Antero Resources vs EQT
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The short version
- EQT is the larger business, with $8.6B of revenue in fiscal 2025 against $5.3B for Antero Resources, about 1.6 times as much.
- EQT grew revenue faster (63.9%, against 22.0%).
- EQT kept more of each dollar of sales as operating profit (37.6% operating margin, against 16.8%).
- EQT turned more of its sales into free cash flow (32.8% FCF margin, against 30.8%).
- Investors pay more for each dollar of EQT’s earnings: a P/E of 12.9x against 11.5x for Antero Resources.
| Latest fiscal year | AR · FY25 | EQT · FY25 |
|---|---|---|
| Size | ||
| Market cap | $12.5B | $35.0B |
| Revenue | $5.3B | $8.6B |
| Free cash flow | $1.6B | $2.8B |
| Net income | $675M | $2.0B |
| Growth | ||
| Revenue growth | 22.0% | 63.9% |
| 5-year growth | 8.6% | 23.1% |
| Share count change | −0.3% | 19.7% |
| Profitability | ||
| Gross margin | — | 82.3% |
| Operating margin | 16.8% | 37.6% |
| Net margin | 12.8% | 23.6% |
| FCF margin | 30.8% | 32.8% |
| Return on capital | 7.6% | 7.4% |
| Return on equity | 9.3% | 9.2% |
| Balance sheet | ||
| Net debt | $1.2B | $7.7B |
| Net debt / EBITDA | 0.7x | 1.3x |
| Dividends and buybacks | $136M | $390M |
| Valuation & quality | ||
| P/E | 11.5x | 12.9x |
| Piotroski F-score | 8 | 8 |
Revenue
FY16
AR $1.7B
EQT $1.4B
FY17
AR $3.7B
EQT $3.1B
FY18
AR $4.1B
EQT $4.6B
FY19
AR $4.4B
EQT $4.4B
FY20
AR $3.5B
EQT $3.1B
FY21
AR $4.6B
EQT $3.1B
FY22
AR $7.1B
EQT $7.5B
FY23
AR $4.7B
EQT $6.9B
FY24
AR $4.3B
EQT $5.3B
FY25
AR $5.3B
EQT $8.6B
AR
EQT
Operating margin
FY16
AR −55.9%
EQT −54.4%
FY17
AR 20.3%
EQT 12.4%
FY18
AR 1.7%
EQT −61.1%
FY19
AR −22.4%
EQT −26.1%
FY20
AR −27.3%
EQT −28.7%
FY21
AR 0.5%
EQT −44.4%
FY22
AR 35.6%
EQT 36.3%
FY23
AR 8.5%
EQT 33.5%
FY24
AR 0.0%
EQT 13.0%
FY25
AR 16.8%
EQT 37.6%
AR
EQT
Free cash flow
FY16
AR $1.2B
EQT $122M
FY17
AR −$210M
EQT $78.7M
FY18
AR −$129M
EQT −$22.8M
FY19
AR −$319M
EQT $249M
FY20
AR −$139M
EQT $495M
FY21
AR $944M
EQT $607M
FY22
AR $2.1B
EQT $2.1B
FY23
AR $978M
EQT $1.2B
FY24
AR $838M
EQT $573M
FY25
AR $1.6B
EQT $2.8B
AR
EQT
Return on capital
FY16
AR −6.3%
EQT −5.8%
FY17
AR 5.7%
EQT 2.2%
FY18
AR 0.4%
EQT −11.4%
FY19
AR −6.3%
EQT −5.9%
FY20
AR −7.6%
EQT −4.8%
FY21
AR 0.2%
EQT −7.3%
FY22
AR 25.4%
EQT 13.4%
FY23
AR 3.9%
EQT 10.6%
FY24
AR 0.0%
EQT 2.3%
FY25
AR 7.6%
EQT 7.4%
AR
EQT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.