Antero Resources

AR · NYSE · Energy · Financials, fiscal 2016 to 2025

AR · Last close · October 26, 2026

$41.54

Antero Resources' revenue rose 22.0% to $5.3 billion in fiscal 2025. Its operating margin was 16.8%, up from 0.0% a year earlier. Free cash flow was $1.6 billion, up 93.9%. It paid out $136 million in dividends and buybacks, 8% of free cash flow. The diluted share count fell 0.3%.

ANTERO RESOURCES Corp Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0001104659-26-013386 Updated October 9, 2026

Revenue

$5.3B

22.0%

Operating margin

16.8%

16.7 pts

Net income

$675M

620.0%

Free cash flow

$1.6B

93.9%

Return on capital

7.6%

7.6 pts

Market cap

$12.9B

Oct 26 close

P/E

11.9x

On $3.48 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2025, earnings per share grew 0.6% a year and net income fell 1.9% a year, as buybacks cut the share count by 1%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Antero Resources yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Antero Resources' 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Antero Resources' fiscal 2025 free cash flow of $1.6B, net cash of −$1.2B at December 31, 2025 and 312 million diluted shares, from its filings. The scenarios are fitted to Antero Resources: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -9.6% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 12%: 11% for a cyclical or higher-risk business (Oil & Gas Exploration & Production), plus 1 point for unsteady results (a loss in fiscal 2021); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Antero Resources's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 13% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 12% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 11% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $41.54
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Antero Resources' earnings per share of $3.48 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 11.9×, the middle of Antero Resources' own P/E today, its peers' median and its sector's median (Antero Resources' own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 13%, 12% and 11%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Permian Resources, Chord Energy, Matador Resources.

Earnings growth in the years ahead (% a year) Starts at Antero Resources' revenue growth over the last 3 years, -9.6% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $41.54
Value at this multiple, against the last close: —
Antero Resources' P/E at the last close: 11.9×

Company	Last close	Earnings per share	P/E today
Permian ResourcesPR	$25.77	$1.51	17.1×
Antero ResourcesAR	$41.54	$3.48	11.9×
Chord EnergyCHRD	$156.15	$14.90	10.5×
Matador ResourcesMTDR	$60.09	$5.83	10.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	0	0	0	0	210
Debt incl. finance leases	2,126	1,186	1,541	1,492	1,402
Net debt (negative means net cash)	2,126	1,186	1,541	1,492	1,192
Net debt to EBITDA	2.8x	0.4x	1.4x	2.0x	0.7x
Debt to equity	0.4x	0.2x	0.2x	0.2x	0.2x
Interest coverage	0.2x	16.4x	3.5x	0.0x	10.0x
Current ratio	0.3x	0.4x	0.3x	0.3x	0.6x
Quick ratio	0.3x	0.4x	0.3x	0.3x	0.6x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $166,750 of Antero Resources shares on the open market, and 4 insiders sold $11.2 million, $8.3 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
May 4, 2026	Michael N. KennedySee Remarks, Director	Sold plan	185,826	$39.33	$7.3 million	Form 4
May 4, 2026	Yvette K SchultzSee Remarks	Sold	39,490	$39.27	$1.6 million	Form 4
Mar 19, 2026	Benjamin A. HardestyDirector	Sold plan	12,000	$44.00	$528,000	Form 4
Mar 10, 2026	Sheri PearceSee Remarks	Sold	19,667	$38.13	$749,903	Form 4
Mar 9, 2026	Yvette K SchultzSee Remarks	Sold	15,000	$39.33	$589,950	Form 4
Feb 27, 2026	Benjamin A. HardestyDirector	Sold plan	12,000	$36.00	$432,000	Form 4
Nov 7, 2025	Brendan E. KruegerSee Remarks	Bought	5,000	$33.35	$166,750	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Fail	Pass
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	Pass	Fail	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Fail	Pass
F-score	4 of 8	4 of 8	8 of 8
Accruals ratio	−5.0%	−5.7%	−7.3%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Antero Resources side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Antero Resources	FY25	22.0%	16.8%	30.8%	7.6%	0.7x	8
Permian Resources	FY25	1.3%	28.9%	71.0%	8.0%	—	4	Compare
Chord Energy	FY25	−7.1%	4.0%	14.2%	1.1%	0.8x	4	Compare
Matador Resources	FY25	5.5%	33.2%	7.3%	—	—	—	Compare
California Resources	FY25	14.7%	16.3%	14.8%	9.5%	1.0x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,744	3,656	4,140	4,409	3,492	4,619	7,138	4,682	4,326	5,276
Revenue growth	−55.9%	109.5%	13.2%	6.5%	−20.8%	32.3%	54.5%	−34.4%	−7.6%	22.0%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	−976	740	72	−987	−953	24	2,539	396	0	884
Net income	−749	785	−46	−293	−1,260	−154	1,999	297	94	675
Diluted EPS (US$)	−2.88	1.94	−1.26	−1.11	−4.65	−0.61	5.69	0.64	0.18	2.03
Diluted shares (millions)	295	316	316	306	272	308	329	312	313	312
Cash flow
Cash from operations	1,241	2,006	2,082	1,104	736	1,660	3,051	995	849	1,631
Capital expenditure	3	2,217	2,211	1,422	874	716	944	16	11	5
Free cash flow	1,239	−210	−129	−319	−139	944	2,107	978	838	1,626
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	129	39	43	0	874	75	0	136
Acquisitions	0	0	0	0	0	0	0	0	0	0
Stock-based compensation	102	103	70	24	23	20	35	60	66	61
Balance sheet at fiscal year end
Cash and short-term investments	32	28	0	0	0	0	0	0	0	210
Debt incl. finance leases	4,704	4,800	5,462	3,761	3,003	2,126	1,186	1,541	1,492	1,402
Total assets	14,256	15,262	15,520	15,198	13,151	13,896	14,118	13,517	13,010	13,245
Total liabilities	6,527	6,385	7,032	8,227	7,061	7,830	7,101	6,383	5,794	5,530
Shareholders' equity	6,263	8,149	7,666	6,971	5,768	5,757	6,755	6,902	7,022	7,551
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	−55.9%	20.2%	1.7%	−22.4%	−27.3%	0.5%	35.6%	8.5%	0.0%	16.8%
Net margin	−43.0%	21.5%	−1.1%	−6.7%	−36.1%	−3.3%	28.0%	6.3%	2.2%	12.8%
Free cash flow margin	71.0%	−5.8%	−3.1%	−7.2%	−4.0%	20.4%	29.5%	20.9%	19.4%	30.8%
Return on capital	−6.3%	5.7%	0.4%	−6.3%	−7.6%	0.2%	25.4%	3.9%	0.0%	7.6%
Return on equity	−12.3%	10.9%	−0.6%	−4.0%	−19.8%	−2.7%	31.9%	4.3%	1.4%	9.3%
Return on assets	−5.3%	5.3%	−0.3%	−1.9%	−8.9%	−1.1%	14.3%	2.1%	0.7%	5.1%
Net debt to EBITDA	—	3.0x	5.2x	—	—	2.8x	0.4x	1.4x	2.0x	0.7x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Antero Resources' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Antero Resources.