AR
Antero Resources Corporation
AR's fundamentals are strong: revenue grew 29% and its operating margin rose 16 points to 28%. At 8.7x earnings, it's trading below its usual 14x. Analysts expect that strong growth to continue, though they disagree widely on how much.
AR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
AR's revenue, profitability, cash flow and balance sheet are all currently healthy.
AR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 4.8x | $21.15 | -45% |
| Forward | 8.4x | $38.71 | — |
| Current | 8.7x | $38.71 | — |
| Fair | 14x | $60.40 | +56% |
| Expensive | 109x | $483 | +1148% |
Historical ranges are pointers, not guarantees.
AR's PE is in its cheap range at 8.7x. If earnings grow as analysts expect, today's price would be 8.4x next year's earnings.
AR Forward outlook
| Metric | Outlook |
|---|---|
| Stable | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for AR, with profitability improving. However, they disagree widely on these estimates.
AR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.62 | +4% |
| Q3 2026 | $4.44 | +155% |
| Q2 2026 | $3.49 | +144% |
| Q1 2026 | $3.09 | +329% |
| Q4 2025 | $2.03 | +1028% |
| Q3 2025 | $1.74 | +1060% |
| Q2 2025 | $1.43 | +411% |
| Q1 2025 | $0.72 | +243% |
| Q4 2024 | $0.18 | -77% |
AR's earnings per share have fallen from their peak: $4.44 over the past year, against $6.97 in early 2023.
AR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.6B | +29% |
| Q2 2026 | $1.6B | +20% |
| Q1 2026 | $1.9B | +44% |
| Q4 2025 | $1.4B | +21% |
| Q3 2025 | $1.2B | +15% |
| Q2 2025 | $1.3B | +33% |
| Q1 2025 | $1.4B | +21% |
| Q4 2024 | $1.2B | -2.1% |
AR's revenue is recovering but still below its 2021 peak: $1.6B last quarter, up 29% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | +15 points |
| Q2 2026 | 24% | +8.3 points |
| Q1 2026 | 38% | +17 points |
| Q4 2025 | 20% | +20 points |
| Q3 2025 | 9.7% | +10 points |
| Q2 2025 | 16% | +22 points |
| Q1 2025 | 20% | +14 points |
| Q4 2024 | 0.3% | -13 points |
AR's operating margin was 25% last quarter, up 15 points from the same quarter a year ago.
AR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $560.4M | +82% |
| Q2 2026 | $434.6M | -12% |
| Q1 2026 | $854.4M | +87% |
| Q4 2025 | $369.3M | +33% |
| Q3 2025 | $307.7M | +86% |
| Q2 2025 | $491.4M | +249% |
| Q1 2025 | $457.1M | +79% |
| Q4 2024 | $277.2M | -10% |
AR generated $2.2B in free cash flow over the past year, up 45% from the year before.
AR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -2M shares |
| 1 year | -0.8% | -2.4M shares |
| 3 years | -0.9% | -2.9M shares |
| 5 years | -1.6% | -5.2M shares |
| Available history | +0.7% | +2.2M shares |
AR has 309M diluted shares, down 0.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $55.7M |
| Q4 2025 | $83,000 |
| Q3 2025 | $51.4M |
| Q2 2025 | $74.9M |
| Q1 2025 | $10.1M |
| Q4 2023 | $1,000 |
| Q3 2023 | — |
| Q2 2023 | — |
AR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.1x | Healthy |
| Q2 2026 | 1.1x | Healthy |
| Q1 2026 | 1.3x | Healthy |
| Q4 2025 | 0.7x | Very low |
| Q3 2025 | 0.9x | Very low |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 2.0x | Healthy |
AR's net debt is about 1.1 years of its operating earnings (EBITDA), about the same as a year ago.
AR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 53.3 | Neutral |
| Stochastic | 60.6 | Neutral |
AR's weekly RSI is 53 (neutral) and its Stochastic is 61 (neutral).
AR PE vs Energy Sector
| Metric | AR | Sector median | Relative |
|---|---|---|---|
| PE | 8.7x | 13x | 34% below |
| PE % | 32 | 61 | 29 pts below |
AR is trading at 8.7x earnings, a 34% discount to the Energy sector's median of 13x.
AR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.6 | 3% above |
| 20 week MA | $36.8 | 5.3% above |
| 50 week MA | $36.6 | 5.7% above |
| 100 week MA | $36.2 | 7.1% above |
| 200 week MA | $31.5 | 23% above |
AR is in an uptrend: it's above all five of its weekly moving averages, and 23% above its 200-week average.
AR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $2.70 | $5.75 | +113% |
| 2021 | $5.75 | $18.1 | +214% |
| 2022 | $18.1 | $33.9 | +88% |
| 2023 | $33.9 | $22.7 | -33% |
| 2024 | $22.7 | $33.3 | +47% |
| 2025 | $33.3 | $34.1 | +2.3% |
| 2026 YTD | $34.1 | $38.7 | +14% |
AR has finished higher in five of the last six years, three of them by more than 50%. It's up 14% so far in 2026.