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ANTERO RESOURCES Corp（AR）与Crown Castle（CCI）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Crown Castle的1.4倍（$1.4B vs $1.0B），Crown Castle净利率更高（77.2% vs 14.4%，领先62.9%），ANTERO RESOURCES Corp同比增速更快（20.8% vs -4.8%），过去两年ANTERO RESOURCES Corp的营收复合增速更高（12.2% vs -4.5%）
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。
Crown Castle Inc.是总部位于美国得克萨斯州休斯敦的房地产投资信托企业，同时是美国共享通信基础设施服务商，在全球设有100个办事处，旗下拥有超4万座信号塔、约8.5万英里光纤线路，为小基站及光纤系统提供网络支撑。
AR vs CCI — 直观对比
营收规模更大
AR
是对方的1.4倍
$1.0B
营收增速更快
AR
高出25.6%
-4.8%
净利率更高
CCI
高出62.9%
14.4%
两年增速更快
AR
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.0B |
| 净利润 | $202.9M | $780.0M |
| 毛利率 | — | — |
| 营业利润率 | 20.5% | — |
| 净利率 | 14.4% | 77.2% |
| 营收同比 | 20.8% | -4.8% |
| 净利润同比 | 27.8% | 76.0% |
| 每股收益（稀释后） | $0.63 | $1.80 |
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ARCCI
| Q1 26 | — | $1.0B | ||
| Q4 25 | $1.4B | $1.1B | ||
| Q3 25 | $1.2B | $1.1B | ||
| Q2 25 | $1.3B | $1.1B | ||
| Q1 25 | $1.4B | $1.1B | ||
| Q4 24 | $1.2B | $1.1B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $978.7M | $1.1B |
净利润ARCCI
| Q1 26 | — | $780.0M | ||
| Q4 25 | $202.9M | $294.0M | ||
| Q3 25 | $85.6M | $323.0M | ||
| Q2 25 | $166.6M | $291.0M | ||
| Q1 25 | $219.5M | $-464.0M | ||
| Q4 24 | $158.8M | — | ||
| Q3 24 | $-25.2M | $303.0M | ||
| Q2 24 | $-74.6M | $251.0M |
毛利率ARCCI
| Q1 26 | — | — | ||
| Q4 25 | — | 97.4% | ||
| Q3 25 | — | 97.2% | ||
| Q2 25 | — | 97.5% | ||
| Q1 25 | — | 97.4% | ||
| Q4 24 | — | 97.7% | ||
| Q3 24 | — | 97.6% | ||
| Q2 24 | — | 97.7% |
营业利润率ARCCI
| Q1 26 | — | — | ||
| Q4 25 | 20.5% | 48.8% | ||
| Q3 25 | 9.7% | 49.0% | ||
| Q2 25 | 15.8% | 47.7% | ||
| Q1 25 | 20.1% | 49.1% | ||
| Q4 24 | 4.9% | 51.0% | ||
| Q3 24 | -2.4% | 47.5% | ||
| Q2 24 | -8.2% | 44.7% |
净利率ARCCI
| Q1 26 | — | 77.2% | ||
| Q4 25 | 14.4% | 27.5% | ||
| Q3 25 | 7.1% | 30.1% | ||
| Q2 25 | 12.8% | 27.5% | ||
| Q1 25 | 16.2% | -43.7% | ||
| Q4 24 | 13.6% | — | ||
| Q3 24 | -2.4% | 27.1% | ||
| Q2 24 | -7.6% | 22.7% |
每股收益（稀释后）ARCCI
| Q1 26 | — | $1.80 | ||
| Q4 25 | $0.63 | $0.67 | ||
| Q3 25 | $0.24 | $0.74 | ||
| Q2 25 | $0.50 | $0.67 | ||
| Q1 25 | $0.66 | $-1.07 | ||
| Q4 24 | $0.48 | — | ||
| Q3 24 | $-0.11 | $0.70 | ||
| Q2 24 | $-0.26 | $0.58 |
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 | — | $55.0K |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $7.6B | — |
| 总资产 | $13.2B | $31.4M |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资ARCCI
| Q1 26 | — | $55.0K | ||
| Q4 25 | — | $99.0M | ||
| Q3 25 | — | $57.0M | ||
| Q2 25 | — | $94.0M | ||
| Q1 25 | — | $60.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | — | $194.0M | ||
| Q2 24 | — | $155.0M |
总债务ARCCI
| Q1 26 | — | — | ||
| Q4 25 | — | $21.6B | ||
| Q3 25 | — | $21.6B | ||
| Q2 25 | — | $22.0B | ||
| Q1 25 | — | $22.9B | ||
| Q4 24 | — | $23.5B | ||
| Q3 24 | — | $23.5B | ||
| Q2 24 | — | $22.9B |
股东权益ARCCI
| Q1 26 | — | — | ||
| Q4 25 | $7.6B | $-1.6B | ||
| Q3 25 | $7.3B | $-1.5B | ||
| Q2 25 | $7.3B | $-1.4B | ||
| Q1 25 | $7.2B | $-1.3B | ||
| Q4 24 | $7.0B | $-133.0M | ||
| Q3 24 | $7.0B | $5.3B | ||
| Q2 24 | $7.0B | $5.7B |
总资产ARCCI
| Q1 26 | — | $31.4M | ||
| Q4 25 | $13.2B | $31.5B | ||
| Q3 25 | $12.9B | $31.5B | ||
| Q2 25 | $12.8B | $31.6B | ||
| Q1 25 | $13.0B | $31.8B | ||
| Q4 24 | $13.0B | $32.7B | ||
| Q3 24 | $13.2B | $38.0B | ||
| Q2 24 | $13.4B | $38.2B |
负债/权益比ARCCI
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 4.43× | ||
| Q2 24 | — | 4.04× |
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 | $370.7M | — |
| 自由现金流经营现金流 - 资本支出 | — | $-43.0M |
| 自由现金流率自由现金流/营收 | — | -4.3% |
| 资本支出强度资本支出/营收 | — | 14.9% |
| 现金转化率经营现金流/净利润 | 1.83× | — |
| 过去12个月自由现金流最近4个季度 | — | $4.3B |
8季度趋势，按日历期对齐
经营现金流ARCCI
| Q1 26 | — | — | ||
| Q4 25 | $370.7M | $3.1B | ||
| Q3 25 | $310.1M | $714.0M | ||
| Q2 25 | $492.4M | $832.0M | ||
| Q1 25 | $457.7M | $641.0M | ||
| Q4 24 | $278.0M | $2.9B | ||
| Q3 24 | $166.2M | $699.0M | ||
| Q2 24 | $143.5M | $768.0M |
自由现金流ARCCI
| Q1 26 | — | $-43.0M | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $671.0M | ||
| Q2 25 | — | $792.0M | ||
| Q1 25 | — | $601.0M | ||
| Q4 24 | — | $2.8B | ||
| Q3 24 | — | $661.0M | ||
| Q2 24 | — | $729.0M |
自由现金流率ARCCI
| Q1 26 | — | -4.3% | ||
| Q4 25 | — | 268.4% | ||
| Q3 25 | — | 62.6% | ||
| Q2 25 | — | 74.7% | ||
| Q1 25 | — | 56.6% | ||
| Q4 24 | — | 247.3% | ||
| Q3 24 | — | 59.0% | ||
| Q2 24 | — | 65.9% |
资本支出强度ARCCI
| Q1 26 | — | 14.9% | ||
| Q4 25 | — | 17.0% | ||
| Q3 25 | — | 4.0% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | — | 3.8% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 3.4% | ||
| Q2 24 | — | 3.5% |
现金转化率ARCCI
| Q1 26 | — | — | ||
| Q4 25 | 1.83× | 10.40× | ||
| Q3 25 | 3.62× | 2.21× | ||
| Q2 25 | 2.96× | 2.86× | ||
| Q1 25 | 2.09× | — | ||
| Q4 24 | 1.75× | — | ||
| Q3 24 | — | 2.31× | ||
| Q2 24 | — | 3.06× |
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 Production | $773.6M | 55% |
| Natural Gas Liquids Sales C3Ngls | $378.1M | 27% |
| Other | $97.3M | 7% |
| Natural Gas Liquids Sales Ethane | $96.1M | 7% |
| Oil And Condensate | $34.8M | 2% |
| Marketings | $31.7M | 2% |
CCI
| Site rental | $961.0M | 95% |
| Services and other | $49.0M | 5% |
