Antero Resources Corp. (AR) intrinsic value & 10-year financials
Antero Resources Corp. (AR) has a Graham intrinsic value of $16.88 per share. At $38.65 on Oct 17, 2026, the stock trades 129% above that value. Over the last 10 fiscal years revenue grew 10.1% a year to $5.1B, with an average return on invested capital of 1.9%.
- Graham intrinsic value
- $16.88
- Share price (Oct 17, 2026)
- $38.65
- Price vs Graham value
- 129% above
- Market cap
- $12.1B
- Revenue (FY2025)
- $5.1B
- Revenue growth (10-yr CAGR)
- 10.1%
- ROIC (10-yr avg)
- 1.9%
- Free cash flow (FY2025)
- $1.6B
AR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $5.1B | $674.6M | $2.03 | $1.6B | 17.2% | 6.4% |
| FY2024 | $4.3B | $93.7M | $0.18 | $838.4M | 0.0% | 0.0% |
| FY2023 | $4.5B | $341.8M | $0.78 | $978.3M | 10.1% | 3.4% |
| FY2022 | $8.7B | $2.0B | $5.78 | $2.1B | 29.5% | 19.4% |
| FY2021 | $6.5B | -$154.1M | -$0.61 | $944.2M | 0.4% | 0.1% |
| FY2020 | $3.4B | -$1.3B | -$4.65 | -$138.7M | -28.1% | -5.9% |
| FY2019 | $3.9B | -$293.1M | -$1.11 | -$318.7M | -25.0% | -6.0% |
| FY2018 | $4.1B | -$45.7M | -$1.26 | -$128.6M | 1.7% | 0.3% |
| FY2017 | $3.0B | $785.1M | $1.94 | -$210.5M | 24.5% | 6.2% |
| FY2016 | $2.2B | -$749.4M | -$2.88 | $1.2B | -45.2% | -5.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ANTERO RESOURCES Corp is a consistent compounder, expanding top-line revenue at 10.1% annually over the past decade.
ANTERO RESOURCES Corp has historically struggled to out-earn its cost of capital, averaging just 1.9% ROIC.
ANTERO RESOURCES Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ANTERO RESOURCES Corp is modeled at 0.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $16.88 per share.