Antero Resources CorporationAR
NYSE•Energy•Oil & Gas E&P
Antero Resources Corporation, an independent oil and natural gas company, engages in the development, production, exploration, and acquisition of natural gas, natural gas liquids (NGLs), and oil properties in the United States. It operates in three segments: Exploration and Production; Marketing; and Equity Method Investment in Antero Midstream. As of December 31, 2025, the company had approximately 537,000 net acres in the Appalachian Basin; and approximately 168,000 net acres in the Upper Devonian Shale. Its gathering and compression systems also comprise 731 miles of gas gathering pipelines in the Appalachian Basin. 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 incorporated in 2002 and is headquartered in Denver, Colorado.
Antero Resources Corporation (AR) reported trailing twelve months revenue of $5.87B as of March 2026, a 28.8% increase year-over-year. Quarterly revenue reached $1.95B, reflecting continued top-line momentum.
Antero Resources Corporation generated $1.00B in TTM net income, with quarterly EBITDA of $935.69M. The operating margin expanded from 20.1% to 37.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (37.5%) and net margin (28.2%) indicates moderate non-operating costs. Net margin has improved from 16.2% a year ago, signaling stronger bottom-line efficiency.
AR trades at a P/E of 13.6x (below the broader market average) and a P/S of 2.3x. The price-to-book ratio of 1.7x reflects a moderate premium to book value.
The company generated $674.51M in free cash flow over the trailing twelve months, a 138.7% increase year-over-year, indicating cash generation ability. The balance sheet shows $15.35B in total assets with $2.66B in long-term debt against $8.06B in stockholders equity for a debt-to-equity ratio of 0.3, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 12.1%. The business may lack pricing power or face rising costs.'
ROE is positive at ~5.6% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
FCF covers net income by 0.9x on average — earnings are well-supported by cash generation.
Debt-to-equity has risen 85.6% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.