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Forensic Analysis · Upstream Exploration & Production · as of Nov 9, 2026

Antero Resources Corp (AR)

A forensic read on Antero Resources Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.0
Distress distance
Clean
Earnings quality
1
Forensic signals
8.7%
ROE
22.0%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Antero Resources Corp earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.0, placing it in the Grey zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.7%
FY2025
Return on invested capital. Return on invested capital is 5.7% in the latest fiscal year, against 2.7% in FY2023, having run between 0.0% and 5.7% across FY2023–FY2025 with no direction held. After-tax operating profit was $326M in FY2023 and $669M in FY2025, with operating income at 8.5% of revenue in FY2023, 0.0% in FY2024 and 16.7% in FY2025. The capital base behind it went from $12.1B in FY2023 to $11.7B in FY2025 (-3%), while the revenue it carried went from $4.7B to $5.3B. FY2024's operating profit carried a $47M asset write-down that alone took about 0.3 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it. A non-cash write-down lowers the reported return in the year it lands.

Key fundamentals

Latest Revenue$5.28B
Revenue Growth YoY+22.0%
Revenue CAGR (2yr)+6.2%
Net Margin12.0%
Free Cash Flow$1.63B
Return on Equity8.7%
Debt / Equity0.19x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.