A Business at a Glance
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ITEMS 1 AND 2. BUSINESS AND PROPERTIES Our Company and Organizational Structure Antero Resources Corporation (individually referred to as “Antero”) and its consolidated subsidiaries (collectively referred to as “Antero Resources,” the “Company,” “we,” “us” or “our”) are engaged in the development, production, exploration and acquisition of natural gas, NGLs and oil properties located in the Appalachian Basin. The Company targets large, repeatable resource plays where horizontal drilling and advanced fracture stimulation technologies provide the means to economically develop and produce natural gas, NGLs and oil from unconventional formations. As of December 31, 2025, we held approximately 537,000 net acres of natural gas, NGLs and oil properties located in the Appalachian Basin primarily in West Virginia and Ohio. Our corporate headquarters is in Denver, Colorado.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.3B | 5.3B | 4.3B | 4.7B | 7.1B | 4.6B |
| Net Income | 634M | 634M | 57M | 198M | 1.9B | -187M |
| EPS | $2.03 | $2.03 | $0.18 | $0.64 | $5.69 | $-0.61 |
| Free Cash Flow | 1.6B | 1.6B | 838M | 978M | 2.1B | 944M |
| ROIC | 6.1% | 6.9% | - | 3.4% | 21.6% | 0.2% |
| Gross Margin | 21.2% | 21.2% | 25.8% | 13.3% | 38.0% | 3.7% |
| Debt/Equity | 0.47 | 0.47 | 0.57 | 0.65 | 0.69 | 0.96 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 884M | 884M | - | 396M | 2.5B | 24M |
| Operating Margin | 16.7% | 16.7% | - | 8.5% | 35.6% | 0.5% |
| ROE | 8.4% | 8.7% | 0.8% | 2.9% | 29.9% | -3.2% |
| Shares Outstanding | 313M | 313M | 318M | 310M | 329M | 306M |
ANTERO RESOURCES Corp passes 2 of 9 quality checks, indicating weak fundamentals.
ANTERO RESOURCES Corp trades at 18.3x trailing earnings, compared to its 15-year median P/E of 13.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 7.2x vs a median of 6.3x. The company's 5-year average ROIC is 8.0% with a gross margin of 20.4%. Total shareholder yield (buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is -1.4%.
ANTERO RESOURCES Corp (AR) has a current P/E ratio of 18.3, compared to its historical median P/E of 13.4. The stock is currently considered Fair based on its historical valuation range.
ANTERO RESOURCES Corp (AR) has a 5-year average return on invested capital (ROIC) of 8.0%. This is below average and may indicate limited pricing power.
ANTERO RESOURCES Corp (AR) has a market capitalization of $11.6B. It is classified as a large-cap stock.
ANTERO RESOURCES Corp (AR) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.17%.
Based on historical P/E analysis, ANTERO RESOURCES Corp (AR) appears fair. The current P/E of 18.3 is 36% above its historical median of 13.4. The estimated fair value CAGR (P/E method) is 3.2%.
ANTERO RESOURCES Corp (AR) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
ANTERO RESOURCES Corp (AR) reported annual revenue of $5.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
ANTERO RESOURCES Corp (AR) has a net profit margin of 12.0%. This is a healthy margin.
ANTERO RESOURCES Corp (AR) generated $1.6 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ANTERO RESOURCES Corp (AR) has a debt-to-equity ratio of 0.47. This indicates a conservatively financed balance sheet.
ANTERO RESOURCES Corp (AR) reported earnings per share (EPS) of $2.03 in its most recent fiscal year.
ANTERO RESOURCES Corp (AR) has a return on equity (ROE) of 8.7%. This indicates moderate shareholder returns.
ANTERO RESOURCES Corp (AR) has a 5-year average gross margin of 20.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for ANTERO RESOURCES Corp (AR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ANTERO RESOURCES Corp (AR) has a book value per share of $24.16, based on its most recent annual SEC filing.
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