• Antero Midstream average return on tangible equity for 2023 was 38.4, a 8.81% increase from 2022.
• Antero Midstream average return on tangible equity for 2022 was 35.29, a 1.09% increase from 2021.
• Antero Midstream average return on tangible equity for 2021 was 34.91, a 184% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.