Antero Resources Corporation

Crude Petroleum & Natural Gas

ARStrained6 of 10 basics passed

$36.08

+0.05%

Market cap $11.1B

$36.08

+0.05%

Market cap $11.1B

Antero Resources is an exploration and production firm whose operations represent a pure play in the Marcellus Shale, located in northern West Virginia. The company started in 2002 as an E&P focused on the Barnett Shale (Fort Worth, Texas).

It is a $11.1B energy company. Revenue grew 25.8% over the last year, and it keeps 18¢ of every dollar of sales as profit. It trades at 10.2× earnings — around the middle of its own history.

Website: anteroresources.com
Location: Denver, CO
Employees: 632
Sector: Energy
Founded: 2002

Share price · 3 years

$27.13 → $36.08+33.0%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $6.13B
Profit: keeps 18¢ of every $1 sold; $1.08B
Free cash flow: cash left after running the business; $1.97B
P/E: years of profit in the price; 10.2
EPS: earnings per share, TTM; $3.47
Shares: up 6% since 2016 — dilution; 312.4M
Volatility: beta vs the market — under 1 swings less; 0.55

Revenue, last 10 years

52-week range

Low $30.03$36.08High $45.15

Today's price is 40% of the way from the year's low to its high.

P/E vs its history4y

10.2×median 13.2×

Higher than 38% of past days — around the middle of its own history.

Valuation vs own history

P/E

10.2×

62%

P/S

1.9×

56%

P/B

1.3×

58%

FCF yield

12.9%

32%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Standing in Energy

Size$11.1Btop 89%
Revenue growth-10%top 67%
Net margin18%top 37%
Return on equity14%top 67%
P/E10.2×top 22%

Ranked against 28 Energy companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong valuation; Growth, Health and Moat lag behind.

Valuation95

P/E vs own history38th pct · 20/25
FCF yield17.7% · 25/25
P/S1.8x · 25/25
EV/EBITDA6.0x · 25/25

Growth26

Revenue CAGR3.4% · 6/25
Net income CAGRn/a · 0/25
EPS CAGR ~5Yn/a · 0/25
Fwd implied growth21.2% · 20/25

Profitability57

ROIC7.1% · 5/25
ROE13.9% · 12/25
Net margin17.7% · 20/25
Operating margin24.1% · 20/25

Health0

Altman Zn/a · 0/25
Current ratio0.40 · 0/25
Interest coverage-0.0x · 0/25
Net cash / debtn/a · 0/25

Quality70

Piotroski F9/9 · 25/25
Beneish M-2.40 · 20/25
FCF conversion181% · 25/25
Margin stabilityσ 36.1% · 0/25

Moat38

ROIC >12% years1/10 yrs · 0/25
Median gross margin33.7% · 13/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst -48.7% · 0/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2022Financial
Best year on record
$1.90B net income
FY2017Financial
Turned profitable
$615M net income after a loss year
2017Acquisition
The company acquired assets in the Utica Shale from Rex Energy for $30 million
FY2016Financial
Revenue already above $1B
$1.74B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2016Acquisition
The company acquired assets in the Marcellus Shale from Statoil for $96 million
2013IPO
The company became a public company via an initial public offering, raising $1.5 billion
2002Founded
The company was founded in 2002 by Paul M

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$21 655 today — price return only

$5.3B revenue in FY2025

Revenue up 25.8% year over year

Profitable 4 years in a row

Positive free cash flow 10 years in a row

632 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (72.8%)
Revenue growing 25.8% year over year
Strong cash conversion — FCF is 32.1% of revenue
Piotroski F-Score 9/9 — fundamentally strong checklist

Watch-outs

Thin interest coverage (-0.0×)
Loss-making in 5 of the recent years

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

6 of 10 checks passed

Revenue growing — the company sells more than a year ago+25.8% YoY
Profitable — makes more than it spends$1.08B TTM
Profit growing — earnings are higher than last year-29.4% YoY
Generates cash — cash left after running and investing$1.97B TTM
Debt under control — could handle its obligationscurrent ratio 0.40
Established company — not a micro-cap — lower blow-up risk$11.1B market cap
Not printing shares — share count not ballooning — you keep your slice+14.7% shares over ~5y
Proven track record — years of profitability behind it5/10 profitable years
Financially stable — balance sheet not near distresshealth score 0/100
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 10.2

Peer comparisonAntero Resources Corporation vs 6 largest energy peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
AR this company	$11.1B	10.2	+25.8%	17.7%	Strained
XOM ExxonMobil Holdings Corporation	$694.0B	21.1	+9.1%	8.9%	Mixed
CVX Chevron Corporation	$416.8B	20.3	+10.2%	9.6%	Mixed
SHEL Shell plc	$284.6B	11.0	-6.1%	6.7%	Solid
TTE TotalEnergies SE	$191.1B	10.9	-6.8%	7.2%	Solid
COP ConocoPhillips	$161.5B	17.4	+9.6%	14.7%	Strained
MPC Marathon Petroleum Corporation	$127.8B	14.9	+15.0%	5.6%	Strained

Head-to-head: AR vs XOM · AR vs CVX · AR vs SHEL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 8Buy 14Hold 6

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $6.13B · net income $1.08B (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$6.13B

YoY 25.8%

Net income (TTM)

$1.08B

Margin 17.7%

Gross margin

72.8%

Operating margin

24.1%

P/E ratio

10.2

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	3.5	4.6	7.1	4.7	4.3	5.3
Gross profit	-1.0	1.3	4.0	1.8	1.4	2.2
Operating income (EBIT)	-1.0	0.0	2.6	0.5	0.0	0.9
Net income	-1.3	-0.2	1.9	0.2	0.1	0.6
EPS (diluted)	-4.65	-0.61	5.77	0.78	0.18	2.03

Cash flowFree cash flow $1.97B · operating cash flow $1.98B (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$1.97B

Margin 32.1%

Operating cash flow (TTM)

$1.98B

FCF margin

32.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.7	1.7	3.1	1.0	0.8	1.6
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.7	1.6	3.0	1.0	0.8	1.6
FCF margin	21.0%	35.2%	42.5%	20.9%	19.4%	30.8%

Balance sheetAssets $13.2B · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $13.2B of assets is financed

42%

58%

Liabilities $5.53B — borrowed moneyEquity $7.55B — owners' stake

Cash vs debt

Total debt $1.40B − cash — = net debt —

Cash on hand covers 0% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

-0.0x

EBIT ÷ interest expense

ROE

13.9%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	—	—	—	—	—	—
Total assets	13.2	13.9	14.1	13.6	13.0	13.2
Total liabilities	7.1	7.8	7.1	6.4	5.8	5.5
Total debt	3.0	2.1	1.2	1.5	1.5	1.4
Equity	5.8	5.8	6.8	7.0	7.0	7.6
Net debt	—	—	—	—	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of AR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $36.08 · market cap $11.1B.