# ANTERO RESOURCES CORPORATION (AR) — Stock CV

Antero Resources Corporation is a $11.1B energy company. Revenue grew 25.8% over the last year, and it keeps 18¢ of every dollar of sales as profit. It trades at 10.2× earnings — around the middle of its own history.

> Antero Resources is an exploration and production firm whose operations represent a pure play in the Marcellus Shale, located in northern West Virginia. The company started in 2002 as an E&P focused on the Barnett Shale (Fort Worth, Texas).

## Identity

- **Ticker**: AR
- **Sector**: Energy
- **Industry**: Crude Petroleum & Natural Gas
- **Headquarters**: DENVER, CO
- **Employees**: 632
- **Website**: https://www.anteroresources.com
- **Market cap**: $11.1B
- **Last price**: $36.08
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $6.13B
- **Net income**: $1.08B
- **Free cash flow**: $1.97B
- **P/E**: 10.2
- **Revenue growth (YoY)**: 25.8%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 95 |
| Growth | 26 |
| Profitability | 57 |
| Health | 0 |
| Quality | 70 |
| Moat | 38 |

## Qualifications (beginner checklist) — 6 of 10 passed

- [x] Revenue growing — +25.8% YoY
- [x] Profitable — $1.08B TTM
- [ ] Profit growing — -29.4% YoY
- [x] Generates cash — $1.97B TTM
- [ ] Debt under control — current ratio 0.40
- [x] Established company — $11.1B market cap
- [ ] Not printing shares — +14.7% shares over ~5y
- [x] Proven track record — 5/10 profitable years
- [ ] Financially stable — health score 0/100
- [x] Valuation not extreme — P/E 10.2

## Experience (career milestones)

- **FY2022** — Best year on record: $1.90B net income
- **FY2017** — Turned profitable: $615M net income after a loss year
- **2017** — The company acquired assets in the Utica Shale from Rex Energy for $30 million
- **FY2016** — Revenue already above $1B: $1.74B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — The company acquired assets in the Marcellus Shale from Statoil for $96 million
- **2013** — The company became a public company via an initial public offering, raising $1.5 billion
- **2002** — The company was founded in 2002 by Paul M

## Strengths

- High gross margin (72.8%)
- Revenue growing 25.8% year over year
- Strong cash conversion — FCF is 32.1% of revenue
- Piotroski F-Score 9/9 — fundamentally strong checklist

## Watch-outs

- Thin interest coverage (-0.0×)
- Loss-making in 5 of the recent years

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.62B | -$187M | $1.62B |
| FY2022 | $7.14B | $1.90B | $3.04B |
| FY2023 | $4.68B | $243M | $978M |
| FY2024 | $4.33B | $57.2M | $838M |
| FY2025 | $5.28B | $634M | $1.63B |

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Source: https://stockcv.com/AR — derived from company filings; may be delayed or incomplete. Information, not investment advice.