Antero Resources (AR) Financials

$33.14 +0.04 (+0.12%)

As of 04/14/2025 03:58 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	941	-849	615	-398	-340	-1,268	-187	1,872	198	57
Consolidated Net Income / (Loss)	980	-749	785	-46	-293	-1,260	-154	1,999	297	94
Net Income / (Loss) Continuing Operations	980	-749	785	-46	-293	-1,260	-154	1,999	297	94
Total Pre-Tax Income	1,556	-1,246	490	-175	-367	-1,658	-228	2,440	361	-24
Total Operating Income	1,790	-976	740	72	-987	-953	24	2,539	396	0.46
Total Gross Profit	3,181	141	2,002	1,847	1,586	384	1,302	3,994	1,752	1,375
Total Revenue	3,955	1,647	3,656	4,140	4,409	3,492	4,619	7,138	4,682	4,326
Operating Revenue	3,955	1,647	3,656	4,140	4,409	3,492	4,619	7,138	4,682	4,326
Total Cost of Revenue	774	1,506	1,654	2,293	2,822	3,108	3,317	3,144	2,930	2,950
Operating Cost of Revenue	695	1,439	1,560	2,167	2,697	3,001	3,317	3,144	2,930	2,950
Total Operating Expenses	1,391	1,117	1,261	1,775	2,573	1,337	1,278	1,455	1,356	1,375
Selling, General & Admin Expense	234	239	251	240	324	233	145	173	225	230
Depreciation Expense	710	810	825	972	915	862	742	715	747	762
Other Operating Expenses / (Income)	40	2.47	2.61	2.82	18	18	303	417	333	330
Impairment Charge	104	163	183	559	1,315	224	91	150	51	47
Other Special Charges / (Income)	0.00	-98	0.00	0.00	0.95	0.35	-2.23	0.47	-0.45	5.33
Total Other Income / (Expense), net	-234	-270	-250	-246	620	-704	-252	-99	-35	-25
Interest Expense	234	271	270	287	192	24	326	46	0.37	0.53
Interest & Investment Income	-	-	0.00	0.00	830	-673	77	-53	-35	-24
Income Tax Expense	576	-496	-295	-129	-74	-397	-74	441	64	-118
Net Income / (Loss) Attributable to Noncontrolling Interest	39	99	170	352	47	7.49	33	127	99	36
Basic Earnings per Share	$0.00	($2.88)	$1.95	($1.26)	($1.11)	($4.65)	($0.61)	$6.09	$0.66	$0.18
Weighted Average Basic Shares Outstanding	274.12M	294.95M	315.43M	316.04M	306.40M	272.43M	308.15M	307.20M	299.79M	309.49M
Diluted Earnings per Share	$0.00	($2.88)	$1.94	($1.26)	($1.11)	($4.65)	($0.61)	$5.69	$0.64	$0.18
Weighted Average Diluted Shares Outstanding	274.14M	294.95M	316.28M	316.04M	306.40M	272.43M	308.15M	329.22M	311.60M	313.41M
Weighted Average Basic & Diluted Shares Outstanding	274.50M	315.01M	316.52M	308.65M	286.68M	301.19M	314.71M	295.25M	303.57M	311.18M

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

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

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

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

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

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

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

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

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

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

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.

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 4/15/2025 by MarketBeat.com Staff

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Antero Resources (AR) Financials

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