Antero Resources Corp (AR)
Fair ValueFundamental
87
Price
$33.59
Market Cap
$10.56B
Part 1 · What the company is worth
Overview
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.
No editorial profile for this company yet
Direct competitors
Who this company fights with for the same customers
Generated on September 18, 2026 with claude-haiku-4-5 — shared with all users
EQT is the other large Appalachian pure-play producer, drilling the same Marcellus and Utica acreage in West Virginia, Pennsylvania and Ohio and selling its gas into the same regional pipelines and LNG-linked outlets that Antero supplies.
Born from the Chesapeake–Southwestern merger, Expand Energy is the largest US natural gas producer and holds the Appalachian acreage Southwestern brought in, so it competes with Antero for the same gas buyers, the same pipeline capacity and the same LNG feedgas contracts.
Range Resources works the wet-gas window of the Marcellus in south-west Pennsylvania and is, like Antero, one of the few large producers of ethane and propane in Appalachia, so the two sell into the same NGL market.
CNX is an Appalachian-only gas producer operating Marcellus and Utica wells in the same states, competing with Antero for acreage, drilling services and firm transportation out of the basin.
Coterra's Marcellus operations in north-east Pennsylvania make it one of the largest dry-gas producers in the basin, selling into the same north-eastern and Gulf Coast gas markets as Antero.
Ascent Resources is the largest privately held Utica Shale operator in Ohio, drilling liquids-rich wells next to Antero's own Ohio acreage and competing for the same leases and midstream capacity.
Balance Sheet & Liquidity
Revenue
$6.13B
Trailing 12 months (through 6/30/2026)
Net Income
$1.12B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
-
Total Equity
$7.55B
Total Liabilities
$5.53B
Current Ratio
0.40
Interest Coverage
-
Debt/EBITDA
2.83
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$42.62
Current Price
$33.59
Margin of Safety
+21.2%
Fair Value Range
$35.98 - $49.26
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
9.57
ROE
8.9%
P/B Ratio
1.23
P/FCF
-
Gross Margin
-
ROIC
8.8%
Profitability Radar
Value Creation (Economic Moat)
ROIC
8.8%
WACC
5.6%
ROIC − WACC
+3.3 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (17)
- EPS shows upward trend
- ROIC 8.8%
- P/B Ratio 1.23
- Debt/Equity ratio
- Operating Margin 24.7%
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 13.9%
- Revenue Growth 5Y 8.6%
- Analyst Consensus 79% Buy
- Earnings Quality (OCF/NI) 1.76
- Share Dilution -36.2%
- Net Margin Trend 18.3% vs 10.7%
- Piotroski F-Score 8/9
Failed (4)
- EPS CAGR 2.18%
- Price CAGR 4.98%
- Current Ratio
- Earnings Surprise avg -18.1%
Unavailable (7)
- Gross Margin NaN%
- P/FCF NaN
- Dividend Payout NaN%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Strong financial health
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Michael N. Kennedy | CEO, President & Director | 50 |
| Mr. Paul M. Rady | Co-Founder & Chairman Emeritus | 71 |
| Mr. Brendan E. Krueger | CFO, Senior VP of Finance & Treasurer | 40 |
| Ms. Yvette K. Schultz J.D. | Chief Compliance Officer, Senior VP of Legal, General Counsel & Corporate Secretary | 43 |
| Mr. Jon S. McEvers | Senior Vice President of Operations | - |
| Ms. Sheri L. Pearce | Senior VP of Accounting & Chief Accounting Officer | 58 |
| Mr. Biren Kumar | Chief Information Officer | 58 |
| Mr. Daniel Philip Katzenberg | Director of Finance and Investor Relations | - |
| Mr. Steven M. Woodward | Senior Vice President of Business Development | 66 |
| Mr. W. Patrick Ash | Senior Vice President of Reserves, Planning & Midstream | 46 |
Audit Risk
7
Board Risk
3
Compensation Risk
4
Shareholder Rights Risk
7
Part 2 · The price and when to enter
This part won't tell you whether the company is worth owning: it helps you choose when to buy it, once the fundamentals have convinced you. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-11
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-29
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-07-29
via SEC EDGAR
Income History
via SEC EDGAR
Latest News
Recent headlines for AR, sourced from Markets Gazette.