Recent News
On June 16, 2026 Antero Resources established a Commercial Paper Program allowing issuance of up to $1.65 billion of short-term unsecured notes, with maturities up to 397 days. On June 30, 2026 the company elected to dissolve Martica and made in‑kind liquidating distributions to counterparties, with related conveyances recorded in the June 2026 quarterly filing.
Technical Analysis
Directional indicators: ADX at 23.62 signals an emerging trend. DI+ registered a peak-and-reversal, indicating a recent reduction in upside pressure, while DI‑ declined, showing lower downside pressure; overall the directional system points to a consolidating move with increasing directional conviction for the near term.
MACD sits at 0.96 and has crossed above its 0.79 signal line while the MACD series climbs — a bullish momentum read that supports further upside continuation if maintained.
MRO reads 19.48 and rising, indicating the price sits above the regression target and creates reversion pressure that could cap rapid gains; expect this to temper strong breakout attempts until the oscillator cools.
RSI at 57.13 and rising shows modest bullish momentum without overbought extremes, consistent with an upward bias that still allows room to extend before encountering momentum exhaustion.
Price structure: the last close of $39.69 sits above the 12-day EMA ($38.56) and the 20-day average ($38.22), while the 200-day average at $36.25 remains well below price, supporting a constructive short-term bias. Bollinger upper bands around $39.36–$40.50 mark immediate price ceilings; the SuperTrend lower level at $37.45 provides a technical reference for intramove support.
Volume and volatility: recent volume (2.47M) trails 10-day and longer averages, reducing breakout conviction; 42‑day and 52‑week volatility at ~2% imply contained price swings, so moves that do occur may unfold gradually rather than in sharp spikes.
Fundamental Analysis
Earnings: reported EPS of $0.76 missed the $0.85 estimate by $0.09, an EPS surprise ratio of -10.59%. Forward EPS stands at $1.0803 and forward P/E near 33.63 reflect market expectations for recovery beyond the near-term miss.
Profitability and margins: EBIT of $402.9M produces an EBIT margin of 30.13%, below the industry peer mean of 41.62% and below the industry peer median of 41.98%. EBIT margin declined QoQ by 23.19% but improved YoY by 54.57%, demonstrating recent volatility in operating leverage and commodity exposure.
Revenue and growth: total revenue of $1.3373B shows YoY revenue growth of 108.32% while QoQ revenue contracted by 162.51% (reflecting period-to-period asset and asset-sale impacts). Earnings growth stands negative at -33.91% YoY with QoQ declines of -139.67%, signaling near-term earnings pressure despite higher revenue year-over-year.
Cash flow and capital: operating cash flow of $438.8M and free cash flow of $413.6M yield a free cash flow yield of 3.78%, above the industry peer mean of 2.73%. Free cash flow contracted YoY and QoQ, however, and free cash growth shows a marked decline, indicating less cushion from organic cash generation versus prior periods.
Leverage and coverage: total debt of $4.6153B produces net debt of $2.6143B and a debt/EBITDA of 7.31x, reflecting material leverage relative to current EBITDA. Debt-to-equity sits at 55.49% while interest coverage near 10.74x indicates adequate interest serviceability today but limited margin for sustained commodity shocks.
Valuation context: the stock trades at a P/E of 46.66 (above the industry peer mean of 28.03) and an enterprise multiple of 24.66 (above the industry peer mean of 16.66), while the price-to-book of 1.32 sits below the industry peer mean of 2.17. WMDST values the stock as fair-valued, a conclusion that reflects stronger cash yields and margins offset by elevated leverage, earnings contraction, and a above‑mean P/E/enterprise multiple.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-29 |
| NEXT REPORT DATE: | 2026-10-28 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | $ 438.8 M | |
| Capital Expenditures | $ -25.26 M | |
| Change In Working Capital | $ -117.27 M | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.3 B | |
| Forward Revenue | $ 400.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 1.1 B | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 1.1 B | |
| PROFITABILITY | ||
| Gross Profit | $ 276.2 M | |
| EBITDA | $ 631.2 M | |
| EBIT | $ 402.9 M | |
| Operating Income | $ 206.3 M | |
| Interest Income | — | |
| Interest Expense | $ 37.5 M | |
| Net Interest Income | $ -37.52 M | |
| Income Before Tax | $ 365.4 M | |
| Tax Provision | $ 79.0 M | |
| Tax Rate | 22.0 % | |
| Net Income | $ 278.7 M | |
| Net Income From Continuing Operations | $ 286.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.85 | |
| EPS Actual | $ 0.76 | |
| EPS Difference | $ -0.09 | |
| EPS Surprise | -10.588 % | |
| Forward EPS | $ 1.08 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 15.2 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 8.3 B | |
| Total Current Assets | $ 693.6 M | |
| Cash and Short-Term Investments | — | |
| Cash | — | |
| Net Receivables | $ 25.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 80.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 45.5 M | |
| Short-Term Debt | $ 182.0 M | |
| Total Current Liabilities | $ 1.7 B | |
| Net Debt | $ 2.6 B | |
| Total Debt | $ 4.6 B | |
| Total Liabilities | $ 6.9 B | |
| EQUITY | ||
| Total Equity | $ 8.3 B | |
| Retained Earnings | $ 2.5 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 26.94 | |
| Shares Outstanding | 308.739 M | |
| Revenue Per-Share | $ 4.33 | |
| VALUATION | Market Capitalization | $ 10.9 B |
| Enterprise Value | $ 15.6 B | |
| Enterprise Multiple | 24.657 | |
| Enterprise Multiple QoQ | 39.966 % | |
| Enterprise Multiple YoY | -26.26 % | |
| Enterprise Multiple IPRWA | high: 39.984 AR: 24.657 mean: 16.659 median: 15.584 low: -2.194 |
|
| EV/R | 11.638 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.832 | |
| Asset To Liability | 2.203 | |
| Debt To Capital | 0.357 | |
| Debt To Assets | 0.303 | |
| Debt To Assets QoQ | -2.103 % | |
| Debt To Assets YoY | 10.778 % | |
| Debt To Assets IPRWA | high: 0.422 AR: 0.303 mean: 0.175 median: 0.151 low: 0.011 |
|
| Debt To Equity | 0.555 | |
| Debt To Equity QoQ | -5.815 % | |
| Debt To Equity YoY | 16.109 % | |
| Debt To Equity IPRWA | high: 1.23 AR: 0.555 mean: 0.351 median: 0.259 low: -0.454 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.316 | |
| Price To Book QoQ | -9.852 % | |
| Price To Book YoY | -9.797 % | |
| Price To Book IPRWA | high: 5.928 median: 2.255 mean: 2.168 AR: 1.316 low: -0.595 |
|
| Price To Earnings (P/E) | 46.656 | |
| Price To Earnings QoQ | 41.198 % | |
| Price To Earnings YoY | -55.941 % | |
| Price To Earnings IPRWA | high: 60.475 AR: 46.656 mean: 28.027 median: 26.969 low: 20.096 |
|
| PE/G Ratio | -1.376 | |
| Price To Sales (P/S) | 8.186 | |
| Price To Sales QoQ | 29.517 % | |
| Price To Sales YoY | -7.542 % | |
| Price To Sales IPRWA | high: 148.887 mean: 8.775 median: 8.459 AR: 8.186 low: 3.355 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 33.628 | |
| Forward PE/G | -0.992 | |
| Forward P/S | 27.38 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.59 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.087 | |
| Asset Turnover Ratio QoQ | -32.868 % | |
| Asset Turnover Ratio YoY | -6.239 % | |
| Asset Turnover Ratio IPRWA | high: 0.243 median: 0.157 mean: 0.147 AR: 0.087 low: 0.0 |
|
| Receivables Turnover | 46.504 | |
| Receivables Turnover Ratio QoQ | -17.334 % | |
| Receivables Turnover Ratio YoY | 39.11 % | |
| Receivables Turnover Ratio IPRWA | AR: 46.504 high: 2.79 median: 2.384 mean: 2.259 low: 0.096 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 1.962 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -3.062 | |
| Cash Conversion Cycle Days QoQ | -25.745 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 45.789 AR: -3.062 mean: -38.003 median: -54.099 low: -1538.434 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.292 | |
| CapEx To Revenue | -0.019 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 10.7 B | |
| Net Invested Capital | $ 10.9 B | |
| Invested Capital | $ 10.9 B | |
| Net Tangible Assets | $ 8.3 B | |
| Net Working Capital | $ -1.04 B | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | 0.401 | |
| Current Ratio QoQ | 0.2 % | |
| Current Ratio YoY | 31.819 % | |
| Current Ratio IPRWA | high: 22.477 median: 1.851 mean: 1.84 AR: 0.401 low: 0.066 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.312 | |
| Cost Of Debt | 0.628 % | |
| Interest Coverage Ratio | 10.739 | |
| Interest Coverage Ratio QoQ | -45.674 % | |
| Interest Coverage Ratio YoY | -8.703 % | |
| Interest Coverage Ratio IPRWA | high: 83.612 median: 53.224 mean: 44.82 AR: 10.739 low: -60.084 |
|
| Operating Cash Flow Ratio | 0.254 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 5.024 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -0.761 % | |
| Revenue Growth | -28.205 % | |
| Revenue Growth QoQ | -162.507 % | |
| Revenue Growth YoY | 108.324 % | |
| Revenue Growth IPRWA | high: 70.433 % median: 25.688 % mean: 20.306 % AR: -28.205 % low: -89.777 % |
|
| Earnings Growth | -33.913 % | |
| Earnings Growth QoQ | -139.672 % | |
| Earnings Growth YoY | -38.483 % | |
| Earnings Growth IPRWA | high: 70.588 % median: 48.68 % mean: 40.23 % AR: -33.913 % low: -80.0 % |
|
| MARGINS | ||
| Gross Margin | 20.651 % | |
| Gross Margin QoQ | -48.144 % | |
| Gross Margin YoY | 2.466 % | |
| Gross Margin IPRWA | high: 85.582 % median: 71.721 % mean: 64.331 % AR: 20.651 % low: -111.111 % |
|
| EBIT Margin | 30.131 % | |
| EBIT Margin QoQ | -23.19 % | |
| EBIT Margin YoY | 54.566 % | |
| EBIT Margin IPRWA | high: 90.216 % median: 41.983 % mean: 41.618 % AR: 30.131 % low: -645.823 % |
|
| Return On Sales (ROS) | 15.429 % | |
| Return On Sales QoQ | -56.553 % | |
| Return On Sales YoY | 8.061 % | |
| Return On Sales IPRWA | high: 68.145 % median: 40.605 % mean: 38.233 % AR: 15.429 % low: -674.478 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 413.6 M | |
| Free Cash Flow Yield | 3.778 % | |
| Free Cash Flow Yield QoQ | -46.404 % | |
| Free Cash Flow Yield YoY | -13.408 % | |
| Free Cash Flow Yield IPRWA | high: 9.766 % median: 4.018 % AR: 3.778 % mean: 2.728 % low: -20.508 % |
|
| Free Cash Growth | -50.163 % | |
| Free Cash Growth QoQ | -131.169 % | |
| Free Cash Growth YoY | -657.119 % | |
| Free Cash Growth IPRWA | high: 355.835 % median: 118.381 % mean: 114.667 % AR: -50.163 % low: -245.512 % |
|
| Free Cash To Net Income | 1.484 | |
| Cash Flow Margin | 18.96 % | |
| Cash Flow To Earnings | 1.575 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.822 % | |
| Return On Assets QoQ | -51.322 % | |
| Return On Assets YoY | 50.206 % | |
| Return On Assets IPRWA | high: 10.029 % median: 5.037 % mean: 4.621 % AR: 1.822 % low: -5.482 % |
|
| Return On Capital Employed (ROCE) | 2.984 % | |
| Return On Equity (ROE) | 0.034 | |
| Return On Equity QoQ | -49.533 % | |
| Return On Equity YoY | 56.323 % | |
| Return On Equity IPRWA | high: 0.102 median: 0.085 mean: 0.079 AR: 0.034 low: -0.04 |
|
| DuPont ROE | 3.403 % | |
| Return On Invested Capital (ROIC) | 2.889 % | |
| Return On Invested Capital QoQ | -46.321 % | |
| Return On Invested Capital YoY | 33.38 % | |
| Return On Invested Capital IPRWA | high: 6.99 % median: 6.99 % mean: 6.242 % AR: 2.889 % low: 0.71 % |
|