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US natural gas and NGL producer operating in the Appalachian Basin's Marcellus Shale.
US natural gas and NGL producer operating in the Appalachian Basin's Marcellus Shale.
Sells gas and liquids at market-linked prices, using hedges to lock in part of the price, and pays Antero Midstream, an affiliated company, to gather and process its production. It holds long-term pipeline capacity to reach Gulf Coast and LNG-linked buyers and sells propane and butane for export.
Moat: narrow (scale, cost advantage). Large contiguous Marcellus acreage with liquids-rich gas and integrated midstream lowers unit costs.
Headquarters: Denver, Colorado, US · Founded: 2002 · Employees: 632
Size Antero Resources (AR) is a United States Energy company (Oil & Gas Production) with a market value of $11.1B, the 729th largest of 3,117 United States companies the cockpit tracks. Shares closed at $36.08 on 6 Nov 2026.
Performance Over six months the shares gained 0.4%, against -2.8% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 17 in its peer set.
Growth Revenue grew 21.5% over the last twelve months (peer median +9.5%); the operating margin is 22.9% (peer median 24.0%).
Valuation It trades at 7.8× forward earnings against a peer median of 11.5× (4th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -4% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points above its cost of capital (6.8% WACC).
Credit Antero Resources has 1 bond outstanding ($750M), rated BBB- by the agencies and trading like BBB- at a weighted spread of 125 bp.
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $6.12B | $5.28B | $4.32B | $4.52B | $8.75B |
| Revenue growth | — | +22% | -4% | -48% | — |
| Gross profit | $1.64B | $1.17B | $282M | $558M | $4.54B |
| EBITDA | $2.27B | $1.69B | $818M | $1.08B | $5.05B |
| Net income | $1.37B | $634M | $57.2M | $198M | $1.90B |
| Free cash flow | $1.77B | $1.24B | $747M | $827M | $2.89B |
| Capital expenditure | $1.48B | $1.09B | $724M | $1.14B | $946M |
| Total debt | $4.65B | $3.53B | $4.03B | $4.51B | $4.63B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Antero Resources AR | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% |
| Range Resources RRC | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% |
| EQT EQT | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% |
| CNX Resources CNX | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% |
| Gulfport Energy GPOR | $2.65B | -16% | +27% | 42% | 6.3× | -13.4% |
| Comstock Resources CRK | $3.94B | -5% | +17% | 19% | 43.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.1% | -1.7% | 8th highest of 17 |
| 6-month return | +0.4% | -2.8% | 5th highest of 17 |
| Distance from 52-week high | -21.1% | -17.7% | 6th lowest of 17 |
| Revenue growth (TTM) | +21.5% | +9.5% | 4th highest of 17 |
| Operating margin | 22.9% | 24.0% | 9th highest of 17 |
| Forward P/E | 7.8× | 11.5× | 4th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -4.1% | -0.6% | 4th least demanding of 12 |
| Growth delivered (Del g) | +15.1% | +17.9% | 6th lowest of 12 |
| Hurdle (Req g minus delivered) | -19.1 pp | -16.0 pp | 5th least demanding of 12 |
| ROIC minus cost of capital | +1.5 pp | +1.2 pp | 9th highest of 17 |
| EV / EBITDA | 6.9× | 8.0× | 8th cheapest of 16 |
| Net debt / EBITDA | 2.0× | 1.1× | 3rd most indebted of 16 |
| Bond spread | 125 bp | 151 bp | 2nd tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Antero Resources AR | United States | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% | +15.1% |
| Range Resources RRC | United States | $11.4B | +20% | +18% | 33% | 12.1× | -1.7% | +10.9% |
| Origin Energy ORG.AX | Australia | $14.4B | +5% | -10% | 8% | 16.2× | 10.9% | +5.0% |
| Seplat Energy SEPL.L | United Kingdom | $7.14B | +56% | +25% | 27% | 19.7× | -7.1% | +38.0% |
| Tourmaline Oil TOU.TO | Canada | $17.5B | -3% | +4% | 1% | 11.9× | n/a | n/a |
| Vista Energy SAB de CV Sponsored ADR VIST | United States | $6.91B | -12% | +84% | 40% | 4.6× | -13.4% | +55.3% |
| Santos STO.AX | Australia | $19.2B | +11% | -8% | 21% | 8.1× | 11.7% | +9.3% |
| Magnolia Oil & Gas MGY | United States | $6.34B | -15% | +11% | 38% | 7.4× | 3.4% | +19.4% |
| Harbour Energy HBR.L | United Kingdom | $6.17B | -8% | +17% | 40% | 5.1× | n/a | n/a |
| Murphy Oil MUR | United States | $5.16B | -3% | +8% | 22% | 8.6× | -0.7% | +9.0% |
| CNX Resources CNX | United States | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% | +14.6% |
| Comstock Resources CRK | United States | $3.94B | -5% | +17% | 19% | 43.4× | n/a | n/a |
| Patterson-UTI Energy PTEN | United States | $3.76B | -13% | 0% | 0% | 26.0× | 42.6% | +33.8% |
| Topaz Energy TPZ.TO | Canada | $3.17B | -9% | +22% | 60% | 22.8× | 5.9% | +29.4% |
| Woodside Energy WDS.AX | Australia | $40.4B | 0% | -10% | 26% | 9.4× | n/a | n/a |
| Jiangxi Jovo Energy 605090.SS | China | $3.02B | -37% | -7% | 9% | 11.8× | -0.6% | +17.9% |
| International Petroleum Corp. (British Columbia) IPCO.TO | Canada | $2.85B | 0% | +11% | 19% | 11.2× | n/a | n/a |
Antero Resources has 1 bond outstanding with $750M face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 6.07%, a spread of 125 bp over government bonds.