Latest Ratios: P/E Ratio 17.6x · EV/EBITDA 10.0x · ROE 8.5%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $11.0B | $10.8B | $11.0B | $7.1B | $10.2B | $5.4B | $1.5B | $873M | $3.0B | $6.0B | $7.0B |
| Enterprise Value | $15.9B | $15.7B | $15.0B | $11.6B | $14.8B | $10.9B | $7.1B | $7.5B | $8.4B | $10.8B | $11.6B |
| P/E Ratio → | 17.56 | 16.98 | 194.72 | 35.44 | 5.45 | — | — | — | — | 9.79 | — |
| P/S Ratio | 2.19 | 2.15 | 2.67 | 1.65 | 1.23 | 0.93 | 0.48 | 0.24 | 0.81 | 2.18 | 3.97 |
| P/B Ratio | 1.44 | 1.40 | 1.52 | 0.99 | 1.45 | 0.89 | 0.24 | 0.13 | 0.35 | 0.68 | 0.90 |
| P/FCF | 8.82 | 8.66 | 14.70 | 8.54 | 3.53 | 3.49 | 2.16 | 0.93 | 2.18 | 5.61 | 94.79 |
| P/OCF | 6.72 | 6.60 | 12.93 | 7.10 | 3.34 | 3.25 | 2.02 | 0.79 | 1.43 | 3.00 | 5.62 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.13 | 3.65 | 2.70 | 1.79 | 1.89 | 2.30 | 2.06 | 2.31 | 3.91 | 6.64 |
| EV / EBITDA | 10.03 | 9.91 | 19.60 | 10.10 | 4.55 | 14.21 | — | — | 8.05 | 6.88 | — |
| EV / EBIT | 19.15 | 16.11 | 160.25 | 24.17 | 5.78 | — | — | — | 75.18 | 14.21 | — |
| EV / FCF | — | 12.62 | 20.10 | 13.99 | 5.14 | 7.08 | 10.33 | 8.04 | 6.20 | 10.06 | 158.29 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.1% | 22.1% | 7.9% | 14.3% | 55.3% | 39.0% | -16.7% | 8.5% | 29.5% | 23.8% | -3.1% |
| Operating Margin | 16.5% | 16.5% | 0.0% | 9.3% | 30.6% | 0.4% | -30.9% | -27.1% | 2.0% | 26.8% | -55.6% |
| Net Profit Margin | 12.7% | 12.7% | 1.4% | 4.6% | 22.6% | -3.2% | -41.1% | -9.3% | -10.9% | 22.3% | -48.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.5% | 8.5% | 0.8% | 2.8% | 28.6% | -3.1% | -19.4% | -4.4% | -4.6% | 7.4% | -11.3% |
| ROA | 4.6% | 4.6% | 0.4% | 1.4% | 13.4% | -1.4% | -8.9% | -2.2% | -2.6% | 4.2% | -6.0% |
| ROIC | 5.2% | 5.2% | 0.0% | 2.6% | 16.4% | 0.2% | -5.6% | -5.4% | 0.4% | 4.3% | -6.0% |
| ROCE | 6.8% | 6.8% | 0.0% | 3.2% | 21.0% | 0.2% | -7.2% | -6.8% | 0.5% | 5.3% | -7.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.67 | 0.67 | 0.56 | 0.63 | 0.66 | 0.91 | 0.92 | 0.95 | 0.64 | 0.54 | 0.61 |
| Debt / EBITDA | 3.24 | 3.24 | 5.26 | 3.93 | 1.42 | 7.21 | — | — | 5.22 | 3.06 | — |
| Net Debt / Equity | — | 0.64 | 0.56 | 0.63 | 0.66 | 0.91 | 0.92 | 0.95 | 0.64 | 0.54 | 0.60 |
| Net Debt / EBITDA | 3.11 | 3.11 | 5.26 | 3.93 | 1.42 | 7.21 | — | — | 5.22 | 3.04 | — |
| Debt / FCF | — | 3.96 | 5.40 | 5.45 | 1.60 | 3.59 | 8.17 | 7.11 | 4.02 | 4.45 | 63.50 |
| Interest Coverage | 11.64 | 11.64 | 0.79 | 4.06 | 20.46 | -0.25 | -7.29 | -0.61 | 0.39 | 2.82 | -3.91 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.55 | 0.55 | 0.35 | 0.33 | 0.44 | 0.33 | 0.58 | 0.89 | 0.95 | 1.09 | 0.49 |
| Quick Ratio | 0.55 | 0.55 | 0.35 | 0.33 | 0.44 | 0.33 | 0.58 | 0.89 | 0.95 | 1.09 | 0.49 |
| Cash Ratio | 0.14 | 0.14 | — | — | — | — | — | — | — | 0.04 | 0.04 |
| Asset Turnover | — | 0.35 | 0.32 | 0.32 | 0.59 | 0.42 | 0.23 | 0.24 | 0.24 | 0.18 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 36.93 | 43.25 | 37.82 | 32.68 | 42.25 | 53.71 | 49.01 | 52.55 | 44.29 | 60.65 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 5.9% | 0.5% | 2.8% | 18.4% | — | — | — | — | 10.2% | — |
| FCF Yield | 11.3% | 11.5% | 6.8% | 11.7% | 28.3% | 28.7% | 46.3% | 107.1% | 45.8% | 17.8% | 1.1% |
| Buyback Yield | 1.2% | 1.3% | 0.3% | 1.1% | 8.6% | 0.2% | 2.9% | 4.4% | 4.3% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.2% | 1.3% | 0.3% | 1.1% | 8.6% | 0.2% | 2.9% | 4.4% | 4.3% | 0.0% | 0.0% |
| Shares Outstanding | — | $312M | $313M | $312M | $329M | $308M | $272M | $306M | $316M | $316M | $295M |
Includes 30+ ratios · 15 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying AR stock.
Antero Resources Corporation's current P/E ratio is 17.6x. The historical average is 40.6x. This places it at the 71th percentile of its historical range.
Antero Resources Corporation's current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.8x.
Antero Resources Corporation's return on equity (ROE) is 8.5%. The historical average is 2.6%.
Based on historical data, Antero Resources Corporation is trading at a P/E of 17.6x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Antero Resources Corporation has 22.1% gross margin and 16.5% operating margin. Operating margin between 10-20% is typical for established companies.
Antero Resources Corporation's Debt/EBITDA ratio is 3.2x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Commodity price volatility exposure
Metrics are mathematically derived from official filings.
Margin Recovery Masks Volatility
According to recent financial statements, AR's gross margin surged to 94.5% in 2026Q2 from 20.2% a year earlier, but this appears unsustainable given the abnormally low COGS of $85.7M.
The dramatic expansion in gross margin to 94.5% in 2026Q2, up from 15.2% in 2025Q3, suggests a temporary cost anomaly rather than a structural shift, as COGS dropped 91% quarter-over-quarter. Operating margin of 24.1% in 2026Q2, while strong, is still below the 35.5% peak in 2026Q1, indicating that the earnings power is highly sensitive to commodity price realizations. Investors should monitor whether the low COGS reflects hedging gains or one-time adjustments, as the historical volatility in margins (from 0.5% to 94.5%) points to a business model where profitability is not yet stable.
Returns Rebound from Cyclical Trough
ROIC improved to 2.2% in 2026Q2 from -0.5% in 2024Q2, as per reported figures, but remains below the cost of capital, indicating that the recovery is still in its early stages.
The return on invested capital has recovered from negative territory in 2024 to 2.2% in 2026Q2, yet this is still far below the double-digit returns of peers like Range Resources (11.2%) and Coterra (10.9%). The improvement is driven by margin expansion rather than asset efficiency, as asset turnover remains low at 0.10x, reflecting the capital-intensive nature of the business. Given the volatile commodity environment, the sustainability of these returns is uncertain, and investors should watch whether ROIC can approach peer levels as the company scales production.
Working Capital Efficiency Distorted by Timing
AR's cash conversion cycle is not calculable due to missing inventory data, but DSO improved to 15 days in 2026Q2 from 37 days in 2024Q2, as per financial statements, suggesting faster collections.
The sharp reduction in days sales outstanding to 15 days in 2026Q2, down from 37 days in 2024Q2, indicates improved receivables management, though this may be influenced by the timing of large sales. Days payable outstanding swung wildly from 4 days to 66 days, reflecting the lumpy nature of payables and possibly the impact of the recent acquisition. The lack of inventory data prevents a full assessment of the cash conversion cycle, but the volatile working capital components suggest that operational efficiency is not yet stable.
Debt Burden Eases but Remains Elevated
D/EBITDA improved to 7.66x in 2026Q2 from 40.11x in 2024Q2, as per reported figures, but interest coverage of 10.74x indicates a comfortable but not fortress-like position.
The dramatic improvement in debt-to-EBITDA from 40.11x in 2024Q2 to 7.66x in 2026Q2 reflects the surge in EBITDA, but the absolute level remains high relative to peers like EQT (7.22x) and CTRA (5.94x). Interest coverage of 10.74x in 2026Q2 is adequate, yet it is down from 19.77x in 2026Q1, suggesting that the company's ability to service debt is sensitive to commodity price swings. The recent $2.8B acquisition, as noted in prior analysis, may increase leverage, and investors should monitor whether the company can maintain coverage above 5x in a downturn.
Thin Liquidity Raises Refinancing Concerns
AR's current ratio of 0.40 in 2026Q2, as reported in financial statements, indicates a tight liquidity position, with cash of only $210M reported in 2025Q4.
The current ratio has remained below 0.55 for the past ten quarters, reaching 0.40 in 2026Q2, which suggests that short-term obligations exceed current assets by a significant margin. This thin liquidity is typical for E&P companies that rely on revolving credit facilities, but it exposes the company to stress if commodity prices decline and cash flows weaken. The quick ratio equals the current ratio at 0.40, indicating no inventory buffer, which is consistent with the lack of inventory data. Investors should monitor the company's access to credit and its ability to refinance upcoming maturities, as the balance sheet appears vulnerable to a sudden downturn.
Misapplied Metric: Gross Margin
Gross margin is the most misapplied ratio for AR because it is highly volatile and can be distorted by hedging and one-time items, as evidenced by the swing from 0.5% to 94.5% in two years.
For an E&P company like AR, gross margin is not a reliable indicator of core profitability because it is heavily influenced by commodity price realizations and hedging gains, which can create artificial spikes or troughs. The 94.5% gross margin in 2026Q2, driven by abnormally low COGS, obscures the true cost structure and may mislead investors into thinking the company has pricing power. Instead, investors should focus on cash flow metrics like operating cash flow margin or EBITDA margin, which better capture the company's ability to generate cash from operations. The prior cash flow analysis shows OCF/NI of 1.69x, indicating that cash generation is more stable than accounting margins suggest.