Antero Resources Corporation (AR) 10-Year Financial Performance & Capital Metrics

AR •

EnergyOil & Gas E&PU.S. natural gas shale producers

AboutAntero Resources Corporation, an independent oil and natural gas company, acquires, explores for, develops, and produces natural gas, natural gas liquids, and oil properties in the United States. As of December 31, 2021, it had approximately 502,000 net acres in the Appalachian Basin; and 174,000 net acres in the Upper Devonian Shale. The company also owned and operated 494 miles of gas gathering pipelines in the Appalachian Basin; and 21 compressor stations. It had estimated proved reserves of 17.7 trillion cubic feet of natural gas equivalent, including 10.2 trillion cubic feet of natural gas; 718 million barrels of assumed recovered ethane; 501 million barrels of primarily propane, isobutane, normal butane, and natural gasoline; and 36 million barrels of oil. The company was formerly known as Antero Resources Appalachian Corporation and changed its name to Antero Resources Corporation in June 2013. Antero Resources Corporation was founded in 2002 and is headquartered in Denver, Colorado.Show more

Revenue $5.28B +28.1%
EBITDA $1.63B +113.1%
Net Income $634M +1008.6%
EPS (Diluted) 2.03 +1027.8%
Gross Margin 94.35% +1087.1%
EBITDA Margin 30.96% +66.4%
Operating Margin 16.75% +149444.6%
Net Margin 12.03% +765.5%
ROE 8.5% +965.5%
ROIC 5.89% +196333.3%
Debt/Equity 0.46 -18.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓FCF machine: 30.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.3%
✓Trading at only 1.5x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.0%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.39%

5Y11.34%

3Y-14.02%

TTM20.71%

Profit (Net Income) CAGR

10Y-3.87%

5Y-

3Y-30.28%

TTM3076.31%

EPS CAGR

10Y-5.11%

5Y-

3Y-29.08%

TTM1918.18%

ROCE

10Y Avg1.65%

5Y Avg6.41%

3Y Avg3.61%

Latest7.58%

Peer Comparison

U.S. natural gas shale producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EPSNEpsilon Energy Ltd.	112.94M	5.12	58.25	2.58%	12.86%	5.87%		0.00
ARAntero Resources Corporation	11.35B	36.81	18.13	28.09%	11.13%	7.29%	14.37%	0.46
EQTEQT Corporation	38.33B	61.42	16.16	65.53%	23.59%	7.45%	7.4%	0.29
BKVBKV Corporation	2.82B	31.33	16.07	48.16%	19.75%	8.35%		0.24
RRCRange Resources Corporation	9.78B	41.28	15.07	32.75%	9.58%	15.24%	6.03%	0.29
EXEExpand Energy Corporation	25.7B	107.92	14.26	187.23%	15.01%	9.79%	7.15%
CNXCNX Resources Corporation	5.95B	41.78	10.50	59.19%	28.03%	14.6%	8.98%	0.57
INRInfinity Natural Resources, Inc.	751.12B	16.60	4.46	60.16%	-0.58%	-0.2%		0.51

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.76B	2.76B	3.65B	3.64B	3.08B	5.79B	8.3B	4.28B	4.12B	5.28B
Revenue Growth %	27.63%	57.3%	32.32%	-0.25%	-15.37%	87.81%	43.3%	-48.45%	-3.75%	28.09%
Cost of Goods Sold+	1.81B	2.1B	2.57B	3.33B	3.6B	3.54B	3.71B	3.67B	3.79B	298.26M
COGS % of Revenue	103.1%	76.21%	70.48%	91.45%	116.68%	61.05%	44.67%	85.69%	92.05%	5.65%
Gross Profit+	-54.33M	656.81M	1.08B	311.5M	-514.44M	2.26B	4.59B	612.47M	327.33M	4.98B
Gross Margin %	-3.1%	23.79%	29.52%	8.55%	-16.68%	38.95%	55.33%	14.31%	7.95%	94.35%
Gross Profit Growth %	49.85%	1308.98%	64.19%	-71.12%	-265.15%	538.51%	103.57%	-86.66%	-46.56%	1420.64%
Operating Expenses+	921.47M	-83.28M	1.01B	1.3B	439M	2.23B	2.05B	216.22M	326.87M	4.09B
OpEx % of Revenue	52.5%	-3.02%	27.55%	35.64%	14.24%	38.54%	24.74%	5.05%	7.94%	77.6%
Selling, General & Admin	738.67M	617.48M	926.4M	728.51M	603.89M	956.7M	704.21M	509.48M	474.24M	358.43M
SG&A % of Revenue	42.09%	22.37%	25.36%	19.99%	19.58%	16.52%	8.48%	11.91%	11.51%	6.79%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	182.81M	-700.76M	80.14M	570.03M	-164.88M	1.28B	1.35B	-293.26M	-147.37M	3.74B
Operating Income+	-975.8M	740.09M	71.91M	-987.04M	-953.45M	23.86M	2.54B	396.25M	460K	883.65M
Operating Margin %	-55.6%	26.81%	1.97%	-27.09%	-30.92%	0.41%	30.59%	9.26%	0.01%	16.75%
Operating Income Growth %	-154.51%	175.84%	-90.28%	-1472.71%	3.4%	102.5%	10542.67%	-84.4%	-99.88%	191996.96%
EBITDA+	-163.46M	1.57B	1.05B	-68.42M	-88.16M	769.69M	3.26B	1.15B	766.29M	1.63B
EBITDA Margin %	-9.31%	56.77%	28.67%	-1.88%	-2.86%	13.29%	39.27%	26.79%	18.61%	30.96%
EBITDA Growth %	-106.53%	1058.87%	-33.19%	-106.53%	-28.85%	973.1%	323.43%	-64.83%	-33.15%	113.15%
D&A (Non-Cash Add-back)	812.35M	827.22M	975.28M	918.63M	865.29M	745.83M	719.79M	750.09M	765.83M	749.67M
EBIT	-992.27M	758.79M	112.19M	-139.13M	-1.46B	-46.32M	2.57B	478.82M	93.72M	0
Net Interest Income+	-253.55M	-268.7M	-286.74M	-228.11M	-199.87M	-181.87M	-125.37M	-117.87M	-118.21M	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	253.55M	268.7M	286.74M	228.11M	199.87M	181.87M	125.37M	117.87M	118.21M	-83.68M
Other Income/Expense	-270.02M	-250.01M	-246.46M	619.8M	-704.45M	-252.05M	-99.24M	-35.29M	-24.95M	6.79M
Pretax Income+	-1.25B	490.09M	-174.56M	-367.25M	-1.66B	-228.19M	2.44B	360.95M	-24.49M	890.43M
Pretax Margin %	-70.98%	17.75%	-4.78%	-10.08%	-53.76%	-3.94%	29.4%	8.44%	-0.59%	16.88%
Income Tax+	-496.38M	-295.05M	-128.86M	-74.11M	-397.48M	-74.08M	441.26M	63.63M	-118.19M	-215.87M
Effective Tax Rate %	68.13%	125.5%	227.73%	92.62%	76.48%	81.91%	76.7%	54.97%	-233.69%	71.25%
Net Income+	-848.82M	615.07M	-397.52M	-340.13M	-1.27B	-186.9M	1.87B	198.4M	57.23M	634.42M
Net Margin %	-48.36%	22.28%	-10.88%	-9.33%	-41.11%	-3.23%	22.55%	4.64%	1.39%	12.03%
Net Income Growth %	-190.17%	172.46%	-164.63%	14.44%	-272.77%	85.26%	1101.42%	-89.4%	-71.16%	1008.62%
Net Income (Continuing)	-749.45M	785.14M	-45.7M	-293.14M	-1.26B	-154.11M	2B	297.33M	93.7M	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.47B	726.96M	821.67M	0	322.57M	308.93M	262.6M	232.7M	194.88M	164.82M
EPS (Diluted)+	-2.88	1.94	-1.26	-1.11	-4.65	-0.61	5.69	0.64	0.18	2.03
EPS Growth %	-183.97%	167.36%	-164.95%	11.9%	-318.92%	86.88%	1032.79%	-88.75%	-71.88%	1027.78%
EPS (Basic)	-2.88	1.95	-1.26	-1.11	-4.65	-0.61	6.09	0.66	0.18	2.05
Diluted Shares Outstanding	294.94M	316.28M	316.04M	306.4M	272.43M	308.15M	329.22M	311.6M	313.41M	312.36M
Basic Shares Outstanding	294.73M	315.43M	315.49M	306.4M	272.43M	308.15M	307.2M	299.79M	309.49M	309.72M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	402.59M	833.09M	806.61M	922.88M	574.14M	686.12M	787.52M	475.69M	507.55M	831.78M
Cash & Short-Term Investments	31.61M	28.44M	0	0	0	0	0	0	0	0
Cash Only	31.61M	28.44M	0	0	0	0	0	0	0	0
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	291.64M	335.02M	525.9M	489.31M	453.77M	670.44M	743.17M	443.42M	488.03M	33.77M
Days Sales Outstanding	60.65	44.29	52.55	49.01	53.71	42.25	32.68	37.82	43.25	2.34
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	79.33M	469.63M	280.71M	433.58M	120.37M	15.68M	33.77M	19.37M	7.1M	798.01M
Total Non-Current Assets+	13.85B	14.43B	14.71B	14.27B	12.58B	13.21B	13.33B	13.04B	12.5B	12.41B
Property, Plant & Equipment	12.03B	13.24B	13.87B	12.87B	12.26B	12.95B	13.08B	12.79B	12.24B	2.25B
Fixed Asset Turnover	0.15x	0.21x	0.26x	0.28x	0.25x	0.45x	0.63x	0.33x	0.34x	2.35x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	68.3M	303.3M	433.64M	1.06B	255.08M	232.4M	220.43M	222.25M	231.05M	0
Other Non-Current Assets	1.76B	889.55M	409.29M	354.27M	61.08M	31.05M	26.95M	30.95M	34.51M	10.17B
Total Assets+	14.26B	15.26B	15.52B	15.2B	13.15B	13.9B	14.12B	13.52B	13.01B	13.25B
Asset Turnover	0.12x	0.18x	0.24x	0.24x	0.23x	0.42x	0.59x	0.32x	0.32x	0.40x
Asset Growth %	0.71%	7.06%	1.69%	-2.07%	-13.47%	5.67%	1.59%	-4.26%	-3.75%	1.81%
Total Current Liabilities+	817.39M	762.1M	853.54M	1.04B	983.05M	2.07B	1.77B	1.45B	1.45B	1.5B
Accounts Payable	38.63M	62.98M	66.29M	14.5M	26.73M	24.82M	77.54M	38.99M	62.21M	49.51M
Days Payables Outstanding	7.79	10.93	9.4	1.59	2.71	2.56	7.63	3.88	5.99	60.59
Short-Term Debt	0	0	0	0	0	0	0	0	0	516.26M
Deferred Revenue (Current)	0	0	0	0	45.26M	37.6M	30.55M	27.1M	25.26M	23.5M
Other Current Liabilities	220.97M	46.27M	8.89M	13.6M	33.54M	570.99M	99.47M	16.53M	34.97M	963.55M
Current Ratio	0.49x	1.09x	0.95x	0.89x	0.58x	0.33x	0.44x	0.33x	0.35x	0.55x
Quick Ratio	0.49x	1.09x	0.95x	0.89x	0.58x	0.33x	0.44x	0.33x	0.35x	0.55x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	5.71B	5.62B	6.18B	7.19B	6.08B	5.76B	5.33B	4.93B	4.35B	4.03B
Long-Term Debt	4.7B	4.8B	5.46B	3.76B	3B	2.13B	1.18B	1.54B	1.49B	3.01B
Capital Lease Obligations	0	0	2.87M	2.58B	2.35B	2.96B	2.89B	2.43B	2.05B	0
Deferred Tax Liabilities	950.22M	779.64M	650.79M	781.99M	412.25M	318.13M	759.86M	811.98M	693.34M	907.31M
Other Non-Current Liabilities	55.39M	43.52M	63.1M	62.15M	158.87M	236.27M	404.97M	92.19M	79.23M	108.88M
Total Liabilities	6.53B	6.39B	7.03B	8.23B	7.06B	7.83B	7.1B	6.38B	5.79B	5.53B
Total Debt+	4.7B	4.8B	5.47B	6.65B	5.62B	5.55B	4.63B	4.51B	4.03B	3.53B
Net Debt	4.67B	4.77B	5.47B	6.65B	5.62B	5.55B	4.63B	4.51B	4.03B	3.53B
Debt / Equity	0.61x	0.54x	0.64x	0.95x	0.92x	0.91x	0.66x	0.63x	0.56x	0.46x
Debt / EBITDA	-	3.06x	5.22x	-	-	7.21x	1.42x	3.93x	5.26x	2.16x
Net Debt / EBITDA	-	3.04x	5.22x	-	-	7.21x	1.42x	3.93x	5.26x	2.16x
Interest Coverage	-3.85x	2.75x	0.25x	-4.33x	-4.77x	0.13x	20.25x	3.36x	0.00x	-
Total Equity+	7.73B	8.88B	8.49B	6.97B	6.09B	6.07B	7.02B	7.13B	7.22B	7.72B
Equity Growth %	6.06%	14.85%	-4.38%	-17.87%	-12.63%	-0.4%	15.68%	1.67%	1.15%	6.92%
Book Value per Share	26.20	28.06	26.86	22.75	22.36	19.69	21.31	22.90	23.03	24.70
Total Shareholders' Equity	6.26B	8.15B	7.67B	6.97B	5.77B	5.76B	6.75B	6.9B	7.02B	7.55B
Common Stock	3.15M	3.16M	3.09M	2.96M	2.69M	3.14M	2.97M	3.04M	3.11M	3.08M
Retained Earnings	960M	1.58B	1.18B	837.42M	-430.48M	-617.38M	913.9M	1.05B	1.11B	1.68B
Treasury Stock	0	0	0	0	0	0	-1.16M	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.47B	726.96M	821.67M	0	322.57M	308.93M	262.6M	232.7M	194.88M	164.82M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.24B	2.01B	2.08B	1.1B	735.64M	1.66B	3.05B	994.72M	849.29M	1.63B
Operating CF Margin %	70.72%	72.67%	57%	30.28%	23.85%	28.66%	36.76%	23.25%	20.62%	30.91%
Operating CF Growth %	23.34%	61.63%	3.77%	-47%	-33.33%	125.67%	83.8%	-67.4%	-14.62%	92.03%
Net Income	-749.45M	785.14M	-45.7M	-293.14M	-1.26B	-154.11M	2B	297.33M	93.7M	634.42M
Depreciation & Amortization	812.35M	827.22M	975.28M	918.63M	865.29M	745.83M	719.79M	750.09M	765.83M	753.57M
Stock-Based Compensation	102.42M	103.44M	70.41M	23.56M	23.32M	20.44M	35.44M	59.52M	66.46M	60.81M
Deferred Taxes	-485.39M	-295.13M	-128.86M	-79.16M	-397.27M	-74.29M	440.42M	62.04M	-118.64M	213.97M
Other Non-Cash Items	1.59B	509.58M	1.24B	498.02M	1.61B	1.01B	-80.34M	-317.54M	66.75M	-31.83M
Working Capital Changes	-32.92M	76.03M	-25.42M	35.54M	-109.05M	114.67M	-62.81M	143.28M	-24.81M	0
Change in Receivables	-93.86M	-43.38M	-189.86M	188.57M	-116.92M	-221.69M	-72.73M	314.43M	-27.4M	-142K
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	7.37M	9.46M	9.31M	-28M	-19.28M	-1.18M	32.37M	-16.84M	35.3M	-2.35M
Cash from Investing+	-2.4B	-2.46B	-2.35B	-1.04B	-530.06M	-710.78M	-943.61M	-1.14B	-714.15M	-1.08B
Capital Expenditures	-1.17B	-934.77M	-722.01M	-1.42B	-48.09M	-114.76M	-163.32M	-167.52M	-101.92M	0
CapEx % of Revenue	66.53%	33.86%	19.77%	39.03%	1.56%	1.98%	1.97%	3.91%	2.47%	-
Acquisitions	-75.52M	-235M	-136.47M	371.59M	125M	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.15B	-1.29B	-1.49B	9.07M	-606.97M	-596.02M	-780.29M	-973.25M	-612.23M	-1.08B
Cash from Financing+	1.16B	452.17M	240.3M	557.56M	-205.58M	-949.33M	-2.11B	146.05M	-135.13M	-343.12M
Debt Issued (Net)	32.25M	90M	660.38M	690.91M	-466.52M	-857.3M	-992.93M	382.03M	-24M	0
Equity Issued (Net)	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	-125.25M
Share Repurchases	0	0	-129.08M	-38.77M	-43.44M	-13.27M	-873.74M	-75.36M	-29.61M	-136.4M
Other Financing	-126.06M	-197.89M	-291M	-94.57M	304.38M	-78.76M	-241.06M	-160.63M	-81.53M	-217.86M
Net Change in Cash	8.14M	-3.17M	240.3M	619.53M	0	0	0	0	0	210M
Free Cash Flow+	73.59M	1.07B	1.36B	935.42M	687.55M	1.55B	2.89B	827.2M	747.36M	1.63B
FCF Margin %	4.19%	38.81%	37.23%	25.67%	22.29%	26.68%	34.8%	19.33%	18.15%	30.91%
FCF Growth %	-76.24%	1356.15%	26.92%	-31.22%	-26.5%	124.76%	86.88%	-71.36%	-9.65%	118.22%
FCF per Share	0.25	3.39	4.30	3.05	2.52	5.02	8.77	2.65	2.38	5.22
FCF Conversion (FCF/Net Income)	-1.46x	3.26x	-5.24x	-3.24x	-0.58x	-8.88x	1.63x	5.01x	14.84x	2.57x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-11.31%	7.41%	-4.58%	-4.4%	-19.41%	-3.07%	28.61%	2.8%	0.8%	8.5%
Return on Invested Capital (ROIC)	-6.02%	4.26%	0.39%	-5.37%	-5.65%	0.15%	16.38%	2.55%	0%	5.89%
Gross Margin	-3.1%	23.79%	29.52%	8.55%	-16.68%	38.95%	55.33%	14.31%	7.95%	94.35%
Net Margin	-48.36%	22.28%	-10.88%	-9.33%	-41.11%	-3.23%	22.55%	4.64%	1.39%	12.03%
Debt / Equity	0.61x	0.54x	0.64x	0.95x	0.92x	0.91x	0.66x	0.63x	0.56x	0.46x
Interest Coverage	-3.85x	2.75x	0.25x	-4.33x	-4.77x	0.13x	20.25x	3.36x	0.00x	-
FCF Conversion	-1.46x	3.26x	-5.24x	-3.24x	-0.58x	-8.88x	1.63x	5.01x	14.84x	2.57x
Revenue Growth	27.63%	57.3%	32.32%	-0.25%	-15.37%	87.81%	43.3%	-48.45%	-3.75%	28.09%

US Stock Screener

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Antero Resources Corporation (AR) 10-Year Financial Performance & Capital Metrics

AR •

EnergyOil & Gas E&PU.S. natural gas shale producers

Revenue $5.28B +28.1%
EBITDA $1.63B +113.1%
Net Income $634M +1008.6%
EPS (Diluted) 2.03 +1027.8%
Gross Margin 94.35% +1087.1%
EBITDA Margin 30.96% +66.4%
Operating Margin 16.75% +149444.6%
Net Margin 12.03% +765.5%
ROE 8.5% +965.5%
ROIC 5.89% +196333.3%
Debt/Equity 0.46 -18.2%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 9/9
✓FCF machine: 30.9% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.3%
✓Trading at only 1.5x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.0%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.39%

5Y11.34%

3Y-14.02%

TTM20.71%

Profit (Net Income) CAGR

10Y-3.87%

5Y-

3Y-30.28%

TTM3076.31%

EPS CAGR

10Y-5.11%

5Y-

3Y-29.08%

TTM1918.18%

ROCE

10Y Avg1.65%

5Y Avg6.41%

3Y Avg3.61%

Latest7.58%

Peer Comparison

U.S. natural gas shale producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EPSNEpsilon Energy Ltd.	112.94M	5.12	58.25	2.58%	12.86%	5.87%		0.00
ARAntero Resources Corporation	11.35B	36.81	18.13	28.09%	11.13%	7.29%	14.37%	0.46
EQTEQT Corporation	38.33B	61.42	16.16	65.53%	23.59%	7.45%	7.4%	0.29
BKVBKV Corporation	2.82B	31.33	16.07	48.16%	19.75%	8.35%		0.24
RRCRange Resources Corporation	9.78B	41.28	15.07	32.75%	9.58%	15.24%	6.03%	0.29
EXEExpand Energy Corporation	25.7B	107.92	14.26	187.23%	15.01%	9.79%	7.15%
CNXCNX Resources Corporation	5.95B	41.78	10.50	59.19%	28.03%	14.6%	8.98%	0.57
INRInfinity Natural Resources, Inc.	751.12B	16.60	4.46	60.16%	-0.58%	-0.2%		0.51

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.76B	2.76B	3.65B	3.64B	3.08B	5.79B	8.3B	4.28B	4.12B	5.28B
Revenue Growth %	27.63%	57.3%	32.32%	-0.25%	-15.37%	87.81%	43.3%	-48.45%	-3.75%	28.09%
Cost of Goods Sold+	1.81B	2.1B	2.57B	3.33B	3.6B	3.54B	3.71B	3.67B	3.79B	298.26M
COGS % of Revenue	103.1%	76.21%	70.48%	91.45%	116.68%	61.05%	44.67%	85.69%	92.05%	5.65%
Gross Profit+	-54.33M	656.81M	1.08B	311.5M	-514.44M	2.26B	4.59B	612.47M	327.33M	4.98B
Gross Margin %	-3.1%	23.79%	29.52%	8.55%	-16.68%	38.95%	55.33%	14.31%	7.95%	94.35%
Gross Profit Growth %	49.85%	1308.98%	64.19%	-71.12%	-265.15%	538.51%	103.57%	-86.66%	-46.56%	1420.64%
Operating Expenses+	921.47M	-83.28M	1.01B	1.3B	439M	2.23B	2.05B	216.22M	326.87M	4.09B
OpEx % of Revenue	52.5%	-3.02%	27.55%	35.64%	14.24%	38.54%	24.74%	5.05%	7.94%	77.6%
Selling, General & Admin	738.67M	617.48M	926.4M	728.51M	603.89M	956.7M	704.21M	509.48M	474.24M	358.43M
SG&A % of Revenue	42.09%	22.37%	25.36%	19.99%	19.58%	16.52%	8.48%	11.91%	11.51%	6.79%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	182.81M	-700.76M	80.14M	570.03M	-164.88M	1.28B	1.35B	-293.26M	-147.37M	3.74B
Operating Income+	-975.8M	740.09M	71.91M	-987.04M	-953.45M	23.86M	2.54B	396.25M	460K	883.65M
Operating Margin %	-55.6%	26.81%	1.97%	-27.09%	-30.92%	0.41%	30.59%	9.26%	0.01%	16.75%
Operating Income Growth %	-154.51%	175.84%	-90.28%	-1472.71%	3.4%	102.5%	10542.67%	-84.4%	-99.88%	191996.96%
EBITDA+	-163.46M	1.57B	1.05B	-68.42M	-88.16M	769.69M	3.26B	1.15B	766.29M	1.63B
EBITDA Margin %	-9.31%	56.77%	28.67%	-1.88%	-2.86%	13.29%	39.27%	26.79%	18.61%	30.96%
EBITDA Growth %	-106.53%	1058.87%	-33.19%	-106.53%	-28.85%	973.1%	323.43%	-64.83%	-33.15%	113.15%
D&A (Non-Cash Add-back)	812.35M	827.22M	975.28M	918.63M	865.29M	745.83M	719.79M	750.09M	765.83M	749.67M
EBIT	-992.27M	758.79M	112.19M	-139.13M	-1.46B	-46.32M	2.57B	478.82M	93.72M	0
Net Interest Income+	-253.55M	-268.7M	-286.74M	-228.11M	-199.87M	-181.87M	-125.37M	-117.87M	-118.21M	0
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	253.55M	268.7M	286.74M	228.11M	199.87M	181.87M	125.37M	117.87M	118.21M	-83.68M
Other Income/Expense	-270.02M	-250.01M	-246.46M	619.8M	-704.45M	-252.05M	-99.24M	-35.29M	-24.95M	6.79M
Pretax Income+	-1.25B	490.09M	-174.56M	-367.25M	-1.66B	-228.19M	2.44B	360.95M	-24.49M	890.43M
Pretax Margin %	-70.98%	17.75%	-4.78%	-10.08%	-53.76%	-3.94%	29.4%	8.44%	-0.59%	16.88%
Income Tax+	-496.38M	-295.05M	-128.86M	-74.11M	-397.48M	-74.08M	441.26M	63.63M	-118.19M	-215.87M
Effective Tax Rate %	68.13%	125.5%	227.73%	92.62%	76.48%	81.91%	76.7%	54.97%	-233.69%	71.25%
Net Income+	-848.82M	615.07M	-397.52M	-340.13M	-1.27B	-186.9M	1.87B	198.4M	57.23M	634.42M
Net Margin %	-48.36%	22.28%	-10.88%	-9.33%	-41.11%	-3.23%	22.55%	4.64%	1.39%	12.03%
Net Income Growth %	-190.17%	172.46%	-164.63%	14.44%	-272.77%	85.26%	1101.42%	-89.4%	-71.16%	1008.62%
Net Income (Continuing)	-749.45M	785.14M	-45.7M	-293.14M	-1.26B	-154.11M	2B	297.33M	93.7M	0
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.47B	726.96M	821.67M	0	322.57M	308.93M	262.6M	232.7M	194.88M	164.82M
EPS (Diluted)+	-2.88	1.94	-1.26	-1.11	-4.65	-0.61	5.69	0.64	0.18	2.03
EPS Growth %	-183.97%	167.36%	-164.95%	11.9%	-318.92%	86.88%	1032.79%	-88.75%	-71.88%	1027.78%
EPS (Basic)	-2.88	1.95	-1.26	-1.11	-4.65	-0.61	6.09	0.66	0.18	2.05
Diluted Shares Outstanding	294.94M	316.28M	316.04M	306.4M	272.43M	308.15M	329.22M	311.6M	313.41M	312.36M
Basic Shares Outstanding	294.73M	315.43M	315.49M	306.4M	272.43M	308.15M	307.2M	299.79M	309.49M	309.72M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	402.59M	833.09M	806.61M	922.88M	574.14M	686.12M	787.52M	475.69M	507.55M	831.78M
Cash & Short-Term Investments	31.61M	28.44M	0	0	0	0	0	0	0	0
Cash Only	31.61M	28.44M	0	0	0	0	0	0	0	0
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	291.64M	335.02M	525.9M	489.31M	453.77M	670.44M	743.17M	443.42M	488.03M	33.77M
Days Sales Outstanding	60.65	44.29	52.55	49.01	53.71	42.25	32.68	37.82	43.25	2.34
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	79.33M	469.63M	280.71M	433.58M	120.37M	15.68M	33.77M	19.37M	7.1M	798.01M
Total Non-Current Assets+	13.85B	14.43B	14.71B	14.27B	12.58B	13.21B	13.33B	13.04B	12.5B	12.41B
Property, Plant & Equipment	12.03B	13.24B	13.87B	12.87B	12.26B	12.95B	13.08B	12.79B	12.24B	2.25B
Fixed Asset Turnover	0.15x	0.21x	0.26x	0.28x	0.25x	0.45x	0.63x	0.33x	0.34x	2.35x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	68.3M	303.3M	433.64M	1.06B	255.08M	232.4M	220.43M	222.25M	231.05M	0
Other Non-Current Assets	1.76B	889.55M	409.29M	354.27M	61.08M	31.05M	26.95M	30.95M	34.51M	10.17B
Total Assets+	14.26B	15.26B	15.52B	15.2B	13.15B	13.9B	14.12B	13.52B	13.01B	13.25B
Asset Turnover	0.12x	0.18x	0.24x	0.24x	0.23x	0.42x	0.59x	0.32x	0.32x	0.40x
Asset Growth %	0.71%	7.06%	1.69%	-2.07%	-13.47%	5.67%	1.59%	-4.26%	-3.75%	1.81%
Total Current Liabilities+	817.39M	762.1M	853.54M	1.04B	983.05M	2.07B	1.77B	1.45B	1.45B	1.5B
Accounts Payable	38.63M	62.98M	66.29M	14.5M	26.73M	24.82M	77.54M	38.99M	62.21M	49.51M
Days Payables Outstanding	7.79	10.93	9.4	1.59	2.71	2.56	7.63	3.88	5.99	60.59
Short-Term Debt	0	0	0	0	0	0	0	0	0	516.26M
Deferred Revenue (Current)	0	0	0	0	45.26M	37.6M	30.55M	27.1M	25.26M	23.5M
Other Current Liabilities	220.97M	46.27M	8.89M	13.6M	33.54M	570.99M	99.47M	16.53M	34.97M	963.55M
Current Ratio	0.49x	1.09x	0.95x	0.89x	0.58x	0.33x	0.44x	0.33x	0.35x	0.55x
Quick Ratio	0.49x	1.09x	0.95x	0.89x	0.58x	0.33x	0.44x	0.33x	0.35x	0.55x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	5.71B	5.62B	6.18B	7.19B	6.08B	5.76B	5.33B	4.93B	4.35B	4.03B
Long-Term Debt	4.7B	4.8B	5.46B	3.76B	3B	2.13B	1.18B	1.54B	1.49B	3.01B
Capital Lease Obligations	0	0	2.87M	2.58B	2.35B	2.96B	2.89B	2.43B	2.05B	0
Deferred Tax Liabilities	950.22M	779.64M	650.79M	781.99M	412.25M	318.13M	759.86M	811.98M	693.34M	907.31M
Other Non-Current Liabilities	55.39M	43.52M	63.1M	62.15M	158.87M	236.27M	404.97M	92.19M	79.23M	108.88M
Total Liabilities	6.53B	6.39B	7.03B	8.23B	7.06B	7.83B	7.1B	6.38B	5.79B	5.53B
Total Debt+	4.7B	4.8B	5.47B	6.65B	5.62B	5.55B	4.63B	4.51B	4.03B	3.53B
Net Debt	4.67B	4.77B	5.47B	6.65B	5.62B	5.55B	4.63B	4.51B	4.03B	3.53B
Debt / Equity	0.61x	0.54x	0.64x	0.95x	0.92x	0.91x	0.66x	0.63x	0.56x	0.46x
Debt / EBITDA	-	3.06x	5.22x	-	-	7.21x	1.42x	3.93x	5.26x	2.16x
Net Debt / EBITDA	-	3.04x	5.22x	-	-	7.21x	1.42x	3.93x	5.26x	2.16x
Interest Coverage	-3.85x	2.75x	0.25x	-4.33x	-4.77x	0.13x	20.25x	3.36x	0.00x	-
Total Equity+	7.73B	8.88B	8.49B	6.97B	6.09B	6.07B	7.02B	7.13B	7.22B	7.72B
Equity Growth %	6.06%	14.85%	-4.38%	-17.87%	-12.63%	-0.4%	15.68%	1.67%	1.15%	6.92%
Book Value per Share	26.20	28.06	26.86	22.75	22.36	19.69	21.31	22.90	23.03	24.70
Total Shareholders' Equity	6.26B	8.15B	7.67B	6.97B	5.77B	5.76B	6.75B	6.9B	7.02B	7.55B
Common Stock	3.15M	3.16M	3.09M	2.96M	2.69M	3.14M	2.97M	3.04M	3.11M	3.08M
Retained Earnings	960M	1.58B	1.18B	837.42M	-430.48M	-617.38M	913.9M	1.05B	1.11B	1.68B
Treasury Stock	0	0	0	0	0	0	-1.16M	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.47B	726.96M	821.67M	0	322.57M	308.93M	262.6M	232.7M	194.88M	164.82M

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.24B	2.01B	2.08B	1.1B	735.64M	1.66B	3.05B	994.72M	849.29M	1.63B
Operating CF Margin %	70.72%	72.67%	57%	30.28%	23.85%	28.66%	36.76%	23.25%	20.62%	30.91%
Operating CF Growth %	23.34%	61.63%	3.77%	-47%	-33.33%	125.67%	83.8%	-67.4%	-14.62%	92.03%
Net Income	-749.45M	785.14M	-45.7M	-293.14M	-1.26B	-154.11M	2B	297.33M	93.7M	634.42M
Depreciation & Amortization	812.35M	827.22M	975.28M	918.63M	865.29M	745.83M	719.79M	750.09M	765.83M	753.57M
Stock-Based Compensation	102.42M	103.44M	70.41M	23.56M	23.32M	20.44M	35.44M	59.52M	66.46M	60.81M
Deferred Taxes	-485.39M	-295.13M	-128.86M	-79.16M	-397.27M	-74.29M	440.42M	62.04M	-118.64M	213.97M
Other Non-Cash Items	1.59B	509.58M	1.24B	498.02M	1.61B	1.01B	-80.34M	-317.54M	66.75M	-31.83M
Working Capital Changes	-32.92M	76.03M	-25.42M	35.54M	-109.05M	114.67M	-62.81M	143.28M	-24.81M	0
Change in Receivables	-93.86M	-43.38M	-189.86M	188.57M	-116.92M	-221.69M	-72.73M	314.43M	-27.4M	-142K
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	7.37M	9.46M	9.31M	-28M	-19.28M	-1.18M	32.37M	-16.84M	35.3M	-2.35M
Cash from Investing+	-2.4B	-2.46B	-2.35B	-1.04B	-530.06M	-710.78M	-943.61M	-1.14B	-714.15M	-1.08B
Capital Expenditures	-1.17B	-934.77M	-722.01M	-1.42B	-48.09M	-114.76M	-163.32M	-167.52M	-101.92M	0
CapEx % of Revenue	66.53%	33.86%	19.77%	39.03%	1.56%	1.98%	1.97%	3.91%	2.47%	-
Acquisitions	-75.52M	-235M	-136.47M	371.59M	125M	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.15B	-1.29B	-1.49B	9.07M	-606.97M	-596.02M	-780.29M	-973.25M	-612.23M	-1.08B
Cash from Financing+	1.16B	452.17M	240.3M	557.56M	-205.58M	-949.33M	-2.11B	146.05M	-135.13M	-343.12M
Debt Issued (Net)	32.25M	90M	660.38M	690.91M	-466.52M	-857.3M	-992.93M	382.03M	-24M	0
Equity Issued (Net)	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0
Dividends Paid	0	0	0	0	0	0	0	0	0	-125.25M
Share Repurchases	0	0	-129.08M	-38.77M	-43.44M	-13.27M	-873.74M	-75.36M	-29.61M	-136.4M
Other Financing	-126.06M	-197.89M	-291M	-94.57M	304.38M	-78.76M	-241.06M	-160.63M	-81.53M	-217.86M
Net Change in Cash	8.14M	-3.17M	240.3M	619.53M	0	0	0	0	0	210M
Free Cash Flow+	73.59M	1.07B	1.36B	935.42M	687.55M	1.55B	2.89B	827.2M	747.36M	1.63B
FCF Margin %	4.19%	38.81%	37.23%	25.67%	22.29%	26.68%	34.8%	19.33%	18.15%	30.91%
FCF Growth %	-76.24%	1356.15%	26.92%	-31.22%	-26.5%	124.76%	86.88%	-71.36%	-9.65%	118.22%
FCF per Share	0.25	3.39	4.30	3.05	2.52	5.02	8.77	2.65	2.38	5.22
FCF Conversion (FCF/Net Income)	-1.46x	3.26x	-5.24x	-3.24x	-0.58x	-8.88x	1.63x	5.01x	14.84x	2.57x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-11.31%	7.41%	-4.58%	-4.4%	-19.41%	-3.07%	28.61%	2.8%	0.8%	8.5%
Return on Invested Capital (ROIC)	-6.02%	4.26%	0.39%	-5.37%	-5.65%	0.15%	16.38%	2.55%	0%	5.89%
Gross Margin	-3.1%	23.79%	29.52%	8.55%	-16.68%	38.95%	55.33%	14.31%	7.95%	94.35%
Net Margin	-48.36%	22.28%	-10.88%	-9.33%	-41.11%	-3.23%	22.55%	4.64%	1.39%	12.03%
Debt / Equity	0.61x	0.54x	0.64x	0.95x	0.92x	0.91x	0.66x	0.63x	0.56x	0.46x
Interest Coverage	-3.85x	2.75x	0.25x	-4.33x	-4.77x	0.13x	20.25x	3.36x	0.00x	-
FCF Conversion	-1.46x	3.26x	-5.24x	-3.24x	-0.58x	-8.88x	1.63x	5.01x	14.84x	2.57x
Revenue Growth	27.63%	57.3%	32.32%	-0.25%	-15.37%	87.81%	43.3%	-48.45%	-3.75%	28.09%

Antero Resources Corporation (AR) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare AR vs Peers

vs INR

vs EQT

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

Antero Resources Corporation (AR) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare AR vs Peers

vs INR

vs EQT

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios