ANTERO RESOURCES Corp (AR)

Price$34.08Cached quoteAs of 2026-10-05 03:40 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because stronger cash generation is balanced by higher debt and gas-price risk.

At the latest verified close, Antero's equity is worth about $11.9 billion using 308.7 million June shares. Trailing diluted earnings are about $3.49 per share, so the market pays roughly 11 times recent earnings. Adding $2.6 billion of net debt gives an enterprise value, meaning stock value plus debt minus cash, near $14.5 billion, about 6.3 times trailing operating profit before financing and non-cash depreciation. Those multiples are not demanding, but the recent earnings surge and acquisition leverage argue against calling the shares clearly undervalued.

Big pictureRecent profits improved sharply, but Antero's history shows cash generation can swing with commodity prices.

Revenue rose to $5.1 billion in 2025 from $4.3 billion in 2024, while net income increased to $675 million from $94 million. The first half of 2026 then produced about $835 million of net income and $1.30 billion of operating cash flow. Durability is the issue: 2022 net income was about $2.0 billion, then fell below $300 million in 2023 and below $100 million in 2024. Gas and liquids pricing therefore still drives large profit swings, even with hedges and a more diversified product mix.

Business strengthThe enlarged asset base is productive, while manageable leverage and modest buybacks support shareholder value.

June net debt was $2.61 billion, up sharply from $1.19 billion at year-end 2025 because of the HG Energy purchase. Against roughly $2.32 billion of trailing operating profit before financing and non-cash depreciation, leverage is about 1.1 times, manageable for a producer but less comfortable if commodity prices fall. Stockholders' equity reached $8.32 billion. Antero repurchased about $136 million of shares in 2025 and another $38 million in the second quarter of 2026, while shares outstanding remain roughly 15% above 2020 levels.

What could change the storySustained post-acquisition cash flow would create upside, while weaker gas prices could quickly erase it.

The bull case needs the larger Marcellus footprint and lower costs to keep annual free cash flow, meaning cash left after running and investing in the business, around $1.2 billion or better. That would equal about a 10% yield on the current equity value and could rapidly reduce debt or fund buybacks. The bear case is a return toward roughly $800 million as gas prices soften or hedges roll off, leaving only about a 7% yield. Sustained progress toward management's $0.70-per-unit cost reduction target by 2028 would strengthen the upside case.

AI: News

Record second-quarter productionRecord production and lower costs lifted second-quarter cash generation despite a weaker benchmark natural gas price.

On July 29, Antero reported record production above 4.1 billion cubic feet equivalent per day, up 21% from a year earlier. Adjusted operating profit before financing and non-cash depreciation rose 57% to $595 million, while cash operating costs fell 11% to $2.38 per unit. The company also raised full-year production guidance. Shares rose about 0.5% in the next session, but that timing does not establish that the results caused the move.

July Marcellus additionsJuly acquisitions added nearby production and drilling inventory, increasing scale while requiring another sizable cash outlay.

Antero disclosed on July 29 that it had completed about $315 million of acquisitions in its core Marcellus area during July. The properties added roughly 125 million cubic feet equivalent of daily production, 3,500 undeveloped acres and 15 drilling locations. A royalty-interest reversion was also expected to add about $60 million of annual cash flow. Because these items were announced with earnings and guidance changes, the stock's short-term reaction cannot be cleanly attributed to the acquisitions alone.

HG acquisition closesThe HG Energy acquisition expanded Antero materially but also raised debt and increased integration stakes.

The HG Energy acquisition closed on February 3 for about $2.8 billion in cash and added approximately 385,000 net Marcellus acres. Financing included a $1.5 billion three-year term loan and $750 million of new senior notes. By June, net debt had risen to $2.61 billion from $1.19 billion at year-end 2025. The deal expands production and drilling inventory, but its value depends on the acquired assets producing enough durable cash and cost savings to offset the higher financing burden.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011
Revenue	$5.14B	$4.30B	$4.48B	$8.71B	$6.51B	$3.39B	$3.94B	$4.13B	$3.02B	$2.16B	$3.95B	$2.72B	$1.31B	$735.7M	$691.4M
Operating expenses	$278.5M	$274.8M	$279.1M	$261.9M	—	—	—	$4.07B	—	—	$2.16B	$1.42B	$971.9M	$291.7M	$160.4M
Operating income	$883.6M	$460,000	$396.2M	$2.54B	$23.9M	−$953.4M	−$987.0M	$71.9M	$740.1M	−$975.8M	$1.79B	$1.30B	$341.2M	$444.0M	$531.0M
Operating margin	17.20%	0.01%	8.84%	29.15%	0.37%	−28.09%	−25.05%	1.74%	24.52%	−45.15%	45.27%	47.77%	25.98%	60.35%	76.80%
EBITDA	$1.63B	$762.5M	$1.14B	$3.25B	$765.9M	−$91.6M	−$72.2M	$1.04B	$1.56B	−$165.9M	$2.50B	$1.78B	$575.1M	$546.0M	$586.7M
EBITDA margin	31.79%	17.75%	25.50%	37.36%	11.77%	−2.70%	−1.83%	25.27%	51.83%	−7.68%	63.21%	65.34%	43.79%	74.22%	84.86%
Net income	$674.6M	$93.7M	$297.3M	$2.00B	−$154.1M	−$1.26B	−$293.1M	−$45.7M	$785.1M	−$749.4M	$980.0M	$675.8M	−$18.9M	−$285.1M	$392.7M
Net profit margin	13.13%	2.18%	6.63%	22.94%	−2.37%	−37.13%	−7.44%	−1.11%	26.01%	−34.68%	24.78%	24.84%	−1.44%	−38.75%	56.80%
Basic EPSper basic share	$2.05	$0.18	$0.66	$6.09	-$0.61	-$4.65	-$1.11	-$1.26	$1.95	-$2.88	$3.43	$2.57	-$0.07	-$1.09	$1.50
Diluted EPSper diluted share	$2.03	$0.18	$0.64	$5.69	-$0.61	-$4.65	-$1.11	-$1.26	$1.94	-$2.88	$3.43	$2.57	-$0.07	-$1.09	$1.50

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

8.91%of listed shares

BlackRock, Inc.27.52M shares · Jun 30, 2026

View holders

Top 20 reported holders of AR
Holder	% owned
BlackRock, Inc.	8.91%27.52M shares
RADY PAUL M	≈5.56%17.17M shares
FMR LLC	5.42%16.72M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.53%14M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.32%13.33M shares
DIMENSIONAL FUND ADVISORS LP	4.11%12.7M shares
STATE STREET CORP	3.69%11.4M shares
Sourcerock Group LLC	2.81%8.67M shares
Invesco Ltd.	2.61%8.06M shares
AQR CAPITAL MANAGEMENT LLC	2.47%7.61M shares
GEODE CAPITAL MANAGEMENT, LLC	1.86%5.75M shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	1.83%5.66M shares
Orbis Allan Gray Ltd	1.47%4.55M shares
NEUBERGER BERMAN GROUP LLC	1.39%4.28M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	1.32%4.06M shares
RAYMOND JAMES FINANCIAL INC	1.15%3.54M shares
WELLINGTON MANAGEMENT GROUP LLP	1.07%3.3M shares
MORGAN STANLEY	1.01%3.13M shares
Holocene Advisors, LP	1.01%3.13M shares
Bank of New York Mellon Corp	0.98%3.02M shares

Percentages use 308.74M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$333.5K disclosed value

Sells (SEC code S)18$96.05M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 4, 2026Form 4	Schultz Yvette KSee Remarks	SellCommon stock, par value $0.01 per share	549	$39.76	$21.8K	277.7K
May 4, 2026Form 4	Schultz Yvette KSee Remarks	SellCommon stock, par value $0.01 per share	38.9K	$39.26	$1.53M	278.2K
May 4, 2026Form 4 · 10b5-1	Kennedy Michael N.See Remarks	SellCommon stock, par value $0.01 per share	15.1K	$39.61	$597.6K	1.09M
May 4, 2026Form 4 · 10b5-1	Kennedy Michael N.See Remarks	SellCommon stock, par value $0.01 per share	170.7K	$39.31	$6.71M	1.10M
Mar 19, 2026Form 4 · 10b5-1	Hardesty Benjamin A.Director	SellCommon stock, par value $0.01 per share	12.0K	$44.00	$528.0K	150.2K

Review ownership filings at SEC.gov ↗

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ANTERO RESOURCES Corp (AR)

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