020 to 2024. Starting at 1.28 in December 2020, the ratio increased to 1.37 by December 2021, indicating a slight rise in the company's leverage.

By December 2022, the ratio further rose to 1.53, reaching its peak over the period under review. This increase suggests a higher reliance on debt financing compared to equity in the company's capital structure.

However, in the subsequent years, the ratio declined to 1.49 in December 2023 and further to 1.47 by December 2024. Despite the decrease in these years, the ratio remained above 1, indicating that the company's debt levels still exceed its equity levels.

Overall, the trend in Antero Midstream Partners LP's debt-to-equity ratio suggests that the company has been managing its debt and equity levels as it navigates its financial structure over the years, though maintaining a higher leverage ratio compared to an ideal balance. Further analysis and comparison with industry benchmarks would provide more insights into the company's financial leverage position.