Antero Resources Corporation

Oil & Gas Exploration & Production · Energy

Price

$33.57

+0.22 (+0.66%)

Market Cap

$10.40B

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Share count rising — dilution

+1.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 308.1M (2021) → 312.4M (2025)

Antero Resources is a natural gas company based in the United States. It drills for and produces natural gas and natural gas liquids — like propane and butane — mainly from the Appalachian Basin in West Virginia and Ohio. It is one of the largest natural gas producers in the country, selling to utilities, industrial customers, and exporters.

The company makes money by selling the gas and liquids it pulls out of the ground. Revenue rises and falls with natural gas prices, which can swing sharply based on weather, supply, and global demand. Antero has a large inventory of undrilled wells in the Marcellus and Utica shale formations, giving it years of potential production ahead. However, its biggest risk is its heavy exposure to natural gas prices — when prices fall, as they did sharply in 2023, profits can drop quickly even if the company is pumping the same amount of gas.

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+33.8% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+158.2% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

4.6%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Position

Cash flow positive

$0 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Antero Resources Corporation grew revenue 34% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

39.8%

Modest — 39.8% gross margin

Operating Margin

35.5%

Excellent — 35.5% operating margin

ROCE

5.9%

Weak — 5.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+23.1%

Fast-growing sales (23.1% YoY)

EPS YoY

+354.5%

Earnings growing fast (354.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

211%

Turns 211% of profit into real cash

FCF Margin

31.2%

Converts sales into free cash efficiently (31.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.40

Conservative — low debt load (0.40)

Interest Cover

11.76x

Comfortably covers interest (11.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

10.8x

Attractive valuation — P/E 10.8

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+4.5

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (10.8 → 6.3)

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Dividends

Not applicable for this business.

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