Antero Midstream Partners LP (AM)

Debt-to-equity ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	3,116,960	3,171,660	3,186,580	3,174,870	3,213,220	3,258,540	3,306,670	3,331,320	3,361,280	3,143,170	3,157,970	3,133,180	3,122,910	3,095,560	3,087,730	3,103,430	3,091,630	3,121,820	3,088,780	3,103,760
Total stockholders’ equity	US$ in thousands	2,115,170	2,129,900	2,127,090	2,150,380	2,151,730	2,151,140	2,153,040	2,175,480	2,192,320	2,211,860	2,230,120	2,259,950	2,286,700	2,312,590	2,328,440	2,356,870	2,418,290	2,485,490	2,523,180	2,588,960
Debt-to-equity ratio		1.47	1.49	1.50	1.48	1.49	1.51	1.54	1.53	1.53	1.42	1.42	1.39	1.37	1.34	1.33	1.32	1.28	1.26	1.22	1.20

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 of Antero Midstream Partners LP has been gradually increasing over the years, from 1.20 as of March 31, 2020, to 1.47 as of December 31, 2024. This indicates that the company has been relying more on debt financing compared to equity financing over the period analyzed. A rising debt-to-equity ratio can signal a higher financial risk for the company, as it may indicate a heavier debt burden relative to the equity invested by shareholders. However, it is essential to consider industry norms and the company's specific circumstances when evaluating the significance of this trend in the debt-to-equity ratio.