Antero Midstream (AM) vs Plains All American Pipeline L.P. (PAA)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Plains All American Pipeline L.P. (PAA) has outperformed Antero Midstream (AM) over the past year, gaining 44.3% versus a gain of 9.0%. Over five years, PAA leads with a +116.8% price change compared with +83.7% for AM. Plains All American Pipeline L.P. is the larger company by market cap ($17.27 billion vs $10.09 billion), about 1.7 times the size, while Antero Midstream is growing revenue faster (+7.4% vs -9.5%).
On valuation, Plains All American Pipeline L.P. trades at a lower forward P/E (12.8x vs 13.2x for Antero Midstream). Plains All American Pipeline L.P. offers the higher dividend yield (6.67% vs 4.23%). Antero Midstream converts more of its revenue into profit, with a net margin of 34.8% versus 3.2%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | AM | PAA |
|---|---|---|
| Share price | $21.27 | $24.47 |
| Market cap | $10.09B | $17.27B |
| 1-day change | +1.99% | +1.58% |
| YTD return | +17.20% | +33.96% |
| 1-year return | +8.99% | +44.33% |
| 5-year return | +83.70% | +116.76% |
| P/E ratio (TTM) | 25.62 | 21.09 |
| Forward P/E | 13.19 | 12.79 |
| EPS (TTM) | $0.83 | $1.16 |
| Dividend yield | 4.23% | 6.67% |
| Annual dividend | $0.90 | $1.63 |
| Revenue (latest FY) | $1.19B | $44.26B |
| Revenue growth (YoY) | +7.43% | -9.46% |
| Net income (latest FY) | $413.16M | $1.44B |
| Gross margin | — | 8.65% |
| Operating margin | 54.25% | 3.24% |
| Net margin | 34.77% | 3.24% |
| 52-week high | $23.84 | $26.39 |
| 52-week low | $16.96 | $15.69 |
| Distance from 52-week high | -10.78% | -7.28% |
| Analyst consensus | none | buy |
| Avg. price target upside | +12.86% | +6.78% |
| Average volume | 2.37M | 2.52M |
| Shares outstanding | 474.67M | 705.57M |
| Employees | 632 | 3,900 |
| Sector | Utilities | Energy |
| Industry | Natural Gas Distribution | Natural Gas Distribution |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- PAA has outperformed AM by 35.3 percentage points over the past year.
- Plains All American Pipeline L.P. offers a meaningfully higher dividend yield (6.67% vs 4.23%).
- Antero Midstream is more profitable, keeping 34.8 cents of every revenue dollar as net income versus 3.2 cents for Plains All American Pipeline L.P..
- Antero Midstream grew revenue faster in its latest fiscal year (+7.43% vs -9.46%).
- The two companies sit in different sectors: Antero Midstream in Utilities and Plains All American Pipeline L.P. in Energy.
About Antero Midstream
AM stock →Antero Midstream Corporation owns, operates, and develops midstream energy assets in the Appalachian Basin. It operates in two segments, Gathering and Processing, and Water Handling.
Utilities · Natural Gas Distribution · 632 employees
About Plains All American Pipeline L.P.
PAA stock →Plains All American Pipeline, L.P., through its subsidiaries, engages in the pipeline transportation, terminalling, storage, and gathering of crude oil and natural gas liquids (NGL) in the United States and Canada. The company operates through two segments, Crude Oil and NGL.
Energy · Natural Gas Distribution · 3,900 employees
AM vs PAA FAQ
Which is bigger, Antero Midstream or Plains All American Pipeline L.P.?
Plains All American Pipeline L.P. (PAA) is larger, with a market capitalization of $17.27B compared with $10.09B for Antero Midstream (AM).
Which stock has performed better over the past year, AM or PAA?
PAA returned +44.33% over the past 12 months, compared with +8.99% for AM (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, AM or PAA?
PAA has the lower trailing P/E at 21.1, versus 25.6 for AM. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Antero Midstream or Plains All American Pipeline L.P.?
Plains All American Pipeline L.P. has the higher yield at 6.67%, compared with 4.23% for Antero Midstream.
Are Antero Midstream and Plains All American Pipeline L.P. in the same industry?
Yes. Both are classified in the Natural Gas Distribution industry within the Utilities sector.