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Antero Resources USD

Update

Re-runs extraction for each period with period-end year from max(2023, current year − 2) through the current year, oldest first (up to three reporting years). This can take a long time.

Sector: Natural gas

Geography: USA

COMM_AR

Price chart

34.83 USDDay 1.78%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
34.83 USD · 1.78%
Market cap
10.8 bn USD

Growth

Δ revenue y/y
43.8%
Δ EBITDA y/y
104.4%

Multiples

P/E (LTM)
10.8x
3y avg: 51.8x
P/B (FY)
1.4x
P/E (ann.)
4.9x
EV/EBITDA (LTM)
6.6x
3y avg: 10.8x
EV/EBITDA (ann.)
3.7x

Cash return

Dividend yield
—
FCF yield (LTM)
17.3%

Value creation

to fair market cap at the current EV/EBITDA
Upside (potential)
-45.3%
↓ details

Liquidity

Daily turnover (listing)
145.6 mln USD

Shares: yahoo_fundamentals_timeseries/AR

🔍 Sanity check — subtotal consistency (Level-1 + Level-2) OK: 3 / Warn: 9 / Err: 4 / Autofix applied: 0
Port of PHP subtotal-total + sign-flip detection logic
PeriodIssues
2023-03-31 Q1⚠Warn 1
2023-06-30 Q2✗Errors 2Warn 1
2023-09-30 Q3⚠Warn 1
2023-12-31 FY⚠Warn 1
2023-12-31 Q4✓OK
2024-03-31 Q1⚠Warn 1
2024-06-30 Q2✗Errors 2Warn 1
2024-09-30 Q3⚠Warn 3
2024-12-31 FY✗Errors 1Warn 1
2024-12-31 Q4✓OK
2025-03-31 Q1⚠Warn 3
2025-06-30 Q2⚠Warn 1
2025-09-30 Q3⚠Warn 1
2025-12-31 FY⚠Warn 1
2025-12-31 Q4✓OK
2026-03-31 Q1✗Errors 1Warn 1
✓ All checks pass · ⚠ Has warnings (review) · ✗ Has errors (needs fix) · ✓* Autofix applied (see evidence)

Financial dynamics

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-03-31Q1 2026 (3M)OK1945.1
y/y 43.8%
729.5
y/y 168.7%
206.2
y/y 10.7%
935.7
y/y 104.4%
548.2
y/y 149.8%
859.1-7.615349.4
y/y 17.6%
8063.0
y/y 11.7%
28.1%3201.1Link
2025-12-31Q4 2025 (3M)OK1411.6
y/y 20.8%
289.2
y/y 400.5%
187.0
y/y -3.5%
476.1
y/y 89.3%
202.9
y/y 27.8%
370.7-12.013245.4
y/y 1.8%
7550.8
y/y 7.5%
9.1%1704.2Link
2025-09-30Q3 2025 (3M)OK1214.0
y/y 15.0%
118.1
y/y —
188.8
y/y -0.3%
306.9
y/y 86.8%
85.6
y/y —
310.1-184.512912.1
y/y -2.4%
7345.8
y/y 5.2%
1.6%1816.6Link
2025-06-30Q2 2025 (3M)OK1297.5
y/y 32.6%
204.9
y/y —
187.6
y/y -0.6%
392.5
y/y 261.6%
166.6
y/y —
492.4-26.212766.1
y/y -4.8%
7305.6
y/y 4.6%
9.2%1613.0Link
2025-03-31Q1 2025 (3M)OK1352.7
y/y 20.5%
271.5
y/y 468.7%
186.4
y/y -2.2%
457.8
y/y 92.2%
219.5
y/y 533.0%
457.7-30.413049.3
y/y -3.7%
7218.4
y/y 2.4%
12.3%1801.3Link
2024-12-31Q4 2024 (3M)OK1168.8
y/y -2.1%
57.8
y/y -41.0%
193.7
y/y -16.4%
251.5
y/y -23.7%
158.8
y/y 122.4%
278.0-22.013010.0
y/y -3.8%
7021.6
y/y 1.7%
1.3%1983.1Link
2024-09-30Q3 2024 (3M)OK1055.9
y/y -6.2%
-25.0
y/y -144.8%
189.3
y/y 7.4%
164.3
y/y -29.2%
-25.2
y/y -177.2%
166.2-25.513223.6
y/y -3.7%
6980.0
y/y 1.7%
-0.5%2128.0Link
2024-06-30Q2 2024 (3M)OK978.7
y/y 2.7%
-80.1
y/y —
188.6
y/y 10.1%
108.5
y/y 31.6%
-74.6
y/y —
143.5-16.513415.8
y/y -2.5%
6985.0
y/y 2.3%
-4.3%2116.8Link
2024-03-31Q1 2024 (3M)OK1122.3
y/y -20.3%
47.7
y/y -85.6%
190.5
y/y 13.7%
238.2
y/y -52.3%
34.7
y/y -86.7%
261.6-27.013548.5
y/y -2.3%
7050.9
y/y 2.0%
2.0%2045.7Link
2023-12-31Q4 2023 (3M)OK1194.1
y/y —
98.0
y/y —
231.6
y/y —
329.6
y/y —
71.4
y/y —
312.2265.813517.2
y/y —
6901.5
y/y —
4.3%2077.7Link
2023-09-30Q3 2023 (3M)OK1126.2
y/y —
55.7
y/y —
176.3
y/y —
232.0
y/y —
32.6
y/y —
183.4-28.713736.6
y/y —
6862.1
y/y —
0.6%2157.9Link
2023-06-30Q2 2023 (3M)OK953.3
y/y —
-88.9
y/y —
171.4
y/y —
82.5
y/y —
-67.9
y/y —
155.3-36.913766.8
y/y —
6825.9
y/y —
-4.0%2046.2Link
2023-03-31Q1 2023 (3M)OK1408.3
y/y —
331.5
y/y —
167.6
y/y —
499.1
y/y —
261.2
y/y —
343.9-351.313871.1
y/y —
6911.4
y/y —
—1865.6Link
Data quality No obvious scale, balance-sheet, or cash-flow sanity issues in the displayed periods.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
19 149 000 mln cfe
2025
Reserve life (R/P)
15.2 yrs
reserves ÷ annual output
Annual production
1 262 762 mln cfe
2025

Production, mln cfe

116 0002013546 4052014748 2202015822 3452016989 0002017993 98420181 181 82920195 611 08620201 201 10920211 176 05120227 346 97420231 255 40920241 262 7622025350 5322026

Proved reserves

YearReserves, mln cfe
202519 149 000
202417 903 000
202318 121 000
202217 759 000
202117 729 000
202017 635 000
201918 893 000
201818 011 000
201754 648 000

Production

YearProduction, mln cfeper day
2026350 532 *960 361 644
20251 262 762
+0.6%		3 459 621 918
20241 255 409
−82.9%		3 439 476 712
20237 346 974
+524.7%		20 128 695 890
20221 176 051
−2.1%		3 222 057 534
20211 201 109
−78.6%		3 290 709 589
20205 611 086
+374.8%		15 372 838 356
20191 181 829
+18.9%		3 237 887 671
2018993 984
+0.5%		2 723 243 836

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%0%100%200%300%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-1 500-1 000-50005002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

01 0002 0003 0004 0005 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM -11%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -45.3%

Main driver: Henry Hub Gas -11% vs LTM; revenue ×0.99 vs costs ×1.03; EBITDA 2 112→1 794; at 5.2× EV/EBITDA → -45%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+75%3.153.533.09-11%-12%
WTI Crude Oil (rev)+15%89.7365.1476.10+38%+17%
Propane (Texas, USD/gallon) (rev)+10%0.800.690.76+15%+10%
Henry Hub Gas (cost)-5%3.153.533.09-11%-12%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue5 869
LTM EBITDA2 112
LTM cash costs (revenue − EBITDA)3 757
2 · Revenue projection
Revenue multiplier — spot×0.991 (-1%)
= Spot revenue5 814
Revenue multiplier — 3y price×0.942 (-6%)
= 3-year-price revenue5 529
3 · Costs projection
Cost multiplier — spot×1.033 (+3%)
= Spot cash costs3 879
Cost multiplier — 3y price×1.032 (+3%)
= 3-year-price cash costs3 876
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 935
= 3-year-price EBITDA1 653
Conservative EBITDA = min(spot, avg)1 794
5 · Valuation → target market cap
Historical EV/projected-EBITDA (3-yr average)5.2x
Target EV = EV/EBITDA × conservative EBITDA9 405
Net debt3 201
Target market cap = EV − net debt6 204
Current market cap11 333

Upside = target market cap ÷ current − 1 = -45.3%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 Q2953932+2.3%82-53—
2023 Q31 1261 048+7.5%23278+196.4%
2023 Q41 1941 204-0.8%330278+18.6%
2024 Q11 122993+13.0%23897+145.3%
2024 Q29791 044-6.2%109148-26.5%
2024 Q31 0561 013+4.3%164118+39.1%
2024 Q41 1691 278-8.5%253369-31.4%
2025 Q11 3531 569-13.8%458631-27.5%
2025 Q21 2971 332-2.6%392406-3.3%
2025 Q31 2141 171+3.7%307249+23.5%
2025 Q41 4121 405+0.5%477468+1.8%
2026 Q11 9451 266+53.7%936336+178.5%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 10.0x · target 3-yr avg 5.2x · LTM avg 9.8x

EV/EBITDA (LTM)EV/EBITDA (projected)target avg (projected, 3y)

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +0.7%

573.5571.5569.4567.4565.3202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): +2.8% · Reserves life (R/P): 15.2 yr

31923140308830362984202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31573.53,191.5——
2024-12-31571.72,983.8——
2023-12-31565.33,020.2——

2025-12-31 · FY

Production & proved reserves

FY2025 net production and year-end proved reserves (SEC srt XBRL). R/P 15.2 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)573.5
Proved reserves (net, MMboe)3,191.5

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 net production and year-end proved reserves (SEC srt XBRL). R/P 14.3 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)571.7
Proved reserves (net, MMboe)2,983.8

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

FY2023 net production and year-end proved reserves (SEC srt XBRL). R/P 14.6 yr.

Line itemAmount
Crude oil equivalent (net, Mboe/d)565.3
Proved reserves (net, MMboe)3,020.2

Primary SEC filing for this FY (HTML)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)