Antero Resources Corp (AR) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Antero Resources Corp stock $50.65, price $36.38, upside +39.2%, quality 73 out of 100. Rating: undervalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $11.38 – $48.31 · fair‑value band $35.46 – $65.85 · the $36.38 price screens below the $50.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Antero Resources Corporation, an independent oil and natural gas company, engages in the development, production, exploration, and acquisition of natural gas, natural gas liquids (NGLs), and oil properties in the United States.
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It operates in three segments: Exploration and Production; Marketing; and Equity Method Investment in Antero Midstream. As of December 31, 2025, the company had approximately 537,000 net acres in the Appalachian Basin; and approximately 168,000 net acres in the Upper Devonian Shale.
Its gathering and compression systems also comprise 731 miles of gas gathering pipelines in the Appalachian Basin. The company was formerly known as Antero Resources Appalachian Corporation and changed its name to Antero Resources Corporation in June 2013.
Antero Resources Corporation was incorporated in 2002 and is headquartered in Denver, Colorado.
Stock analysis
Antero Resources Corp (AR) currently trades at $36.38, while our model-based Fair Value estimate is $50.65, implying the stock looks roughly 28% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $67.15 per share, and 14 of the 24 models we run sit above the $36.38 price.
Bear case: the Multiples group reads lowest at $14.87, and 10 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $35.46 (bear) to $65.85 (bull), the price of $36.38 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 73/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Antero Resources Corp reported revenue of $5.0B in FY2025 versus $5.8B in FY2021, a compound −3.5%/yr. Reported net income was $634M in FY2025.
Key figures
Market cap $11.4B Large · P/E ratio 10.5 · P/S ratio 1.98 · EPS (TTM) $3.48 · Net margin 18.8% · Return on equity 14.2% · Return on assets (EBIT) 5.4% · Operating margin 26.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at 12% fair-value upside, at 39%, AR screens cheaper than that median.
Fair Value models
Bear$35.46Fair Value $50.65Bull$65.85
Price $36.38 · Upside +39.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($2.96 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, no officer or director bought or sold shares on the open market.
SaleMichael N. KennedyOfficer, Director185,826 shares at $39.33$7.3MMay 4, 202610b5-1 plan
SaleYvette K SchultzOfficer2× since Mar 9, 2026: 54,490 shares, avg. $39.28$2.1MMay 4, 2026
SaleBenjamin A. HardestyDirector2× since Feb 27, 2026: 24,000 shares, avg. $40.00$960,000Mar 19, 202610b5-1 plan
SaleSheri PearceOfficer19,667 shares at $38.13$749,903Mar 10, 2026
BuyBrendan E. KruegerOfficer5,000 shares at $33.35$166,750Nov 7, 2025
Plus 15 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+21.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−15.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.2%
Start year 2020 (pandemic). Over 10 years: +13.8% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+36.4%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−16.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−16.6%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−31% → 17%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.0%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −3.3% a year for the price and +4.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Antero Resources shows strength in optimizing firm transportation contracts and cutting operating costs to unlock extra free cash flow, yet its main weakness remains exposure to volatile natural gas prices and regional discounts.
Main risk: Larger integrated producers such as EQT Corporation with greater scale and pipeline ownership might capture more market share or force lower prices for Antero's natural gas output in the Appalachian Basin.
Bull case: By optimising its liquids-rich position and transportation contracts Antero could maintain competitive margins against larger peers through efficiency gains and local demand growth.
Bear case: If EQT and similar rivals expand their integrated operations further Antero might lose ground in production volumes or realise persistently lower netbacks from its gas sales.
Antero is unlocking meaningful extra free cash flow by optimizing its firm transportation contracts after integrating recent acquisitions and driving down operating costs. Record output and share repurchases add to the picture of disciplined execution in the Appalachian Basin. Our models see the business as undervalued, but regional price discounts and potential curtailments could still weigh on results. Will the transport deals and efficiency gains deliver more durable cash flow than volatile natural gas pricing takes away?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas E&P · 238 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside+39.2% · Top 25%
Profitability
Return on equity (12 months)14.2% · Above median
Return on assets4.4% · Above median
Net margin (12 months)18.8% · Above median
Operating margin (12 months)26.0% · Below median
Growth and dividend
Revenue growth (quarter YoY)12.6% · Below median
Balance sheet
Debt / equity0.19× · Below median
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Antero Resources Corp (AR) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $50.65 versus a price of $36.38, about +39% upside (undervalued).
What is the fair value of AR?
Our model-based fair value for Antero Resources Corp is $50.65 (as of Nov 6, 2026), built from audited fundamentals. The current price: $36.38.
What is the quality score of AR?
Antero Resources Corp has a Quality Score of 73/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Antero Resources Corp (AR)?
Our model-based price target is the fair value of $50.65 (as of Nov 6, 2026) from 24 valuation models. Cautious scenario $35.46, optimistic scenario $65.85. It is a calculation from audited fundamentals, not an analyst target.
What is the Antero Resources Corp stock forecast for 2026?
Our models put fair value at $50.65, about +39% upside versus a price of $36.38 (undervalued). Cautious scenario $35.46, optimistic scenario $65.85. The calculation is refreshed regularly with new filings.
What is the revenue of Antero Resources Corp (AR)?
Antero Resources Corp reported trailing-twelve-month revenue of about $5.8B (latest available figure, as of Nov 6, 2026).
What growth is priced into Antero Resources Corp (AR)?
For today's price to be fair in a discounted-cash-flow model, Antero Resources Corp would have to grow free cash flow by -1.0 % per year for five years (discount rate 8.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.2 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of AR use?
Our models discount Antero Resources Corp at 8.2 %: a base by market capitalisation (large), damped by beta 0.54, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Antero Resources Corp that is -1.0 % per year a year over ten years, using the same discount rate (8.2 %) and the same formula as our fair value.
How much growth has Antero Resources Corp (AR) delivered so far?
Over the past 5 years revenue at Antero Resources Corp grew +10.2 % a year. The price currently implies -1.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Antero Resources Corp (AR) growing?
The median revenue growth in the sector is +14.2 % a year. That is the yardstick for the growth priced into Antero Resources Corp (-1.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Antero Resources Corp (AR)?
The free-cash-flow yield on the price is 11.00 %: that much free cash flow Antero Resources Corp produces per unit of market value. When it exceeds the discount rate of our models (8.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Antero Resources Corp (AR)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Antero Resources Corp it is $50.65 per share (as of Nov 6, 2026), against a price of $36.38. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Antero Resources Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, AR trades below its calculated fair value: price $36.38, fair value $50.65, a gap of about +39% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of AR?
No. The price is what the market pays today ($36.38); the fair value is what the company's own numbers justify ($50.65). For Antero Resources Corp the two are $14.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Antero Resources Corp worth?
The market values Antero Resources Corp at about $11.4B (market capitalisation, as of Nov 6, 2026). Per share that is $36.38; our models calculate a fair value of $50.65 per share.
What do the bullish and bearish scenarios say about AR?
Our models span a range for Antero Resources Corp: cautious scenario $35.46, base $50.65, optimistic $65.85 per share (as of Nov 6, 2026, price $36.38). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AR?
Antero Resources Corp trades at a price-to-earnings ratio of 10.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $50.65 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 16.4 (reported for FY2025: 17.9). Median P/E at fiscal year-end, 6 fiscal years (2017 to 2025), earnings ex one-offs: 12.2. Other multiples: PEG 0.5, P/B 1.5, P/S 2.0, EV/EBITDA 5.5.
What is the PEG ratio of AR?
The PEG ratio of Antero Resources Corp is 0.46 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Antero Resources Corp (AR)?
Balance-sheet figures for Antero Resources Corp (as of Nov 6, 2026): return on equity 14.2%, debt of 0.19 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is AR from its 52-week high?
Antero Resources Corp trades at $36.38, about 19% below its 52-week high of $45.15 and 16% above the low of $31.38 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $50.65 is for.
Which stocks are comparable to Antero Resources Corp?
From the same area (Energy) we also value ConocoPhillips explores for,, CNOOC Limited, Canadian Natural Resources Limited, EOG Resources, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Antero Resources Corp stock attractive at the current price?
The data as of Nov 6, 2026: price $36.38, calculated fair value $50.65 (+39%), Quality Score 73/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of AR calculated?
We run Antero Resources Corp through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $50.65, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Antero Resources Corp currently trades 28% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Antero Resources Corp (AR)?
The closing price on Nov 5, 2026 was $36.38. Our model-based fair value is $50.65, about +39% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Antero Resources Corp right now?
Solid quality (73/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range ($35.46 to $65.85) leaves room in how you read the outcome.
Where does the earnings growth of Antero Resources Corp (AR) come from?
Earnings per share at Antero Resources Corp grew −11.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.9 %, EBIT margin −22.1 %, tax rate +3.5 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Antero Resources Corp
How large is the market capitalisation of Antero Resources Corp (AR)?
The market capitalisation of Antero Resources Corp is $11.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Antero Resources Corp (AR)?
The price-to-sales ratio of Antero Resources Corp is 1.98 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Antero Resources Corp (AR)?
Earnings per share at Antero Resources Corp are $3.48 (price ÷ EPS = P/E 10.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Antero Resources Corp (AR)?
The net margin of Antero Resources Corp is 18.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Antero Resources Corp (AR)?
The return on equity (ROE) of Antero Resources Corp is 14.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Antero Resources Corp (AR)?
On an EBIT basis the return on assets of Antero Resources Corp is 5.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Antero Resources Corp (AR)?
The operating margin of Antero Resources Corp is 26.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Antero Resources Corp (AR)?
Revenue at Antero Resources Corp is growing +12.6% versus a year earlier (3y avg −15.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Antero Resources Corp (AR)?
Earnings per share at Antero Resources Corp are growing +79.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Antero Resources Corp (AR) carry?
The net debt of Antero Resources Corp is $4.9B (fiscal year 2025, ≈ 4.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026