Antero Midstream (AM) vs Western Midstream Partners (WES)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 8, 2026.
Summary
Western Midstream Partners (WES) has outperformed Antero Midstream (AM) over the past year, gaining 19.6% versus a gain of 9.0%. Over five years, WES leads with a +97.5% price change compared with +83.7% for AM. Western Midstream Partners is the larger company by market cap ($19.03 billion vs $9.98 billion), about 1.9 times the size, while Antero Midstream is growing revenue faster (+7.4% vs +6.6%).
On valuation, Western Midstream Partners trades at a lower forward P/E (12.0x vs 13.0x for Antero Midstream). Western Midstream Partners offers the higher dividend yield (7.99% vs 4.28%). Antero Midstream converts more of its revenue into profit, with a net margin of 34.8% versus 30.7%.
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 | WES |
|---|---|---|
| Share price | $21.02 | $46.05 |
| Market cap | $9.98B | $19.03B |
| 1-day change | +0.79% | +1.10% |
| YTD return | +17.20% | +16.91% |
| 1-year return | +8.99% | +19.64% |
| 5-year return | +83.70% | +97.52% |
| P/E ratio (TTM) | 25.32 | 14.57 |
| Forward P/E | 13.04 | 12.03 |
| EPS (TTM) | $0.83 | $3.16 |
| Dividend yield | 4.28% | 7.99% |
| Annual dividend | $0.90 | $3.68 |
| Revenue (latest FY) | $1.19B | $3.84B |
| Revenue growth (YoY) | +7.43% | +6.61% |
| Net income (latest FY) | $413.16M | $1.18B |
| Gross margin | — | 94.61% |
| Operating margin | 54.25% | 41.67% |
| Net margin | 34.77% | 30.73% |
| 52-week high | $23.84 | $50.07 |
| 52-week low | $16.96 | $36.90 |
| Distance from 52-week high | -11.83% | -8.03% |
| Analyst consensus | none | buy |
| Avg. price target upside | +14.20% | +7.90% |
| Average volume | 2.37M | 824.08K |
| Shares outstanding | 474.67M | 413.17M |
| Employees | 632 | 1,704 |
| Sector | Utilities | Utilities |
| 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
- WES has outperformed AM by 10.6 percentage points over the past year.
- Antero Midstream trades at a higher earnings multiple (25.3x vs 14.6x trailing P/E).
- Western Midstream Partners offers a meaningfully higher dividend yield (7.99% vs 4.28%).
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 Western Midstream Partners
WES stock →Western Midstream Partners, LP, together with its subsidiaries, operates as a midstream energy company primarily in the United States. The company is involved in gathering, compressing, treating, processing, and transporting natural gas; gathering, stabilizing, and transporting condensate, natural gas liquids (NGLs), and crude oil; and gathering and disposing of produced water.
Utilities · Natural Gas Distribution · 1,704 employees
AM vs WES FAQ
Which is bigger, Antero Midstream or Western Midstream Partners?
Western Midstream Partners (WES) is larger, with a market capitalization of $19.03B compared with $9.98B for Antero Midstream (AM).
Which stock has performed better over the past year, AM or WES?
WES returned +19.64% 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 WES?
WES has the lower trailing P/E at 14.6, versus 25.3 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 Western Midstream Partners?
Western Midstream Partners has the higher yield at 7.99%, compared with 4.28% for Antero Midstream.
Are Antero Midstream and Western Midstream Partners in the same industry?
Yes. Both are classified in the Natural Gas Distribution industry within the Utilities sector.