Antero Resources Corporation
Antero Resources Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.3 billion, up 22.0% from fiscal 2024. In the quarter to June 2026, revenue grew 20.2%, EPS grew 80.0%, free cash flow fell 289.7% and total debt rose 121.4%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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Antero Resources Corporation (AR) Beneish M-score
Antero Resources Corporation's Beneish M-score for fiscal 2025 is −2.90; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.90 | (0.05) |
| FY2024 | −2.84 | (0.67) |
| FY2023 | −2.17 | 0.98 |
| FY2022 | −3.15 | (1.16) |
| FY2021 | −1.99 | 0.52 |
| FY2020 | −2.51 | (2.84) |
| FY2019 | 0.33 | 3.09 |
| FY2018 | −2.76 | (0.04) |
| FY2017 | −2.72 | (0.85) |
| FY2016 | −1.86 | 0.30 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.80 | — | 0.74 | |
| Gross margin index | 0.66 | — | 0.35 | |
| Asset quality index | 1.12 | — | 0.45 | |
| Sales growth index | 1.22 | — | 1.09 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 0.83 | — | −0.14 | |
| Total accruals to total assets | (0.07) | — | −0.34 | |
| Leverage index | 0.97 | — | −0.32 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.90 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CHRD Chord Energy Corporation compare | −3.7× |
| APA APA Corporation compare | −3.6× |
| MGY Magnolia Oil & Gas Corp compare | −3.4× |
| MTDR Matador Resources Company compare | −3.3× |
| SM SM Energy Company compare | −3.0× |
| AR Antero Resources Corporation | −2.9× |
| PR Permian Resources Corporation compare | −2.6× |
| RRC Range Resources Corporation compare | −2.4× |
| VIST Vista Energy, S.A.B. de C.V. - Sponsored ADR compare | −2.1× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI