Antero Resources Corporation (AR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+26.0%

$51.54

vs $40.92 price

Levered DCF

$78.17

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.04

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.81×	194.72×	34.36×	5.09×	-28.69×	-1.17×	-2.57×	-7.45×
P/B	1.41×	1.54×	0.99×	1.41×	0.94×	0.26×	0.13×	0.39×
P/S	2.13×	2.63×	1.59×	1.15×	0.93×	0.48×	0.24×	0.81×
EV / EBITDA	9.03×	17.31×	9.2×	4.31×	15.64×	-11.98×	9.65×	7.75×
Gross margin	22.1%	7.9%	14.3%	55.3%	38.9%	-16.7%	8.5%	29.5%
Operating margin	16.5%	1.3%	9.3%	30.6%	0.4%	-30.9%	-27.1%	2.0%
Net margin	12.7%	1.4%	4.6%	22.6%	-3.2%	-41.1%	-9.3%	-10.9%
Current ratio	0.55×	0.35×	0.33×	0.44×	0.33×	0.58×	0.89×	0.95×
Debt / equity	0.68×	0.57×	0.65×	0.69×	0.96×	0.97×	0.95×	0.71×
Interest coverage	9.91×	0.44×	3.36×	20.25×	0.13×	-4.77×	-4.33×	0.25×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.4%	0.8%	2.9%	27.7%	-3.2%	-22.0%	-4.9%	-5.2%
Return on invested capital	4.7%	-1.7%	2.6%	16.1%	0.1%	-5.8%	-5.4%	0.1%
Return on assets	4.4%	0.4%	1.5%	13.3%	-1.3%	-9.6%	-2.2%	-2.6%
Free cash flow yield	11.6%	6.9%	12.2%	30.3%	28.7%	46.3%	107.1%	45.9%
Earnings yield	5.9%	0.5%	2.9%	19.7%	-3.5%	-85.4%	-39.0%	-13.4%
Enterprise value	$15.6B	$14.9B	$11.3B	$14.2B	$10.9B	$7.1B	$7.5B	$8.4B
Net debt / EBITDA	2.85×	4.69×	3.67×	1.41×	7.93×	-9.48×	8.53×	5.03×
Cash conversion cycle (days)	23	37	34	25	40	51	47	43