GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR
Antero Resources Corp (NYSE:AR)
[1]
Significantly Overvalued[5]$ 16.97
Oil & Gas - Oil & Gas E&P
Market Cap: $ 5,327 Mil
Antero Resources Corp is an independent oil and natural gas company, which acquires, explores, produces, and develops natural gas, natural gas liquids, and oil properties in the United States.
Valuation Rank
Score: 0 /10CurrentIndustry MedianHistorical Median
PE RatioLoss13.9511.05
Forward P/E5.289.47N/A
PB Ratio1.11.360.86
PS Ratio1.041.342.28
P/FCF3.749.523.97
Shiller P/EN/A15.664.87
PEG RatioN/A1.29N/A
Valuation Analysis
% of Price
NCAV-25.21-149
Tangible Book15.4591
Price16.97
Dividend & Ownership
Dividend Yield(ttm) %N/A
Dividend Yield(forward) %N/A
PayoutN/A
Dividend Growth(5y) %N/A
Yield on Cost(5y) %N/A
Continuous Div. sinceN/A
Insider Ownership %8.48
Institution Ownership %44.95
Financial Strength
Score: 3 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.000.460.01
Equity-to-Asset0.360.460.45
Interest Coverage6.046.841.59
Piotroski F-Score655
Profitability Rank
Score: 4 /10CurrentIndustry MedianHistorical Median
Operating Margin %22.884.38-4.49
Net Margin %-20.861.81-5.82
ROE %-18.482.41-2.69
ROA %-7.740.38-1.29
ROC (Joel Greenblatt) %-9.333.466.52
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)45.120.255.7
EBITDA Growth (%)N/AN/AN/A
Oprt. Income Growth (%)N/AN/AN/A
EPS w/o NRI Growth (%)N/AN/AN/A
Free Cash Flow Growth (%)N/A39.4116
Book Value Growth (%)N/A1.4-26.8
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue798994120511431540
Net Income-53670-15-523-549
EPS-1.990.21-0.05-1.7-1.75
Revenue (YoY) %-6.1114.9971.1294.3892.95
Net Income (YoY) %-39.06-114.48-95.4312.992.56
EPS (YoY) %-30.42-113.04-95.8-1.73-12.06
Warning Signs
SEVEREFinancial Strength: Poor
SEVEREAltman Z-Score: Distress
MEDIUMROIC vs. WACC: Return on invested capital is less than weighted average cost of capital.
MEDIUMInsider Sell: Insider Selling
Good Signs
GOODBeneish M-Score: Unlikely manipulator
Insider Trades
InsiderPositionDateTradesCur. Shares
Keenan W Howard JrDirector11/23/21-5921108080k
Pearce SheriSee Remarks11/15/21-200077822
Keenan W Howard JrDirector08/31/21-774958669k
Keenan W Howard JrDirector08/30/21-9650138747k
Clark Robert JDirector03/03/21-168000148242
As of 01-23-2022
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W-15.28-5.75
1M-6.09-5.42
3M-13.33-3.10
6M22.001.47
YTD-3.03-7.79
1Y160.2815.50
3Y16.1919.94
5Y-7.9416.09
10Y--14.91
67.41
33.37
0.67
18M
9.2M
2012201320142015201620172018201920202021CurrentPerformance
----63.4467.4145.6530.126.1622.4410.945.8321.99Highest Stock Price
------38.619.1219.7717.659.081.940.676.29Lowest Stock Price
----1662410635603974476011289884314645327Market Cap
260.1260.1262.1262.1274.1294.9316.3316306.4272.4313.8Shares Outstanding-Diluted
N/AN/AAt Loss15.796.36At Loss9.79At LossAt LossAt LossAt LossPE Ratio
----4.622.431.021.190.740.380.120.251.1PB Ratio
----20.246.054.353.972.180.810.240.481.04PS Ratio
----35.029.014.81-75.57.268.459.61-12.49-27.73EV-to-EBITDA
2011201220132014201520162017201820192020TTMPer Share Data
0.751.023.146.715.025.958.7311.5611.8911.3216.38Revenue per Share
1.51-1.1-0.072.573.43-2.881.94-1.26-1.11-4.65-3.29Earnings per Share
-0.42-1.98-1.99-2.331.160.253.394.33.052.524.54Free Cash Flow per Share
----------------------Dividends per Share
7.536.4413.7316.7321.4219.8925.7624.8423.5621.4715.45Tangible Book per Share
----------------------Median PS Value
1611.16--31.0440.66--33.53--------Graham Number
2011201220132014201520162017201820192020TTMIncome Statement
195.3265821.41758.81375.11755.12760.63652.93643.93083.94881.5Revenue
85.745.4309.2702.3-108.3-54.3656.81078.4311.5-514.41314.7Gross Profit
43.917.137.639.9-7.9-3.123.829.58.6-16.726.9Gross Margin %
37.560.1448.8295.5362355370.6475.3436.8280.5197.6Total Operating Expense
48.3-14.7-139.6406.7-470.4-409.3286.2603.2-125.3-7951117.1Operating Income
24.7-5.5-1723.1-34.2-23.310.416.5-3.4-25.822.9Operating Margin %
392.7-285.1-18.9673.6941.4-848.8615.1-397.5-340.1-1267.9-1018.5Net Income
201.1-107.6-2.338.368.5-48.422.3-10.9-9.3-41.1-20.9Net Margin %
530.9444298.61279.31790.3-992.3758.8112.2-139.1-1458-1145.7EBIT
586.7546.1533.61758.52501.7-179.915861087.5779.5-592.7-368.7EBITDA
20.1-15.7-0.716.918.3-13.98.5-5-4.7-19.9-18.5ROE %
10.4-7.7-0.47.47.3-64.2-2.6-2.2-9-7.7ROA %
2011201220132014201520162017201820192020Sep21Balance Sheet
3.31917.524623.531.628.4--------Cash & Equivalents
68.172.5127.4307.8207.6291.6335525.9489.3453.8687.3Total Receivables
3788.83618.86613.61157314115142561526115519151981315113472Total Assets
--25----------2.5305.3266353.5Short-Term Debt & CLO
1317.31444.120794362.64668.847044800.15464.66342.55350.44957.9Long-Term Debt & CLO
18301945.13014.96099.76828.865276385.470328226.87060.68336.3Total Liabilities
1958.81673.73598.74383.85934.46262.68149.27665.86970.75767.74850.3Total Stockholders Equity
1958.81673.73598.75473.87286.77728.68876.18487.56970.76090.35135.2Total Equity
2011201220132014201520162017201820192020TTMCashflow Statement
266.3332.3534.7998.31015.81241.32006.320821103.5735.61428.1Cash Flow from Operations
-901.2-463.5-2673.6-4089.7-2298.2-2395.1-2461.6-2350.7-1041.5-530.1-651.5Cash Flow from Investing
---------------129.1-38.8-43.4--Repurchase of Stock
665152579.72267.134732.390660.4690.9-466.5-758.6Net Issuance of Debt
629.3146.92137.43319.91059.81162452.2240.3557.6-205.6-776.6Cash Flow from Financing
-5.615.6-1.5228.5-222.58.1-3.2-28.4619.5-0--Net Change in Cash
-375.7-846.2-1055.6-1609.4-696.6-1167.7-934.8-722-168-48.1-78.7Capital Expenditure
-109.4-513.9-520.9-611.2319.273.61071.51360935.4687.51349.4Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
NYSE:ARAntero Resources Corp345,327At Loss1.04-20.86-7.74-18.48
NAS:PDCEPDC Energy Inc455,260At Loss3.24-8.05-2.51-5.16
NYSE:MTDRMatador Resources Co474,72717.223.6121.257.3719.53
NYSE:SMSM Energy Co343,809At Loss1.79-26.52-10.98-30.23
NYSE:KOSKosmos Energy Ltd241,916At Loss1.67-16.31-4.20-46.41
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Poor (3/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.00

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.36

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 1.10

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 6

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 16.46% vs ROIC : 6.37%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 0.00%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Profitability[3] (Annual data, as of Dec. 2020) : Fair (4/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $1,540 Mil vs Net Income : $-549 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $0 Mil vs Long-Term Debt* : $4,958 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : 38.67%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $-1.75

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $0.00

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $0.90

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $16.97)


PE Ratio without NRI : At Loss

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 1.22

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 1.15

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 4.14

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : -10.04

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Financial Strength : Poor

Antero Resources Corp displays poor financial strength. Usually this is caused by too much debt for the company.

Altman Z-Score : Distress

Altman Z-score of 0.12 is in distress zone. This implies bankrupcy possibility in the next two years.

Good Signs

Beneish M-Score : Unlikely manipulator

Beneish M-Score -3.65 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

Medium Warning Signs

ROIC vs. WACC : Return on invested capital is less than weighted average cost of capital.

Companys's return on invested capital is less than weighted average cost of capital. It might not be capital efficient

Insider Sell : Insider Selling

There were 2 insider selling transactions and no insider buying over the past 3 months. 594,110 shares were sold.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NYSE:MNRLBrigham Minerals Inc6/100.270.670.1146.9759.66-3.527.8312.92
NYSE:KRPKimbell Royalty Partners LP4/100.070.520.677.9451.49-1.7211.8111.67
NYSE:MTDRMatador Resources Co4/100.050.420.926.8381.88-2.1824.2214.26
NAS:PDCEPDC Energy Inc4/100.080.460.596.9470.98-2.8420.4210.30
NYSE:ARAntero Resources Corp3/100.000.361.106.0460.12-3.6516.466.37
NYSE:GPRKGeoPark Ltd3/100.11-0.11-7.734.6570.71-2.5616.0891.10
NYSE:SMSM Energy Co3/100.010.321.274.1950.57-2.7027.2212.35
NYSE:TALOTalos Energy Inc3/100.060.241.491.894-0.67-3.0216.468.92
NYSE:CRKComstock Resources Inc2/100.010.173.392.9840.00-2.097.2013.99
NYSE:KOSKosmos Energy Ltd2/100.050.078.361.345-0.17-2.4511.992.66

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NYSE:GPRKGeoPark Ltd7/1040.60-16.020.00-10.248.802.805.800.00-112.90
NYSE:MTDRMatador Resources Co7/1039.2921.2519.537.3712.8011.8011.900.000.00
NAS:PDCEPDC Energy Inc5/1034.22-8.05-5.16-2.517.97-1.15-5.400.00-56.00
NYSE:ARAntero Resources Corp4/1022.88-20.86-18.48-7.743.74-9.339.100.000.00
NYSE:MNRLBrigham Minerals Inc4/1044.47-8.530.08-1.6640.680.135.200.000.00
NYSE:KOSKosmos Energy Ltd4/1012.20-16.31-46.41-4.200.00-3.5910.003.40-21.40
NYSE:SMSM Energy Co4/1032.30-26.52-30.23-10.9812.33-9.05-4.300.00-67.10
NYSE:TALOTalos Energy Inc4/1022.50-67.17-79.36-23.982.42-19.934.00-30.00-81.00
NYSE:CRKComstock Resources Inc2/1047.93-35.38-44.35-11.0614.76-7.75-38.80-34.1062.90
NYSE:KRPKimbell Royalty Partners LP2/1044.12-32.90-18.78-8.587.15-13.590.000.000.00

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NYSE:ARAntero Resources CorpAt Loss1.101.040.320.000.000.000.00-11.210.00
NYSE:MNRLBrigham Minerals IncAt Loss2.016.970.000.000.000.000.000.080.00
NYSE:CRKComstock Resources IncAt Loss2.701.202.710.001.120.000.00-6.78-364.95
NYSE:GPRKGeoPark LtdAt Loss0.001.410.890.000.000.000.001.270.00
NYSE:KRPKimbell Royalty Partners LPAt Loss2.993.800.000.000.000.000.00-8.640.00
NYSE:KOSKosmos Energy LtdAt Loss6.041.670.000.000.360.000.00-2.880.00
NAS:PDCEPDC Energy IncAt Loss2.173.24337.560.000.880.000.00-0.87-24.22
NYSE:SMSM Energy CoAt Loss2.331.790.000.001.110.000.00-7.28-18.63
NYSE:TALOTalos Energy IncAt Loss1.190.760.000.000.000.000.00-29.410.00
NYSE:MTDRMatador Resources Co17.222.803.610.000.000.800.001.466.570.00
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Per Share Data



Per Share Data

Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
0.18
0.75
1.02
3.14
6.71
5.02
5.95
8.73
11.56
11.89
11.32
16.38
Revenue per Share
0.29
2.26
2.1
2.04
6.71
9.13
-0.61
5.02
3.44
2.54
-2.18
-0.96
EBITDA per Share
0.22
2.04
1.71
1.14
4.88
6.53
-3.36
2.4
0.36
-0.45
-5.35
-3.6
EBIT per Share
0.88
1.51
-1.1
-0.07
2.57
3.43
-2.88
1.94
-1.26
-1.11
-4.65
-3.29
Earnings per Share (Diluted)
0
1.51
0.86
-0.09
2.56
3.43
-2.88
1.94
-1.26
-1.11
-4.65
-3.29
EPS without NRI
--
--
--
--
--
--
-4.62
1.01
-1.66
-0.62
-5.59
-3.02
Owner Earnings per Share (TTM)
0.14
-0.42
-1.98
-1.99
-2.33
1.16
0.25
3.39
4.3
3.05
2.52
4.54
Free Cash Flow per Share
0.49
1.02
1.28
2.04
3.81
3.71
4.21
6.34
6.59
3.6
2.7
4.8
Operating Cash Flow per Share
--
0.01
0.07
0.07
0.94
0.09
0.1
0.09
--
--
--
-- Cash per Share
--
7.53
6.44
13.73
16.73
21.42
19.89
25.76
24.84
23.56
21.47
15.45
Book Value per Share
--
7.53
6.44
13.73
16.73
21.42
19.89
25.76
24.84
23.56
21.47
15.45
Tangible Book per Share
--
5.07
5.65
7.93
16.65
16.85
14.94
15.17
17.72
22.46
20.9
16.92
Total Debt per Share
--
--
--
63.44
40.58
21.8
23.65
19
9.39
2.85
5.45
16.97
Month End Stock Price

Ratios

Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
--
20.05
-15.7
-0.72
16.88
18.25
-13.92
8.54
-5.03
-4.65
-19.91
-18.48
ROE %
--
--
--
-0.16
6.95
17.89
-11.7
11.54
-13.24
-38.75
-79.64
-16.8
ROE % Adjusted to Book Value
--
10.36
-7.7
-0.37
7.41
7.33
-5.98
4.17
-2.58
-2.21
-8.95
-7.74
ROA %
--
20.05
-15.7
-0.72
16.88
18.25
-13.92
8.54
-5.03
-4.65
-19.91
-18.48
Return-on-Tangible-Equity
--
10.36
-7.7
-0.37
7.41
7.33
-5.98
4.17
-2.58
-2.21
-8.95
-7.74
Return-on-Tangible-Asset
--
18.23
15.18
7.03
17.16
17.49
-8.57
6.01
0.83
-1.04
-11.61
-9.33
ROC (Joel Greenblatt) %
--
15.02
13.11
6.47
15.35
14.87
-7.39
5.43
0.77
-0.97
-11.08
-9.89
ROCE %
--
0.8
-0.27
0.43
2.91
-2.48
-1.79
3.21
1.08
-0.68
-4.39
6.37
ROIC %
--
--
--
8.93
7.25
6.48
6.42
6.69
5.89
3.28
7.89
16.46
WACC %
--
5.65
7
7.7
4.97
5.19
5.41
5.65
5.59
3.77
3.26
3.46
Effective Interest Rate on Debt %
32.95
43.9
17.14
37.64
39.93
-7.88
-3.1
23.79
29.52
8.55
-16.68
26.93
Gross Margin %
-18.31
24.72
-5.53
-16.99
23.13
-34.21
-23.32
10.37
16.51
-3.44
-25.78
22.88
Operating Margin %
482
201
-108
-2.3
38.3
68.46
-48.36
22.28
-10.88
-9.33
-41.11
-20.86
Net Margin %
77.47
-56.02
-194
-63.41
-34.75
23.21
4.19
38.81
37.23
25.67
22.29
27.64
FCF Margin %
N/A
0.67
0.88
0.58
1
0.79
0.75
0.59
0.71
0.95
0.97
1.1
Debt-to-Equity
--
0.52
0.46
0.54
0.38
0.42
0.44
0.53
0.49
0.46
0.44
0.36
Equity-to-Asset
--
0.35
0.41
0.31
0.38
0.33
0.33
0.32
0.35
0.44
0.43
0.39
Debt-to-Asset
--
0.48
0.54
0.46
0.53
0.48
0.46
0.42
0.45
0.54
0.54
0.62
Liabilities-to-Assets
--
2.26
1.23
6.04
7.72
-0.84
-0.38
4.45
7.01
2.03
-3.63
9.99
Gross-Profit-to-Asset %
--
0.05
0.07
0.16
0.19
0.11
0.12
0.19
0.24
0.24
0.22
0.37
Asset Turnover
--
46.94
31.97
11.53
15.23
25.96
11.34
4.27
4.3
11.14
11.83
4.1
Days Sales Outstanding
--
357
240
197
156
74
10.95
8.81
9.16
9.78
10.6
12.82
Days Payable
--
-310
-208
-185
-141
-48.04
0.39
-4.54
-4.86
1.36
1.23
-8.72
Cash Conversion Cycle
0.67
0.56
0.83
0.62
0.6
1.08
1.03
0.76
0.7
0.91
1.17
0.73
COGS-to-Revenue
1.92
1.92
3.19
1.29
0.92
0.51
0.67
0.34
0.2
0.05
0.02
0.02
Capex-to-Revenue
--
7.78
--
--
3.96
--
--
3.27
1.2
--
--
0.07
Capex-to-Operating-Income
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Financial Satement



Income Statement

Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
47.43
195
265
821
1759
1375
1755
2761
3653
3644
3084
4881
Revenue
31.8
110
220
512
1057
1483
1809
2104
2574
3332
3598
3567
Cost of Goods Sold
15.63
85.74
45.41
309
702
-108
-54.33
657
1078
311
-514
1315
Gross Profit
32.95
43.9
17.14
37.64
39.93
-7.88
-3.1
23.79
29.52
8.55
-16.68
26.93
Gross Margin %
21.95
33.34
45.28
425
320
533
739
617
926
729
604
904
Selling, General, & Admin. Expense
2.36
4.11
14.78
23.34
-24.44
-171
-384
-247
-451
-292
-323
-707
Other Operating Expense
24.31
37.45
60.06
449
296
362
355
371
475
437
281
198
Total Operating Expense
-8.68
48.28
-14.65
-140
407
-470
-409
286
603
-125
-795
1117
Operating Income
-18.31
24.72
-5.53
-16.99
23.13
-34.21
-23.32
10.37
16.51
-3.44
-25.78
22.88
Operating Margin %
-56.46
-74.4
-97.51
-137
-160
-234
-254
-269
-287
-228
-200
-185
  Interest Expense
-56.46
-74.4
-97.51
-137
-160
-234
-254
-269
-287
-228
-200
-185
Net Interest Income
66.3
483
459
438
873
2261
-583
473
-491
-13.84
-663
-2263
Other Income (Expense)
1.16
456
347
162
1119
1556
-1246
490
-175
-367
-1658
-1331
Pre-Tax Income
-0.94
-185
-121
-186
-446
-576
496
295
129
74.11
397
314
Tax Provision
81.3
40.59
34.99
115
39.82
37.01
39.84
-60.2
73.82
20.18
23.98
23.59
Tax Rate %
0.22
271
225
-24.19
674
980
-749
785
-45.7
-293
-1260
-1017
Net Income (Continuing Operations)
228
121
-510
5.26
2.21
--
--
--
--
--
--
-- Net Income (Discontinued Operations)
--
--
--
--
-2.25
-38.63
-99.37
-170
-352
-46.99
-7.49
-1.64
  Other Income (Minority Interest)
229
393
-285
-18.93
674
941
-849
615
-398
-340
-1268
-1018
Net Income
482
201
-108
-2.3
38.3
68.46
-48.36
22.28
-10.88
-9.33
-41.11
-20.86
Net Margin %
0.88
1.51
-1.1
-0.07
2.57
3.43
-2.88
1.95
-1.26
-1.11
-4.65
-3.24
EPS (Basic)
0.88
1.51
-1.1
-0.07
2.57
3.43
-2.88
1.94
-1.26
-1.11
-4.65
-3.29
EPS (Diluted)
260
260
260
262
262
274
295
316
316
306
272
314
Shares Outstanding (Diluted Average)
57.62
531
444
299
1279
1790
-992
759
112
-139
-1458
-1146
EBIT
18.53
55.79
102
235
479
711
812
827
975
919
865
777
Depreciation, Depletion and Amortization
76.15
587
546
534
1759
2502
-180
1586
1087
779
-593
-369
EBITDA

Cashflow Statement

Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
229
393
-285
-18.93
676
980
-749
785
-45.7
-293
-1260
-1017
Net Income From Continuing Operations
18.53
55.79
102
235
479
711
812
827
975
919
865
777
Depreciation, Depletion and Amortization
-9.71
-7.26
-5.17
-59.47
-140
60.12
-93.86
-43.38
-190
189
-117
-319
  Change In Receivables
8.76
20.1
23.94
78.39
160
-24.56
60.26
120
174
-157
13.47
336
  Change In Payables And Accrued Expense
0.26
-4.53
6.12
22.99
-1.88
3.95
0.68
-0.54
-9.64
3.57
-5.6
6.69
  Change In Other Working Capital
-0.7
8.31
24.89
41.91
17.95
39.5
-32.92
76.04
-25.42
35.54
-109
23.39
Change In Working Capital
0.94
185
106
190
446
576
-485
-295
-129
-79.16
-397
-309
Deferred Tax
--
--
--
365
112
97.88
102
103
70.41
23.56
23.32
21.51
Stock Based Compensation
6.08
4.66
12.07
10.93
15.2
104
163
183
559
1783
834
137
Asset Impairment Charge
86.03
57.72
-137
3.25
1.35
--
--
--
--
--
--
-- Cash from Discontinued Operating Activities
-212
-438
509
-293
-749
-1493
1431
327
677
-1285
780
1794
Cash Flow from Others
128
266
332
535
998
1016
1241
2006
2082
1103
736
1428
Cash Flow from Operations
-91.05
-376
-846
-1056
-1609
-697
-1168
-935
-722
-168
-48.09
-78.65
Purchase Of Property, Plant, Equipment
-96.06
--
--
--
--
--
-75.52
-235
-136
-25.02
--
-- Purchase Of Business
--
--
--
--
--
--
--
--
--
397
125
-- Sale Of Business
-43.56
-526
383
-1618
-2480
-1602
-1152
-1292
-1492
-1245
-607
-573
Cash From Other Investing Activities
-231
-901
-463
-2674
-4090
-2298
-2395
-2462
-2351
-1041
-530
-651
Cash Flow from Investing
--
--
--
1579
1087
779
1256
560
--
--
--
-- Issuance of Stock
--
--
--
--
--
--
--
--
-129
-38.77
-43.44
-- Repurchase of Stock
156
665
300
1303
2545
750
1250
90
660
882
753
2363
  Issuance of Debt
-42.08
--
-148
-723
-277
-403
-1218
--
--
-191
-1219
-3121
  Payments of Debt
114
665
152
580
2267
347
32.25
90
660
691
-467
-759
Net Issuance of Debt
--
-28.86
--
--
--
--
--
--
--
--
--
-- Cash Flow for Dividends
-12.72
-6.84
-5.12
-20.9
-34.46
-65.69
-126
-198
-291
-94.57
304
-18.08
Other Financing
101
629
147
2137
3320
1060
1162
452
240
558
-206
-777
Cash Flow from Financing
-1.68
-5.64
15.65
-1.5
228
-223
8.14
-3.17
-28.44
620
-0
-- Net Change in Cash
-91.05
-376
-846
-1056
-1609
-697
-1168
-935
-722
-168
-48.09
-78.65
Capital Expenditure
36.74
-109
-514
-521
-611
319
73.59
1072
1360
935
688
1349
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Financial Satement


Balance Sheet

Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
--
3.34
18.99
17.49
246
23.47
31.61
28.44
--
--
--
--   Cash And Cash Equivalents
--
3.34
18.99
17.49
246
23.47
31.61
28.44
--
--
--
-- Cash, Cash Equivalents, Marketable Securities
--
25.12
21.3
30.61
116
79.4
29.68
34.9
51.07
171
28.46
34.77
  Accounts Receivable
--
7
4.56
--
--
--
--
--
--
--
--
--   Notes Receivable
--
35.99
46.67
96.83
192
128
262
300
475
318
425
653
  Other Current Receivables
--
68.1
72.52
127
308
208
292
335
526
489
454
687
Total Receivables
--
262
183
189
698
1017
79.34
470
281
434
120
21.56
Other Current Assets
--
334
275
334
1252
1248
403
833
807
923
574
709
Total Current Assets
--
--
--
--
--
--
68.3
303
434
1055
255
237
Investments And Advances
--
--
--
--
--
--
--
--
--
--
--
1788
  Machinery, Furniture, Equipment
--
3482
3111
5967
10232
12322
14391
16418
18024
16193
16130
14891
  Other Gross PPE
--
3482
3111
5967
10232
12322
14391
16418
18024
16193
16130
16679
Gross Property, Plant and Equipment
--
-602
-173
-407
-880
-1589
-2364
-3182
-4154
-3328
-3869
-4176
  Accumulated Depreciation
--
2880
2937
5560
9352
10732
12027
13236
13870
12865
12261
12502
Property, Plant and Equipment
--
575
407
720
969
2135
1758
890
409
354
61.08
23.63
Other Long Term Assets
--
3455
3344
6280
10321
12867
13853
14428
14713
14275
12577
12763
Total Long-Term Assets
--
3789
3619
6614
11573
14115
14256
15261
15519
15198
13151
13472
Total Assets
--
107
181
371
532
69.91
38.63
62.98
66.29
112
96.59
140
  Accounts Payable
--
--
--
--
--
--
--
--
--
39.33
40.8
30.49
  Total Tax Payable
--
34.77
46.04
96.59
182
130
164
210
311
208
198
388
  Other Current Payables
--
37.96
58.83
77.13
169
488
394
443
465
362
303
398
  Current Accrued Expense
--
180
286
544
883
688
596
716
842
721
638
957
Accounts Payable & Accrued Expense
--
--
25
--
--
--
--
--
--
--
--
--   Short-Term Debt
--
--
--
--
--
--
--
--
2.46
305
266
353
  Short-Term Capital Lease Obligation
--
--
25
--
--
--
--
--
2.46
305
266
353
Short-Term Debt & Capital Lease Obligation
--
--
--
--
--
--
--
--
--
--
45.26
39.53
  Current Deferred Revenue
--
75.31
62.62
69.19
--
--
--
--
--
--
--
--   Current Deferred Taxes Liabilities
--
75.31
62.62
69.19
--
--
--
--
--
--
45.26
39.53
DeferredTaxAndRevenue
--
--
2.33
8.68
12.2
19.09
221
46.27
8.89
13.6
33.54
1453
Other Current Liabilities
--
255
376
622
895
707
817
762
854
1040
983
2803
Total Current Liabilities
--
1317
1444
2079
4363
4669
4704
4800
5462
3759
3002
2341
  Long-Term Debt
--
--
--
--
--
--
--
--
2.87
2584
2349
2617
  Long-Term Capital Lease Obligation
--
1317
1444
2079
4363
4669
4704
4800
5465
6343
5350
4958
Long-Term Debt & Capital Lease Obligation
N/A
0.67
0.88
0.58
1
0.79
0.75
0.59
0.71
0.95
0.97
1.1
Debt-to-Equity
--
245
91.69
279
795
1371
950
780
651
782
568
183
NonCurrent Deferred Liabilities
--
12.28
33.01
35.11
47.59
82.08
55.39
43.52
63.1
62.15
159
392
Other Long-Term Liabilities
--
1575
1569
2393
5205
6122
5710
5623
6178
7187
6078
5534
Total Long-Term Liabilities
--
1830
1945
3015
6100
6829
6527
6385
7032
8227
7061
8336
Total Liabilities
--
--
--
2.62
2.62
2.77
3.15
3.16
3.09
2.96
2.69
3.14
Common Stock
--
498
213
194
867
1809
960
1575
1178
837
-430
-1519
Retained Earnings
--
--
--
3402
3514
4123
5299
6571
6485
6130
6195
6366
Additional Paid-In Capital
--
1461
1461
--
--
--
--
-0
--
0
--
-- Other Stockholders Equity
--
1959
1674
3599
4384
5934
6263
8149
7666
6971
5768
4850
Total Stockholders Equity
--
--
--
--
1090
1352
1466
727
822
--
323
285
Minority Interest
--
1959
1674
3599
5474
7287
7729
8876
8487
6971
6090
5135
Total Equity
--
0.52
0.46
0.54
0.38
0.42
0.44
0.53
0.49
0.46
0.44
0.36
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Valuation Ratios



Valuation Ratios

Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
N/A
N/A
N/A
At Loss
15.79
6.36
At Loss
9.79
At Loss
At Loss
At Loss
At Loss PE Ratio
N/A
N/A
N/A
At Loss
15.85
6.36
At Loss
9.79
At Loss
At Loss
At Loss
At Loss PE Ratio without NRI
--
--
--
--
--
--
--
18.83
--
--
--
-- Price-to-Owner-Earnings
--
--
--
4.62
2.43
1.02
1.19
0.74
0.38
0.12
0.25
1.1
PB Ratio
--
--
--
4.62
2.43
1.02
1.19
0.74
0.38
0.12
0.25
1.1
Price-to-Tangible-Book
--
--
--
--
--
18.73
94.98
5.61
2.18
0.93
2.16
3.74
Price-to-Free-Cash-Flow
--
--
--
31.1
10.65
5.88
5.62
3
1.43
0.79
2.02
3.53
Price-to-Operating-Cash-Flow
--
--
--
20.24
6.05
4.35
3.97
2.18
0.81
0.24
0.48
1.04
PS Ratio
--
--
--
22.75
9.01
8.75
7.74
4.17
2.51
2.06
2.4
2.09
EV-to-Revenue
--
--
--
35.02
9.01
4.81
-75.5
7.26
8.45
9.61
-12.49
-27.73
EV-to-EBITDA
--
--
--
62.57
12.38
6.72
-13.69
15.17
81.89
-53.84
-5.08
-8.92
EV-to-EBIT
--
--
--
1.6
8.08
14.88
-7.3
6.59
1.22
-1.86
-19.69
-11.21
Earnings Yield (Joel Greenblatt) %

Valuation and Quality

Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
--
--
--
16624
10635
6039
7447
6011
2898
843
1464
5327
Market Cap
--
--
--
18686
15841
12037
13585
11510
9186
7491
7403
10225
Enterprise Value
--
--
--
63.44
40.58
21.8
23.65
19
9.39
2.85
5.45
16.97
Month End Stock Price
--
-7.02
-7.41
-11.44
-26.5
-29.45
-25.28
-22.39
-25.45
-27.8
-27.48
-27.47
Net Cash per Share
--
-5.75
-6.42
-10.23
-22.66
-25.03
-24.11
-19.85
-22.84
-24.68
-25.34
-25.21
Net Current Asset Value
--
-6.95
-7.34
-11.35
-26.16
-29.23
-25.21
-22.31
-25.33
-27.36
-27.4
-27.38
Net-Net Working Capital
--
--
--
--
--
--
--
19.71
35.23
42.23
53.74
52.85
Intrinsic Value: Projected FCF
--
16
11.16
--
31.04
40.66
--
33.53
--
--
--
-- Graham Number
--
--
--
--
--
--
-44.79
-45.19
-46.21
-48.42
-45.05
-21.57
Earnings Power Value (EPV)
--
--
0.53
3.57
1.7
1.27
0.64
1.06
0.61
0.34
-0.09
0.12
Altman Z-Score
N/A
N/A
N/A
5
7
5
5
8
5
4
4
6
Piotroski F-Score
--
--
--
-2.41
-1.3
-6.61
-2.54
-3.42
-2.99
0.83
-4.92
-3.65
Beneish M-Score
--
--
0.82
1.56
1.45
1.03
0.88
0.96
0.91
0.88
0.77
0.81
Scaled Net Operating Assets
--
27.12
-4.25
32.05
32.53
15.75
2.14
7.01
-0.83
-2.65
-11.2
-13.33
Sloan Ratio %
--
1.31
0.73
0.54
1.4
1.76
0.49
1.09
0.95
0.89
0.58
0.25
Current Ratio
--
1.31
0.73
0.54
1.4
1.76
0.49
1.09
0.95
0.89
0.58
0.25
Quick Ratio
--
0.01
0.05
0.03
0.27
0.03
0.04
0.04
--
--
--
-- Cash Ratio
--
0.65
--
--
2.54
--
--
1.07
2.1
--
--
6.04
Interest Coverage
--
--
--
63.44
67.41
45.65
30.1
26.16
22.44
10.94
5.83
21.99
Highest Stock Price
--
--
--
--
38.6
19.12
19.77
17.65
9.08
1.94
0.67
6.29
Lowest Stock Price
--
--
--
-0.75
-0.01
-5.71
-13.66
-0.48
2.46
4.1
9.21
-16.87
Shares Buyback Ratio %
--
--
--
-9.5
-10.22
-12.89
-16.86
-9.32
4.45
4.6
2.97
-- Buyback Yield %
--
313
35.69
208
114
-25.26
18.62
46.69
32.42
2.9
-4.82
55.69
YoY Rev. per Sh. Growth
--
71.59
-173
93.61
3771
33.46
-184
167
-165
11.9
-319
49.54
YoY EPS Growth
--
670
-6.91
-3.05
230
36.01
-107
922
-31.39
-26.07
-186
79.61
YoY EBITDA Growth
260
260
260
262
262
274
295
315
316
306
272
314
Shares Outstanding (Basic Average)
260
260
260
262
262
277
315
316
309
296
269
314
Shares Outstanding (EOP)
--
--
--
--
--
--
0.95
0.85
0.6
0.87
5.19
5.11
Beta
10/10/13
02/27/14
10/10/13
02/27/14
02/25/15
02/24/16
02/28/17
02/13/18
02/13/19
02/12/20
02/17/21
  Filing Date
10/10/13
02/27/14
02/25/15
02/24/16
02/28/17
02/13/18
02/13/19
02/12/20
02/17/21
02/17/21
02/17/21
  Restated Filing Date
02/27/14
02/26/15
03/01/17
02/14/18
02/14/19
02/13/20
02/18/21
  Earnings Release Date
--
--
--
2
3
55
323
284
265
168
158
158
Number of Shareholders
--
--
--
233
444
480
528
593
623
547
522
506
Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Jan 23, 2022
Antero Resources Corp (NYSE:AR)
www.gurufocus.com/stock/NYSE:AR

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

Disclaimer

GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.