How do Antero Midstream Corp and FIGS, Inc. compare by revenue?

Antero Midstream Corp reported revenue of $297.0M in Q4 FY2025, while FIGS, Inc. reported $201.9M in Q4 FY2025. Antero Midstream Corp is 1.5× larger by last-quarter revenue.

Which is growing revenue faster, Antero Midstream Corp or FIGS, Inc.?

Antero Midstream Corp's latest revenue grew 3.3% year-over-year, versus 33.0% for FIGS, Inc.. FIGS, Inc. is growing faster on a YoY basis.

Which has a higher net margin, Antero Midstream Corp or FIGS, Inc.?

Antero Midstream Corp's net margin is 17.5% vs FIGS, Inc.'s 9.2%. Antero Midstream Corp has the higher bottom-line margin.

What is the 2-year revenue CAGR for Antero Midstream Corp vs FIGS, Inc.?

Over the trailing 8 quarters, Antero Midstream Corp compounded revenue at roughly 3.2% per year, versus 30.1% for FIGS, Inc.. FIGS, Inc. has the faster medium-term growth trajectory.

Where does this AM vs FIGS data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

vs

Side-by-side financial comparison of Antero Midstream Corp (AM) and FIGS, Inc. (FIGS). Click either name above to swap in a different company.

Antero Midstream Corp is the larger business by last-quarter revenue ($297.0M vs $201.9M, roughly 1.5× FIGS, Inc.). Antero Midstream Corp runs the higher net margin — 17.5% vs 9.2%, a 8.3% gap on every dollar of revenue. On growth, FIGS, Inc. posted the faster year-over-year revenue change (33.0% vs 3.3%). Over the past eight quarters, FIGS, Inc.'s revenue compounded faster (30.1% CAGR vs 3.2%).

Antero Midstream CorpAMEarnings & Financial Report

NYSE · Utilities · Natural Gas Transmission

Antero Resources Corporation is an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Denver, Colorado. The company's reserves are entirely in the Appalachian Basin and are extracted using hydraulic fracturing.

FIGS, Inc.FIGSEarnings & Financial Report

NYSE · Consumer Discretionary · Apparel & Other Finishd Prods of Fabrics & Similar Matl

Figs is an American clothing company based in Santa Monica, California. The company sells scrubs and other products for healthcare professionals. It was founded in 2013 by Heather Hasson and Trina Spear, who are co-CEOs.

AM vs FIGS — Head-to-Head

Bigger by revenue

1.5× larger

$297.0M

$201.9M

Growing faster (revenue YoY)

FIGS

+29.7% gap

33.0%

3.3%

Higher net margin

8.3% more per $

17.5%

9.2%

Faster 2-yr revenue CAGR

FIGS

Annualised

30.1%

3.2%

Income Statement — Q4 FY2025 vs Q4 FY2025

Metric	AM	FIGS
Revenue	$297.0M	$201.9M
Net Profit	$51.9M	$18.5M
Gross Margin	—	62.9%
Operating Margin	33.8%	9.3%
Net Margin	17.5%	9.2%
Revenue YoY	3.3%	33.0%
Net Profit YoY	-53.3%	881.8%
EPS (diluted)	$0.11	$0.10

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue

FIGS

Q4 25	$297.0M	$201.9M
Q3 25	$294.8M	$151.7M
Q2 25	$305.5M	$152.6M
Q1 25	$291.1M	$124.9M
Q4 24	$287.5M	$151.8M
Q3 24	$269.9M	$140.2M
Q2 24	$269.8M	$144.2M
Q1 24	$279.1M	$119.3M

Net Profit

FIGS

Q4 25	$51.9M	$18.5M
Q3 25	$116.0M	$8.7M
Q2 25	$124.5M	$7.1M
Q1 25	$120.7M	$-102.0K
Q4 24	$111.2M	$1.9M
Q3 24	$99.7M	$-1.7M
Q2 24	$86.0M	$1.1M
Q1 24	$103.9M	$1.4M

Gross Margin

FIGS

Q4 25	—	62.9%
Q3 25	—	69.9%
Q2 25	—	67.0%
Q1 25	—	67.6%
Q4 24	—	67.3%
Q3 24	—	67.1%
Q2 24	—	67.4%
Q1 24	—	68.9%

Operating Margin

FIGS

Q4 25	33.8%	9.3%
Q3 25	61.2%	6.4%
Q2 25	61.0%	6.5%
Q1 25	60.9%	-0.2%
Q4 24	61.8%	5.9%
Q3 24	60.2%	-6.2%
Q2 24	56.6%	1.1%
Q1 24	59.6%	0.4%

Net Margin

FIGS

Q4 25	17.5%	9.2%
Q3 25	39.3%	5.8%
Q2 25	40.8%	4.7%
Q1 25	41.5%	-0.1%
Q4 24	38.7%	1.2%
Q3 24	37.0%	-1.2%
Q2 24	31.9%	0.8%
Q1 24	37.2%	1.2%

EPS (diluted)

FIGS

Q4 25	$0.11	$0.10
Q3 25	$0.24	$0.05
Q2 25	$0.26	$0.04
Q1 25	$0.25	$0.00
Q4 24	$0.23	$0.01
Q3 24	$0.21	$-0.01
Q2 24	$0.18	$0.01
Q1 24	$0.21	$0.01

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric	AM	FIGS
Cash + ST InvestmentsLiquidity on hand	$180.4M	$82.0M
Total DebtLower is stronger	$3.2B	—
Stockholders' EquityBook value	$2.0B	$437.5M
Total Assets	$5.9B	$580.0M
Debt / EquityLower = less leverage	1.63×	—

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments

FIGS

Q4 25	$180.4M	$82.0M
Q3 25	—	$46.5M
Q2 25	—	$50.8M
Q1 25	—	$90.0M
Q4 24	—	$85.6M
Q3 24	—	$124.1M
Q2 24	—	$131.8M
Q1 24	$26.1M	$155.3M

Total Debt

FIGS

Q4 25	$3.2B	—
Q3 25	$3.0B	—
Q2 25	$3.0B	—
Q1 25	$3.1B	—
Q4 24	$3.1B	—
Q3 24	$3.2B	—
Q2 24	$3.2B	—
Q1 24	$3.2B	—

Stockholders' Equity

FIGS

Q4 25	$2.0B	$437.5M
Q3 25	$2.1B	$413.3M
Q2 25	$2.1B	$396.5M
Q1 25	$2.1B	$381.5M
Q4 24	$2.1B	$377.1M
Q3 24	$2.1B	$403.5M
Q2 24	$2.1B	$401.7M
Q1 24	$2.2B	$389.9M

Total Assets

FIGS

Q4 25	$5.9B	$580.0M
Q3 25	$5.7B	$544.7M
Q2 25	$5.7B	$517.1M
Q1 25	$5.8B	$522.3M
Q4 24	$5.8B	$509.8M
Q3 24	$5.8B	$542.5M
Q2 24	$5.8B	$526.0M
Q1 24	$5.7B	$510.9M

Debt / Equity

FIGS

Q4 25	1.63×	—
Q3 25	1.46×	—
Q2 25	1.45×	—
Q1 25	1.49×	—
Q4 24	1.47×	—
Q3 24	1.49×	—
Q2 24	1.50×	—
Q1 24	1.48×	—

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric	AM	FIGS
Operating Cash FlowLast quarter	$255.5M	$60.9M
Free Cash FlowOCF − Capex	—	$58.1M
FCF MarginFCF / Revenue	—	28.8%
Capex IntensityCapex / Revenue	—	1.4%
Cash ConversionOCF / Net Profit	4.92×	3.29×
TTM Free Cash FlowTrailing 4 quarters	—	$53.0M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow

FIGS

Q4 25	$255.5M	$60.9M
Q3 25	$212.8M	$3.4M
Q2 25	$265.2M	$-12.4M
Q1 25	$198.9M	$9.2M
Q4 24	$232.7M	$30.4M
Q3 24	$184.9M	$22.6M
Q2 24	$215.8M	$16.5M
Q1 24	$210.6M	$11.6M

Free Cash Flow

FIGS

Q4 25	—	$58.1M
Q3 25	—	$531.0K
Q2 25	—	$-13.5M
Q1 25	—	$7.9M
Q4 24	—	$27.1M
Q3 24	$184.3M	$18.4M
Q2 24	$147.2M	$7.5M
Q1 24	$208.5M	$11.1M

FCF Margin

FIGS

Q4 25	—	28.8%
Q3 25	—	0.4%
Q2 25	—	-8.9%
Q1 25	—	6.3%
Q4 24	—	17.8%
Q3 24	68.3%	13.1%
Q2 24	54.6%	5.2%
Q1 24	74.7%	9.3%

Capex Intensity

FIGS

Q4 25	—	1.4%
Q3 25	—	1.9%
Q2 25	—	0.7%
Q1 25	—	1.0%
Q4 24	0.0%	2.2%
Q3 24	0.2%	3.0%
Q2 24	25.4%	6.2%
Q1 24	0.7%	0.4%

Cash Conversion

FIGS

Q4 25	4.92×	3.29×
Q3 25	1.84×	0.39×
Q2 25	2.13×	-1.75×
Q1 25	1.65×	—
Q4 24	2.09×	16.14×
Q3 24	1.85×	—
Q2 24	2.51×	15.04×
Q1 24	2.03×	8.10×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

AM

Gathering Low Pressure	$114.2M	38%
Natural Gas Water Handling And Treatment Affiliate	$63.2M	21%
Water Handling	$55.7M	19%
Fresh Water Delivery	$37.2M	13%
Other Fluid Handling	$26.9M	9%