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

AR • • Industrial / General

EnergyOil & Gas E&PUnconventional Shale E&PAppalachian Basin Gas Focused

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 $4.12B -3.7%
EBITDA $766M -33.2%
Net Income $57M -71.2%
EPS (Diluted) 0.18 -71.9%
Gross Margin 7.95% -44.5%
EBITDA Margin 18.61% -30.6%
Operating Margin 0.01% -99.9%
Net Margin 1.39% -70.0%
ROE 0.8% -71.6%
ROIC 0% -99.9%
Debt/Equity 0.56 -11.5%
Interest Coverage 0.00 -99.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 18.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 1.4x book value

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.88%

5Y2.48%

3Y-10.74%

TTM20.71%

Profit (Net Income) CAGR

10Y-21.85%

5Y-

3Y-

TTM3076.31%

EPS CAGR

10Y-23.35%

5Y-

3Y-

TTM823.08%

ROCE

10Y Avg2.39%

5Y Avg3.44%

3Y Avg8.09%

Latest0%

Peer Comparison

Appalachian Basin Gas Focused

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ARAntero Resources Corporation	9.8B	31.78	176.56	-3.75%	11.13%	7.29%	7.62%	0.56
EQTEQT Corporation	31.15B	49.92	121.76	3%	20.69%	6.65%	1.84%	0.39
EPSNEpsilon Energy Ltd.	134.52M	4.50	51.19	2.58%	12.86%	5.87%		0.00
RRCRange Resources Corporation	7.96B	33.60	30.83	-7.65%	20%	13.65%	3.97%	0.46
INRInfinity Natural Resources, Inc.	216M	13.82	3.72	60.16%	-0.58%	-0.2%		0.51
BKVBKV Corporation	2.47B	25.50	-12.62	-18.23%	5.54%	2.48%	0.71%	0.11
EXEExpand Energy Corporation	23.7B	99.52	-21.87	-45.71%	7.99%	4.78%	0.03%	0.33
CNXCNX Resources Corporation	5.18B	35.90	-59.83	-7.99%	14.17%	7.1%	5.32%	0.56

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.38B	1.76B	2.76B	3.65B	3.64B	3.08B	5.79B	8.3B	4.28B	4.12B
Revenue Growth %	-0.22%	0.28%	0.57%	0.32%	-0%	-0.15%	0.88%	0.43%	-0.48%	-0.04%
Cost of Goods Sold+	1.48B	1.81B	2.1B	2.57B	3.33B	3.6B	3.54B	3.71B	3.67B	3.79B
COGS % of Revenue	1.08%	1.03%	0.76%	0.7%	0.91%	1.17%	0.61%	0.45%	0.86%	0.92%
Gross Profit+	-108.33M	-54.33M	656.81M	1.08B	311.5M	-514.44M	2.26B	4.59B	612.47M	327.33M
Gross Margin %	-0.08%	-0.03%	0.24%	0.3%	0.09%	-0.17%	0.39%	0.55%	0.14%	0.08%
Gross Profit Growth %	-1.15%	0.5%	13.09%	0.64%	-0.71%	-2.65%	5.39%	1.04%	-0.87%	-0.47%
Operating Expenses+	-1.9B	921.47M	-83.28M	1.01B	1.3B	439M	2.23B	2.05B	216.22M	326.87M
OpEx % of Revenue	-1.38%	0.53%	-0.03%	0.28%	0.36%	0.14%	0.39%	0.25%	0.05%	0.08%
Selling, General & Admin	532.76M	738.67M	617.48M	926.4M	728.51M	603.89M	956.7M	704.21M	509.48M	474.24M
SG&A % of Revenue	0.39%	0.42%	0.22%	0.25%	0.2%	0.2%	0.17%	0.08%	0.12%	0.12%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-2.43B	182.81M	-700.76M	80.14M	570.03M	-164.88M	1.28B	1.35B	-293.26M	-147.37M
Operating Income+	1.79B	-975.8M	740.09M	71.91M	-987.04M	-953.45M	23.86M	2.54B	396.25M	460K
Operating Margin %	1.3%	-0.56%	0.27%	0.02%	-0.27%	-0.31%	0%	0.31%	0.09%	0%
Operating Income Growth %	0.38%	-1.55%	1.76%	-0.9%	-14.73%	0.03%	1.03%	105.43%	-0.84%	-1%
EBITDA+	2.5B	-163.46M	1.57B	1.05B	-68.42M	-88.16M	769.69M	3.26B	1.15B	766.29M
EBITDA Margin %	1.82%	-0.09%	0.57%	0.29%	-0.02%	-0.03%	0.13%	0.39%	0.27%	0.19%
EBITDA Growth %	0.41%	-1.07%	10.59%	-0.33%	-1.07%	-0.29%	9.73%	3.23%	-0.65%	-0.33%
D&A (Non-Cash Add-back)	711.42M	812.35M	827.22M	975.28M	918.63M	865.29M	745.83M	719.79M	750.09M	765.83M
EBIT	1.79B	-992.27M	758.79M	112.19M	-139.13M	-1.46B	-46.32M	2.57B	478.82M	93.72M
Net Interest Income+	-234.4M	-253.55M	-268.7M	-286.74M	-228.11M	-199.87M	-181.87M	-125.37M	-117.87M	-118.21M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	234.4M	253.55M	268.7M	286.74M	228.11M	199.87M	181.87M	125.37M	117.87M	118.21M
Other Income/Expense	-234.4M	-270.02M	-250.01M	-246.46M	619.8M	-704.45M	-252.05M	-99.24M	-35.29M	-24.95M
Pretax Income+	1.56B	-1.25B	490.09M	-174.56M	-367.25M	-1.66B	-228.19M	2.44B	360.95M	-24.49M
Pretax Margin %	1.13%	-0.71%	0.18%	-0.05%	-0.1%	-0.54%	-0.04%	0.29%	0.08%	-0.01%
Income Tax+	575.89M	-496.38M	-295.05M	-128.86M	-74.11M	-397.48M	-74.08M	441.26M	63.63M	-118.19M
Effective Tax Rate %	0.61%	0.68%	1.26%	2.28%	0.93%	0.76%	0.82%	0.77%	0.55%	-2.34%
Net Income+	941.36M	-848.82M	615.07M	-397.52M	-340.13M	-1.27B	-186.9M	1.87B	198.4M	57.23M
Net Margin %	0.68%	-0.48%	0.22%	-0.11%	-0.09%	-0.41%	-0.03%	0.23%	0.05%	0.01%
Net Income Growth %	0.4%	-1.9%	1.72%	-1.65%	0.14%	-2.73%	0.85%	11.01%	-0.89%	-0.71%
Net Income (Continuing)	980M	-749.45M	785.14M	-45.7M	-293.14M	-1.26B	-154.11M	2B	297.33M	93.7M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.35B	1.47B	726.96M	821.67M	0	322.57M	308.93M	262.6M	232.7M	194.88M
EPS (Diluted)+	3.43	-2.88	1.94	-1.26	-1.11	-4.65	-0.61	5.77	0.64	0.18
EPS Growth %	0.33%	-1.84%	1.67%	-1.65%	0.12%	-3.19%	0.87%	10.46%	-0.89%	-0.72%
EPS (Basic)	3.43	-2.88	1.95	-1.26	-1.11	-4.65	-0.61	6.18	0.66	0.18
Diluted Shares Outstanding	274.14M	294.94M	316.28M	316.04M	306.4M	272.43M	308.15M	329.22M	311.6M	313.41M
Basic Shares Outstanding	274.12M	294.73M	315.43M	315.49M	306.4M	272.43M	308.15M	307.2M	299.79M	309.49M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	1.25B	402.59M	833.09M	806.61M	922.88M	574.14M	686.12M	787.52M	475.69M	507.55M
Cash & Short-Term Investments	23.47M	31.61M	28.44M	0	0	0	0	0	0	0
Cash Only	23.47M	31.61M	28.44M	0	0	0	0	0	0	0
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	207.65M	291.64M	335.02M	525.9M	489.31M	453.77M	670.44M	743.17M	443.42M	488.03M
Days Sales Outstanding	55.12	60.65	44.29	52.55	49.01	53.71	42.25	32.68	37.82	43.25
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	1.02B	79.33M	469.63M	280.71M	433.58M	120.37M	15.68M	33.77M	19.37M	7.1M
Total Non-Current Assets+	12.91B	13.85B	14.43B	14.71B	14.27B	12.58B	13.21B	13.33B	13.04B	12.5B
Property, Plant & Equipment	10.73B	12.03B	13.24B	13.87B	12.87B	12.26B	12.95B	13.08B	12.79B	12.24B
Fixed Asset Turnover	0.13x	0.15x	0.21x	0.26x	0.28x	0.25x	0.45x	0.63x	0.33x	0.34x
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	0	68.3M	303.3M	433.64M	1.06B	255.08M	232.4M	220.43M	222.25M	231.05M
Other Non-Current Assets	2.14B	1.76B	889.55M	409.29M	354.27M	61.08M	31.05M	26.95M	30.95M	34.51M
Total Assets+	14.16B	14.26B	15.26B	15.52B	15.2B	13.15B	13.9B	14.12B	13.52B	13.01B
Asset Turnover	0.10x	0.12x	0.18x	0.24x	0.24x	0.23x	0.42x	0.59x	0.32x	0.32x
Asset Growth %	0.22%	0.01%	0.07%	0.02%	-0.02%	-0.13%	0.06%	0.02%	-0.04%	-0.04%
Total Current Liabilities+	707.27M	817.39M	762.1M	853.54M	1.04B	983.05M	2.07B	1.77B	1.45B	1.45B
Accounts Payable	69.91M	38.63M	62.98M	66.29M	14.5M	26.73M	24.82M	77.54M	38.99M	62.21M
Days Payables Outstanding	17.2	7.79	10.93	9.4	1.59	2.71	2.56	7.63	3.88	5.99
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	19.09M	220.97M	46.27M	8.89M	13.6M	33.54M	570.99M	99.47M	16.53M	34.97M
Current Ratio	1.76x	0.49x	1.09x	0.95x	0.89x	0.58x	0.33x	0.44x	0.33x	0.35x
Quick Ratio	1.76x	0.49x	1.09x	0.95x	0.89x	0.58x	0.33x	0.44x	0.33x	0.35x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	6.12B	5.71B	5.62B	6.18B	7.19B	6.08B	5.76B	5.33B	4.93B	4.35B
Long-Term Debt	4.67B	4.7B	4.8B	5.46B	3.76B	3B	2.13B	1.18B	1.54B	1.49B
Capital Lease Obligations	0	0	0	2.87M	2.58B	2.35B	2.96B	2.89B	2.43B	2.05B
Deferred Tax Liabilities	1.37B	950.22M	779.64M	650.79M	781.99M	412.25M	318.13M	759.86M	811.98M	693.34M
Other Non-Current Liabilities	82.08M	55.39M	43.52M	63.1M	62.15M	158.87M	236.27M	404.97M	92.19M	79.23M
Total Liabilities	6.83B	6.53B	6.39B	7.03B	8.23B	7.06B	7.83B	7.1B	6.38B	5.79B
Total Debt+	4.67B	4.7B	4.8B	5.47B	6.65B	5.62B	5.55B	4.63B	4.51B	4.03B
Net Debt	4.65B	4.67B	4.77B	5.47B	6.65B	5.62B	5.55B	4.63B	4.51B	4.03B
Debt / Equity	0.64x	0.61x	0.54x	0.64x	0.95x	0.92x	0.91x	0.66x	0.63x	0.56x
Debt / EBITDA	1.87x	-	3.06x	5.22x	-	-	7.21x	1.42x	3.93x	5.26x
Net Debt / EBITDA	1.86x	-	3.04x	5.22x	-	-	7.21x	1.42x	3.93x	5.26x
Interest Coverage	7.64x	-3.85x	2.75x	0.25x	-4.33x	-4.77x	0.13x	20.25x	3.36x	0.00x
Total Equity+	7.29B	7.73B	8.88B	8.49B	6.97B	6.09B	6.07B	7.02B	7.13B	7.22B
Equity Growth %	0.33%	0.06%	0.15%	-0.04%	-0.18%	-0.13%	-0%	0.16%	0.02%	0.01%
Book Value per Share	26.58	26.20	28.06	26.86	22.75	22.36	19.69	21.31	22.90	23.03
Total Shareholders' Equity	5.93B	6.26B	8.15B	7.67B	6.97B	5.77B	5.76B	6.75B	6.9B	7.02B
Common Stock	2.77M	3.15M	3.16M	3.09M	2.96M	2.69M	3.14M	2.97M	3.04M	3.11M
Retained Earnings	1.81B	960M	1.58B	1.18B	837.42M	-430.48M	-617.38M	913.9M	1.05B	1.11B
Treasury Stock	0	0	0	0	0	0	0	-1.16M	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	1.35B	1.47B	726.96M	821.67M	0	322.57M	308.93M	262.6M	232.7M	194.88M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.01B	1.24B	2.01B	2.08B	1.1B	735.64M	1.66B	3.05B	994.72M	849.29M
Operating CF Margin %	0.73%	0.71%	0.73%	0.57%	0.3%	0.24%	0.29%	0.37%	0.23%	0.21%
Operating CF Growth %	0.01%	0.23%	0.62%	0.04%	-0.47%	-0.33%	1.26%	0.84%	-0.67%	-0.15%
Net Income	980M	-749.45M	785.14M	-45.7M	-293.14M	-1.26B	-154.11M	2B	297.33M	93.7M
Depreciation & Amortization	711.42M	812.35M	827.22M	975.28M	918.63M	865.29M	745.83M	719.79M	750.09M	765.83M
Stock-Based Compensation	97.88M	102.42M	103.44M	70.41M	23.56M	23.32M	20.44M	35.44M	59.52M	66.46M
Deferred Taxes	575.89M	-485.39M	-295.13M	-128.86M	-79.16M	-397.27M	-74.29M	440.42M	62.04M	-118.64M
Other Non-Cash Items	-1.39B	1.59B	509.58M	1.24B	498.02M	1.61B	1.01B	-80.34M	-317.54M	66.75M
Working Capital Changes	39.5M	-32.92M	76.03M	-25.42M	35.54M	-109.05M	114.67M	-62.81M	143.28M	-24.81M
Change in Receivables	60.12M	-93.86M	-43.38M	-189.86M	188.57M	-116.92M	-221.69M	-72.73M	314.43M	-27.4M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	-8.54M	7.37M	9.46M	9.31M	-28M	-19.28M	-1.18M	32.37M	-16.84M	35.3M
Cash from Investing+	-2.3B	-2.4B	-2.46B	-2.35B	-1.04B	-530.06M	-710.78M	-943.61M	-1.14B	-714.15M
Capital Expenditures	-696.63M	-1.17B	-934.77M	-722.01M	-1.42B	-48.09M	-114.76M	-163.32M	-167.52M	-101.92M
CapEx % of Revenue	0.51%	0.67%	0.34%	0.2%	0.39%	0.02%	0.02%	0.02%	0.04%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.6B	-1.15B	-1.29B	-1.49B	9.07M	-606.97M	-596.02M	-780.29M	-973.25M	-612.23M
Cash from Financing+	1.07B	1.16B	452.17M	240.3M	557.56M	-205.58M	-949.33M	-2.11B	146.05M	-135.13M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-65.69M	-126.06M	-197.89M	-291M	-94.57M	304.38M	-78.76M	-241.06M	-160.63M	-81.53M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	309.75M	73.59M	1.07B	1.36B	935.42M	687.55M	1.55B	2.89B	827.2M	747.36M
FCF Margin %	0.23%	0.04%	0.39%	0.37%	0.26%	0.22%	0.27%	0.35%	0.19%	0.18%
FCF Growth %	1.51%	-0.76%	13.56%	0.27%	-0.31%	-0.26%	1.25%	0.87%	-0.71%	-0.1%
FCF per Share	1.13	0.25	3.39	4.30	3.05	2.52	5.02	8.77	2.65	2.38
FCF Conversion (FCF/Net Income)	1.07x	-1.46x	3.26x	-5.24x	-3.24x	-0.58x	-8.88x	1.63x	5.01x	14.84x
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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.75%	-11.31%	7.41%	-4.58%	-4.4%	-19.41%	-3.07%	28.61%	2.8%	0.8%
Return on Invested Capital (ROIC)	12.48%	-6.02%	4.26%	0.39%	-5.37%	-5.65%	0.15%	16.38%	2.55%	0%
Gross Margin	-7.88%	-3.1%	23.79%	29.52%	8.55%	-16.68%	38.95%	55.33%	14.31%	7.95%
Net Margin	68.46%	-48.36%	22.28%	-10.88%	-9.33%	-41.11%	-3.23%	22.55%	4.64%	1.39%
Debt / Equity	0.64x	0.61x	0.54x	0.64x	0.95x	0.92x	0.91x	0.66x	0.63x	0.56x
Interest Coverage	7.64x	-3.85x	2.75x	0.25x	-4.33x	-4.77x	0.13x	20.25x	3.36x	0.00x
FCF Conversion	1.07x	-1.46x	3.26x	-5.24x	-3.24x	-0.58x	-8.88x	1.63x	5.01x	14.84x
Revenue Growth	-21.82%	27.63%	57.3%	32.32%	-0.25%	-15.37%	87.81%	43.3%	-48.45%	-3.75%

Revenue by Segment

	2013	2018	2019	2020	2021	2022	2023	2024
Natural Gas Liquids Sales	-	1.18B	1.22B	1.16B	-	-	-	2.07B
Natural Gas Liquids Sales Growth	-	-	3.51%	-4.71%	-	-	-	-
Natural Gas, Production	-	-	-	-	-	-	-	1.82B
Natural Gas, Production Growth	-	-	-	-	-	-	-	-
Oil and Condensate	-	-	-	-	-	-	-	230.03M
Oil and Condensate Growth	-	-	-	-	-	-	-	-
Marketings	-	458.9M	292.21M	-	-	-	-	179.07M
Marketings Growth	-	-	-36.32%	-	-	-	-	-
Exploration and production	-	-	-	-	-	-	4.48B	-
Exploration and production Growth	-	-	-	-	-	-	-	-
Antero Midstream Corporation	-	-	-	-	-	-	1.04B	-
Antero Midstream Corporation Growth	-	-	-	-	-	-	-	-
Marketing	-	-	-	-	-	-	206.12M	-
Marketing Growth	-	-	-	-	-	-	-	-
Natural gas liquids sales	-	-	-	-	2.15B	2.5B	-	-
Natural gas liquids sales Growth	-	-	-	-	-	16.35%	-	-
Product And Service Other	-	-	4.16M	2.8M	-	-	-	-
Product And Service Other Growth	-	-	-	-32.76%	-	-	-	-
Natural Gas Production	-	2.29B	2.25B	-	-	-	-	-
Natural Gas Production Growth	-	-	-1.78%	-	-	-	-	-
Oil And Condensate	-	187.18M	177.55M	-	-	-	-	-
Oil And Condensate Growth	-	-	-5.14%	-	-	-	-	-
Natural Gas Gathering Transportation Marketing And Processing	-	-	4.48M	-	-	-	-	-
Natural Gas Gathering Transportation Marketing And Processing Growth	-	-	-	-	-	-	-	-
Exploration and Production	1.31B	-	-	-	-	-	-	-
Exploration and Production Growth	-	-	-	-	-	-	-	-
Water Distribution	35.87M	-	-	-	-	-	-	-
Water Distribution Growth	-	-	-	-	-	-	-	-
Gathering and Compression	22.36M	-	-	-	-	-	-	-
Gathering and Compression Growth	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Antero Resources Corporation (AR) has a price-to-earnings (P/E) ratio of 176.6x. This suggests investors expect higher future growth.

Growth & Financials

Antero Resources Corporation (AR) reported $4.92B in revenue for fiscal year 2024. This represents a 2420% increase from $195.3M in 2011.

Antero Resources Corporation (AR) saw revenue decline by 3.7% over the past year.

Yes, Antero Resources Corporation (AR) is profitable, generating $547.7M in net income for fiscal year 2024 (1.4% net margin).

Dividend & Returns

Antero Resources Corporation (AR) has a return on equity (ROE) of 0.8%. This is below average, suggesting room for improvement.

Antero Resources Corporation (AR) generated $1.31B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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