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ANTERO RESOURCES Corp（AR）与Martin Marietta Materials（MLM）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Martin Marietta Materials的1.2倍（$1.4B vs $1.1B），Martin Marietta Materials净利率更高（24.5% vs 14.4%，领先10.1%），ANTERO RESOURCES Corp同比增速更快（20.8% vs -30.1%），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。
马丁·玛丽埃塔材料公司是美国大型集料及重型建筑材料供应商，业务覆盖美国26个州、加拿大及加勒比地区，主要为道路、人行道、地基等各类基建项目提供所需原材料。
AR vs MLM — 直观对比
营收规模更大
AR
是对方的1.2倍
$1.1B
营收增速更快
AR
高出50.9%
-30.1%
净利率更高
MLM
高出10.1%
14.4%
两年增速更快
AR
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.1B |
| 净利润 | $202.9M | $279.0M |
| 毛利率 | — | 35.0% |
| 营业利润率 | 20.5% | 24.6% |
| 净利率 | 14.4% | 24.5% |
| 营收同比 | 20.8% | -30.1% |
| 净利润同比 | 27.8% | -4.8% |
| 每股收益（稀释后） | $0.63 | $4.59 |
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ARMLM
| Q4 25 | $1.4B | $1.1B | ||
| Q3 25 | $1.2B | $1.8B | ||
| Q2 25 | $1.3B | $1.8B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.2B | $1.6B | ||
| Q3 24 | $1.1B | $1.9B | ||
| Q2 24 | $978.7M | $1.8B | ||
| Q1 24 | $1.1B | $1.3B |
净利润ARMLM
| Q4 25 | $202.9M | $279.0M | ||
| Q3 25 | $85.6M | $414.0M | ||
| Q2 25 | $166.6M | $328.0M | ||
| Q1 25 | $219.5M | $116.0M | ||
| Q4 24 | $158.8M | $293.0M | ||
| Q3 24 | $-25.2M | $363.0M | ||
| Q2 24 | $-74.6M | $294.0M | ||
| Q1 24 | $34.7M | $1.0B |
毛利率ARMLM
| Q4 25 | — | 35.0% | ||
| Q3 25 | — | 33.1% | ||
| Q2 25 | — | 30.0% | ||
| Q1 25 | — | 24.8% | ||
| Q4 24 | — | 30.0% | ||
| Q3 24 | — | 31.7% | ||
| Q2 24 | — | 29.3% | ||
| Q1 24 | — | 21.7% |
营业利润率ARMLM
| Q4 25 | 20.5% | 24.6% | ||
| Q3 25 | 9.7% | 27.4% | ||
| Q2 25 | 15.8% | 25.3% | ||
| Q1 25 | 20.1% | 14.3% | ||
| Q4 24 | 4.9% | 24.4% | ||
| Q3 24 | -2.4% | 25.9% | ||
| Q2 24 | -8.2% | 22.6% | ||
| Q1 24 | 4.3% | — |
净利率ARMLM
| Q4 25 | 14.4% | 24.5% | ||
| Q3 25 | 7.1% | 22.4% | ||
| Q2 25 | 12.8% | 18.1% | ||
| Q1 25 | 16.2% | 8.6% | ||
| Q4 24 | 13.6% | 18.0% | ||
| Q3 24 | -2.4% | 19.2% | ||
| Q2 24 | -7.6% | 16.7% | ||
| Q1 24 | 3.1% | 83.5% |
每股收益（稀释后）ARMLM
| Q4 25 | $0.63 | $4.59 | ||
| Q3 25 | $0.24 | $6.85 | ||
| Q2 25 | $0.50 | $5.43 | ||
| Q1 25 | $0.66 | $1.90 | ||
| Q4 24 | $0.48 | $4.87 | ||
| Q3 24 | $-0.11 | $5.91 | ||
| Q2 24 | $-0.26 | $4.76 | ||
| Q1 24 | $0.07 | $16.87 |
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 | — | $67.0M |
| 总债务越低越好 | — | $5.3B |
| 股东权益账面价值 | $7.6B | $10.0B |
| 总资产 | $13.2B | $18.7B |
| 负债/权益比越低杠杆越低 | — | 0.53× |
8季度趋势，按日历期对齐
现金及短期投资ARMLM
| Q4 25 | — | $67.0M | ||
| Q3 25 | — | $57.0M | ||
| Q2 25 | — | $225.0M | ||
| Q1 25 | — | $101.0M | ||
| Q4 24 | — | $670.0M | ||
| Q3 24 | — | $52.0M | ||
| Q2 24 | — | $109.0M | ||
| Q1 24 | — | $2.6B |
总债务ARMLM
| Q4 25 | — | $5.3B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $5.4B | ||
| Q1 25 | — | $5.4B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.3B | ||
| Q1 24 | — | $4.3B |
股东权益ARMLM
| Q4 25 | $7.6B | $10.0B | ||
| Q3 25 | $7.3B | $9.7B | ||
| Q2 25 | $7.3B | $9.4B | ||
| Q1 25 | $7.2B | $9.1B | ||
| Q4 24 | $7.0B | $9.5B | ||
| Q3 24 | $7.0B | $9.2B | ||
| Q2 24 | $7.0B | $8.8B | ||
| Q1 24 | $7.1B | $8.9B |
总资产ARMLM
| Q4 25 | $13.2B | $18.7B | ||
| Q3 25 | $12.9B | $18.7B | ||
| Q2 25 | $12.8B | $18.1B | ||
| Q1 25 | $13.0B | $17.7B | ||
| Q4 24 | $13.0B | $18.2B | ||
| Q3 24 | $13.2B | $16.5B | ||
| Q2 24 | $13.4B | $16.3B | ||
| Q1 24 | $13.5B | $16.2B |
负债/权益比ARMLM
| Q4 25 | — | 0.53× | ||
| Q3 25 | — | 0.57× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.57× | ||
| Q3 24 | — | 0.44× | ||
| Q2 24 | — | 0.49× | ||
| Q1 24 | — | 0.49× |
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 | $629.0M |
| 自由现金流经营现金流 - 资本支出 | — | $424.0M |
| 自由现金流率自由现金流/营收 | — | 37.2% |
| 资本支出强度资本支出/营收 | — | 18.0% |
| 现金转化率经营现金流/净利润 | 1.83× | 2.25× |
| 过去12个月自由现金流最近4个季度 | — | $978.0M |
8季度趋势，按日历期对齐
经营现金流ARMLM
| Q4 25 | $370.7M | $629.0M | ||
| Q3 25 | $310.1M | $551.0M | ||
| Q2 25 | $492.4M | $387.0M | ||
| Q1 25 | $457.7M | $218.0M | ||
| Q4 24 | $278.0M | $686.0M | ||
| Q3 24 | $166.2M | $600.0M | ||
| Q2 24 | $143.5M | $1.0M | ||
| Q1 24 | $261.6M | $172.0M |
自由现金流ARMLM
| Q4 25 | — | $424.0M | ||
| Q3 25 | — | $361.0M | ||
| Q2 25 | — | $208.0M | ||
| Q1 25 | — | $-15.0M | ||
| Q4 24 | — | $453.0M | ||
| Q3 24 | — | $317.0M | ||
| Q2 24 | — | $-138.0M | ||
| Q1 24 | — | $-28.0M |
自由现金流率ARMLM
| Q4 25 | — | 37.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 11.5% | ||
| Q1 25 | — | -1.1% | ||
| Q4 24 | — | 27.8% | ||
| Q3 24 | — | 16.8% | ||
| Q2 24 | — | -7.8% | ||
| Q1 24 | — | -2.2% |
资本支出强度ARMLM
| Q4 25 | — | 18.0% | ||
| Q3 25 | — | 10.3% | ||
| Q2 25 | — | 9.9% | ||
| Q1 25 | — | 17.2% | ||
| Q4 24 | — | 14.3% | ||
| Q3 24 | — | 15.0% | ||
| Q2 24 | — | 7.9% | ||
| Q1 24 | — | 16.0% |
现金转化率ARMLM
| Q4 25 | 1.83× | 2.25× | ||
| Q3 25 | 3.62× | 1.33× | ||
| Q2 25 | 2.96× | 1.18× | ||
| Q1 25 | 2.09× | 1.88× | ||
| Q4 24 | 1.75× | 2.34× | ||
| Q3 24 | — | 1.65× | ||
| Q2 24 | — | 0.00× | ||
| Q1 24 | 7.55× | 0.16× |
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% |
MLM
| Building Materials Business East Group | $774.0M | 68% |
| Building Materials Business West Group | $233.0M | 20% |
| Services | $88.0M | 8% |
| Other | $45.0M | 4% |
