Antero Midstream (AM) vs Plains GP L.P. (PAGP)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Plains GP L.P. (PAGP) has outperformed Antero Midstream (AM) over the past year, gaining 51.0% versus a gain of 9.5%. Over five years, PAGP leads with a +126.5% price change compared with +86.7% for AM. Antero Midstream is the larger company by market cap ($10.06 billion vs $6.19 billion), about 1.6 times the size.
On valuation, Plains GP L.P. trades at a lower forward P/E (12.9x vs 13.1x for Antero Midstream). Plains GP L.P. offers the higher dividend yield (6.15% vs 4.25%). Antero Midstream converts more of its revenue into profit, with a net margin of 34.8% versus 0.6%.
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 | PAGP |
|---|---|---|
| Share price | $21.19 | $26.57 |
| Market cap | $10.06B | $6.19B |
| 1-day change | +1.63% | +1.37% |
| YTD return | +19.11% | +38.82% |
| 1-year return | +9.51% | +50.97% |
| 5-year return | +86.70% | +126.51% |
| P/E ratio (TTM) | 25.53 | 60.39 |
| Forward P/E | 13.15 | 12.86 |
| EPS (TTM) | $0.83 | $0.44 |
| Dividend yield | 4.25% | 6.15% |
| 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 | $260.00M |
| Gross margin | — | 8.65% |
| Operating margin | 54.25% | 3.23% |
| Net margin | 34.77% | 0.59% |
| 52-week high | $23.84 | $28.70 |
| 52-week low | $16.96 | $16.68 |
| Distance from 52-week high | -11.10% | -7.42% |
| Analyst consensus | none | buy |
| Avg. price target upside | +13.26% | -1.84% |
| Average volume | 2.38M | 1.64M |
| Shares outstanding | 474.67M | 197.90M |
| Employees | 632 | — |
| 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
- PAGP has outperformed AM by 41.5 percentage points over the past year.
- Plains GP L.P. trades at a higher earnings multiple (60.4x vs 25.5x trailing P/E).
- Plains GP L.P. offers a meaningfully higher dividend yield (6.15% vs 4.25%).
- Antero Midstream is more profitable, keeping 34.8 cents of every revenue dollar as net income versus 0.6 cents for Plains GP 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 GP 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 GP L.P.
PAGP stock →Plains GP Holdings, L.P., through its subsidiary, Plains All American Pipeline, L.P., owns and operates midstream infrastructure systems in the United States and Canada. It operates through Crude Oil and Natural Gas Liquids (NGLs) segments.
Energy · Natural Gas Distribution
AM vs PAGP FAQ
Which is bigger, Antero Midstream or Plains GP L.P.?
Antero Midstream (AM) is larger, with a market capitalization of $10.06B compared with $6.19B for Plains GP L.P. (PAGP).
Which stock has performed better over the past year, AM or PAGP?
PAGP returned +50.97% over the past 12 months, compared with +9.51% for AM (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, AM or PAGP?
AM has the lower trailing P/E at 25.5, versus 60.4 for PAGP. 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 GP L.P.?
Plains GP L.P. has the higher yield at 6.15%, compared with 4.25% for Antero Midstream.
Are Antero Midstream and Plains GP L.P. in the same industry?
Yes. Both are classified in the Natural Gas Distribution industry within the Utilities sector.