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Arphra AIPlain-English read on Antero Resources Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $5.79B | $8.3B | $4.28B | $4.12B | $5.01B | $6.81B | $6.85B | $7.24B | $7.48B |
| Cost of revenue | $3.54B | $3.71B | $3.67B | $3.79B | $3.91B | $5.84B | $5.73B | $6.11B | $6.33B |
| Gross profit | $2.26B | $4.59B | $612.47M | $327.33M | $1.11B | $985.78M | $1.02B | $1.06B | $1.13B |
| Gross margin | +38.95% | +55.33% | +14.31% | +7.95% | +22.10% | +14.47% | +14.94% | +14.68% | +15.15% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $956.7M | $704.21M | $509.48M | $474.24M | $422.73M | $708.51M | $746.43M | $757.16M | $805.82M |
| Total operating expenses | $2.23B | $2.05B | $216.22M | $326.87M | $278.55M | $412.42M | $417.76M | $451.19M | $474.97M |
| Operating income | $23.86M | $2.54B | $396.25M | $460K | $829.7M | $603.3M | $606.18M | $606.28M | $626.76M |
| Operating margin | +0.41% | +30.59% | +9.26% | +0.01% | +16.55% | +8.86% | +8.84% | +8.38% | +8.38% |
| EBITDA | $699.51M | $3.29B | $1.23B | $859.55M | $1.73B | $1.86B | $1.88B | $2.07B | $2.06B |
| EBIT | -$46.32M | $2.57B | $478.83M | $93.72M | $974.12M | $734.84M | $749.4M | $770M | $844.62M |
| Below the line | |||||||||
| Interest expense | $181.87M | $125.37M | $117.87M | $118.21M | $83.68M | $165.5M | $163.34M | $179.86M | $181.09M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$252.05M | -$99.24M | -$35.29M | -$24.95M | $60.73M | — | — | — | — |
| Pre-tax income | -$228.19M | $2.44B | $360.96M | -$24.49M | $890.43M | $594.56M | $574.19M | $616.82M | $655.62M |
| Income tax expense | -$74.08M | $441.26M | $63.63M | -$118.19M | $215.87M | $124.31M | $121.67M | $128.31M | $135.07M |
| Earnings | |||||||||
| Net income | -$186.9M | $1.87B | $198.4M | $57.23M | $634.42M | $428.65M | $431.04M | $449.85M | $468.45M |
| Net income · continuing ops | -$154.11M | $2B | $297.33M | $93.7M | $674.57M | $502.22M | $523.51M | $553.58M | $569.5M |
| Net margin | -3.23% | +22.55% | +4.64% | +1.39% | +12.65% | +6.29% | +6.29% | +6.21% | +6.26% |
| EPS · basic | $-0.61 | $6.09 | $0.66 | $0.18 | $2.05 | $4.63 | $4.68 | $5.48 | $6.38 |
| EPS · diluted | $-0.61 | $5.69 | $0.64 | $0.18 | $2.03 | $4.51 | $4.67 | $5.33 | $6.36 |
| EPS · low estimate | — | — | — | — | — | $4.24 | $3.06 | $3.97 | $5.56 |
| EPS · high estimate | — | — | — | — | — | $5.19 | $6.11 | $6.63 | $6.91 |
| Shares · basic | 308.15M | 307.2M | 299.79M | 309.49M | 309.72M | 311.26M | 307.98M | 311.69M | 307.38M |
| Shares · diluted | 308.15M | 329.22M | 311.6M | 313.41M | 312.36M | 311.14M | 312.7M | 312.26M | 312.78M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 8 | 6 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 11 | 6 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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