Antero Resources Corporation (AR) vs Texas Pacific Land Corporation (TPL)

Antero Resources Corporation and Texas Pacific Land Corporation are both Oil & Gas E&P companies. Texas Pacific Land Corporation is the larger, with a market value of $23.3B against $11.1B — 2.1× the size. Antero Resources Corporation trades at the lower P/E: 10.0× against 43.5×. Antero Resources Corporation grew revenue faster over the last twelve months: 25.8% against 20.8%. Texas Pacific Land Corporation has the higher net margin (60.3% vs 17.7%) and the higher return on invested capital (29.5% vs 8.79%). Across the 22 metrics below, Texas Pacific Land Corporation leads on 14 and Antero Resources Corporation on 8.

Valuation

Metric AR TPL Oil & Gas E&P median
P/E 9.97 43.47 10.57
P/S 1.77 26.21 1.80
P/B 1.30 14.07 1.27
Price to free cash flow 498.52 61.09 9.99
EV/EBITDA 6.96 31.44 5.08
EV/Sales 2.13 25.93 2.39
Earnings yield 10.03% 2.30% 6.06%
Free cash flow yield 0.20% 1.64% 6.17%

Profitability

Metric AR TPL Oil & Gas E&P median
Gross margin 41.67% 100.00% 80.41%
Operating margin 24.67% 74.92% 21.39%
Net margin 17.68% 60.32% 14.17%
Free cash flow margin 0.35% 42.90% 9.71%
Return on equity 13.72% 36.57% 10.05%
Return on assets 7.74% 33.17% 5.81%
Return on invested capital 8.79% 29.52% 6.32%

Growth

Metric AR TPL Oil & Gas E&P median
Revenue growth (TTM) 25.76% 20.82% 9.94%
EPS growth (last fiscal year) 1,027.78% 6.04% —
Revenue growth, 5-year CAGR 8.61% 21.41% 18.67%
Net income growth, 5-year CAGR 0.00% 22.28% 0.00%

Health

Metric AR TPL Oil & Gas E&P median
Debt to equity 0.29 0.00 0.28
Current ratio 0.40 10.86 0.96
Net debt to EBITDA 0.74 (0.22) 0.91

Dividend

Metric AR TPL Oil & Gas E&P median
Dividend yield — 0.88% 4.93%
Payout ratio 0.00 0.23 0.07

Size

Metric AR TPL Oil & Gas E&P median
Market cap 11.10b 23.28b 923.59m

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