Antero Resources (AR) Financials

$40.12 +0.63 (+1.58%)

Closing price 03:59 PM Eastern

Extended Trading

$39.92 -0.19 (-0.47%)

As of 07:10 PM Eastern

Annual Income Statements for Antero Resources

This table shows Antero Resources' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	57	198	1,872	-187	-1,268	-340	-398	615	-849	941
Consolidated Net Income / (Loss)	94	297	1,999	-154	-1,260	-293	-46	785	-749	980
Net Income / (Loss) Continuing Operations	94	297	1,999	-154	-1,260	-293	-46	785	-749	980
Total Pre-Tax Income	-24	361	2,440	-228	-1,658	-367	-175	490	-1,246	1,556
Total Operating Income	0.46	396	2,539	24	-953	-987	72	740	-976	1,790
Total Gross Profit	1,375	1,752	3,994	1,302	384	1,586	1,847	2,002	141	3,181
Total Revenue	4,326	4,682	7,138	4,619	3,492	4,409	4,140	3,656	1,647	3,955
Operating Revenue	4,326	4,682	7,138	4,619	3,492	4,409	4,140	3,656	1,647	3,955
Total Cost of Revenue	2,950	2,930	3,144	3,317	3,108	2,822	2,293	1,654	1,506	774
Operating Cost of Revenue	2,950	2,930	3,144	3,317	3,001	2,697	2,167	1,560	1,439	695
Total Operating Expenses	1,375	1,356	1,455	1,278	1,337	2,573	1,775	1,261	1,117	1,391
Selling, General & Admin Expense	230	225	173	145	233	324	240	251	239	234
Depreciation Expense	762	747	715	742	862	915	972	825	810	710
Other Operating Expenses / (Income)	330	333	417	303	18	18	2.82	2.61	2.47	40
Impairment Charge	47	51	150	91	224	1,315	559	183	163	104
Other Special Charges / (Income)	5.33	-0.45	0.47	-2.23	0.35	0.95	0.00	0.00	-98	0.00
Total Other Income / (Expense), net	-25	-35	-99	-252	-704	620	-246	-250	-270	-234
Interest Expense	0.53	0.37	46	326	24	192	287	270	271	234
Interest & Investment Income	-24	-35	-53	77	-673	830	0.00	0.00	-	-
Income Tax Expense	-118	64	441	-74	-397	-74	-129	-295	-496	576
Net Income / (Loss) Attributable to Noncontrolling Interest	36	99	127	33	7.49	47	352	170	99	39
Basic Earnings per Share	$0.18	$0.66	$6.09	($0.61)	($4.65)	($1.11)	($1.26)	$1.95	($2.88)	$0.00
Weighted Average Basic Shares Outstanding	309.49M	299.79M	307.20M	308.15M	272.43M	306.40M	316.04M	315.43M	294.95M	274.12M
Diluted Earnings per Share	$0.18	$0.64	$5.69	($0.61)	($4.65)	($1.11)	($1.26)	$1.94	($2.88)	$0.00
Weighted Average Diluted Shares Outstanding	313.41M	311.60M	329.22M	308.15M	272.43M	306.40M	316.04M	316.28M	294.95M	274.14M
Weighted Average Basic & Diluted Shares Outstanding	311.18M	303.57M	295.25M	314.71M	301.19M	286.68M	308.65M	316.52M	315.01M	274.50M

This table shows Antero Resources' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	208	107	-20	-66	36	50	18	-83	213	703	560
Consolidated Net Income / (Loss)	219	116	-10	-60	48	71	33	-68	261	767	595
Net Income / (Loss) Continuing Operations	219	116	-10	-60	48	71	33	-68	261	767	595
Total Pre-Tax Income	274	0.06	-9.08	-74	58	89	46	-98	323	900	730
Total Operating Income	271	3.19	-5.90	-62	65	98	56	-89	331	908	774
Total Gross Profit	614	481	260	244	390	497	352	222	681	1,325	1,160
Total Revenue	1,353	1,169	1,056	979	1,122	1,194	1,126	953	1,408	2,085	2,065
Operating Revenue	1,353	-	-	979	1,122	-	-	953	1,408	2,085	2,065
Total Cost of Revenue	738	687	795	735	733	698	774	731	727	760	905
Operating Cost of Revenue	738	735	748	735	733	730	742	731	727	760	905
Total Operating Expenses	343	478	266	306	324	399	296	311	350	417	386
Selling, General & Admin Expense	62	30	85	59	56	21	92	54	57	50	43
Depreciation Expense	186	248	170	171	173	232	176	171	168	204	170
Other Operating Expenses / (Income)	90	169	1.00	72	88	182	0.89	71	79	115	121
Impairment Charge	5.62	28	13	0.31	5.19	6.56	13	16	16	70	34
Other Special Charges / (Income)	-1.88	2.93	-2.81	2.99	2.23	-43	14	-0.22	29	-22	18
Total Other Income / (Expense), net	4.79	-3.14	-3.17	-12	-6.84	-8.93	-9.43	-8.83	-8.11	-8.31	-44
Interest Expense	2.90	-30	0.53	0.00	30	-25	0.00	0.00	26	-100	59
Interest & Investment Income	5.29	-7.69	-28	-12	23	-12	-32	-8.83	18	-108	15
Other Income / (Expense), net	2.39	-	26	-	-	-	22	-	-	-	-
Income Tax Expense	54	-116	1.21	-13	10	18	14	-30	62	133	136
Net Income / (Loss) Attributable to Noncontrolling Interest	11	9.16	10	5.21	12	21	15	15	48	64	35
Basic Earnings per Share	$0.67	$0.34	($0.07)	($0.21)	$0.12	$0.16	$0.06	($0.28)	$0.72	$2.30	$1.83
Weighted Average Basic Shares Outstanding	311.33M	309.49M	311.03M	310.81M	304.94M	299.79M	300.14M	300.14M	296.76M	307.20M	305.34M
Diluted Earnings per Share	$0.66	$0.34	($0.07)	($0.21)	$0.12	$0.17	$0.06	($0.28)	$0.69	$2.18	$1.72
Weighted Average Diluted Shares Outstanding	314.80M	313.41M	311.03M	310.81M	312.50M	311.60M	311.53M	300.14M	311.85M	329.22M	326.00M
Weighted Average Basic & Diluted Shares Outstanding	310.53M	311.18M	311.16M	311.01M	310.81M	303.57M	300.54M	300.38M	300.14M	295.25M	300.14M

This table details how cash moves in and out of Antero Resources' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	0.00	0.00	0.00	0.00	0.00	0.00	160	-3.17	8.14	-223
Net Cash From Operating Activities	849	995	3,051	1,660	736	1,103	2,082	2,006	1,241	1,016
Net Cash From Continuing Operating Activities	849	995	3,051	1,660	736	1,103	2,270	2,006	1,241	1,016
Net Income / (Loss) Continuing Operations	94	297	1,999	-154	-1,260	-293	-46	785	-749	980
Consolidated Net Income / (Loss)	94	297	1,999	-154	-1,260	-293	-46	785	-749	980
Depreciation Expense	766	750	720	746	865	919	975	827	812	711
Amortization Expense	-25	-28	-33	-33	-2.48	11	4.68	-	-	-
Non-Cash Adjustments To Reconcile Net Income	158	-230	-12	1,061	1,640	511	1,490	615	1,709	-1,291
Changes in Operating Assets and Liabilities, net	-143	205	378	40	-506	-44	-154	-221	-531	615
Net Cash From Investing Activities	-714	-1,141	-944	-711	-530	-1,041	-2,351	-2,462	-2,395	-2,298
Net Cash From Continuing Investing Activities	-714	-1,141	-944	-711	-530	-1,041	-2,351	-2,462	-2,395	-2,298
Purchase of Property, Plant & Equipment	-717	-1,132	-944	-716	-874	-1,422	-2,211	-2,217	-2,495	-2,348
Sale of Property, Plant & Equipment	9.50	0.45	2.75	3.19	0.70	1.98	0.00	2.16	172	40
Other Investing Activities, net	-6.87	-9.35	-2.39	1.96	344	107	-3.66	-12	3.98	9.75
Net Cash From Financing Activities	-135	146	-2,108	-949	-206	558	240	452	1,162	1,060
Net Cash From Continuing Financing Activities	-135	146	-2,108	-949	-206	558	240	452	1,162	1,060
Repayment of Debt	-4,162	-4,121	-7,303	-7,696	-764	34	-6.71	-21	-1,242	-425
Repurchase of Common Equity	0.00	-75	-874	0.00	-43	-39	-129	0.00	0.00	-
Payment of Dividends	-74	-129	-174	-97	-36	-85	-267	-152	-75	-34
Issuance of Debt	4,131	4,501	6,309	6,806	288	650	660	90	1,250	750
Other Financing Activities, net	-30	-30	-66	38	351	-2.39	-17	287	151	-9.43
Cash Interest Paid	120	114	155	142	192	224	276	264	239	220

This table details how cash moves in and out of Antero Resources' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	0.00	-	-	-	0.00	-	-	-	0.00	-	-
Net Cash From Operating Activities	458	278	166	143	262	312	183	155	344	475	1,088
Net Cash From Continuing Operating Activities	458	278	166	143	262	312	183	155	344	475	1,088
Net Income / (Loss) Continuing Operations	219	116	-10	-60	48	71	33	-68	261	767	595
Consolidated Net Income / (Loss)	219	116	-10	-60	48	71	33	-68	261	767	595
Depreciation Expense	187	249	171	171	174	232	177	173	168	205	170
Amortization Expense	-5.76	-6.29	-6.24	-6.13	-6.02	-8.04	-6.83	-6.76	-6.66	-8.60	-8.54
Non-Cash Adjustments To Reconcile Net Income	85	75	21	41	21	-8.47	44	36	-301	-523	-18
Changes in Operating Assets and Liabilities, net	-28	-156	-9.47	-2.01	24	25	-63	21	222	36	350
Net Cash From Investing Activities	-208	-126	-174	-187	-227	-227	-276	-287	-351	-225	-244
Net Cash From Continuing Investing Activities	-208	-126	-174	-187	-227	-227	-276	-287	-351	-225	-244
Purchase of Property, Plant & Equipment	-206	-128	-174	-192	-222	-220	-275	-286	-351	-223	-245
Sale of Property, Plant & Equipment	0.58	2.02	7.07	0.06	0.36	-	0.14	0.22	0.09	1.60	0.95
Other Investing Activities, net	-2.32	0.40	-7.56	5.02	-4.72	-6.81	-1.28	-1.67	0.42	-4.30	0.20
Net Cash From Financing Activities	-250	-152	7.95	44	-35	-86	93	132	6.90	-250	-844
Net Cash From Continuing Financing Activities	-250	-152	7.95	44	-35	-86	93	132	6.90	-250	-844
Repayment of Debt	-1,516	-933	-1,357	-744	-1,128	-1,056	-856	-861	-1,348	-6,290	-354
Repurchase of Common Equity	-10	-	-	-	0.00	0.00	-	-	-75	-198	-382
Payment of Dividends	-16	-16	-16	-19	-24	-25	-21	-32	-51	-60	-46
Issuance of Debt	1,308	799	1,382	824	1,126	998	970	1,041	1,493	6,300	-62
Other Financing Activities, net	-16	-2.58	-0.67	-17	-9.02	-2.92	-0.09	-16	-11	-1.10	-0.21
Cash Interest Paid	43	11	46	15	48	14	48	8.69	43	6.34	59

This table presents Antero Resources' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	13,010	13,517	14,118	13,897	13,151	15,198	15,519	15,261	14,256	14,115
Total Current Assets	508	476	788	686	574	923	807	833	403	1,248
Accounts Receivable	34	43	35	79	28	171	51	35	30	79
Prepaid Expenses	12	13	11	15	-	-	-	-	-	-
Other Current Assets	461	420	741	592	546	751	756	770	341	1,145
Plant, Property, & Equipment, net	9,688	9,822	9,639	9,527	9,647	9,979	13,870	13,236	12,027	10,732
Plant, Property & Equipment, gross	15,387	14,988	14,322	13,811	13,516	13,306	18,024	16,418	14,391	12,322
Accumulated Depreciation	5,699	5,165	4,683	4,284	3,869	3,328	4,154	3,182	2,364	1,589
Total Noncurrent Assets	2,815	3,219	3,692	3,683	2,930	4,296	843	1,193	1,826	2,135
Long-Term Investments	231	222	220	232	255	1,055	434	303	68	-
Other Noncurrent Operating Assets	2,584	2,997	3,471	3,451	2,675	3,241	409	890	1,758	2,135
Total Liabilities & Shareholders' Equity	13,010	13,517	14,118	13,897	13,151	15,198	15,519	15,261	14,256	14,115
Total Liabilities	5,794	6,383	7,101	7,830	7,061	8,227	7,032	6,385	6,527	6,829
Total Current Liabilities	1,446	1,452	1,775	2,068	983	1,040	854	762	817	707
Short-Term Debt	810	902	1,025	445	464	513	313	210	164	130
Accounts Payable	173	125	158	25	27	112	66	63	39	70
Accrued Expenses	403	381	462	457	344	401	465	443	394	488
Current Deferred Revenue	25	27	31	38	45	0.00	-	-	-	-
Other Current Liabilities	35	17	99	1,104	103	14	8.90	46	221	19
Total Noncurrent Liabilities	4,348	4,931	5,326	5,762	6,078	7,187	6,178	5,623	5,710	6,122
Long-Term Debt	1,489	1,538	1,183	2,125	3,002	3,759	5,462	4,800	4,704	4,669
Capital Lease Obligations	2,050	2,428	2,890	-	2,349	2,584	2.87	-	-	-
Noncurrent Deferred Revenue	35	61	88	118	156	0.00	-	-	-	-
Noncurrent Deferred & Payable Income Tax Liabilities	693	812	760	318	412	782	651	780	950	1,371
Other Noncurrent Operating Liabilities	79	92	405	3,200	159	62	63	44	55	82
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-
Total Equity & Noncontrolling Interests	7,217	7,134	7,017	6,066	6,090	6,971	8,487	8,876	7,729	7,287
Total Preferred & Common Equity	7,022	6,902	6,755	5,757	5,768	6,971	7,666	8,149	6,263	5,934
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	-	-
Total Common Equity	7,022	6,902	6,755	5,757	5,768	6,971	7,666	8,149	6,263	5,934
Common Stock	5,912	5,850	5,842	6,375	6,198	6,133	6,488	6,574	5,303	4,126
Retained Earnings	1,109	1,052	914	-617	-430	837	1,178	1,575	960	1,809
Noncontrolling Interest	195	233	263	309	323	0.00	822	727	1,466	1,352

This table presents Antero Resources' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	13,049	13,224	13,416	13,548	13,737	13,767	13,871	14,413
Total Current Assets	575	369	409	403	422	385	438	978
Accounts Receivable	40	26	24	40	37	37	30	24
Prepaid Expenses	13	7.04	9.79	12	9.54	21	22	-
Other Current Assets	522	335	376	350	376	327	386	954
Plant, Property, & Equipment, net	9,672	9,934	9,958	9,953	9,938	9,876	9,786	9,651
Plant, Property & Equipment, gross	15,441	15,381	15,255	15,133	14,895	14,731	14,557	14,238
Accumulated Depreciation	5,768	5,447	5,296	5,180	4,957	4,855	4,771	4,588
Total Noncurrent Assets	2,802	2,921	3,049	3,192	3,376	3,506	3,648	3,785
Long-Term Investments	240	227	224	226	220	218	220	223
Other Noncurrent Operating Assets	2,563	2,694	2,825	2,966	3,156	3,288	3,428	3,562
Total Liabilities & Shareholders' Equity	13,049	13,224	13,416	13,548	13,737	13,767	13,871	14,413
Total Liabilities	5,641	6,042	6,224	6,277	6,638	6,698	6,701	7,943
Total Current Liabilities	1,485	1,324	1,406	1,383	1,461	1,507	1,498	2,544
Short-Term Debt	880	834	855	894	338	359	382	682
Accounts Payable	174	130	136	132	171	156	84	104
Accrued Expenses	309	316	365	315	335	366	318	498
Current Deferred Revenue	25	26	26	27	28	29	30	32
Other Current Liabilities	98	18	24	15	588	596	684	1,228
Total Noncurrent Liabilities	4,155	4,718	4,818	4,894	5,177	5,192	5,203	5,399
Long-Term Debt	1,285	1,622	1,591	1,510	1,607	1,492	1,312	1,173
Capital Lease Obligations	2,006	2,149	2,268	2,399	-	-	-	-
Noncurrent Deferred Revenue	30	42	48	54	68	74	81	96
Noncurrent Deferred & Payable Income Tax Liabilities	747	832	831	844	806	792	822	619
Other Noncurrent Operating Liabilities	88	74	80	86	2,697	2,833	2,988	3,511
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	7,409	7,181	7,192	7,272	7,098	7,068	7,170	6,470
Total Preferred & Common Equity	7,218	6,980	6,985	7,051	6,862	6,826	6,911	6,211
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	7,218	6,980	6,985	7,051	6,862	6,826	6,911	6,211
Common Stock	5,906	5,898	5,883	5,883	5,825	5,807	5,809	5,945
Retained Earnings	1,312	1,082	1,103	1,168	1,037	1,019	1,102	266
Noncontrolling Interest	190	201	207	221	236	242	259	259

This table displays calculated financial ratios and metrics derived from Antero Resources' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-7.61%	-34.41%	54.53%	32.30%	-20.80%	6.50%	13.24%	121.97%	-58.36%	47.53%
EBITDA Growth	-33.67%	-65.34%	339.70%	849.54%	-28.87%	-106.95%	-31.20%	1,074.11%	-106.51%	40.63%
EBIT Growth	-99.88%	-84.40%	12,247.88%	102.14%	4.43%	-996.07%	-85.24%	177.95%	-154.48%	37.74%
NOPAT Growth	-99.90%	-84.31%	12,354.39%	102.50%	3.40%	-1,472.71%	-95.75%	273.58%	-160.57%	44.16%
Net Income Growth	-68.49%	-85.12%	1,397.03%	87.77%	-329.97%	-541.42%	-105.82%	204.76%	-176.47%	45.01%
EPS Growth	-71.88%	-88.75%	1,032.79%	86.88%	-318.92%	11.90%	-164.95%	167.36%	0.00%	-100.00%
Operating Cash Flow Growth	-14.62%	-67.40%	83.80%	125.67%	-33.33%	-47.00%	3.77%	61.63%	22.19%	1.76%
Free Cash Flow Firm Growth	0.87%	131.29%	-143.24%	618.12%	23.01%	262.52%	-277.28%	111.47%	3.77%	64.08%
Invested Capital Growth	-3.78%	-0.97%	41.54%	-27.86%	-8.78%	-7.67%	2.05%	8.46%	3.60%	23.42%
Revenue Q/Q Growth	-0.58%	-15.99%	-4.15%	30.65%	11.30%	-4.00%	2.93%	35.77%	-33.95%	-11.89%
EBITDA Q/Q Growth	-9.23%	-41.17%	-9.07%	464.18%	70.53%	-42.14%	-13.78%	106.80%	-122.59%	-22.10%
EBIT Q/Q Growth	-99.70%	-68.07%	-12.06%	102.16%	18.87%	3.71%	-67.08%	1,224.19%	-3,090.85%	-28.53%
NOPAT Q/Q Growth	-99.73%	-68.90%	-9.15%	102.19%	18.23%	62.22%	-97.61%	2,244.73%	-3,092.44%	-27.32%
Net Income Q/Q Growth	0.23%	-70.85%	-8.72%	84.84%	31.42%	-241.07%	-109.82%	497.98%	-519.02%	-30.66%
EPS Q/Q Growth	20.00%	-76.64%	-11.09%	81.17%	28.13%	-1,950.00%	-625.00%	385.29%	-3.60%	-100.00%
Operating Cash Flow Q/Q Growth	-3.87%	-14.09%	0.00%	16.25%	14.86%	-37.91%	32.28%	-1.09%	14.89%	-2.39%
Free Cash Flow Firm Q/Q Growth	117.00%	34.32%	-129.93%	730.82%	51.67%	160.20%	-125.22%	308.56%	11.57%	43.27%
Invested Capital Q/Q Growth	-1.94%	33.51%	46.80%	-20.16%	-0.26%	-0.19%	-1.28%	5.83%	-3.08%	3.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	31.79%	37.42%	55.96%	28.19%	10.99%	35.98%	44.61%	54.75%	8.57%	80.44%
EBITDA Margin	17.14%	23.88%	45.19%	15.88%	-2.80%	-1.72%	26.38%	43.43%	-9.90%	63.26%
Operating Margin	0.01%	8.46%	35.57%	0.52%	-27.31%	-22.39%	1.74%	20.25%	-59.25%	45.27%
EBIT Margin	0.01%	8.46%	35.57%	0.45%	-27.51%	-22.80%	2.71%	20.80%	-59.22%	45.27%
Profit (Net Income) Margin	2.17%	6.35%	28.00%	-3.34%	-36.10%	-6.65%	-1.10%	21.48%	-45.51%	24.78%
Tax Burden Percent	-382.62%	82.37%	81.92%	67.54%	76.02%	79.82%	26.18%	160.20%	60.16%	62.99%
Interest Burden Percent	-5,323.48%	91.09%	96.09%	-1,109.58%	172.57%	36.53%	-155.60%	64.46%	127.74%	86.91%
Effective Tax Rate	0.00%	17.63%	18.08%	0.00%	0.00%	0.00%	0.00%	-60.20%	0.00%	37.01%
Return on Invested Capital (ROIC)	0.00%	2.76%	20.50%	0.17%	-5.47%	-5.19%	0.37%	9.10%	-5.56%	10.33%
ROIC Less NNEP Spread (ROIC-NNEP)	2.13%	2.15%	18.24%	-4.16%	-15.91%	1.94%	-1.55%	0.62%	-6.95%	7.07%
Return on Net Nonoperating Assets (RNNOA)	1.30%	1.44%	10.06%	-2.70%	-13.83%	1.40%	-0.89%	0.35%	-4.42%	5.03%
Return on Equity (ROE)	1.31%	4.20%	30.56%	-2.54%	-19.30%	-3.79%	-0.53%	9.46%	-9.98%	15.36%
Cash Return on Invested Capital (CROIC)	3.85%	3.73%	-13.90%	32.54%	3.72%	2.78%	-1.66%	0.98%	-9.10%	-10.64%
Operating Return on Assets (OROA)	0.00%	2.87%	18.13%	0.15%	-6.78%	-6.55%	0.73%	5.15%	-6.88%	13.94%
Return on Assets (ROA)	0.71%	2.15%	14.27%	-1.14%	-8.89%	-1.91%	-0.30%	5.32%	-5.28%	7.63%
Return on Common Equity (ROCE)	1.27%	4.06%	29.22%	-2.40%	-18.82%	-3.59%	-0.48%	8.21%	-8.11%	12.42%
Return on Equity Simple (ROE_SIMPLE)	1.33%	4.31%	29.59%	-2.68%	-21.85%	-4.21%	-0.60%	9.63%	-11.97%	16.51%
Net Operating Profit after Tax (NOPAT)	0.32	326	2,080	17	-667	-691	50	1,186	-683	1,128
NOPAT Margin	0.01%	6.97%	29.14%	0.36%	-19.11%	-15.67%	1.22%	32.43%	-41.48%	28.51%
Net Nonoperating Expense Percent (NNEP)	-2.13%	0.61%	2.25%	4.33%	10.44%	-7.14%	1.92%	8.48%	1.39%	3.25%
Return On Investment Capital (ROIC_SIMPLE)	0.00%	2.72%	17.17%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	68.21%	62.58%	44.04%	71.81%	89.01%	64.02%	55.39%	45.25%	91.43%	19.56%
SG&A Expenses to Revenue	5.31%	4.80%	2.42%	3.14%	6.68%	7.36%	5.81%	6.87%	14.53%	5.91%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.78%	28.96%	20.38%	27.67%	38.29%	58.37%	42.87%	34.51%	67.82%	35.17%
Earnings before Interest and Taxes (EBIT)	0.46	396	2,539	21	-961	-1,005	112	760	-975	1,790
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	742	1,118	3,226	734	-98	-76	1,092	1,588	-163	2,502
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.55	0.99	1.38	0.95	0.25	0.12	0.39	0.74	1.19	1.02
Price to Tangible Book Value (P/TBV)	1.55	0.99	1.38	0.95	0.25	0.12	0.39	0.74	1.19	1.02
Price to Revenue (P/Rev)	2.52	1.46	1.30	1.19	0.42	0.20	0.72	1.64	4.51	1.53
Price to Earnings (P/E)	190.58	34.36	4.97	0.00	0.00	0.00	0.00	9.75	0.00	6.42
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.87%
Earnings Yield	0.52%	2.91%	20.12%	0.00%	0.00%	0.00%	0.00%	10.26%	0.00%	15.59%
Enterprise Value to Invested Capital (EV/IC)	1.34	0.99	1.21	0.97	0.63	0.52	0.66	0.84	1.09	1.01
Enterprise Value to Revenue (EV/Rev)	3.52	2.50	2.02	1.76	2.10	1.51	2.21	3.12	8.29	3.08
Enterprise Value to EBITDA (EV/EBITDA)	20.52	10.46	4.48	11.10	0.00	0.00	8.37	7.18	0.00	4.86
Enterprise Value to EBIT (EV/EBIT)	33,085.93	29.51	5.69	395.85	0.00	0.00	81.50	15.00	0.00	6.80
Enterprise Value to NOPAT (EV/NOPAT)	47,265.61	35.83	6.94	487.40	0.00	0.00	181.66	9.62	0.00	10.79
Enterprise Value to Operating Cash Flow (EV/OCF)	17.92	11.76	4.73	4.90	9.99	6.04	4.39	5.68	11.00	11.98
Enterprise Value to Free Cash Flow (EV/FCFF)	34.18	26.49	0.00	2.50	16.17	18.05	0.00	88.95	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.60	0.68	0.73	0.42	0.95	0.98	0.68	0.56	0.63	0.66
Long-Term Debt to Equity	0.49	0.56	0.58	0.35	0.88	0.91	0.64	0.54	0.61	0.64
Financial Leverage	0.61	0.67	0.55	0.65	0.87	0.72	0.58	0.57	0.64	0.71
Leverage Ratio	1.85	1.95	2.14	2.23	2.17	1.99	1.77	1.78	1.89	2.01
Compound Leverage Factor	-98.40	1.78	2.06	-24.69	3.75	0.73	-2.76	1.15	2.41	1.75
Debt to Total Capital	37.61%	40.56%	42.08%	29.76%	48.84%	49.58%	40.50%	36.08%	38.65%	39.71%
Short-Term Debt to Total Capital	7.00%	7.51%	8.46%	5.15%	3.90%	3.71%	2.20%	1.51%	1.30%	1.08%
Long-Term Debt to Total Capital	30.60%	33.04%	33.62%	24.61%	44.94%	45.87%	38.31%	34.57%	37.34%	38.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.69%	1.94%	2.17%	3.58%	2.71%	0.00%	5.76%	5.24%	11.64%	11.19%
Common Equity to Total Capital	60.71%	57.50%	55.75%	66.66%	48.45%	50.42%	53.74%	58.69%	49.72%	49.10%
Debt to EBITDA	5.86	4.35	1.58	3.50	-59.40	-90.27	5.29	3.16	-29.87	1.92
Net Debt to EBITDA	5.55	4.16	1.51	3.19	-56.80	-76.37	4.89	2.95	-29.26	1.91
Long-Term Debt to EBITDA	4.77	3.55	1.26	2.90	-54.66	-83.51	5.00	3.02	-28.86	1.87
Debt to NOPAT	13,507.43	14.91	2.45	153.89	-8.71	-9.92	114.79	4.23	-7.13	4.26
Net Debt to NOPAT	12,789.89	14.23	2.34	139.98	-8.33	-8.40	106.18	3.95	-6.98	4.23
Long-Term Debt to NOPAT	10,992.44	12.15	1.96	127.26	-8.02	-9.18	108.57	4.05	-6.89	4.14
Altman Z-Score	1.49	1.11	1.89	0.58	0.07	0.20	0.65	1.12	0.63	1.45
Noncontrolling Interest Sharing Ratio	2.98%	3.50%	4.37%	5.19%	2.47%	5.32%	8.92%	13.21%	18.77%	19.14%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.35	0.33	0.44	0.33	0.58	0.89	0.95	1.09	0.49	1.76
Quick Ratio	0.02	0.03	0.02	0.04	0.03	0.16	0.06	0.08	0.08	0.15
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	445	441	-1,411	3,262	454	369	-227	128	-1,118	-1,162
Operating Cash Flow to CapEx	120.08%	87.92%	324.19%	232.92%	84.20%	77.70%	94.18%	90.59%	53.42%	44.01%
Free Cash Flow to Firm to Interest Expense	843.35	1,180.36	-30.54	10.01	19.00	1.93	-0.79	0.47	-4.13	-4.96
Operating Cash Flow to Interest Expense	1,608.50	2,659.68	66.05	5.09	30.77	5.76	7.26	7.43	4.59	4.33
Operating Cash Flow Less CapEx to Interest Expense	268.95	-365.49	45.68	2.91	-5.77	-1.65	-0.45	-0.77	-4.00	-5.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.34	0.51	0.34	0.25	0.29	0.27	0.25	0.12	0.31
Accounts Receivable Turnover	112.31	119.89	124.70	85.98	34.94	39.63	96.31	113.21	30.19	40.44
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.44	0.48	0.74	0.48	0.36	0.37	0.31	0.29	0.14	0.39
Accounts Payable Turnover	19.76	20.67	34.35	128.72	44.69	31.59	35.48	32.56	27.75	2.57
Days Sales Outstanding (DSO)	3.25	3.04	2.93	4.25	10.45	9.21	3.79	3.22	12.09	9.03
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	18.47	17.66	10.63	2.84	8.17	11.55	10.29	11.21	13.16	141.88
Cash Conversion Cycle (CCC)	-15.22	-14.62	-7.70	1.41	2.28	-2.34	-6.50	-7.99	-1.07	-132.85
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,335	11,780	11,895	8,404	11,650	12,771	13,832	13,554	12,497	12,062
Invested Capital Turnover	0.37	0.40	0.70	0.46	0.29	0.33	0.30	0.28	0.13	0.36
Increase / (Decrease) in Invested Capital	-445	-115	3,491	-3,246	-1,122	-1,060	278	1,057	435	2,289
Enterprise Value (EV)	15,220	11,695	14,442	8,141	7,346	6,668	9,144	11,402	13,659	12,167
Market Capitalization	10,906	6,816	9,301	5,494	1,464	867	2,978	5,997	7,425	6,040
Book Value per Share	$22.57	$22.96	$22.51	$18.34	$21.47	$22.91	$24.17	$25.82	$19.95	$21.42
Tangible Book Value per Share	$22.57	$22.96	$22.51	$18.34	$21.47	$22.91	$24.17	$25.82	$19.95	$21.42
Total Capital	11,566	12,002	12,115	8,636	11,905	13,827	14,265	13,886	12,597	12,085
Total Debt	4,349	4,868	5,098	2,570	5,815	6,856	5,778	5,010	4,868	4,799
Total Long-Term Debt	3,540	3,966	4,073	2,125	5,350	6,343	5,465	4,800	4,704	4,669
Net Debt	4,118	4,646	4,878	2,338	5,559	5,801	5,344	4,678	4,768	4,775
Capital Expenditures (CapEx)	707	1,131	941	713	874	1,420	2,211	2,215	2,324	2,308
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-129	-75	37	-937	55	396	266	252	-282	647
Debt-free Net Working Capital (DFNWC)	-129	-75	37	-937	55	396	266	281	-251	671
Net Working Capital (NWC)	-938	-976	-987	-1,382	-409	-117	-47	71	-415	541
Net Nonoperating Expense (NNE)	-93	29	81	171	593	-398	96	401	66	148
Net Nonoperating Obligations (NNO)	4,118	4,646	4,878	2,338	5,559	5,801	5,344	4,678	4,768	4,775
Total Depreciation and Amortization (D&A)	741	722	687	713	863	929	980	827	812	711
Debt-free, Cash-free Net Working Capital to Revenue	-2.97%	-1.59%	0.52%	-20.29%	1.58%	8.98%	6.43%	6.90%	-17.15%	16.37%
Debt-free Net Working Capital to Revenue	-2.97%	-1.59%	0.52%	-20.29%	1.58%	8.98%	6.43%	7.68%	-15.23%	16.96%
Net Working Capital to Revenue	-21.69%	-20.85%	-13.83%	-29.92%	-11.71%	-2.66%	-1.13%	1.94%	-25.19%	13.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.18	$0.81	$6.18	($0.61)	($4.65)	($1.11)	($1.26)	$0.00	($2.88)	$3.43
Adjusted Weighted Average Basic Shares Outstanding	309.49M	299.79M	307.20M	308.15M	272.43M	306.40M	316.04M	315.43M	294.95M	274.12M
Adjusted Diluted Earnings per Share	$0.18	$0.78	$5.78	($0.61)	($4.65)	($1.11)	($1.26)	$0.00	($2.88)	$3.43
Adjusted Weighted Average Diluted Shares Outstanding	313.41M	311.60M	329.22M	308.15M	272.43M	306.40M	316.04M	316.28M	294.95M	274.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	311.18M	303.57M	295.25M	314.71M	301.19M	286.68M	308.65M	316.52M	315.01M	277.06M
Normalized Net Operating Profit after Tax (NOPAT)	37	368	2,203	79	-511	230	442	646	-637	1,193
Normalized NOPAT Margin	0.86%	7.87%	30.86%	1.70%	-14.62%	5.23%	10.67%	17.68%	-38.70%	30.17%
Pre Tax Income Margin	-0.57%	7.71%	34.18%	-4.94%	-47.48%	-8.33%	-4.22%	13.41%	-75.65%	39.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.87	1,059.48	54.97	0.06	-40.18	-5.24	0.39	2.81	-3.61	7.64
NOPAT to Interest Expense	0.61	872.73	45.03	0.05	-27.91	-3.60	0.18	4.39	-2.53	4.81
EBIT Less CapEx to Interest Expense	-1,338.67	-1,965.69	34.59	-2.12	-76.72	-12.65	-7.32	-5.38	-12.20	-2.21
NOPAT Less CapEx to Interest Expense	-1,338.94	-2,152.45	24.65	-2.14	-64.45	-11.01	-7.53	-3.81	-11.11	-5.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	79.28%	43.33%	8.68%	-63.22%	-2.85%	-29.02%	-584.83%	19.40%	-10.02%	3.48%
Augmented Payout Ratio	79.28%	68.67%	52.39%	-63.22%	-6.30%	-42.25%	-867.28%	19.40%	-10.02%	3.48%

This table displays calculated financial ratios and metrics derived from Antero Resources' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	20.53%	-2.13%	-6.24%	2.66%	-20.31%	-42.73%	-45.45%	-56.70%	78.99%	-12.91%	286.72%
EBITDA Growth	95.48%	-23.43%	-25.61%	34.17%	-52.77%	-70.86%	-73.47%	-93.73%	1,286.13%	-19.30%	291.47%
EBIT Growth	473.67%	-96.74%	-74.68%	30.30%	-80.34%	-89.21%	-89.93%	-108.38%	262.02%	-24.22%	216.72%
NOPAT Growth	437.54%	8,325.23%	-110.52%	30.30%	-79.85%	-89.85%	-93.77%	-107.49%	286.95%	-21.44%	231.60%
Net Income Growth	532.98%	62.64%	-131.51%	11.01%	-81.51%	-90.69%	-94.51%	-108.37%	249.52%	-19.94%	204.93%
EPS Growth	842.86%	100.00%	-216.67%	25.00%	-82.61%	-92.20%	-96.51%	-112.23%	238.00%	-24.57%	198.29%
Operating Cash Flow Growth	74.97%	-10.95%	-9.38%	-7.58%	-23.93%	-34.32%	-83.14%	-83.17%	-39.20%	0.03%	247.85%
Free Cash Flow Firm Growth	122.96%	3,548.94%	-302.16%	-212.04%	-213.68%	107.13%	-122.31%	209.13%	2,774.37%	-164.21%	352.42%
Invested Capital Growth	-4.30%	-3.78%	31.01%	34.25%	37.07%	-0.97%	8.89%	-24.09%	-22.46%	41.54%	-23.02%
Revenue Q/Q Growth	15.74%	10.69%	7.90%	-12.80%	-6.02%	6.04%	18.13%	-32.31%	-32.46%	1.00%	-6.23%
EBITDA Q/Q Growth	84.83%	33.41%	78.96%	-55.70%	-27.60%	29.62%	222.76%	-84.41%	-55.33%	17.99%	-23.75%
EBIT Q/Q Growth	8,479.76%	-83.82%	131.83%	-195.13%	-57.92%	25.69%	187.63%	-126.83%	-64.84%	17.32%	-27.07%
NOPAT Q/Q Growth	-96.71%	160,325.16%	90.48%	-180.43%	-56.15%	100.02%	163.11%	-123.25%	-66.58%	22.83%	-24.14%
Net Income Q/Q Growth	88.95%	1,229.11%	82.98%	-225.20%	-58.35%	118.79%	148.05%	-126.01%	-67.11%	29.01%	-26.79%
EPS Q/Q Growth	94.12%	585.71%	66.67%	-275.00%	-61.29%	183.33%	121.43%	-140.58%	-69.60%	26.74%	-24.89%
Operating Cash Flow Q/Q Growth	64.65%	67.29%	15.80%	-45.15%	-16.20%	70.23%	18.11%	-54.85%	-27.64%	-56.30%	17.88%
Free Cash Flow Firm Q/Q Growth	-89.72%	357.84%	9.39%	4.01%	-2,091.63%	128.42%	-125.24%	-2.61%	203.04%	-188.97%	223.46%
Invested Capital Q/Q Growth	0.05%	-1.94%	-1.06%	-1.41%	-0.09%	33.51%	1.39%	0.66%	-27.32%	46.80%	-29.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	45.41%	41.18%	24.67%	24.91%	34.71%	41.59%	31.25%	23.33%	48.36%	63.54%	56.18%
EBITDA Margin	33.67%	21.08%	17.49%	10.55%	20.76%	26.95%	22.04%	8.07%	35.03%	52.95%	45.33%
Operating Margin	20.07%	0.27%	-0.56%	-6.33%	5.81%	8.20%	4.95%	-9.33%	23.54%	43.56%	37.50%
EBIT Margin	20.25%	0.27%	1.87%	-6.33%	5.81%	8.20%	6.92%	-9.33%	23.54%	43.56%	37.50%
Profit (Net Income) Margin	16.22%	9.94%	-0.97%	-6.18%	4.30%	5.98%	2.90%	-7.13%	18.55%	36.78%	28.79%
Tax Burden Percent	80.14%	207,414.29%	113.36%	81.93%	82.80%	80.22%	70.49%	69.49%	80.77%	85.23%	81.40%
Interest Burden Percent	100.00%	1.75%	-45.99%	119.04%	89.50%	90.88%	59.41%	109.93%	97.56%	99.09%	94.34%
Effective Tax Rate	19.86%	-207,314.29%	0.00%	0.00%	17.20%	19.78%	29.51%	0.00%	19.23%	14.77%	18.60%
Return on Invested Capital (ROIC)	6.32%	212.02%	-0.17%	-1.92%	2.06%	2.60%	2.30%	-4.22%	14.91%	26.11%	24.41%
ROIC Less NNEP Spread (ROIC-NNEP)	6.36%	63.58%	-0.37%	-2.48%	1.88%	2.45%	1.90%	-4.38%	14.72%	25.91%	23.39%
Return on Net Nonoperating Assets (RNNOA)	3.69%	38.83%	-0.16%	-1.07%	0.79%	1.65%	0.47%	-2.24%	7.87%	14.29%	14.15%
Return on Equity (ROE)	10.01%	250.84%	-0.32%	-2.99%	2.85%	4.25%	2.77%	-6.46%	22.77%	40.40%	38.56%
Cash Return on Invested Capital (CROIC)	6.97%	3.85%	-25.70%	-27.63%	-29.73%	3.73%	3.88%	43.65%	50.87%	-13.90%	50.60%
Operating Return on Assets (OROA)	6.94%	0.09%	0.60%	-2.06%	1.86%	2.78%	2.74%	-4.34%	13.20%	22.20%	20.03%
Return on Assets (ROA)	5.56%	3.24%	-0.31%	-2.01%	1.38%	2.03%	1.15%	-3.32%	10.40%	18.74%	15.38%
Return on Common Equity (ROCE)	9.73%	243.37%	-0.31%	-2.89%	2.75%	4.10%	2.67%	-6.21%	21.87%	38.63%	36.75%
Return on Equity Simple (ROE_SIMPLE)	3.86%	0.00%	1.34%	1.95%	1.83%	0.00%	14.86%	23.18%	35.62%	0.00%	35.26%
Net Operating Profit after Tax (NOPAT)	218	6,621	-4.13	-43	54	79	39	-62	268	774	630
NOPAT Margin	16.08%	566.47%	-0.39%	-4.43%	4.81%	6.58%	3.49%	-6.53%	19.01%	37.12%	30.52%
Net Nonoperating Expense Percent (NNEP)	-0.05%	148.44%	0.20%	0.56%	0.19%	0.15%	0.40%	0.17%	0.19%	0.20%	1.02%
Return On Investment Capital (ROIC_SIMPLE)	1.88%	57.24%	-	-	-	0.65%	-	-	-	6.39%	-
Cost of Revenue to Revenue	54.59%	58.82%	75.33%	75.09%	65.29%	58.41%	68.75%	76.67%	51.64%	36.46%	43.82%
SG&A Expenses to Revenue	4.62%	2.55%	8.01%	6.07%	4.98%	1.80%	8.17%	5.65%	4.08%	2.39%	2.08%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	25.34%	40.91%	25.23%	31.24%	28.91%	33.38%	26.30%	32.66%	24.82%	19.98%	18.68%
Earnings before Interest and Taxes (EBIT)	274	3.19	20	-62	65	98	78	-89	331	908	774
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	455	246	185	103	233	322	248	77	493	1,104	936
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.74	1.55	1.28	1.45	1.24	0.99	1.11	1.01	0.99	1.38	1.50
Price to Tangible Book Value (P/TBV)	1.74	1.55	1.28	1.45	1.24	0.99	1.11	1.01	0.99	1.38	1.50
Price to Revenue (P/Rev)	2.76	2.52	2.05	2.29	1.98	1.46	1.37	1.06	0.88	1.30	1.25
Price to Earnings (P/E)	51.90	190.58	198.00	121.82	132.39	34.36	8.68	4.87	3.01	4.97	4.52
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.93%	0.52%	0.51%	0.82%	0.76%	2.91%	11.52%	20.55%	33.28%	20.12%	22.15%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.34	1.17	1.27	1.14	0.99	1.09	1.01	0.99	1.21	1.39
Enterprise Value to Revenue (EV/Rev)	3.67	3.52	3.10	3.36	3.07	2.50	1.72	1.35	1.10	2.02	1.51
Enterprise Value to EBITDA (EV/EBITDA)	17.37	20.52	16.51	16.79	15.76	10.46	5.04	3.37	2.27	4.48	3.17
Enterprise Value to EBIT (EV/EBIT)	74.52	33,085.93	88.68	69.42	72.35	29.51	7.72	4.48	2.75	5.69	3.89
Enterprise Value to NOPAT (EV/NOPAT)	55.78	47,265.61	115.14	89.96	85.73	35.83	9.13	5.36	3.38	6.94	4.91
Enterprise Value to Operating Cash Flow (EV/OCF)	15.98	17.92	15.27	16.48	14.81	11.76	8.28	4.26	3.02	4.73	3.68
Enterprise Value to Free Cash Flow (EV/FCFF)	20.66	34.18	0.00	0.00	0.00	26.49	29.16	2.00	1.70	0.00	2.38
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.56	0.60	0.64	0.66	0.66	0.68	0.27	0.26	0.24	0.73	0.29
Long-Term Debt to Equity	0.44	0.49	0.53	0.54	0.54	0.56	0.23	0.21	0.18	0.58	0.18
Financial Leverage	0.58	0.61	0.43	0.43	0.42	0.67	0.25	0.51	0.53	0.55	0.61
Leverage Ratio	1.81	1.85	1.89	1.91	1.90	1.95	2.07	2.10	2.15	2.14	2.40
Compound Leverage Factor	1.81	0.03	-0.87	2.27	1.70	1.77	1.23	2.31	2.09	2.12	2.27
Debt to Total Capital	36.02%	37.61%	39.07%	39.59%	39.78%	40.56%	21.51%	20.76%	19.11%	42.08%	22.28%
Short-Term Debt to Total Capital	7.60%	7.00%	7.08%	7.18%	7.40%	7.51%	3.74%	4.03%	4.31%	8.46%	8.20%
Long-Term Debt to Total Capital	28.42%	30.60%	31.99%	32.41%	32.37%	33.04%	17.77%	16.73%	14.80%	33.62%	14.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.64%	1.69%	1.71%	1.74%	1.83%	1.94%	2.61%	2.72%	2.92%	2.17%	3.11%
Common Equity to Total Capital	62.33%	60.71%	59.22%	58.67%	58.39%	57.50%	75.88%	76.52%	77.97%	55.75%	74.61%
Debt to EBITDA	4.34	5.86	5.64	5.33	5.60	4.35	1.02	0.71	0.45	1.58	0.52
Net Debt to EBITDA	4.09	5.55	5.36	5.08	5.34	4.16	0.91	0.63	0.39	1.51	0.46
Long-Term Debt to EBITDA	3.42	4.77	4.62	4.37	4.56	3.55	0.85	0.57	0.35	1.26	0.33
Debt to NOPAT	13.93	13,507.43	39.31	28.58	30.47	14.91	1.85	1.13	0.67	2.45	0.81
Net Debt to NOPAT	13.13	12,789.89	37.37	27.22	29.04	14.23	1.64	1.00	0.58	2.34	0.71
Long-Term Debt to NOPAT	10.99	10,992.44	32.19	23.40	24.80	12.15	1.53	0.91	0.52	1.96	0.51
Altman Z-Score	1.81	1.50	1.25	1.32	1.21	1.03	1.13	1.08	1.27	1.51	1.30
Noncontrolling Interest Sharing Ratio	2.80%	2.98%	3.06%	3.15%	3.32%	3.50%	3.65%	3.84%	3.98%	4.37%	4.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.39	0.35	0.28	0.29	0.29	0.33	0.29	0.26	0.29	0.44	0.38
Quick Ratio	0.03	0.02	0.02	0.02	0.03	0.03	0.03	0.02	0.02	0.02	0.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	727	7,066	-2,740	-3,024	-3,151	194	-681	2,699	2,771	-2,717	3,054
Operating Cash Flow to CapEx	222.67%	220.11%	99.77%	74.61%	117.80%	142.02%	66.73%	54.37%	97.92%	215.11%	446.26%
Free Cash Flow to Firm to Interest Expense	250.61	0.00	-5,189.99	0.00	-104.37	0.00	0.00	0.00	107.48	0.00	51.93
Operating Cash Flow to Interest Expense	157.90	0.00	314.73	0.00	8.67	0.00	0.00	0.00	13.34	0.00	18.50
Operating Cash Flow Less CapEx to Interest Expense	86.98	0.00	-0.73	0.00	1.31	0.00	0.00	0.00	-0.28	0.00	14.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.33	0.32	0.33	0.32	0.34	0.40	0.47	0.56	0.51	0.53
Accounts Receivable Turnover	113.18	112.31	137.94	146.30	125.01	119.89	183.63	209.17	204.31	124.70	254.45
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.46	0.44	0.44	0.45	0.45	0.48	0.57	0.67	0.80	0.74	0.78
Accounts Payable Turnover	19.36	19.76	19.67	20.14	27.25	20.67	21.77	25.59	42.01	34.35	36.76
Days Sales Outstanding (DSO)	3.22	3.25	2.65	2.49	2.92	3.04	1.99	1.75	1.79	2.93	1.43
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	18.85	18.47	18.56	18.13	13.40	17.66	16.76	14.27	8.69	10.63	9.93
Cash Conversion Cycle (CCC)	-15.62	-15.22	-15.91	-15.63	-10.48	-14.62	-14.78	-12.52	-6.90	-7.70	-8.50
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,340	11,335	11,559	11,683	11,849	11,780	8,823	8,702	8,645	11,895	8,103
Invested Capital Turnover	0.39	0.37	0.43	0.43	0.43	0.40	0.66	0.65	0.78	0.70	0.80
Increase / (Decrease) in Invested Capital	-509	-445	2,736	2,981	3,205	-115	721	-2,761	-2,504	3,491	-2,423
Enterprise Value (EV)	16,706	15,220	13,490	14,839	13,514	11,695	9,585	8,788	8,551	14,442	11,237
Market Capitalization	12,584	10,906	8,910	10,142	8,716	6,816	7,624	6,912	6,817	9,301	9,346
Book Value per Share	$23.20	$22.57	$22.44	$22.47	$23.12	$22.96	$22.84	$22.74	$23.41	$22.51	$20.29
Tangible Book Value per Share	$23.20	$22.57	$22.44	$22.47	$23.12	$22.96	$22.84	$22.74	$23.41	$22.51	$20.29
Total Capital	11,580	11,566	11,786	11,906	12,075	12,002	9,043	8,920	8,864	12,115	8,325
Total Debt	4,171	4,349	4,605	4,714	4,804	4,868	1,945	1,852	1,694	5,098	1,855
Total Long-Term Debt	3,291	3,540	3,771	3,859	3,909	3,966	1,607	1,492	1,312	4,073	1,173
Net Debt	3,932	4,118	4,378	4,491	4,578	4,646	1,725	1,634	1,474	4,878	1,632
Capital Expenditures (CapEx)	206	126	167	192	222	220	275	286	351	221	244
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-30	-129	-121	-142	-86	-75	-700	-763	-678	37	-884
Debt-free Net Working Capital (DFNWC)	-30	-129	-121	-142	-86	-75	-700	-763	-678	37	-884
Net Working Capital (NWC)	-911	-938	-955	-997	-980	-976	-1,039	-1,122	-1,060	-987	-1,566
Net Nonoperating Expense (NNE)	-1.92	6,505	6.15	17	5.66	7.16	6.65	5.68	6.55	7.08	36
Net Nonoperating Obligations (NNO)	3,932	4,118	4,378	4,491	4,578	4,646	1,725	1,634	1,474	4,878	1,632
Total Depreciation and Amortization (D&A)	182	243	165	165	168	224	170	166	162	196	162
Debt-free, Cash-free Net Working Capital to Revenue	-0.67%	-2.97%	-2.79%	-3.21%	-1.96%	-1.59%	-12.57%	-11.71%	-8.74%	0.52%	-11.87%
Debt-free Net Working Capital to Revenue	-0.67%	-2.97%	-2.79%	-3.21%	-1.96%	-1.59%	-12.57%	-11.71%	-8.74%	0.52%	-11.87%
Net Working Capital to Revenue	-19.99%	-21.69%	-21.96%	-22.55%	-22.30%	-20.85%	-18.64%	-17.23%	-13.66%	-13.83%	-21.03%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.67	$0.34	($0.07)	($0.21)	$0.12	$0.16	$0.06	($0.28)	$0.72	$2.30	$1.83
Adjusted Weighted Average Basic Shares Outstanding	311.33M	309.49M	311.03M	310.81M	304.94M	299.79M	300.14M	300.14M	296.76M	307.20M	305.34M
Adjusted Diluted Earnings per Share	$0.66	$0.34	($0.07)	($0.21)	$0.12	$0.17	$0.06	($0.28)	$0.69	$2.18	$1.72
Adjusted Weighted Average Diluted Shares Outstanding	314.80M	313.41M	311.03M	310.81M	312.50M	311.60M	311.53M	300.14M	311.85M	329.22M	326.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	310.53M	311.18M	311.16M	311.01M	310.81M	303.57M	300.54M	300.38M	300.14M	295.25M	300.14M
Normalized Net Operating Profit after Tax (NOPAT)	221	24	3.32	-41	60	49	58	-51	304	815	673
Normalized NOPAT Margin	16.30%	2.07%	0.31%	-4.20%	5.35%	4.12%	5.18%	-5.39%	21.59%	39.09%	32.58%
Pre Tax Income Margin	20.25%	0.00%	-0.86%	-7.54%	5.20%	7.46%	4.11%	-10.26%	22.96%	43.16%	35.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	94.47	0.00	37.37	0.00	2.16	0.00	0.00	0.00	12.86	0.00	13.17
NOPAT to Interest Expense	75.04	0.00	-7.83	0.00	1.79	0.00	0.00	0.00	10.38	0.00	10.72
EBIT Less CapEx to Interest Expense	23.56	0.00	-278.09	0.00	-5.20	0.00	0.00	0.00	-0.77	0.00	9.02
NOPAT Less CapEx to Interest Expense	4.13	0.00	-323.29	0.00	-5.57	0.00	0.00	0.00	-3.24	0.00	6.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	23.93%	79.28%	89.02%	64.98%	78.42%	43.33%	16.10%	11.97%	7.68%	8.68%	6.67%
Augmented Payout Ratio	27.55%	79.28%	89.02%	64.98%	78.42%	68.67%	42.94%	53.44%	42.17%	52.39%	37.52%

Frequently Asked Questions About Antero Resources' Financials

When does Antero Resources's financial year end?

According to the most recent income statement we have on file, Antero Resources' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Antero Resources' net income changed over the last 9 years?

Antero Resources' net income appears to be on an upward trend, with a most recent value of $93.70 million in 2024, falling from $980.00 million in 2015. The previous period was $297.33 million in 2023. See where experts think Antero Resources is headed by visiting Antero Resources' forecast page.

What is Antero Resources's operating income?

Antero Resources's total operating income in 2024 was $460 thousand, based on the following breakdown:

Total Gross Profit: $1.38 billion
Total Operating Expenses: $1.37 billion

How has Antero Resources revenue changed over the last 9 years?

Over the last 9 years, Antero Resources' total revenue changed from $3.95 billion in 2015 to $4.33 billion in 2024, a change of 9.4%.

How much debt does Antero Resources have?

Antero Resources' total liabilities were at $5.79 billion at the end of 2024, a 9.2% decrease from 2023, and a 15.2% decrease since 2015.

How has Antero Resources' book value per share changed over the last 9 years?

Over the last 9 years, Antero Resources' book value per share changed from 21.42 in 2015 to 22.57 in 2024, a change of 5.3%.

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This page (NYSE:AR) was last updated on 5/27/2025 by MarketBeat.com Staff

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Antero Resources (AR) Financials

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