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Antero Resources Corporation (AR) USD

Appalachian gas and liquids producer operating extended-reach horizontal wells.

At a glance: strengths & risks
✓Revenue growing (+20% y/y, Q2 2026)✓Profit growing (+72% y/y, Q2 2026)✓Margins improving (30%→39%, Q2 2026)✓Cheaper than own history (EV/EBITDA 7.3 vs avg 12.7)✗Commodity price -19% vs 1-yr · -8% vs 3-yr✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States (Appalachia)

US_EP_AR

Price chart

40.26 USDDay 3.11%

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
40.26 USD · 3.11%
Market cap
12.4 bn USD

Growth

Δ revenue y/y
20.2%
Δ EBITDA y/y
53.6%

Multiples

P/E (LTM)
11.1x
3y avg: 51.6x
P/B (FY)
1.6x
P/E (ann.)
10.8x
EV/EBITDA (LTM)
7.3x
3y avg: 12.7x
EV/EBITDA (ann.)
7.1x

Cash return

Dividend yield
—
FCF yield (LTM)
-10.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-38.0%
↓ details

Liquidity

Daily turnover (listing)
42.6 mln USD

Shares: sec_companyfacts/1433270

Financial results

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
2026-06-30Q2 2026 (3M)OK1559.8
y/y 20.2%
375.5
y/y 83.3%
227.3
y/y 21.2%
602.8
y/y 53.6%
286.4
y/y 71.9%
438.8-312.115232.6
y/y 19.3%
8316.9
y/y 13.8%
14.0%4615.3Link
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%
859.1-2983.515349.4
y/y 17.6%
8063.0
y/y 11.7%
28.1%4750.7Link
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%
370.7-163.613245.4
y/y 1.8%
7550.8
y/y 7.5%
9.1%3316.5Link
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 —
310.1-169.312912.1
y/y -2.4%
7345.8
y/y 5.2%
1.6%3570.2Link
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 —
492.4-182.212766.1
y/y -4.8%
7305.6
y/y 4.6%
9.2%3491.7Link
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%
457.7-175.713049.3
y/y -3.7%
7218.4
y/y 2.4%
12.3%3807.1Link
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%
278.0-106.413010.0
y/y -3.8%
7021.6
y/y 1.7%
1.3%4033.5Link
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%
166.2-148.213223.6
y/y -3.7%
6980.0
y/y 1.7%
-0.5%4276.6Link
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 —
143.5-175.913415.8
y/y -2.5%
6985.0
y/y 2.3%
-4.3%4384.9Link
2024-03-31Q1 2024 (3M)OK1122.3
y/y -20.3%
47.7
y/y -85.6%
190.5
y/y 13.6%
238.2
y/y -52.3%
34.7
y/y -86.7%
261.6-195.413548.5
y/y -2.3%
7050.9
y/y 2.0%
2.0%4445.0Link
2023-12-31Q4 2023 (3M)OK1194.1
y/y —
97.9
y/y —
231.6
y/y —
329.5
y/y —
71.4
y/y —
312.2-346.213517.2
y/y —
6901.5
y/y —
4.3%4506.1Link
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 —
183.4-246.313736.6
y/y —
6862.1
y/y —
0.6%4739.3Link
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%4758.0Link
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 —
—4717.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)714
Long-term debt (incl. LT leases)3 902
− Cash & equivalents0
Net debt4 615

Net debt / LTM EBITDA: 2.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%300%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 500-1 000-50005002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0004 0005 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 3.35x of reported net profit; after capex, 1.39x.
year202320242025
cash flow / profit3.35x9.06x2.42x
accruals, % of assets-5.2%-5.8%-7.2%
Last twelve months (to 2026-06-30): 1.76x of profit came back as operating cash flow.
net debt / EBITDA 2.0x · capex 1.0x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

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

748 2202015822 3452016989 0002017993 98420181 181 82920195 611 08620201 201 10920211 176 05120227 346 97420231 255 40920241 262 7622025

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, mln cfe
2026731 817 * (6M)
+17.1%		4 007
20251 262 762
+0.6%		3 460
20241 255 409
−82.9%		3 439
20237 346 974
+524.7%		20 129
20221 176 051
−2.1%		3 222
20211 201 109
−78.6%		3 291
20205 611 086
+374.8%		15 373
20191 181 829
+18.9%		3 238
2018993 984
+0.5%		2 723

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM -18%

Commodity-player potential

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

Upside: -38.0% ▼ -1.0 pp 1d

Main driver: Henry Hub Gas -19% vs LTM; revenue ×0.98 vs costs ×1.03; EBITDA 2 321→2 024; at 5.8× EV/EBITDA → -38%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+75%2.743.383.12-19%-8%
WTI Crude Oil (rev)+15%101.2171.9676.70+41%+7%
Propane (Texas, USD/gallon) (rev)+10%1.130.700.78+61%+10%
Henry Hub Gas (cost)-5%2.743.383.12-19%-8%

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

1 · Reported baseline (LTM)
LTM revenue6 131
LTM EBITDA2 321
LTM cash costs (revenue − EBITDA)3 809
2 · Revenue projection
Revenue multiplier — spot×0.980 (-2%)
= Spot revenue6 006
Revenue multiplier — 3y price×0.962 (-4%)
= 3-year-price revenue5 898
3 · Costs projection
Cost multiplier — spot×1.029 (+3%)
= Spot cash costs3 918
Cost multiplier — 3y price×1.034 (+3%)
= 3-year-price cash costs3 939
4 · EBITDA projection (revenue − costs)
= Spot EBITDA2 088
= 3-year-price EBITDA1 959
Conservative EBITDA = min(spot, avg)2 024
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.8x
Target EV = EV/EBITDA × conservative EBITDA11 636
Net debt4 615
Target market cap = EV − net debt7 021
Current market cap11 333

Upside = target market cap ÷ current − 1 = -38.0%

Life of mine: 15 yrs

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
2024 Q11 122993+13.0%23897+145.6%
2024 Q29791 044-6.2%109148-26.5%
2024 Q31 0561 013+4.3%164118+39.3%
2024 Q41 1691 278-8.6%251369-31.8%
2025 Q11 3531 569-13.8%458631-27.4%
2025 Q21 2971 331-2.5%392406-3.2%
2025 Q31 2141 171+3.7%307248+23.6%
2025 Q41 4121 405+0.5%476468+1.7%
2026 Q11 9451 265+53.7%936336+178.7%
2026 Q21 5601 394+11.9%603440+36.9%

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)

571.7570.1568.5566.9565.320232024Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 14.3 yr

3020301130022993298420232024Proved 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)
2024-12-31571.72,983.8——
2023-12-31565.33,020.2——

2025-12-31 · FY

Production & proved reserves

Line itemAmount

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 1 'Production, Price and Cost History' (ar-20251231x10k.htm). NGL is C2 ethane (29,842 MBbl) + C3+ NGLs (42,010 MBbl); ngl_price is volume-weighted ($11.91 ethane, $38.83 C3+). Prices before derivative settlements.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil2.9 MMBbls51.80 USD/bbl150.23.0%
Natural gas808,000 MMcf3.56 USD/Mcf2,876.557.4%
NGLs71.9 MMBbls27.63 USD/bbl1,985.339.6%
Total (implied product revenue)5,011.9100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)5,010.2USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)265.6USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization749.7USD mln
General & administrative232.5USD mln
Impairment — oil & gas properties29.4USD mln
Income tax expense (benefit)215.9USD mln
Total costs and expenses (consolidated)4,392.2USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

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

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)4,115.3USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)210.3USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization762.1USD mln
General & administrative229.3USD mln
Impairment — oil & gas properties47.4USD mln
Income tax expense (benefit)-118.2USD mln
Total costs and expenses (consolidated)4,325.1USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

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

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)4,276.4USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)405.5USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization746.8USD mln
General & administrative224.5USD mln
Impairment — oil & gas properties51.3USD mln
Income tax expense (benefit)63.6USD mln
Total costs and expenses (consolidated)4,285.7USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +22% vs -8% the year before — a +29.6 pp move. 3-year CAGR —.
revenue growth by year: 2024 -8% · 2025 +22%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.8x · target 75th pct (3y) 5.8x · LTM avg 15.6x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Matador Resources CompanyUS7.03.3x
Chord Energy CorporationUS8.33.4x
APA CorporationUS17.53.5x
SM Energy CompanyUS9.14.7x
Permian Resources CorporationUS18.35.2x
Ovintiv Inc.US19.25.2x
EQT CorporationUS34.25.9x
Devon Energy CorporationUS38.36.0x
EOG Resources, Inc.US83.66.3x
Range Resources CorporationUS10.37.7x
Canadian Natural Resources LimitedUS113.18.4x
Diamondback Energy, Inc.US55.310.4x
Group median5.6x
Group average5.8x
This companyUS12.17.3x

Group median 5.6x; this company 7.3x — a 32% premium.

Group average 5.8x; against the average this company is at a 26% premium.

At the adjusted group median the market cap would be -31% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.5x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.7x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-23; the company's own is live.

Dividends

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

Investor reporting (IR): https://ir.anteroresources.com/

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

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Antero Resources Corporation (AR) — from primary filings.

Frequently asked questions

What is Antero Resources Corporation (AR)'s P/E ratio?
Antero Resources Corporation (AR) trades at a P/E of 11.1x (price to trailing 12-month earnings).
What is Antero Resources Corporation (AR)'s EV/EBITDA?
Antero Resources Corporation (AR) trades at 7.3x EV/EBITDA.
What is Antero Resources Corporation (AR)'s P/B ratio?
Antero Resources Corporation (AR) trades at a P/B of 1.6x.
What is Antero Resources Corporation (AR)'s return on equity (ROE)?
Antero Resources Corporation (AR)'s ROE is 14.0%.
What is Antero Resources Corporation (AR)'s market capitalization?
Antero Resources Corporation (AR)'s market cap is 12.4 bn USD.

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