A Business at a Glance
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ANTERO RESOURCES Corp
AR
$11.0B
Mkt Cap
$35.28
+0.60%
ANTERO RESOURCES Corp (AR) has a current P/E ratio of 17.4, 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 $10.9B. 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 1.25%.
Based on historical P/E analysis, ANTERO RESOURCES Corp (AR) appears fair. The current P/E of 17.4 is 29% above its historical median of 13.4. The estimated fair value CAGR (P/E method) is 3.0%.
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 Corporation is an upstream oil and gas company engaged in the development, production, exploration, and acquisition of natural gas, NGLs, and oil properties located in the Appalachian Basin, primarily in West Virginia and Ohio, holding approximately 537,000 net acres as of December 31, 2025. The company targets large, repeatable resource plays using horizontal drilling and advanced fracture stimulation technologies to economically develop unconventional formations, with a business model centered on generating free cash flow from commodity sales while maintaining a disciplined capital program focused on maintenance and selective growth. Antero's unit economics benefit from low-cost, long-lived reserves in the Marcellus and Utica formations, with distribution through firm transportation contracts and marketing agreements that provide exposure to premium pricing hubs, particularly along the LNG fairway where the company sells 75% of its natural gas. The company owns a 29% equity stake in Antero Midstream, a growth-oriented midstream energy company that owns and operates gathering systems, compression facilities, water handling facilities, and interests in processing and fractionation plants, providing integrated midstream services under long-term contracts. Antero's competitive advantages include its dominant acreage position in the Appalachian Basin, integrated midstream infrastructure, investment-grade balance sheet, and exposure to significant regional demand growth from LNG exports and power generation projects, while its customer base comprises natural gas and NGL buyers at various delivery points along the Gulf Coast and regional hubs.
【Strong demand tailwinds ahead】 Management expects significant natural gas demand growth over the next several years driven by LNG export capacity additions and regional power demand increases, with LNG demand forecast to increase by 7 Bcf/d by the end of 2027 and regional demand expected to grow 8 Bcf/d from announced projects. The company anticipates improved NGL fundamentals and propane storage levels returning to within the normal 5-year range by end of 2026, supporting Mont Belvieu prices and strengthening C3+ realizations as a percentage of WTI. Management is pursuing cost reduction initiatives through commercial agreements on natural gas and liquids takeaway and a more balanced development approach between liquids-rich and dry gas acreage, with expectations for further margin enhancement beyond 2026. The company plans to maintain a disciplined capital allocation strategy, targeting leverage of 1x by mid-2026 and allocating incremental free cash flow to debt reduction, share buybacks, and potential acquisitions based on commodity price outlook and valuation opportunities.
| Metric | Target | Period |
|---|---|---|
| Capital expenditures | $1.1 billion to $1.3 billion | FY2026 |
| Production | 4.1 Bcfe/d | FY2026 |
| Operating synergies from HG Acquisition | over $80 million | FY2026 |
| Leverage target | 1x | mid-2026 |
| Production | 4.3 Bcfe/d | FY2027 |
| Production (with discretionary growth option) | up to 4.5 Bcfe/d | FY2027 |
Capital expenditures (FY2026): “Our capital budget for 2026 is $1.1 billion to $1.3 billion and includes: $1.0 billion for drilling and completions, $100 million for leasehold expenditures and up to $200 million for discretionary growth capital that is dependent on commodity prices.”
Production (FY2026): “This production growth is expected to continue through 2026, with full-year production of 4.1 Bcfe /d , a nearly 20% increase from 2025.”
Operating synergies from HG Acquisition (FY2026): “On the acquired assets, we have already achieved operating synergies of $15 million-$20 million and are now forecasting over $80 million for the full year, outpacing our initial target of $50 million.”
Leverage target (mid-2026): “Looking ahead, improved NGL fundamentals are expected to result in us hitting our leverage target of 1x by mid-2026, six months ahead of prior expectations.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.9B | 5.3B | 4.3B | 4.7B | 7.1B | 4.6B |
| Net Income | 962M | 634M | 57M | 198M | 1.9B | -187M |
| EPS | $3.11 | $2.03 | $0.18 | $0.64 | $5.69 | $-0.61 |
| Free Cash Flow | 2.0B | 1.6B | 838M | 978M | 2.1B | 944M |
| ROIC | 9.5% | 6.9% | - | 3.4% | 21.6% | 0.2% |
| Gross Margin | - | 21.2% | 25.8% | 13.3% | 38.0% | 3.7% |
| Debt/Equity | 0.33 | 0.47 | 0.57 | 0.65 | 0.69 | 0.96 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 1.3B | 884M | - | 396M | 2.5B | 24M |
| Operating Margin | 22.9% | 16.7% | - | 8.5% | 35.6% | 0.5% |
| ROE | 11.9% | 8.7% | 0.8% | 2.9% | 29.9% | -3.2% |
| Shares Outstanding | 310M | 313M | 318M | 310M | 329M | 306M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.7B | 4.0B | 1.7B | 3.7B | 4.1B | 4.4B | 3.5B | 4.6B | 7.1B | 4.7B | 4.3B | 5.3B | 5.9B |
| Gross Margin | 55.7% | 51.2% | -42.2% | 27.1% | 7.5% | -18.3% | -23.5% | 3.7% | 38.0% | 13.3% | 25.8% | 21.2% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 217M | 234M | 239M | 251M | 240M | 179M | 134M | 145M | 173M | 225M | 229M | 233M | 233M |
| EBIT | 1.3B | 1.8B | -976M | 740M | 72M | -987M | -953M | 24M | 2.5B | 396M | N/A | 884M | 1.3B |
| Op. Margin | 47.8% | 45.3% | -55.9% | 20.2% | 1.7% | -22.4% | -27.3% | 0.5% | 35.6% | 8.5% | N/A | 16.7% | 22.9% |
| Net Income | 674M | 941M | -849M | 615M | -398M | -340M | -1.3B | -187M | 1.9B | 198M | 57M | 634M | 962M |
| Net Margin | 24.8% | 23.8% | -48.7% | 16.8% | -9.6% | -7.7% | -36.3% | -4.0% | 26.2% | 4.2% | 1.3% | 12.0% | 16.4% |
| Non-Recurring | 40M | 0 | 98M | 183M | 559M | 1.8B | 834M | 93M | 149M | 52M | 47M | 30M | 30M |
| Returns on Capital | |||||||||||||
| ROIC | 11.0% | 11.8% | -7.9% | 6.2% | 0.6% | -2.9% | -13.0% | 0.2% | 21.6% | 3.4% | N/A | 6.9% | 9.5% |
| ROE | 16.9% | 18.2% | -13.9% | 8.5% | -5.0% | -4.6% | -19.9% | -3.2% | 29.9% | 2.9% | 0.8% | 8.7% | 11.9% |
| ROA | 7.4% | 7.3% | -6.0% | 4.2% | -2.6% | -2.2% | -8.9% | -1.4% | 13.4% | 1.4% | 0.4% | 4.8% | 6.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 998M | 1.0B | 1.2B | 2.0B | 2.1B | 1.1B | 736M | 1.7B | 3.1B | 995M | 849M | 1.6B | 2.0B |
| Free Cash Flow | -3.1B | 1.0B | 1.2B | -210M | -129M | -319M | -139M | 944M | 2.1B | 978M | 838M | 1.6B | 2.0B |
| Owner Earnings | 408M | 208M | 329M | 1.1B | 1.0B | 165M | -150M | 898M | 2.3B | 188M | 21M | 820M | 1.2B |
| CapEx | 4.1B | 6.6M | 2.7M | 2.2B | 2.2B | 1.4B | 874M | 716M | 944M | 16M | 11M | 5.4M | 9.4M |
| Maint. CapEx | 478M | 710M | 810M | 825M | 972M | 915M | 862M | 742M | 715M | 747M | 762M | 750M | 770M |
| Growth CapEx | 3.6B | 0 | 0 | 1.4B | 1.2B | 507M | 12M | 0 | 229M | 0 | 0 | 0 | 0 |
| D&A | 478M | 710M | 810M | 825M | 972M | 915M | 862M | 742M | 715M | 747M | 762M | 750M | 770M |
| CapEx/OCF | 18.2% | 16.7% | 12.3% | 0.0% | 2.3% | 1.4% | 12.9% | 2.2% | 1.2% | 6.1% | 1.2% | 1.7% | 0.5% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 129M | 39M | 43M | 0 | 874M | 75M | 0 | 136M | 136M |
| Buyback Yield | N/A | N/A | N/A | N/A | 4.4% | 4.7% | 3.1% | N/A | 8.6% | 1.1% | N/A | 1.3% | 1.2% |
| Stock-Based Comp | 112M | 98M | 102M | 103M | 70M | 24M | 23M | 20M | 35M | 60M | 66M | 61M | 57M |
| Debt Repayment | 17M | 17M | 16M | 16M | 2.2M | 4.5M | 9.0M | 31M | 814K | 605K | 6.1M | 9.0M | 9.0M |
| Balance Sheet | |||||||||||||
| Net Debt | 4.1B | 4.6B | 4.7B | 4.8B | 5.5B | 10.4B | 8.7B | 5.5B | 4.6B | 4.5B | 4.0B | 3.3B | 2.7B |
| Cash & Equiv. | 246M | 23M | 32M | 28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 210M | N/A |
| Long-Term Debt | 4.4B | 4.7B | 4.7B | 4.8B | 5.5B | 3.8B | 3.0B | 2.1B | 1.2B | 1.5B | 1.5B | 1.4B | 2.7B |
| Debt/Equity | 1.00 | 0.79 | 0.75 | 0.59 | 0.71 | 1.50 | 1.52 | 0.96 | 0.69 | 0.65 | 0.57 | 0.47 | 0.33 |
| Interest Coverage | 8.1 | 7.6 | -3.8 | 2.8 | 0.3 | -4.3 | -4.8 | 0.1 | 20.3 | 3.4 | N/A | 10.0 | 10.0 |
| Equity | 4.4B | 5.9B | 6.3B | 8.1B | 7.7B | 7.0B | 5.8B | 5.8B | 6.8B | 6.9B | 7.0B | 7.6B | 8.1B |
| Total Assets | 11.6B | 14.1B | 14.3B | 15.3B | 15.5B | 15.2B | 13.2B | 13.9B | 14.1B | 13.5B | 13.0B | 13.2B | 15.3B |
| Total Liabilities | 6.1B | 6.8B | 6.5B | 6.4B | 7.0B | 8.2B | 7.1B | 7.8B | 7.1B | 6.4B | 5.8B | 5.5B | 7.1B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 867M | 1.8B | 960M | 1.6B | 1.2B | 837M | -430M | -617M | 914M | 1.1B | 1.1B | 1.7B | 2.2B |
| Working Capital | 357M | 541M | -415M | 71M | -47M | -117M | -409M | -1.4B | -987M | -976M | -938M | -672M | -1.0B |
| Current Assets | 1.3B | 1.2B | 403M | 833M | 807M | 923M | 574M | 686M | 788M | 476M | 508M | 832M | 678M |
| Current Liabilities | 895M | 707M | 817M | 762M | 854M | 1.0B | 983M | 2.1B | 1.8B | 1.5B | 1.4B | 1.5B | 1.7B |
| Per Share Data | |||||||||||||
| EPS | 2.57 | 3.43 | -2.88 | 1.94 | -1.26 | -1.11 | -4.65 | -0.61 | 5.69 | 0.64 | 0.18 | 2.03 | 3.11 |
| Owner EPS | 1.56 | 0.76 | 1.12 | 3.40 | 3.29 | 0.54 | -0.55 | 2.93 | 6.99 | 0.61 | 0.07 | 2.63 | 3.89 |
| Book Value | 16.73 | 21.62 | 21.25 | 25.70 | 24.30 | 22.75 | 21.15 | 18.79 | 20.53 | 22.26 | 22.09 | 24.16 | 26.02 |
| Cash Flow/Share | 3.81 | 3.70 | 4.21 | 6.33 | 6.60 | 3.60 | 2.70 | 5.42 | 9.28 | 3.21 | 2.67 | 5.22 | 5.59 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 262.1M | 274.5M | 294.7M | 317.0M | 315.5M | 306.4M | 272.7M | 306.4M | 328.9M | 310.0M | 317.9M | 312.5M | 309.8M |
| Valuation | |||||||||||||
| P/E Ratio | 16.1 | 6.6 | N/A | 10.1 | N/A | N/A | N/A | N/A | 5.3 | 35.8 | 185.0 | 16.8 | 11.4 |
| P/FCF | N/A | 6.1 | 5.7 | N/A | N/A | N/A | N/A | 6.1 | 4.8 | 7.3 | 12.6 | 6.5 | 5.4 |
| EV/EBIT | 11.3 | 6.0 | N/A | 14.8 | 116.0 | N/A | N/A | 349.2 | 4.6 | 23.2 | 219.6 | 14.0 | 10.1 |
| Price/Book | 2.5 | 1.0 | 1.1 | 0.8 | 0.4 | 0.1 | 0.2 | 1.0 | 1.5 | 1.0 | 1.5 | 1.4 | 1.4 |
| Price/Sales | 5.5 | 2.2 | 4.4 | 1.9 | 1.4 | 0.4 | 0.2 | 0.9 | 1.5 | 1.7 | 2.1 | 2.1 | 1.9 |
| FCF Yield | -28.5% | 16.3% | 17.5% | -3.4% | -4.4% | -38.5% | -9.7% | 16.4% | 20.8% | 13.8% | 7.9% | 15.3% | 18.5% |
| Market Cap | 10.9B | 6.2B | 7.1B | 6.2B | 2.9B | 827M | 1.4B | 5.8B | 10.1B | 7.1B | 10.6B | 10.6B | 10.9B |
| Avg. Price | 57.38 | 31.64 | 25.89 | 21.34 | 18.33 | 5.82 | 2.87 | 13.32 | 32.45 | 25.01 | 28.84 | 35.81 | 35.28 |
| Year-End Price | 41.41 | 22.54 | 23.95 | 19.57 | 9.21 | 2.70 | 5.22 | 18.77 | 30.78 | 22.93 | 33.30 | 34.06 | 35.28 |
ANTERO RESOURCES Corp passes 2 of 9 quality checks, indicating weak fundamentals.
ANTERO RESOURCES Corp trades at 17.4x 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 6.8x 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 -0.4%.
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.
Based on recent SEC filings and earnings disclosures, Management expects significant natural gas demand growth over the next several years driven by LNG export capacity additions and regional power demand increases, with LNG demand forecast to increase by 7 Bcf/d by the end of 2027 and regional demand expected to grow 8 Bcf/d from announced projects. The company anticipates improved NGL fundamentals and propane storage levels returning to within the normal 5-year range by end of 2026, supporting Mont Belvieu prices and strengthening C3+ realizations as a percentage of WTI. Management is pursuing cost reduction initiatives through commercial agreements on natural gas and liquids takeaway and a more balanced development approach between liquids-rich and dry gas acreage, with expectations for further margin enhancement beyond 2026. The company plans to maintain a disciplined capital allocation strategy, targeting leverage of 1x by mid-2026 and allocating incremental free cash flow to debt reduction, share buybacks, and potential acquisitions based on commodity price outlook and valuation opportunities.
Based on recent SEC filings and earnings calls, ANTERO RESOURCES Corp (AR) has provided the following forward guidance: Capital expenditures: $1.1 billion to $1.3 billion (FY2026); Production: 4.1 Bcfe/d (FY2026); Operating synergies from HG Acquisition: over $80 million (FY2026); Leverage target: 1x (mid-2026); Production: 4.3 Bcfe/d (FY2027), plus 1 additional metric.
Production (FY2027): “For 2026, we forecast 4.1 Bcfe a day of production. This maintenance production level reflects the early February close of the HG acquisition and the expectation that the Ohio Utica divestiture closes in February. Next, as we've discussed, we laid outgrowth to 4.3 Bcfe a day in 2027 due to not having a drilling JV this year, and a growth option that could increase our 2027 production up to 4.5 Bcfe a day.”
Production (with discretionary growth option) (FY2027): “a growth option that could increase our 2027 production up to 4.5 Bcfe a day”
No recent press releases.