Tearsheet

Antero Resources (AR)

Market Price (12/20/2025): $34.02 | Market Cap: $10.5 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Antero Resources (AR)

Market Price (12/20/2025): $34.02
Market Cap: $10.5 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 11%	Weak multi-year price returns 3Y Excs Rtn is -70%	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20%		Key risks AR key risks include [1] earnings volatility from its unhedged production profile and [2] discounted gas prices resulting from pipeline constraints.
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
3	Low stock price volatility Vol 12M is 45%
4	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.6%, FCF Yield is 11%
1	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 20%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 32%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
3	Low stock price volatility Vol 12M is 45%
4	Megatrend and thematic drivers Megatrends include US Energy Independence. Themes include US LNG, and US Oilfield Technologies.
5	Weak multi-year price returns 3Y Excs Rtn is -70%
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -13%
7	Key risks AR key risks include [1] earnings volatility from its unhedged production profile and [2] discounted gas prices resulting from pipeline constraints.

Valuation, Metrics & Events

	12/20/25	2024	2023	2022	2021
Share Price CYE	$34.02	$35.05	$22.68	$30.99	$17.50
Market Cap CYE ($ Bil)	10.5	10.9	6.9	9.3	5.5
Total Debt ($ Bil)	3.6	4.0	4.5	4.6	5.5
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	14.1	14.9	11.4	13.9	11.0
Valuation Ratios
P/S TTM	2.2	2.6	1.6	1.1	0.9
P/EBIT TTM	13.8	115.7	14.2	3.7	-116.4
P/E TTM	17.8	189.6	34.3	5.1	-28.9
P/FCF TTM	8.9	14.5	8.2	3.3	3.5
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5	1.3	1.3
P/EBIT TTM (Sector)	7.6	6.7	5.7	4.1	4.7
P/E TTM (Sector)	11.0	10.2	8.4	5.5	5.2
P/FCF TTM (Sector)	6.9	7.1	7.4	5.0	5.3

	12/20/25	2024	2023
Share Price CYE	$34.02	$35.05	$22.68
Market Cap CYE ($ Bil)	10.5	10.9	6.9
Total Debt ($ Bil)	3.6	4.0	4.5
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	14.1	14.9	11.4
Valuation Ratios
P/S TTM	2.2	2.6	1.6
P/EBIT TTM	13.8	115.7	14.2
P/E TTM	17.8	189.6	34.3
P/FCF TTM	8.9	14.5	8.2
Sector Ratios
P/S TTM (Sector)	1.3	1.5	1.5
P/EBIT TTM (Sector)	7.6	6.7	5.7
P/E TTM (Sector)	11.0	10.2	8.4
P/FCF TTM (Sector)	6.9	7.1	7.4

	AR	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	4.9
Rev Chg Q	15.2%	7.3%
Rev Chg LTM	19.7%	6.0%
Rev Chg 3Y Avg	-13.0%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.7
CFO LTM ($ Bil)	1.5
Net Inc LTM ($ Bil)	0.6
Op Mgn LTM	15.0%	18.8%
CFO/Rev LTM	31.5%	20.4%
Net Inc Mgn	12.1%	13.1%
VALUATION	MODERATE
P/S	2.2	3.2
P/CFO	6.8	15.5
P/FCF	8.9	20.7
P/E	17.8	23.5
STABILITY	GOOD
Debt/Equity	0.34	0.21

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Metric	Value	Date	Source
Net Daily Natural Gas Equivalent Production	3.4 Bcfe/d	12312024	Link
Net Daily Natural Gas Production	2.1 Bcf/d	12312024	Link
Liquids Production	217 MBbl/d	12312024	Link
Estimated Proved Reserves	17.9 Tcfe	12312024	Link
Proved Developed Reserves Percentage	77%	12312024	Link
Average Lateral Length of Proved Undeveloped Locations	13,800 feet	12312024	Link
Gross Proved Undeveloped Locations	289	12312024	Link
Future Development Cost for Proved Undeveloped Reserves	$0.44 per Mcfe	12312024	Link
Completion Stages per Day	12.2	12312024	Link
All-in Cash Expense	$2.45 per Mcfe	12312024	Link
Number of Horizontal Marcellus Wells Placed to Sales	5	12312024	Link
Average Lateral Length of Completed Wells	17,950 feet	12312024	Link
Hedged Natural Gas Volumes as Percentage of Expected Production (2026)	20%	7312025	Link
Operated Wells Drilled (Net) - 2025 Guidance	50 - 55	10292025	Link
Operated Wells Completed (Net) - 2025 Guidance	60 - 65	10292025	Link

Upcoming
2/11/2026	Earnings Release	Rev: - EPS: -

AR Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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For the period between August 31, 2025, and December 21, 2025, Antero Resources (AR) experienced several significant events that influenced its stock.

1. Antero Resources announced strategic transactions with a major acquisition and divestiture. On December 8, 2025, Antero Resources announced it would acquire HG Energy's upstream assets for $2.8 billion in cash and assume its commodity hedge book. Concurrently, the company planned to sell its Ohio Utica Shale upstream assets for $800 million. This strategic move is expected to boost production in the Marcellus region by 850 million cfe/day by 2026 and identify $950 million in synergies over the next decade.

2. Antero Midstream also engaged in significant asset transactions. As part of the broader strategic moves, Antero Midstream (AM) agreed to acquire HG Energy's midstream assets for $1.1 billion and sell its Utica Shale midstream assets for $400 million. These transactions aim to enhance Antero Midstream's capacity and solidify its position in the Marcellus Shale.

3. The company reported its Third Quarter 2025 Financial and Operating Results. Antero Resources announced its Third Quarter 2025 Financial and Operating Results on October 29, 2025. Financial performance for the company in 2025 included revenue of $4.88 billion with an operating margin of 15.03% and EPS of $1.88.

4. Leadership transition occurred at Antero Resources and Antero Midstream. On August 14, 2025, Antero Resources and Antero Midstream announced that co-founder Paul M. Rady would transition to Chairman Emeritus, and Michael N. Kennedy would serve as Chief Executive Officer, President, and Director.

5. Analysts provided price targets and forecasts indicating potential upside. As of December 16, 2025, 30 analysts had an average price target of $43.97 for AR, implying a potential price increase of 32.31% in the next year compared to the then-current price of $33.23. Forecasts for December 2025 suggested AR stock could trade between $34.19 and $38.89, with an average annualized price of $37.14, potentially yielding a 15.77% ROI compared to current rates.

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Stock Movement Drivers

Fundamental Drivers

The 7.3% change in AR stock from 9/20/2025 to 12/20/2025 was primarily driven by a 19.5% change in the company's Net Income Margin (%).

	9202025	12202025	Change
Stock Price ($)	31.70	34.02	7.32%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4729.68	4879.58	3.17%
Net Income Margin (%)	10.12%	12.10%	19.50%
P/E Multiple	20.54	17.79	-13.39%
Shares Outstanding (Mil)	310.32	308.76	0.50%
Cumulative Contribution			7.32%

LTM = Last Twelve Months as of date shown

Market Drivers

9/20/2025 to 12/20/2025

	Return	Correlation
AR	7.3%
Market (SPY)	2.5%	42.1%
Sector (XLE)	0.6%	64.4%

Fundamental Drivers

The -22.3% change in AR stock from 6/21/2025 to 12/20/2025 was primarily driven by a -68.3% change in the company's P/E Multiple.

	6212025	12202025	Change
Stock Price ($)	43.78	34.02	-22.29%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4453.72	4879.58	9.56%
Net Income Margin (%)	5.44%	12.10%	122.24%
P/E Multiple	56.21	17.79	-68.35%
Shares Outstanding (Mil)	311.33	308.76	0.82%
Cumulative Contribution			-22.30%

LTM = Last Twelve Months as of date shown

Market Drivers

6/21/2025 to 12/20/2025

	Return	Correlation
AR	-22.3%
Market (SPY)	14.8%	25.1%
Sector (XLE)	0.9%	47.3%

Fundamental Drivers

The 10.0% change in AR stock from 12/20/2024 to 12/20/2025 was primarily driven by a 19.7% change in the company's Total Revenues ($ Mil).

	12202024	12202025	Change
Stock Price ($)	30.93	34.02	9.99%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4076.54	4879.58	19.70%
P/S Multiple	2.36	2.15	-8.78%
Shares Outstanding (Mil)	311.02	308.76	0.73%
Cumulative Contribution			9.98%

LTM = Last Twelve Months as of date shown

Market Drivers

12/20/2024 to 12/20/2025

	Return	Correlation
AR	10.0%
Market (SPY)	16.1%	47.6%
Sector (XLE)	8.4%	62.9%

Fundamental Drivers

The -1.8% change in AR stock from 12/21/2022 to 12/20/2025 was primarily driven by a -50.9% change in the company's Net Income Margin (%).

	12212022	12202025	Change
Stock Price ($)	34.65	34.02	-1.82%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	8401.29	4879.58	-41.92%
Net Income Margin (%)	24.64%	12.10%	-50.89%
P/E Multiple	5.11	17.79	248.08%
Shares Outstanding (Mil)	305.34	308.76	-1.12%
Cumulative Contribution			-1.83%

LTM = Last Twelve Months as of date shown

Market Drivers

12/21/2023 to 12/20/2025

	Return	Correlation
AR	49.5%
Market (SPY)	47.1%	43.1%
Sector (XLE)	10.3%	58.2%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
AR Return	91%	221%	77%	-27%	55%	-4%	1076%
Peers Return	-4%	10454%	33%	30%	33%	5%	24260%
S&P 500 Return	16%	27%	-19%	24%	23%	16%	112%
Monthly Win Rates [3]
AR Win Rate	58%	67%	67%	33%	58%	50%
Peers Win Rate	37%	53%	63%	57%	53%	53%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
AR Max Drawdown	-77%	0%	-3%	-35%	-7%	-15%
Peers Max Drawdown	-55%	-2%	-5%	-12%	-10%	-12%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: EQT, RRC, CTRA, CNX, GPOR. See AR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/19/2025 (YTD)

How Low Can It Go

Unique Key	Event	AR	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-58.4%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	140.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-76.5%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	325.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	29 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-92.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	1248.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	838 days	120 days

Compare to DVN, BSM, COP, CNQ, EOG

In The Past

Antero Resources's stock fell -58.4% during the 2022 Inflation Shock from a high on 6/7/2022. A -58.4% loss requires a 140.3% gain to breakeven.

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About Antero Resources (AR)

Antero 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.

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The ExxonMobil of Appalachian natural gas and NGLs.

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Natural Gas: A clean-burning fossil fuel extracted from underground reservoirs, primarily used for power generation, heating, and industrial processes.
Natural Gas Liquids (NGLs): Hydrocarbons separated from natural gas, such as ethane, propane, and butane, used as feedstocks for petrochemicals, heating, and fuel.
Crude Oil: A naturally occurring petroleum product refined into various fuels and petrochemical products.

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Antero Resources (AR) primarily sells its natural gas, natural gas liquids (NGLs), crude oil, and condensate to other companies (Business-to-Business, B2B) rather than directly to individuals.

Based on Antero Resources' 2023 annual report (10-K), the major customer explicitly named due to accounting for a material portion of their sales is:

Shell Energy North America (US), L.P. (a subsidiary of Shell plc; Symbol: SHEL)

Antero Resources also states that it sells its products to a diverse group of other purchasers, which fall into the following categories of companies:

Marketers: These companies buy natural gas, NGLs, and crude oil to resell them to end-users or other market participants.
Utilities: These are primarily natural gas utilities that purchase natural gas to distribute to residential, commercial, and industrial customers.
Industrial Users: Large industrial facilities that use natural gas as a fuel or feedstock for their operations.
Refiners: Companies that purchase crude oil and condensate to process into various petroleum products like gasoline, diesel, and jet fuel.

While specific individual companies within these broader categories are not typically named in Antero Resources' public filings for significant revenue concentration (other than Shell Energy North America), these categories represent the primary types of businesses that are major customers for Antero Resources' products.

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Antero Midstream (AM)

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Michael N. Kennedy
Chief Executive Officer and President

Mr. Kennedy was appointed Chief Executive Officer and President of Antero Resources in August 2025. He joined Antero in 2013 and previously served as Chief Financial Officer of Antero Resources from 2021 to 2025, and as CFO of Antero Midstream from 2016 to 2021. Prior to joining Antero, Mr. Kennedy spent over a decade at Forest Oil Corp., including four years as Executive Vice President and Chief Financial Officer from 2009 to 2013. He began his career as an auditor with Arthur Andersen from 1996 to 2001, focusing on the Natural Resources industry.

Brendan E. Krueger
Chief Financial Officer

Mr. Krueger was promoted to Chief Financial Officer of Antero Resources in August 2025. He previously served as Chief Financial Officer of Antero Midstream from 2021 to 2025 and as Vice President - Finance at Antero Resources from 2018 to 2025. Mr. Krueger joined Antero in 2014 and prior to that, spent seven years as an investment banker from 2007 to 2014, focusing on equity and debt financing and M&A advisory with firms such as Robert W. Baird & Co. and Wells Fargo Securities.

Paul M. Rady
Chairman Emeritus and Co-Founder

Mr. Rady co-founded Antero Resources in 2002 and served as its Chief Executive Officer and Chairman from May 2004 until August 2025, when he transitioned to Chairman Emeritus. He also co-founded Antero's predecessor company in 2002 and oversaw its sale to XTO Energy, Inc. in 2005. Before Antero, Mr. Rady served as President, CEO, and Chairman of Pennaco Energy from 1998 until its sale to Marathon Oil in 2001. His career began as a geologist with Amoco Corporation. Antero Resources was backed by private equity firm Warburg Pincus, which invested over $1.5 billion in the company.

Yvette K. Schultz
Chief Compliance Officer, General Counsel, Secretary, Senior Vice President - Legal

Ms. Schultz has served as Chief Compliance Officer, General Counsel, Secretary, and Senior Vice President - Legal for Antero Resources since 2022.

W. Patrick Ash
Senior Vice President, Reserves, Planning & Midstream

Mr. Ash serves as the Senior Vice President, Reserves, Planning & Midstream at Antero Resources.

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The key risks for Antero Resources (AR) primarily revolve around the inherent volatility of the energy sector and the significant capital requirements of its operations, alongside an evolving regulatory landscape.

Commodity Price Volatility: Antero Resources' financial performance is highly dependent on the prices of natural gas and natural gas liquids (NGLs). Fluctuations in these commodity prices directly impact the company's revenues, profitability, and cash flows. The company has experienced earnings volatility due to lower natural gas prices, particularly with its unhedged production profile, and pipeline constraints that cause gas realizations to trade at discounts to benchmark prices.
Capital Requirements and Access to Capital: The oil and gas industry is capital-intensive, requiring substantial expenditures for exploration, development, production, and acquisitions. Antero Resources makes significant capital investments, and its ability to secure necessary capital or financing on favorable terms is crucial for maintaining and growing its oil and gas reserves. Failure to obtain adequate funding could lead to a decline in reserves and impact development plans.
Regulatory and Environmental Risks: Antero Resources faces various risks associated with environmental regulations and other changes in law. These include compliance costs, potential liabilities, and operational restrictions imposed by regulatory bodies. The company's operations can be affected by changes in environmental laws, reporting requirements, and the costs associated with achieving greenhouse gas reduction targets, which can increase the cost of doing business and limit opportunities.

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Antero Resources (symbol: AR) primarily operates in the production of natural gas and natural gas liquids (NGLs) within the Appalachian Basin of the United States.

Addressable Market Sizes:

Natural Gas: The U.S. natural gas market was valued at approximately USD 454.5 billion in 2024. This market is projected to grow to about USD 577.9 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 3.2% from 2025 to 2032.
Natural Gas Liquids (NGLs): The North American Natural Gas Liquids (NGL) market is estimated to be USD 7.08 billion in 2024. It is forecast to increase to USD 11.53 billion by 2033, with a CAGR of 5.57%.

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Antero Resources (AR) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors:

Surging Natural Gas Demand: A significant driver for Antero Resources is the increasing demand for natural gas, primarily fueled by rising U.S. LNG exports and the growing need for natural gas-fired power generation, particularly from new data centers. The company is strategically positioned to capitalize on this demand through its firm transportation capacity and extensive Marcellus dry gas drilling inventory.
Premium Natural Gas Liquids (NGL) Pricing: Antero Resources anticipates strong NGL pricing, projecting a premium to Mont Belvieu for its realized C3+ NGL prices. This outlook is supported by strategic firm sales agreements for its LPG volumes.
Increased Production and Optimized Realized Pricing: The company has increased its production guidance and is focused on capturing premium natural gas prices. This is achieved through its firm transportation capacity, which allows it to sell natural gas at premiums to NYMEX, and its efficient lean gas development.
Expansion of Core Marcellus Position: Antero is actively expanding its core Marcellus position in West Virginia. This strategic growth, achieved through bolt-on transactions and organic leasing, enables the company to respond quickly to regional demand increases and benefit from any tightening of the local natural gas basis.

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Share Repurchases

Antero Resources completed the repurchase of approximately 31.7 million shares, representing 10.31% of outstanding shares, for $1,083.99 million as of September 30, 2025.
During the third quarter of 2025, Antero purchased 1.5 million shares for an aggregate of $51 million, contributing to a year-to-date total of approximately 4.7 million shares purchased for $163 million.
As of September 30, 2025, Antero had approximately $915 million of capacity remaining on its previously approved share repurchase program.

Share Issuance

As of December 31, 2024, and September 30, 2025, common stock shares issued and outstanding were 311,165 and 308,385, respectively.
Minor issuances of common stock occurred upon the vesting of equity-based compensation awards, net of shares withheld for income taxes.

Inbound Investments

In February 2021, Antero Resources formed a drilling partnership with QL Capital Partners worth $500-$550 million, intended to fund 60 incremental wells from 2021 through 2024.

Outbound Investments

Antero Resources completed three separate acquisitions in its West Virginia development footprint for approximately $260 million in 2025. These transactions included 75-100 MMcfe/d of net production and 10 net undeveloped locations.

Capital Expenditures

Antero's drilling and completion capital expenditures for the three months ended September 30, 2025, were $172 million, with an additional $42 million invested in land during the same quarter.
For the full year 2025, Antero's drilling and completion capital budget is projected to be between $650 million and $700 million, with a land capital budget of $125 million to $150 million. The primary focus is expanded leasing in its core liquids-rich Marcellus Fairway.
In the first quarter of 2025, drilling and completion capital expenditures were $157 million, and $30 million was invested in land, adding approximately 6,000 net acres and 26 incremental drilling locations.

Better Bets than Antero Resources (AR)

	AR	Better Performance than AR
Metric	Value	INDUSTRY: Oil & Gas Exploration & Production
Rev Chg LTM	19.7%	EXE (169.1%), EQT (64.8%), FANG (60.1%), CTRA (25.1%), RRC (24.7%)
Rev Chg 3Y Avg	-13.0%	FANG (20.8%), CNQ (-2.4%), COP (-6.6%), EOG (-7.6%), OXY (-9.6%)
Op Mgn LTM	15.0%	FANG (36.5%), EOG (33.4%), COP (21.0%), CNQ (20.3%), OXY (18.1%)
CFO/Rev LTM	31.5%	FANG (57.3%), EOG (45.2%), OXY (42.3%), COP (33.3%), CNQ (33.2%)
FCF/Rev LTM	24.2%	EQT (31.6%), MGY (30.9%), TPL (30.5%), CNX (28.4%), GPOR (24.5%)
Total Yield	5.6%	CNQ (17.1%), EOG (13.9%), FANG (12.5%), COP (11.1%), EQT (6.4%)
P/S	2.2	DVN (1.3), OXY (1.5), CNQ (1.5), PR (1.9), COP (1.9)
P/Op Inc	14.3	EOG (7.3), CNQ (7.4), FANG (7.7), OXY (8.1), COP (9.1)

	AR	Better Performance than AR
Metric	Value	SECTOR: Energy
Rev Chg LTM	19.7%	FANG (60.1%), OKE (58.4%), ENB (32.3%), TRP (24.5%), CCJ (23.9%)
Rev Chg 3Y Avg	-13.0%	ENB (8.6%), WMB (0.8%), XOM (-5.6%), CVX (-6.2%), COP (-6.6%)
Op Mgn LTM	15.0%	WMB (34.3%), KMI (27.2%), COP (21.0%), CNQ (20.3%), ENB (17.4%)
CFO/Rev LTM	31.5%	TRP (51.4%), WMB (48.2%), KMI (34.9%), COP (33.3%), CNQ (33.2%)
FCF/Rev LTM	24.2%	DTM (40.3%), PBA (31.7%), EQT (31.6%), TPL (30.5%), CCJ (28.1%)
Total Yield	5.6%	ENB (13.9%), COP (11.1%), XOM (9.4%), CVX (8.7%), WMB (6.7%)
P/S	2.2	CNQ (1.5), CVX (1.5), XOM (1.5), ENB (1.6), COP (1.9)
P/Op Inc	14.3	CNQ (7.4), ENB (9.1), COP (9.1), KMI (13.2), XOM (14.0)

	AR	Better Performance than AR
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	19.7%	NVDA (65.2%), PLTR (47.2%), LLY (36.8%), AVGO (23.9%), META (21.3%)
Rev Chg 3Y Avg	-13.0%	NVDA (91.6%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	15.0%	NVDA (58.8%), MSFT (46.3%), META (43.2%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	31.5%	META (56.8%), MSFT (50.0%), NVDA (44.4%), AVGO (43.1%), GOOGL (39.3%)
FCF/Rev LTM	24.2%	MA (52.5%), PLTR (46.0%), AVGO (42.1%), NVDA (41.3%), MSFT (26.6%)
Total Yield	5.6%	JNJ (7.5%), BAC (7.2%), HD (6.9%), JPM (6.6%), BRK-B (6.3%)
P/S	2.2	UNH (0.7), WMT (1.3), COST (1.4), HD (2.1), DIS (2.1)
P/Op Inc	14.3	VZ (5.3), T (7.1), UNH (11.3), MRK (11.3), TMUS (11.4)

		Best Bets In Energy Sector
	AR	TPL	AM	MGY	INSW	DTM	CTRA	WHD	EQT	WMB	EOG
What You Pay
P/E	17.8	43.4	17.7	11.7	11.0	29.8	11.8	18.1	18.9	30.0	10.0
P/EBIT	13.8	35.3	10.0	8.7	9.4	16.7	8.6	12.2	10.8	15.4	7.6
What You Get
Rev Chg Q	15.2%	17.0%	8.7%	-2.5%	-12.8%	26.6%	33.7%	-10.0%	49.8%	10.2%	-2.3%
Rev Chg LTM	19.7%	12.5%	8.7%	0.7%	-23.6%	20.4%	25.1%	-3.8%	64.8%	9.0%	-5.0%
Rev Chg 3Y Avg	-13.0%	5.7%	9.0%	-6.6%	16.7%	9.6%	-5.3%	22.9%	-2.8%	0.8%	-7.6%
FCF/Rev 3Y Avg	21.0%	47.9%	46.6%	33.7%	29.6%	25.8%	24.8%	23.5%	23.5%	22.5%	22.1%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 5.4%, alpha of -0.1%, and sharpe of 0.25

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	Antero Resources Earnings Notes
2	How Low Can Antero Resources Stock Really Go?	Return
3	Antero Resources vs Microsoft: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	Antero Resources vs Diamondback Energy: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	How Does Antero Resources Stock Stack Up Against Its Peers?	Peer Comparison
6	Better Bet Than AR Stock: Pay Less Than Antero Resources To Get More From RTX, MU
7	AR Dip Buy Analysis
8	Antero Resources (AR) Stock: 37% of days in last 3 months had 1% or greater fluctuation
9	Antero Resources Total Shareholder Return (TSR): 54.5% in 2024 and 26.1% 3-yr compounded annual returns (above peer average)
10	Antero Resources (AR) Operating Cash Flow Comparison	Financials
11	ARTICLES
12	AR Lost 21% In A Month. Past Slides Turned Into Crashes.		July 26th, 2025

	Title
0	DASHBOARDS
1	Antero Resources Earnings Notes
2	How Low Can Antero Resources Stock Really Go?
3	Antero Resources vs Microsoft: Which Is A Better Investment?
4	Antero Resources vs Diamondback Energy: Which Is A Better Investment?
5	How Does Antero Resources Stock Stack Up Against Its Peers?
6	Better Bet Than AR Stock: Pay Less Than Antero Resources To Get More From RTX, MU
7	AR Dip Buy Analysis
8	Antero Resources (AR) Stock: 37% of days in last 3 months had 1% or greater fluctuation
9	Antero Resources Total Shareholder Return (TSR): 54.5% in 2024 and 26.1% 3-yr compounded annual returns (above peer average)
10	Antero Resources (AR) Operating Cash Flow Comparison
11	ARTICLES
12	AR Lost 21% In A Month. Past Slides Turned Into Crashes.

Trade Ideas

Select past ideas related to AR. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	11.2%	11.2%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.7%	4.7%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.9%	5.9%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	27.0%	27.0%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.5%	-5.5%	-7.1%
AR_5312023_Dip_Buyer_FCFYield	05312023	AR	Antero Resources	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.9%	72.0%	-1.2%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
WHD_11212025_Dip_Buyer_ValueBuy	11212025	WHD	Cactus	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	11.2%	11.2%	0.0%
OVV_10172025_Dip_Buyer_FCFYield	10172025	OVV	Ovintiv	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	4.7%	4.7%	0.0%
COP_10102025_Dip_Buyer_FCFYield	10102025	COP	ConocoPhillips	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.9%	5.9%	-2.3%
HAL_10102025_Dip_Buyer_FCFYield	10102025	HAL	Halliburton	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	27.0%	27.0%	-0.7%
OXY_10102025_Dip_Buyer_FCFYield	10102025	OXY	Occidental Petroleum	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	-5.5%	-5.5%	-7.1%
AR_5312023_Dip_Buyer_FCFYield	05312023	AR	Antero Resources	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	15.9%	72.0%	-1.2%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LUNR	Intuitive Machines	1.8	37.7%	-17.7%
GTN-A	Gray Media	1.1	30.9%	55.5%
FOLD	Amicus Therapeutics	4.4	30.2%	50.5%
FLY	Firefly Aerospace	3.5	22.8%
CRWV	CoreWeave	40.4	22.6%
EVMN	Evommune	0.5	21.6%
EWTX	Edgewise Therapeutics	2.7	20.8%	-4.3%
FBYD	Falcons Beyond Global	0.7	19.9%	125.4%
ONDS	Ondas	1.4	18.2%	260.2%
BMRN	BioMarin Pharmaceutical	11.7	17.7%	-7.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LW	Lamb Weston	6.2	-25.9%	-32.5%
BB	BlackBerry	2.2	-12.9%	-0.3%
IRON	Disc Medicine	2.8	-11.5%	26.2%
NKE	Nike	86.7	-10.5%	-20.6%
TLRY	Tilray Brands	11.8	-9.6%	-16.1%
OLMA	Olema Pharmaceuticals	2.4	-9.3%	379.1%
KBH	KB Home	3.8	-8.5%	-11.2%
PAHC	Phibro Animal Health	1.5	-7.8%	80.2%
EEX	Emerald	0.9	-7.7%	-1.3%
GETY	Getty Images	0.5	-7.4%	-41.7%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FBYD	Falcons Beyond Global	0.7	60.2%	125.4%
DJT	Trump Media & Technology	4.5	51.1%	-52.8%
GTN-A	Gray Media	1.1	40.6%	55.5%
FOLD	Amicus Therapeutics	4.4	34.4%	50.5%
EEX	Emerald	0.9	27.4%	-1.3%
LUNR	Intuitive Machines	1.8	24.8%	-17.7%
QURE	uniQure	1.3	23.0%	35.8%
RIVN	Rivian Automotive	27.4	21.9%	68.8%
PHAT	Phathom Pharmaceuticals	1.3	20.4%	115.9%
TE	T1 Energy	1.0	20.2%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.2	-82.0%	-26.7%
LWLG	Lightwave Logic	0.4	-28.0%	42.4%
LW	Lamb Weston	6.2	-26.3%	-32.5%
INSP	Inspire Medical Systems	2.8	-26.1%	-47.9%
BETR	Better Home & Finance	0.5	-21.1%	269.6%
FDMT	4D Molecular Therapeutics	0.5	-19.9%	55.8%
VSTM	Verastem	0.6	-19.3%	50.1%
CGEM	Cullinan Therapeutics	0.6	-18.8%	-20.5%
USAR	USA Rare Earth	1.4	-18.8%	46343.0%
BW	Babcock & Wilcox Enterprises	0.5	-17.6%	198.8%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
WVE	WAVE Life Sciences	2.6	132.3%	29.2%
TE	T1 Energy	1.0	122.5%
VERA	Vera Therapeutics	3.3	79.4%	21.1%
FTRE	Fortrea	1.6	76.7%	-4.9%
ARWR	Arrowhead Pharmaceuticals	9.5	74.9%	262.6%
ANF	Abercrombie & Fitch	5.8	73.7%	-19.0%
ALMS	Alumis	0.9	71.8%	43.6%
LUNR	Intuitive Machines	1.8	70.5%	-17.7%
VSCO	Victoria's Secret	4.5	63.0%	36.9%
PL	Planet Labs PBC	5.8	62.7%	374.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.2	-82.6%	-63.9%
JANX	Janux Therapeutics	0.9	-52.1%	-74.2%
FRMI	Fermi	5.9	-50.1%
LENZ	LENZ Therapeutics	0.5	-36.6%	-37.7%
GOGO	Gogo	0.6	-34.9%	-44.0%
LWLG	Lightwave Logic	0.4	-34.0%	42.4%
BETR	Better Home & Finance	0.5	-32.1%	269.6%
IMSR	Terrestrial Energy	0.7	-30.8%
ORIC	ORIC Pharmaceuticals	0.6	-30.0%	-0.4%
PBF	PBF Energy	3.0	-29.7%	3.7%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LUNR	Intuitive Machines	1.8	37.7%	-17.7%
GTN-A	Gray Media	1.1	30.9%	55.5%
FOLD	Amicus Therapeutics	4.4	30.2%	50.5%
FLY	Firefly Aerospace	3.5	22.8%
CRWV	CoreWeave	40.4	22.6%
EVMN	Evommune	0.5	21.6%
EWTX	Edgewise Therapeutics	2.7	20.8%	-4.3%
FBYD	Falcons Beyond Global	0.7	19.9%	125.4%
ONDS	Ondas	1.4	18.2%	260.2%
BMRN	BioMarin Pharmaceutical	11.7	17.7%	-7.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
LW	Lamb Weston	6.2	-25.9%	-32.5%
BB	BlackBerry	2.2	-12.9%	-0.3%
IRON	Disc Medicine	2.8	-11.5%	26.2%
NKE	Nike	86.7	-10.5%	-20.6%
TLRY	Tilray Brands	11.8	-9.6%	-16.1%
OLMA	Olema Pharmaceuticals	2.4	-9.3%	379.1%
KBH	KB Home	3.8	-8.5%	-11.2%
PAHC	Phibro Animal Health	1.5	-7.8%	80.2%
EEX	Emerald	0.9	-7.7%	-1.3%
GETY	Getty Images	0.5	-7.4%	-41.7%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
FBYD	Falcons Beyond Global	0.7	60.2%	125.4%
DJT	Trump Media & Technology	4.5	51.1%	-52.8%
GTN-A	Gray Media	1.1	40.6%	55.5%
FOLD	Amicus Therapeutics	4.4	34.4%	50.5%
EEX	Emerald	0.9	27.4%	-1.3%
LUNR	Intuitive Machines	1.8	24.8%	-17.7%
QURE	uniQure	1.3	23.0%	35.8%
RIVN	Rivian Automotive	27.4	21.9%	68.8%
PHAT	Phathom Pharmaceuticals	1.3	20.4%	115.9%
TE	T1 Energy	1.0	20.2%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.2	-82.0%	-26.7%
LWLG	Lightwave Logic	0.4	-28.0%	42.4%
LW	Lamb Weston	6.2	-26.3%	-32.5%
INSP	Inspire Medical Systems	2.8	-26.1%	-47.9%
BETR	Better Home & Finance	0.5	-21.1%	269.6%
FDMT	4D Molecular Therapeutics	0.5	-19.9%	55.8%
VSTM	Verastem	0.6	-19.3%	50.1%
CGEM	Cullinan Therapeutics	0.6	-18.8%	-20.5%
USAR	USA Rare Earth	1.4	-18.8%	46343.0%
BW	Babcock & Wilcox Enterprises	0.5	-17.6%	198.8%

Peer Comparisons for Antero Resources

Peers to compare with:

Financials

	AR	EQT	RRC	CTRA	CNX	GPOR	Median
Name	Antero R.	EQT	Range Re.	Coterra .	CNX Reso.	Gulfport.
Mkt Price	34.02	53.98	34.43	25.47	37.32	201.69	35.88
Mkt Cap	10.5	33.7	8.2	19.4	5.2	3.7	9.3
Rev LTM	4,880	7,888	2,878	7,081	2,024	1,253	3,879
Op Inc LTM	733	2,922	781	2,202	693	438	757
FCF LTM	1,180	2,490	497	1,448	575	307	877
FCF 3Y Avg	981	1,590	540	1,607	364	225	761
CFO LTM	1,538	4,757	1,132	3,677	1,001	767	1,335
CFO 3Y Avg	1,193	3,690	1,150	3,663	935	726	1,171

Growth & Margins

	AR	EQT	RRC	CTRA	CNX	GPOR	Median
Name	Antero R.	EQT	Range Re.	Coterra .	CNX Reso.	Gulfport.
Rev Chg LTM	19.7%	64.8%	24.7%	25.1%	43.3%	38.2%	31.6%
Rev Chg 3Y Avg	-13.0%	-2.8%	-14.5%	-5.3%	-11.8%	-	-11.8%
Rev Chg Q	15.2%	49.8%	16.1%	33.7%	34.9%	44.9%	34.3%
QoQ Delta Rev Chg LTM	3.2%	8.3%	3.3%	6.9%	6.1%	8.4%	6.5%
Op Mgn LTM	15.0%	37.0%	27.2%	31.1%	34.2%	35.0%	32.7%
Op Mgn 3Y Avg	12.2%	20.2%	25.1%	34.2%	27.9%	27.8%	26.4%
QoQ Delta Op Mgn LTM	2.4%	7.8%	1.7%	0.1%	3.1%	4.4%	2.7%
CFO/Rev LTM	31.5%	60.3%	39.3%	51.9%	49.5%	61.2%	50.7%
CFO/Rev 3Y Avg	25.5%	58.1%	41.6%	56.7%	51.7%	63.4%	54.2%
FCF/Rev LTM	24.2%	31.6%	17.3%	20.4%	28.4%	24.5%	24.3%
FCF/Rev 3Y Avg	21.0%	23.5%	19.1%	24.8%	19.3%	19.3%	20.2%

Valuation

	AR	EQT	RRC	CTRA	CNX	GPOR	Median
Name	Antero R.	EQT	Range Re.	Coterra .	CNX Reso.	Gulfport.
Mkt Cap	10.5	33.7	8.2	19.4	5.2	3.7	9.3
P/S	2.2	4.3	2.8	2.7	2.6	2.9	2.8
P/EBIT	13.8	10.8	10.6	8.7	9.5	38.7	10.7
P/E	17.8	18.9	14.2	11.8	17.8	164.9	17.8
P/CFO	6.8	7.1	7.2	5.3	5.2	4.8	6.1
Total Yield	5.6%	6.4%	7.8%	12.0%	5.6%	0.6%	6.0%
Dividend Yield	0.0%	1.1%	0.8%	3.5%	0.0%	0.0%	0.4%
FCF Yield 3Y Avg	11.0%	7.1%	6.7%	8.5%	8.6%	8.2%	8.3%
D/E	0.3	0.2	0.2	0.2	0.5	0.2	0.2
Net D/E	0.3	0.2	0.2	0.2	0.5	0.2	0.2

Returns

	AR	EQT	RRC	CTRA	CNX	GPOR	Median
Name	Antero R.	EQT	Range Re.	Coterra .	CNX Reso.	Gulfport.
1M Rtn	2.1%	-4.2%	-9.6%	0.3%	1.5%	-0.9%	-0.3%
3M Rtn	7.3%	10.1%	0.0%	10.3%	22.9%	20.6%	10.2%
6M Rtn	-22.3%	-10.1%	-20.0%	-3.9%	8.5%	-2.4%	-7.0%
12M Rtn	10.0%	27.1%	4.8%	11.3%	3.0%	21.9%	10.7%
3Y Rtn	-1.8%	54.3%	32.8%	13.7%	120.0%	170.4%	43.5%
1M Excs Rtn	-5.9%	-11.2%	-15.1%	-4.0%	-1.9%	-7.8%	-6.9%
3M Excs Rtn	2.3%	6.2%	-3.3%	9.1%	24.6%	17.3%	7.7%
6M Excs Rtn	-33.0%	-22.0%	-29.8%	-16.4%	-4.1%	-13.5%	-19.2%
12M Excs Rtn	-5.3%	10.6%	-11.1%	-5.5%	-10.7%	2.6%	-5.4%
3Y Excs Rtn	-69.9%	-21.7%	-36.7%	-55.9%	57.6%	116.2%	-29.2%

Comparison Analyses

	Title
0	How Does Antero Resources Stock Stack Up Against Its Peers?
1	Antero Resources vs. Devon Energy: With Return Forecast Of 5%, Devon Energy Is A Better Bet
2	With 5.0% Gains On The Table, EPM May Outshine AR
3	Antero Resources vs. Matador Resources: With Return Forecast Of 76%, Matador Resources Is A Better Bet
4	Antero Resources vs. Transdigm Group: With Return Forecast Of 49%, Transdigm Group Is A Better Bet
5	Antero Resources vs. Workday: With Return Forecast Of 38%-41%, Both Seem Like Good Bets
6	Antero Resources vs. Edwards Lifesciences: With Return Forecast Of 41%, Antero Resources Is A Better Bet
7	Antero Resources vs. Macy's: Similar Market Cap, But Macy's Is A Better Bet
8	Antero Resources vs. Scotts Miracle: Similar Market Cap, But Scotts Miracle Is A Better Bet
9	Antero Resources vs. Penn National Gaming: Similar Market Cap, But Penn National Gaming Is A Better Bet

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/29/2025	2/12/2025	2/14/2024	2/15/2023	2/16/2022	2/17/2021	2/12/2020
Key Financials
Total Revenue	4,880	4,119	4,279	8,300	5,792	3,084	3,644
EBITDA	1,521	860	1,229	3,285	700	-593	779
Operating Income	733	52	333	4,330	2,053	-795	-125
Net Income	590	57	198	1,872	-187	-1,268	-340
EPS	1.90	0.18	0.66	6.09	-0.61	-4.65	-1.11
Growth Rates
Total Revenue Growth	19.7%	-3.7%	-48.4%	43.3%	87.8%	-15.4%	-0.2%
EBITDA Growth	62.4%	-30.1%	-62.6%	369.7%	218.0%	-176.0%	-28.3%
Operating Income Growth	3104.1%	-84.3%	-92.3%	110.9%	358.2%	-534.5%	-120.8%
Net Income Growth	1499.9%	-71.2%	-89.4%	1101.4%	85.3%	-272.8%	14.4%
Margins
EBITDA Margin	31.2%	20.9%	28.7%	39.6%	12.1%	-19.2%	21.4%
Operating Income Margin	15.0%	1.3%	7.8%	52.2%	35.4%	-25.8%	-3.4%
Net Income Margin	12.1%	1.4%	4.6%	22.6%	-3.2%	-41.1%	-9.3%
Cash & Debt
Total Cash	�	�	�	�	�	�	�
Total Debt	3,570	4,033	4,506	4,630	5,546	5,616	6,648
Net Debt / (Cash)	�	�	�	�	�	�	�
Cash Flows
Net Cash from Operations	1,538	849	995	3,051	1,660	736	1,103
Free Cash from Operations	1,180	747	827	2,888	1,545	688	935
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	136	-0	75	874	-0	43	39

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/29/2025	7/30/2025	4/30/2025	2/12/2025	10/30/2024	7/31/2024	4/24/2024	2/14/2024	10/25/2023	7/26/2023	4/26/2023	2/15/2023
Key Financials Quarterly
Total Revenue	1,133	1,204	1,393	1,149	984	928	1,058	1,107	1,062	894	1,216	1,802
Ebitda	337	423	485	277	190	130	262	354	255	103	518	1,130
Operating Income	104	172	347	111	-33	-71	46	81	79	-77	250	790
Net Income	76	157	208	150	-35	-80	23	50	18	-83	213	703
EPS	0.25	0.50	0.67	0.48	-0.11	-0.26	0.07	0.16	0.06	-0.28	0.72	2.44
Key Financials TTM
Total Revenue TTM	4,880	4,730	4,454	4,119	4,077	4,155	4,120	4,279	4,974	6,338	7,796	8,300
Ebitda TTM	1,521	1,375	1,082	860	936	1,001	974	1,229	2,005	2,679	3,822	3,285
Operating Income TTM	733	597	354	52	23	135	129	333	1,042	2,320	3,750	4,330
Net Income TTM	590	479	242	57	-42	11	8	198	851	1,393	2,241	1,872
Growth Rates Quarterly
Total Revenue Growth	15.2%	29.7%	31.7%	3.8%	-7.4%	3.9%	-13.0%	-38.6%	-56.2%	-62.0%	-29.3%	-5.3%
EBITDA Growth	76.9%	225.1%	84.7%	-21.8%	-25.4%	26.7%	-49.3%	-68.7%	-72.5%	-91.8%	2789.5%	-21.9%
Operating Income Growth	417.6%	341.5%	658.9%	36.5%	-141.2%	7.9%	-81.7%	-89.7%	-94.2%	-105.7%	-69.9%	-17.2%
Net Income Growth	315.5%	296.2%	815.0%	197.8%	-298.5%	3.9%	-89.4%	-92.9%	-96.8%	-110.9%	236.4%	-22.0%
Margins Quarterly
EBITDA Margin	29.7%	35.2%	34.8%	24.1%	19.4%	14.0%	24.8%	31.9%	24.0%	11.5%	42.6%	62.7%
Operating Income Margin	9.2%	14.3%	24.9%	9.6%	-3.3%	-7.7%	4.3%	7.3%	7.5%	-8.6%	20.6%	43.8%
Net Income Margin	6.7%	13.0%	14.9%	13.0%	-3.6%	-8.6%	2.1%	4.5%	1.7%	-9.3%	17.6%	39.0%
Cash & Debt
Total Cash	-	-	-	-	-	-	-	-	-	-	-	-
Total Debt	3,570	3,492	3,807	4,033	4,277	4,385	4,445	4,506	4,739	4,758	4,717	4,630
Net Debt / (Cash)	-	-	-	-	-	-	-	-	-	-	-	-
Cash Flows Quarterly
FCF from Operations	310	492	458	278	166	143	262	312	183	155	344	475
Cash Flows TTM
FCF from Operations TTM	1,538	1,394	1,045	849	883	901	912	995	1,158	2,062	2,830	3,051
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	51	75	10	-0	-0	-0	-0	-0	-0	-0	75	198
Return on Invested Capital (ROIC) Quarterly
ROIC	2.9%	5.7%	11.4%	4.5%	-1.2%	-2.3%	1.5%	2.5%	2.1%	-2.0%	7.7%	25.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	7.3%	6.4%	3.6%	0.5%	0.1%	1.0%	1.1%	2.7%	8.4%	18.4%	29.0%	33.9%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Exploration and Production	13,602	14,081	13,864	13,151	14,122
Equity Method Investment in Antero Midstream	5,738	5,791	5,544	5,611	6,283
Marketing	17	37	32		21
Elimination of Unconsolidated Affiliate	-5,738	-5,791	-5,544	-5,611	-5,228
Total	13,619	14,118	13,897	13,151	15,198

Price Behavior

Price Behavior

Market Price	$34.02
Market Cap ($ Bil)	10.5
First Trading Date	10/10/2013
Distance from 52W High	-22.3%
	50 Days	200 Days
DMA Price	$33.79	$35.32
DMA Trend	down	up
Distance from DMA	0.7%	-3.7%
	3M	1YR
Volatility	42.3%	45.1%
Downside Capture	142.72	102.81
Upside Capture	160.19	96.98
Correlation (SPY)	41.8%	47.5%

AR Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.15	1.68	1.39	0.79	1.10	1.15
Up Beta	-0.91	0.48	0.87	0.37	0.86	0.92
Down Beta	1.89	1.84	2.03	1.32	1.62	1.66
Up Capture	314%	211%	139%	42%	90%	80%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	11	19	32	63	131	389
Down Capture	77%	181%	116%	98%	99%	103%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	22	30	61	115	357

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of AR With Other Asset Classes (Last 1Y)
	AR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.7%	4.5%	13.5%	62.9%	2.8%	-2.4%	-16.9%
Annualized Volatility	44.8%	24.6%	19.7%	19.2%	16.0%	17.7%	35.4%
Sharpe Ratio	0.30	0.13	0.52	2.42	-0.01	-0.29	-0.26
Correlation With Other Assets		63.0%	47.9%	8.8%	49.4%	32.0%	22.9%

ETFs used for asset classes: Sector ETF = XLE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of AR With Other Asset Classes (Last 5Y)
	AR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	45.9%	21.1%	14.8%	18.3%	11.1%	4.7%	35.7%
Annualized Volatility	52.3%	26.8%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	0.92	0.73	0.70	0.95	0.48	0.16	0.63
Correlation With Other Assets		61.9%	35.9%	11.8%	46.5%	28.0%	14.2%

Based On 10-Year Data

		Comparison of AR With Other Asset Classes (Last 10Y)
	AR	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	5.8%	8.2%	14.8%	14.5%	6.3%	5.4%	69.5%
Annualized Volatility	61.4%	29.8%	18.0%	14.7%	17.7%	20.8%	55.8%
Sharpe Ratio	0.35	0.32	0.71	0.81	0.28	0.23	0.90
Correlation With Other Assets		55.2%	33.3%	2.9%	38.9%	28.0%	6.9%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	13,410,127
Short Interest: % Change Since 11152025	0.7%
Average Daily Volume	5,072,059
Days-to-Cover Short Interest	2.64
Basic Shares Quantity	308,763,000
Short % of Basic Shares	4.3%

Returns Analyses

	Title
0	How Low Can Antero Resources Stock Really Go?
1	Antero Resources Stock Return Comparison
2	Antero Resources Total Shareholder Return (TSR): 77.1% in 2022 and 121.5% 3-yr returns (above peer average)
3	[9/28/2021] Antero Resources (AR) Stock Price Forecast: AI Forecasts AR Stock Price To Be Around $20.7 In A Month (Up 12%)

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/29/2025	-5.0%	3.8%	13.1%
7/30/2025	3.3%	-2.4%	-5.0%
4/30/2025	-0.5%	5.4%	7.5%
2/12/2025	2.0%	0.3%	-4.6%
10/30/2024	-8.3%	1.5%	15.8%
7/31/2024	-0.9%	-12.8%	-7.3%
4/24/2024	6.2%	3.9%	6.6%
2/14/2024	10.9%	21.1%	21.7%
...
SUMMARY STATS
# Positive	13	15	15
# Negative	11	9	9
Median Positive	3.3%	5.4%	14.0%
Median Negative	-2.6%	-3.9%	-7.3%
Max Positive	21.1%	22.4%	28.2%
Max Negative	-9.0%	-12.8%	-28.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10292025	10-Q 9/30/2025
6302025	7302025	10-Q 6/30/2025
3312025	4302025	10-Q 3/31/2025
12312024	2122025	10-K 12/31/2024
9302024	10302024	10-Q 9/30/2024
6302024	7312024	10-Q 6/30/2024
3312024	4242024	10-Q 3/31/2024
12312023	2142024	10-K 12/31/2023
9302023	10252023	10-Q 9/30/2023
6302023	7262023	10-Q 6/30/2023
3312023	4262023	10-Q 3/31/2023
12312022	2152023	10-K 12/31/2022
9302022	10262022	10-Q 9/30/2022
6302022	7272022	10-Q 6/30/2022
3312022	4272022	10-Q 3/31/2022
12312021	2162022	10-K 12/31/2021

External Quote Links

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7	FinViz

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Antero Resources (AR)

Market Price (12/20/2025): $34.02 | Market Cap: $10.5 BilSector: Energy | Industry: Oil & Gas Exploration & Production

Antero Resources (AR)

Market Price (12/20/2025): $34.02Market Cap: $10.5 BilSector: EnergyIndustry: Oil & Gas Exploration & Production

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Market Price (12/20/2025): $34.02 | Market Cap: $10.5 Bil
Sector: Energy | Industry: Oil & Gas Exploration & Production

Market Price (12/20/2025): $34.02
Market Cap: $10.5 Bil
Sector: Energy
Industry: Oil & Gas Exploration & Production