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ANTERO RESOURCES Corp（AR）与Maplebear Inc.（CART）财务数据对比。点击上方公司名可切换其他公司
ANTERO RESOURCES Corp的季度营收约是Maplebear Inc.的1.4倍（$1.4B vs $992.0M），Maplebear Inc.同比增速更快（12.3% vs -30.5%），过去两年ANTERO RESOURCES Corp的营收复合增速更高（17.6% vs 10.0%）
Antero Resources Corporation是一家美国油气勘探企业，注册地为特拉华州，总部设于科罗拉多州丹佛市。公司全部油气储量均位于阿巴拉契亚盆地，采用水力压裂技术开展开采作业，深耕北美本土油气资源开发领域。
Maplebear Inc. 以Instacart为品牌开展业务，是总部位于美国旧金山的零售媒体及配送企业，在美国和加拿大运营生鲜杂货配送与自提服务。用户可通过官网及移动应用从合作商户订购食品杂货，在法律允许的地区还可选购酒类商品，所有订单由专属采购专员负责拣选、打包并配送上门。
AR vs CART — 直观对比
营收规模更大
AR
是对方的1.4倍
$992.0M
营收增速更快
CART
高出42.8%
-30.5%
两年增速更快
AR
近两年复合增速
10.0%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $992.0M |
| 净利润 | — | $81.0M |
| 毛利率 | — | 72.3% |
| 营业利润率 | 20.1% | 9.9% |
| 净利率 | — | 8.2% |
| 营收同比 | -30.5% | 12.3% |
| 净利润同比 | — | -45.3% |
| 每股收益（稀释后） | $0.66 | $0.31 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收ARCART
| Q1 26 | $1.4B | — | ||
| Q4 25 | $1.4B | $992.0M | ||
| Q3 25 | $1.2B | $939.0M | ||
| Q2 25 | $1.3B | $914.0M | ||
| Q1 25 | $1.4B | $897.0M | ||
| Q4 24 | $1.2B | $883.0M | ||
| Q3 24 | $1.1B | $852.0M | ||
| Q2 24 | $978.7M | $823.0M |
净利润ARCART
| Q1 26 | — | — | ||
| Q4 25 | $202.9M | $81.0M | ||
| Q3 25 | $85.6M | $144.0M | ||
| Q2 25 | $166.6M | $116.0M | ||
| Q1 25 | $219.5M | $106.0M | ||
| Q4 24 | $158.8M | $148.0M | ||
| Q3 24 | $-25.2M | $118.0M | ||
| Q2 24 | $-74.6M | $61.0M |
毛利率ARCART
| Q1 26 | — | — | ||
| Q4 25 | — | 72.3% | ||
| Q3 25 | — | 73.7% | ||
| Q2 25 | — | 74.2% | ||
| Q1 25 | — | 74.8% | ||
| Q4 24 | — | 75.2% | ||
| Q3 24 | — | 75.2% | ||
| Q2 24 | — | 75.7% |
营业利润率ARCART
| Q1 26 | 20.1% | — | ||
| Q4 25 | 20.5% | 9.9% | ||
| Q3 25 | 9.7% | 17.7% | ||
| Q2 25 | 15.8% | 13.6% | ||
| Q1 25 | 20.1% | 12.3% | ||
| Q4 24 | 4.9% | 17.6% | ||
| Q3 24 | -2.4% | 16.2% | ||
| Q2 24 | -8.2% | 6.3% |
净利率ARCART
| Q1 26 | — | — | ||
| Q4 25 | 14.4% | 8.2% | ||
| Q3 25 | 7.1% | 15.3% | ||
| Q2 25 | 12.8% | 12.7% | ||
| Q1 25 | 16.2% | 11.8% | ||
| Q4 24 | 13.6% | 16.8% | ||
| Q3 24 | -2.4% | 13.8% | ||
| Q2 24 | -7.6% | 7.4% |
每股收益（稀释后）ARCART
| Q1 26 | $0.66 | — | ||
| Q4 25 | $0.63 | $0.31 | ||
| Q3 25 | $0.24 | $0.51 | ||
| Q2 25 | $0.50 | $0.41 | ||
| Q1 25 | $0.66 | $0.37 | ||
| Q4 24 | $0.48 | $0.53 | ||
| Q3 24 | $-0.11 | $0.42 | ||
| Q2 24 | $-0.26 | $0.20 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | $687.0M |
| 总债务越低越好 | $1.4B | — |
| 股东权益账面价值 | $7.6B | $2.5B |
| 总资产 | $13.2B | $3.7B |
| 负债/权益比越低杠杆越低 | 0.19× | — |
8季度趋势，按日历期对齐
现金及短期投资ARCART
| Q1 26 | — | — | ||
| Q4 25 | — | $687.0M | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.6B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.4B |
总债务ARCART
| Q1 26 | $1.4B | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益ARCART
| Q1 26 | $7.6B | — | ||
| Q4 25 | $7.6B | $2.5B | ||
| Q3 25 | $7.3B | $3.5B | ||
| Q2 25 | $7.3B | $3.3B | ||
| Q1 25 | $7.2B | $3.2B | ||
| Q4 24 | $7.0B | $3.1B | ||
| Q3 24 | $7.0B | $2.9B | ||
| Q2 24 | $7.0B | $3.0B |
总资产ARCART
| Q1 26 | $13.2B | — | ||
| Q4 25 | $13.2B | $3.7B | ||
| Q3 25 | $12.9B | $4.5B | ||
| Q2 25 | $12.8B | $4.4B | ||
| Q1 25 | $13.0B | $4.3B | ||
| Q4 24 | $13.0B | $4.1B | ||
| Q3 24 | $13.2B | $3.9B | ||
| Q2 24 | $13.4B | $4.0B |
负债/权益比ARCART
| Q1 26 | 0.19× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $457.7M | $183.0M |
| 自由现金流经营现金流 - 资本支出 | — | $171.0M |
| 自由现金流率自由现金流/营收 | — | 17.2% |
| 资本支出强度资本支出/营收 | — | 1.2% |
| 现金转化率经营现金流/净利润 | — | 2.26× |
| 过去12个月自由现金流最近4个季度 | — | $910.0M |
8季度趋势，按日历期对齐
经营现金流ARCART
| Q1 26 | $457.7M | — | ||
| Q4 25 | $370.7M | $183.0M | ||
| Q3 25 | $310.1M | $287.0M | ||
| Q2 25 | $492.4M | $203.0M | ||
| Q1 25 | $457.7M | $298.0M | ||
| Q4 24 | $278.0M | $153.0M | ||
| Q3 24 | $166.2M | $185.0M | ||
| Q2 24 | $143.5M | $244.0M |
自由现金流ARCART
| Q1 26 | — | — | ||
| Q4 25 | — | $171.0M | ||
| Q3 25 | — | $272.0M | ||
| Q2 25 | — | $187.0M | ||
| Q1 25 | — | $280.0M | ||
| Q4 24 | — | $141.0M | ||
| Q3 24 | — | $171.0M | ||
| Q2 24 | — | $220.0M |
自由现金流率ARCART
| Q1 26 | — | — | ||
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 29.0% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 31.2% | ||
| Q4 24 | — | 16.0% | ||
| Q3 24 | — | 20.1% | ||
| Q2 24 | — | 26.7% |
资本支出强度ARCART
| Q1 26 | — | — | ||
| Q4 25 | — | 1.2% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 2.9% |
现金转化率ARCART
| Q1 26 | — | — | ||
| Q4 25 | 1.83× | 2.26× | ||
| Q3 25 | 3.62× | 1.99× | ||
| Q2 25 | 2.96× | 1.75× | ||
| Q1 25 | 2.09× | 2.81× | ||
| Q4 24 | 1.75× | 1.03× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 4.00× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AR
| Natural gas sales | $780.0M | 58% |
| Natural gas liquids sales | $561.4M | 42% |
| Oil sales | $50.3M | 4% |
| Other revenue and income | $818.0K | 0% |
CART
| Transaction | $698.0M | 70% |
| Advertising And Other | $294.0M | 30% |
