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ANTERO RESOURCES Corp（AR）与柯蒂斯-莱特（CW）财务数据对比。点击上方公司名可切换其他公司
ANTERO RESOURCES Corp的季度营收约是柯蒂斯-莱特的1.5倍（$1.4B vs $947.0M），柯蒂斯-莱特净利率更高（14.5% vs 14.4%，领先0.1%），ANTERO RESOURCES Corp同比增速更快（20.8% vs 14.9%），过去两年柯蒂斯-莱特的营收复合增速更高（15.2% vs 12.2%）
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。
柯蒂斯-莱特公司是总部位于美国北卡罗来纳州戴维森的制造与服务提供商，在美国内外均设有工厂及业务网点。公司1929年由柯蒂斯、莱特及多家供应商合并成立，成立之初即为美国最大航空企业，二战期间为美军生产了超14.2万台航空发动机。
AR vs CW — 直观对比
营收规模更大
AR
是对方的1.5倍
$947.0M
营收增速更快
AR
高出5.9%
14.9%
净利率更高
CW
高出0.1%
14.4%
两年增速更快
CW
近两年复合增速
12.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $947.0M |
| 净利润 | $202.9M | $137.0M |
| 毛利率 | — | 37.5% |
| 营业利润率 | 20.5% | 19.2% |
| 净利率 | 14.4% | 14.5% |
| 营收同比 | 20.8% | 14.9% |
| 净利润同比 | 27.8% | 16.2% |
| 每股收益（稀释后） | $0.63 | $3.69 |
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ARCW
| Q4 25 | $1.4B | $947.0M | ||
| Q3 25 | $1.2B | $869.2M | ||
| Q2 25 | $1.3B | $876.6M | ||
| Q1 25 | $1.4B | $805.6M | ||
| Q4 24 | $1.2B | $824.3M | ||
| Q3 24 | $1.1B | $798.9M | ||
| Q2 24 | $978.7M | $784.8M | ||
| Q1 24 | $1.1B | $713.2M |
净利润ARCW
| Q4 25 | $202.9M | $137.0M | ||
| Q3 25 | $85.6M | $124.8M | ||
| Q2 25 | $166.6M | $121.1M | ||
| Q1 25 | $219.5M | $101.3M | ||
| Q4 24 | $158.8M | $117.9M | ||
| Q3 24 | $-25.2M | $111.2M | ||
| Q2 24 | $-74.6M | $99.5M | ||
| Q1 24 | $34.7M | $76.5M |
毛利率ARCW
| Q4 25 | — | 37.5% | ||
| Q3 25 | — | 37.7% | ||
| Q2 25 | — | 37.2% | ||
| Q1 25 | — | 36.3% | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.3% | ||
| Q2 24 | — | 36.2% | ||
| Q1 24 | — | 35.6% |
营业利润率ARCW
| Q4 25 | 20.5% | 19.2% | ||
| Q3 25 | 9.7% | 19.1% | ||
| Q2 25 | 15.8% | 17.8% | ||
| Q1 25 | 20.1% | 16.0% | ||
| Q4 24 | 4.9% | 18.8% | ||
| Q3 24 | -2.4% | 18.1% | ||
| Q2 24 | -8.2% | 16.4% | ||
| Q1 24 | 4.3% | 14.0% |
净利率ARCW
| Q4 25 | 14.4% | 14.5% | ||
| Q3 25 | 7.1% | 14.4% | ||
| Q2 25 | 12.8% | 13.8% | ||
| Q1 25 | 16.2% | 12.6% | ||
| Q4 24 | 13.6% | 14.3% | ||
| Q3 24 | -2.4% | 13.9% | ||
| Q2 24 | -7.6% | 12.7% | ||
| Q1 24 | 3.1% | 10.7% |
每股收益（稀释后）ARCW
| Q4 25 | $0.63 | $3.69 | ||
| Q3 25 | $0.24 | $3.31 | ||
| Q2 25 | $0.50 | $3.19 | ||
| Q1 25 | $0.66 | $2.68 | ||
| Q4 24 | $0.48 | $3.09 | ||
| Q3 24 | $-0.11 | $2.89 | ||
| Q2 24 | $-0.26 | $2.58 | ||
| Q1 24 | $0.07 | $1.99 |
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 | — | — |
| 总债务越低越好 | — | $957.9M |
| 股东权益账面价值 | $7.6B | $2.5B |
| 总资产 | $13.2B | $5.2B |
| 负债/权益比越低杠杆越低 | — | 0.38× |
8季度趋势，按日历期对齐
现金及短期投资ARCW
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $226.5M | ||
| Q4 24 | — | $385.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $338.0M |
总债务ARCW
| Q4 25 | — | $957.9M | ||
| Q3 25 | — | $968.6M | ||
| Q2 25 | — | $958.4M | ||
| Q1 25 | — | $958.6M | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.0B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $1.1B |
股东权益ARCW
| Q4 25 | $7.6B | $2.5B | ||
| Q3 25 | $7.3B | $2.5B | ||
| Q2 25 | $7.3B | $2.7B | ||
| Q1 25 | $7.2B | $2.6B | ||
| Q4 24 | $7.0B | $2.4B | ||
| Q3 24 | $7.0B | $2.5B | ||
| Q2 24 | $7.0B | $2.5B | ||
| Q1 24 | $7.1B | $2.4B |
总资产ARCW
| Q4 25 | $13.2B | $5.2B | ||
| Q3 25 | $12.9B | $5.1B | ||
| Q2 25 | $12.8B | $5.2B | ||
| Q1 25 | $13.0B | $5.0B | ||
| Q4 24 | $13.0B | $5.0B | ||
| Q3 24 | $13.2B | $4.9B | ||
| Q2 24 | $13.4B | $4.7B | ||
| Q1 24 | $13.5B | $4.6B |
负债/权益比ARCW
| Q4 25 | — | 0.38× | ||
| Q3 25 | — | 0.38× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.37× | ||
| Q4 24 | — | 0.43× | ||
| Q3 24 | — | 0.42× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.44× |
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 | $352.7M |
| 自由现金流经营现金流 - 资本支出 | — | $315.1M |
| 自由现金流率自由现金流/营收 | — | 33.3% |
| 资本支出强度资本支出/营收 | — | 4.0% |
| 现金转化率经营现金流/净利润 | 1.83× | 2.57× |
| 过去12个月自由现金流最近4个季度 | — | $553.7M |
8季度趋势，按日历期对齐
经营现金流ARCW
| Q4 25 | $370.7M | $352.7M | ||
| Q3 25 | $310.1M | $192.8M | ||
| Q2 25 | $492.4M | $136.6M | ||
| Q1 25 | $457.7M | $-38.8M | ||
| Q4 24 | $278.0M | $301.3M | ||
| Q3 24 | $166.2M | $177.3M | ||
| Q2 24 | $143.5M | $111.3M | ||
| Q1 24 | $261.6M | $-45.6M |
自由现金流ARCW
| Q4 25 | — | $315.1M | ||
| Q3 25 | — | $175.9M | ||
| Q2 25 | — | $117.2M | ||
| Q1 25 | — | $-54.5M | ||
| Q4 24 | — | $278.0M | ||
| Q3 24 | — | $162.7M | ||
| Q2 24 | — | $100.3M | ||
| Q1 24 | — | $-57.7M |
自由现金流率ARCW
| Q4 25 | — | 33.3% | ||
| Q3 25 | — | 20.2% | ||
| Q2 25 | — | 13.4% | ||
| Q1 25 | — | -6.8% | ||
| Q4 24 | — | 33.7% | ||
| Q3 24 | — | 20.4% | ||
| Q2 24 | — | 12.8% | ||
| Q1 24 | — | -8.1% |
资本支出强度ARCW
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 1.9% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.7% |
现金转化率ARCW
| Q4 25 | 1.83× | 2.57× | ||
| Q3 25 | 3.62× | 1.54× | ||
| Q2 25 | 2.96× | 1.13× | ||
| Q1 25 | 2.09× | -0.38× | ||
| Q4 24 | 1.75× | 2.56× | ||
| Q3 24 | — | 1.59× | ||
| Q2 24 | — | 1.12× | ||
| Q1 24 | 7.55× | -0.60× |
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% |
CW
| Naval Power | $417.4M | 44% |
| Defense Electronics | $268.3M | 28% |
| Aerospace Industrial | $262.4M | 28% |
