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Antero Resources Corporation

AR Energy Oil & Gas E&P

Antero Resources Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 22.0% from fiscal 2024.

Revenue
+28.7%
EPS
+377.7%
Free cash flow
−55.8%
Total debt
+78.3%

Quarter to September 2026, against a year earlier

36.54 0.89 −2.38%
Market cap
$11.2B
P/E
8.2×
Fwd P/E
8.7×
Dividend yield
—
F-score
8/9
Altman Z
1.89
Beneish M
−2.90
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Exploration and production
  • Antero Midstream Corporation
  • Marketing

Every year since 2013 →

Insider Decisions last twelve months

Sold, $m 11.16
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 3 — 2 — — — — — —
Insider Ownership 4.72%

Capital & Financial Ratios $m

Size
Market Cap 11,170.00
Revenue ttm 6,479.43
Net income ttm 942.09
Free cash flow ttm (1,102.77)
Net debt Q 2,330.81
Valuation
P/E 8.20
Forward P/E 8.67
Price / sales 1.73
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.30
Financial health
Current ratio Q 0.39 (below 1: weak)
Debt / equity Q 0.27 (at or below 0.5: strong)
Interest coverage Q 10.19
Growth
Revenue growth Q +28.74% (above 0%: growing)
Operating income growth Q +231.69% (above 0%: growing)
EPS, this year +148.10% (at or above 15%: strong)
EPS, next year A +9.08%
Revenue, next year A +27.16% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +48.23% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.1×, against a ten-year median of 2.3×; over the ten years it ranged from 0.8× in 2020 to 6.8× in 2017.
P/E against its own 10 years 26.39%
10-year low 10-year high
P/S against its own 10 years 51.41%
10-year low 10-year high
P/B against its own 10 years 74.04%
10-year low 10-year high
EV/Sales against its own 10 years 40.30%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 0.30 ’17
  2. 0.00 ’19 −100
  3. 0.00 ’20
  4. 0.00 ’21
  5. 0.00 ’22
  6. 0.00 ’23
  7. 0.00 ’24
  8. 0.00 ’25
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash — — 210 —
Receivables 43 34 34 26
Inventory — — — —
Other 420 461 573 728
476 508 832 765
2023 2024 2025 Q'26
Payables 125 173 151 178
ST’ Debt — — — —
Other 17 35 89 468
1,452 1,446 1,503 1,945

Compound Annual Growth %

10y 5y 3y
Sales 2.92% 8.61% (9.59%)
Cash Flow 4.85% 17.26% (18.85%)
Earnings (3.87%) 0.00% (30.28%)
Book Value 0.57% 4.84% 3.21%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.95 Actual 0.83

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.52 0.42 Miss by 0.10
Q1 FY26 1.22 1.15 Miss by 0.07
Q2 FY26 0.75 0.76 Beat by 0.01
Q3 FY26 0.95 0.83 Miss by 0.12
Q4 FY26 1.39 — Reports 10 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.72 0.90 1.19 — —
’25 0.66 0.50 0.24 0.62 2.03
’24 0.12 (0.21) (0.11) 0.48 0.18
’23 0.69 (0.28) 0.06 0.16 0.64
’22 (0.50) 2.29 1.72 2.31 5.77
’21 (0.05) (1.70) (1.75) 2.65 (0.61)
’20 (1.19) (1.73) (1.99) 0.21 (4.65)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,945 1,560 1,563 — —
’25 1,353 1,297 1,214 1,412 5,276
’24 1,122 979 1,056 1,169 4,326
’23 1,408 953 1,126 1,194 4,682
’22 787 2,202 2,065 2,085 7,138
’21 1,204 487 534 2,394 4,619
’20 1,317 485 381 1,309 3,492
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — 439 575 — —
’25 458 492 310 371 1,631
’24 262 143 166 278 849
’23 344 155 183 312 995
’22 566 923 1,088 475 3,051
’21 564 309 313 475 1,660
’20 201 116 176 243 736
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — (1,669) 211 — —
’25 427 476 38 318 1,259
’24 228 124 147 257 757
’23 266 114 151 297 828
’22 535 871 1,040 446 2,891
’21 546 297 282 (178) 947
’20 190 104 166 228 688
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 13.3% a year for ten years. It grew 18.7% a year over the last ten.

Implied
13.3%
10 years, reported
18.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,745 3,656 4,140 4,409 3,492 4,619 7,138 4,682 4,326 5,276 6,479 +13.1% 6,709 6,898 7,090 +10.4%
Gross margin, % 14.08 54.99 44.73 32.69 8.19 21.95 50.64 31.55 24.31 36.58 44.29 +22.5 pt
EBT (1,246) 490 (175) (367) (1,658) (228) 2,440 361 (24) 890 1,796 n/m
EBT margin, % (71.41) 13.41 (4.22) (8.33) (47.48) (4.94) 34.18 7.71 (0.57) 16.88 27.71 +88.3 pt
Net income (749) 785 (46) (293) (1,260) (154) 1,999 297 94 675 942 n/m
Per share, $
Per share, $ Revenue 5.91 11.59 13.10 14.39 12.82 14.99 23.24 15.62 13.98 17.03 21.08 +12.5%
Earnings (2.88) 1.95 (1.26) (1.11) (4.65) (0.61) 6.18 0.66 0.18 2.05 4.45 n/m
Cash flow 4.21 6.36 6.59 3.60 2.70 5.39 9.93 3.32 2.74 5.27 5.51 +2.5%
Capex (3.38) (2.96) (2.28) (0.54) (0.17) (2.31) (0.52) (0.56) (0.30) (1.20) (9.10) (10.9%)
Free cash flow 0.83 3.40 4.30 3.06 2.53 3.07 9.41 2.76 2.45 4.07 (3.59) +19.3%
Book value 26.20 28.14 26.86 22.75 22.36 19.69 22.84 23.80 23.32 24.91 28.11 (0.6%)
Shares, m 295 315 316 306 272 308 307 300 309 310 309 +0.5%
Valuation, ×
Valuation, × P/E 0.00 10.20 0.00 0.00 0.00 0.00 4.56 33.76 109.53 16.81 8.20 17.5
P/S 4.00 1.71 0.72 0.20 0.43 1.17 1.22 1.45 2.51 2.02 1.73 1.5
P/B 0.90 0.70 0.35 0.13 0.24 0.89 1.24 0.95 1.50 1.38 1.30 0.8
EV/Sales 6.68 3.01 2.02 1.04 1.28 1.63 1.39 1.78 2.85 2.25 2.06 2.4
EV/FCF 47.50 10.26 6.16 4.89 6.48 7.93 3.43 10.05 16.29 9.42 (12.11) 12.2
Cash, $m
Cash, $m Operating cash flow 1,241 2,006 2,082 1,103 736 1,660 3,051 995 849 1,631 1,695 +3.1%
Capex (996) (933) (722) (166) (47) (713) (161) (167) (92) (372) (2,798) (10.4%)
Free cash flow 245 1,074 1,360 937 688 947 2,891 828 757 1,259 (1,103) +19.9%
Balance, $m
Balance, $m Working capital (415) 71 (47) (117) (409) (1,382) (987) (976) (938) (672) (1,180) +5.5%
Net debt 4,672 4,772 5,217 3,712 2,973 2,125 1,183 1,538 1,489 1,188 2,331 (14.1%)
Shareholders’ equity 7,729 8,876 8,487 6,971 6,090 6,066 7,017 7,134 7,217 7,716 8,641 0.0%
Returns, %
Returns, % ROA (5.98) 4.17 (2.58) (2.21) (8.95) (1.38) 13.36 1.44 0.43 4.83 9.65 +10.8 pt
ROIC (4.92) 3.39 0.33 (5.77) (6.57) 0.18 19.35 2.86 0.00 6.20 10.17 +11.1 pt
ROE (11.31) 7.41 (4.58) (4.40) (19.41) (3.07) 28.61 2.80 0.80 8.50 17.01 +19.8 pt
People
People Employees 528 593 623 547 522 519 586 604 616 632 — +2.0%
Revenue/emp, $m 3.30 6.16 6.64 8.06 6.69 8.90 12.18 7.75 7.02 8.35 — +10.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Antero Resources develops and produces natural gas, natural gas liquids (NGLs) and oil from shale formations in the Appalachian Basin. It sells these commodities into markets in the United States and abroad. Its operations are concentrated in West Virginia and Ohio, and its headquarters is in Denver. The company is led by CEO and President Michael Kennedy.

Antero uses horizontal drilling and hydraulic fracturing to release hydrocarbons from unconventional formations. Some wells produce liquids-rich gas: the gas is processed to separate NGLs, which can be sold as individual products such as ethane and propane. Antero also produces dry gas, which contains fewer liquids. Its productive wells were all natural gas wells at the end of the fiscal year.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Exploration and production 5,150 97.61%
Antero Midstream Corporation 1,188 22.53%
Marketing 126 2.39%
Gross margin 36.58%
Operating margin 16.75%
Pre-tax margin 16.88%

Revenue by segment since 2013

Antero Resources Corporation vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EXE Expand Energy Corporation $19.7B 7.4× 7.9× +10.79% (above 0%: growing) −2.61% (below 0%: shrinking) +2.49% (above 0%: growing) 74.25% 19.48% Compare
TPL Texas Pacific Land Corporation $18.8B 32.3× 35.9× +34.62% (above 0%: growing) +38.33% (above 0%: growing) +83.99% (above 0%: growing) 100.00% 76.00% Compare
PR Permian Resources Corporation $17.9B 10.9× 11.1× +48.11% (above 0%: growing) +525.00% (above 0%: growing) −56.18% (below 0%: shrinking) 0.00% 45.35% Compare
APA APA Corporation $15.2B 7.1× 7.7× +39.35% (above 0%: growing) +252.63% (above 0%: growing) +81.05% (above 0%: growing) 0.00% 42.67% Compare
RRC Range Resources Corporation $11.7B 13.3× 13.3× +12.60% (above 0%: growing) +22.95% (above 0%: growing) +59.63% (above 0%: growing) 93.57% 29.00% Compare
AR Antero Resources Corporation $11.2B 8.2× 8.7× +28.74% (above 0%: growing) +377.72% (above 0%: growing) −55.76% (below 0%: shrinking) 45.18% 25.07%
CHRD Chord Energy Corporation $7.2B 8.3× 6.8× +30.01% (above 0%: growing) +46.02% (above 0%: growing) +257.56% (above 0%: growing) 0.00% 29.60% Compare
SM SM Energy Company $7.1B 7.2× 5.5× +167.38% (above 0%: growing) −70.93% (below 0%: shrinking) +369.43% (above 0%: growing) 73.55% 10.88% Compare
VIST Vista Energy, S.A.B. de C.V. - Sponsored ADR $6.4B 7.5× 9.9× +83.39% (above 0%: growing) −10.66% (below 0%: shrinking) −82.86% (below 0%: shrinking) 54.75% 45.65% Compare
Median of peers $13.5B 7.9× 8.9× +36.99% +30.64% +70.34% 64.15% 36.14%

All 74 Oil & Gas E&P stocks →

From the latest earnings call

Updated

  • CEO Michael Kennedy said Antero is expanding its transportation optimization strategy as customers seek local gas supply, with agreements already generating annualized free cash flow.
  • CFO Brendan Krueger attributed production growth to the HG acquisition and higher working interests, while lower costs and liquids exposure increased the unhedged EBITDAX margin.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 89.70%
Held by the ten largest 43.34%
Holder Shares Stake Change
Vanguard 29.74m 9.63% +210.39k
BlackRock 27.52m 8.91% +89.49k
Fidelity (FMR) 16.72m 5.42% −6.05m
Dimensional Fund Advisors 12.70m 4.11% +2.46m
State Street 11.40m 3.69% +595.80k
Sourcerock Group LLC 8.67m 2.81% +363.97k
Invesco 8.06m 2.61% −912.76k
AQR Capital Management 7.59m 2.46% +2.13m
Geode Capital Management 5.75m 1.86% +117.99k
MFS Investment Management 5.66m 1.83% +1.43m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 14.16m 40.47m 643.00
2023 13.51m (6.50m) 416.00
2022 24.64m 65.57m 569.00
2021 6.46m 34.01m 321.00

Ownership

Directors and executive officers, together 4.10%
FMR LLC 8.30%
BlackRock, Inc. 8.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Antero Resources Corporation (AR) Latest News

30 Oct

Impact 4 · · MarketBeat
Impact 3 · · Simply Wall St.

29 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby

28 Oct

Impact 4 · · Oilprice.com
Impact 4 · · PR Newswire
Impact 4 · · PR Newswire
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · StockStory

27 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · StockStory

22 Oct

Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · Insider Monkey
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks

15 Oct

Impact 3 · · Zacks

15 Sep

Impact 4 ·

7 Aug

Impact 4 · · The Motley Fool transcript
Impact 3 · · The Motley Fool transcript

31 Jul

Impact 4 ·
Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 · transcript

AR metrics, ten years each

stockrow.com/AR · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com