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Antero Resources

AR NYSE Oil & Gas Exploration & Production Financials FY2016–FY2025

Antero Resources' revenue rose 22.0% to $5.3 billion in fiscal 2025. Its operating margin was 16.8%, up from 0.0% a year earlier. Free cash flow was $1.6 billion, up 93.9%. It paid out $136 million in dividends and buybacks, 8% of free cash flow. The diluted share count fell 0.3%.

Last close · Oct 23, 2026

$40.16

2.9%
Value it Compare
Revenue Total sales reported in the income statement.
$5.3B
22.0% vs prior year
Operating margin Operating income as a share of revenue.
16.8%
16.7 pts
Net income Profit after all expenses, interest and tax.
$675M
620.0%
Free cash flow Cash from operations minus capital spending.
$1.6B
93.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.6%
7.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$12.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
11.5x
On $3.48 EPS (TTM)

What Antero Resources does

No business description yet.

Legal name
ANTERO RESOURCES Corp
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001104659-26-013386
0001433270

Revenue and margins

Antero Resources had $5.3B of revenue in fiscal 2025, up 22.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.6B in fiscal 2025, 30.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Antero Resources returned $136M to shareholders in fiscal 2025, 8% of free cash flow. The diluted share count fell 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Antero Resources yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.2B and divides by 312.4M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 11.5x · peers 10.6x · sector 17.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Antero Resources can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $0.0M$0.0M$0.0M$0.0M$210M
Debt incl. finance leases $2.1B$1.2B$1.5B$1.5B$1.4B
Net debt / EBITDA 2.8x0.4x1.4x2.0x0.7x
Debt / equity 0.4x0.2x0.2x0.2x0.2x
Interest coverage 0.2x16.4x3.5x0.0x10.0x
Current ratio 0.3x0.4x0.3x0.4x0.6x
Quick ratio 0.3x0.4x0.3x0.4x0.6x
Total assets $13.9B$14.1B$13.5B$13.0B$13.2B
Total liabilities $7.8B$7.1B$6.4B$5.8B$5.5B
Shareholders' equity $5.8B$6.8B$6.9B$7.0B$7.6B
Net debt (− = net cash) $2.1B$1.2B$1.5B$1.5B$1.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.2M

1 insider

Sold, 12 months

$11.2M

4 insiders

Of sales under plans

74%

$8.3M

DateInsiderTradeSharesPriceValueFiling
May 4, 2026 Michael N. KennedySee Remarks, Director Sold plan 185,826 $39.33 $7.3M Form 4
May 4, 2026 Yvette K SchultzSee Remarks Sold 39,490 $39.27 $1.6M Form 4
Mar 19, 2026 Benjamin A. HardestyDirector Sold plan 12,000 $44.00 $0.5M Form 4
Mar 10, 2026 Sheri PearceSee Remarks Sold 19,667 $38.13 $0.7M Form 4
Mar 9, 2026 Yvette K SchultzSee Remarks Sold 15,000 $39.33 $0.6M Form 4
Feb 27, 2026 Benjamin A. HardestyDirector Sold plan 12,000 $36.00 $0.4M Form 4
Nov 7, 2025 Brendan E. KruegerSee Remarks Bought 5,000 $33.35 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 84 / 88 / 8
Accruals ratio −5.1%−5.7%−7.3%
Altman Z'' 1.151.111.99

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Antero Resources AR $12.5B 22.0% 16.8% 30.8% 7.6% 11.5x 8
Permian Resources PR $21.8B 1.3% 28.9% 71.0% 8.0% 16.9x 4 Compare →
Chord Energy CHRD $9.0B −7.1% 4.1% 14.2% 1.1% 10.6x 4 Compare →
Matador Resources MTDR $7.4B 5.5% 33.2% 7.3% — 10.3x — Compare →
California Resources CRC $4.9B 14.7% 16.3% 14.8% 9.5% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.7B $3.7B $4.1B $4.4B $3.5B $4.6B $7.1B $4.7B $4.3B $5.3B
Operating income −$976M $740M $71.9M −$987M −$953M $23.9M $2.5B $396M $0.5M $884M
Interest expense $254M $269M $287M $224M $192M $142M $155M $114M $120M $88.1M
Pretax income −$1.2B $490M −$175M −$367M −$1.7B −$228M $2.4B $361M −$24.5M $890M
Income tax −$496M −$295M −$129M −$74.1M −$398M −$74.1M $441M $63.6M −$118M $216M
Net income −$749M $785M −$45.7M −$293M −$1.3B −$154M $2.0B $297M $93.7M $675M
Diluted EPS −$2.88 $1.94 −$1.26 −$1.11 −$4.65 −$0.61 $5.69 $0.64 $0.18 $2.03
Diluted shares 0.29B 0.32B 0.32B 0.31B 0.27B 0.31B 0.33B 0.31B 0.31B 0.31B
Cash flow
Cash from operations $1.2B $2.0B $2.1B $1.1B $736M $1.7B $3.1B $995M $849M $1.6B
Capital expenditure $2.7M $2.2B $2.2B $1.4B $874M $716M $944M $16.4M $10.9M $5.4M
Free cash flow $1.2B −$210M −$129M −$319M −$139M $944M $2.1B $978M $838M $1.6B
Depreciation and amortization $810M $825M $973M $915M $862M $742M $715M $747M $762M $750M
Stock-based compensation $102M $103M $70.4M $23.6M $23.3M $20.4M $35.4M $59.5M $66.5M $60.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $129M $38.8M $43.4M $0.0M $874M $75.4M $0.0M $136M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $129M $38.8M $43.4M $0.0M $874M $75.4M $0.0M $136M
Balance sheet
Cash and short-term investments $31.6M $28.4M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $210M
Total debt $4.7B $4.8B $5.5B $3.8B $3.0B $2.1B $1.2B $1.5B $1.5B $1.4B
Finance lease liabilities $0.0M $0.0M $0.0M $2.5M $1.2M $0.5M $2.2M $3.8M $2.7M $3.5M
Current assets $403M $833M $807M $923M $574M $686M $788M $476M $508M $832M
Current liabilities $817M $762M $854M $1.0B $983M $2.1B $1.8B $1.5B $1.4B $1.5B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $12.0B $13.2B $13.9B $10.0B $9.6B $9.5B $9.6B $9.8B $9.7B $9.2B
Total assets $14.3B $15.3B $15.5B $15.2B $13.2B $13.9B $14.1B $13.5B $13.0B $13.2B
Total liabilities $6.5B $6.4B $7.0B $8.2B $7.1B $7.8B $7.1B $6.4B $5.8B $5.5B
Shareholders' equity $6.3B $8.1B $7.7B $7.0B $5.8B $5.8B $6.8B $6.9B $7.0B $7.6B
Margins
Operating margin −55.9% 20.3% 1.7% −22.4% −27.3% 0.5% 35.6% 8.5% 0.0% 16.8%
EBITDA margin −9.5% 42.8% 25.2% −1.6% −2.6% 16.6% 45.6% 24.4% 17.6% 31.0%
Net margin −43.0% 21.5% −1.1% −6.7% −36.1% −3.3% 28.0% 6.4% 2.2% 12.8%
FCF margin 71.0% −5.8% −3.1% −7.2% −4.0% 20.4% 29.5% 20.9% 19.4% 30.8%
Returns
Return on capital −6.3% 5.7% 0.4% −6.3% −7.6% 0.2% 25.4% 3.9% 0.0% 7.6%
Return on capital employed −7.3% 5.3% 0.5% −6.9% −7.2% 0.2% 21.0% 3.3% 0.0% 7.6%
Return on equity −12.3% 10.9% −0.6% −4.0% −19.8% −2.7% 32.0% 4.4% 1.4% 9.3%
Return on assets −5.3% 5.3% −0.3% −1.9% −8.9% −1.1% 14.3% 2.2% 0.7% 5.1%
Growth
Revenue growth −55.9% 109.6% 13.2% 6.5% −20.8% 32.3% 54.5% −34.4% −7.6% 22.0%
Net income growth −176.5% — −105.8% — — — — −85.1% −68.5% 620.0%
EPS growth −184.0% — −165.0% — — — — −88.8% −71.9% 1,027.8%
FCF growth 22.7% −117.0% — — — — 123.2% −53.6% −14.3% 93.9%
Share count change 7.6% 7.2% −0.1% −3.1% −11.1% 13.1% 6.8% −5.4% 0.6% −0.3%
Financial health
Net debt / EBITDA — 3.1x 5.2x — — 2.8x 0.4x 1.4x 2.0x 0.7x
Debt / equity 0.8x 0.6x 0.7x 0.5x 0.5x 0.4x 0.2x 0.2x 0.2x 0.2x
Interest coverage −3.9x 2.8x 0.3x −4.4x −5.0x 0.2x 16.4x 3.5x 0.0x 10.0x
Current ratio 0.5x 1.1x 1.0x 0.9x 0.6x 0.3x 0.4x 0.3x 0.4x 0.6x
Quick ratio 0.5x 1.1x 1.0x 0.9x 0.6x 0.3x 0.4x 0.3x 0.4x 0.6x
Capital allocation
Capex / revenue 0.2% 60.6% 53.4% 32.3% 25.0% 15.5% 13.2% 0.4% 0.3% 0.1%
Stock comp / revenue 5.9% 2.8% 1.7% 0.5% 0.7% 0.4% 0.5% 1.3% 1.5% 1.2%
Payouts / FCF 0.0% — — — — 0.0% 41.5% 7.7% 0.0% 8.4%
Quality scores
Piotroski F-score 3.0 7.0 4.0 5.0 4.0 5.0 7.0 4.0 4.0 8.0
Altman Z'' 0.8 2.2 1.5 0.6 0.1 0.0 2.0 1.2 1.1 2.0
Accruals ratio −14.0% −8.3% −13.8% −9.1% −14.1% −13.4% −7.5% −5.1% −5.7% −7.3%

Source: SEC EDGAR XBRL filings (CIK 0001433270). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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