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ANTERO RESOURCES Corp（AR）与先锋自然资源公司（PR）财务数据对比。点击上方公司名可切换其他公司
ANTERO RESOURCES Corp的季度营收约是先锋自然资源公司的1.2倍（$1.4B vs $1.2B），先锋自然资源公司净利率更高（29.0% vs 14.4%，领先14.7%），ANTERO RESOURCES Corp同比增速更快（20.8% vs -9.8%），过去两年ANTERO RESOURCES Corp的营收复合增速更高（12.2% vs -3.0%）
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。
先锋自然资源公司总部位于美国得克萨斯州欧文市，主要从事油气勘探业务，运营覆盖二叠纪盆地Spraberry产区的克莱恩页岩区块，是该区域最大的土地权益持有方，2024年5月被埃克森美孚收购。
AR vs PR — 直观对比
营收规模更大
AR
是对方的1.2倍
$1.2B
营收增速更快
AR
高出30.6%
-9.8%
净利率更高
PR
高出14.7%
14.4%
两年增速更快
AR
近两年复合增速
-3.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $1.2B |
| 净利润 | $202.9M | $339.5M |
| 毛利率 | — | — |
| 营业利润率 | 20.5% | 23.1% |
| 净利率 | 14.4% | 29.0% |
| 营收同比 | 20.8% | -9.8% |
| 净利润同比 | 27.8% | 56.7% |
| 每股收益（稀释后） | $0.63 | $0.48 |
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ARPR
| Q4 25 | $1.4B | $1.2B | ||
| Q3 25 | $1.2B | $1.3B | ||
| Q2 25 | $1.3B | $1.2B | ||
| Q1 25 | $1.4B | $1.4B | ||
| Q4 24 | $1.2B | $1.3B | ||
| Q3 24 | $1.1B | $1.2B | ||
| Q2 24 | $978.7M | $1.2B | ||
| Q1 24 | $1.1B | $1.2B |
净利润ARPR
| Q4 25 | $202.9M | $339.5M | ||
| Q3 25 | $85.6M | $59.2M | ||
| Q2 25 | $166.6M | $207.1M | ||
| Q1 25 | $219.5M | $329.3M | ||
| Q4 24 | $158.8M | $216.7M | ||
| Q3 24 | $-25.2M | $386.4M | ||
| Q2 24 | $-74.6M | $235.1M | ||
| Q1 24 | $34.7M | $146.6M |
营业利润率ARPR
| Q4 25 | 20.5% | 23.1% | ||
| Q3 25 | 9.7% | 29.6% | ||
| Q2 25 | 15.8% | 24.8% | ||
| Q1 25 | 20.1% | 36.6% | ||
| Q4 24 | 4.9% | 32.8% | ||
| Q3 24 | -2.4% | 32.5% | ||
| Q2 24 | -8.2% | 36.5% | ||
| Q1 24 | 4.3% | 37.7% |
净利率ARPR
| Q4 25 | 14.4% | 29.0% | ||
| Q3 25 | 7.1% | 4.5% | ||
| Q2 25 | 12.8% | 17.3% | ||
| Q1 25 | 16.2% | 23.9% | ||
| Q4 24 | 13.6% | 16.7% | ||
| Q3 24 | -2.4% | 31.8% | ||
| Q2 24 | -7.6% | 18.9% | ||
| Q1 24 | 3.1% | 11.8% |
每股收益（稀释后）ARPR
| Q4 25 | $0.63 | $0.48 | ||
| Q3 25 | $0.24 | $0.08 | ||
| Q2 25 | $0.50 | $0.28 | ||
| Q1 25 | $0.66 | $0.44 | ||
| Q4 24 | $0.48 | $0.31 | ||
| Q3 24 | $-0.11 | $0.53 | ||
| Q2 24 | $-0.26 | $0.36 | ||
| Q1 24 | $0.07 | $0.25 |
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 | — | $153.7M |
| 总债务越低越好 | — | $3.5B |
| 股东权益账面价值 | $7.6B | $10.3B |
| 总资产 | $13.2B | $17.9B |
| 负债/权益比越低杠杆越低 | — | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资ARPR
| Q4 25 | — | $153.7M | ||
| Q3 25 | — | $111.8M | ||
| Q2 25 | — | $451.0M | ||
| Q1 25 | — | $702.2M | ||
| Q4 24 | — | $479.3M | ||
| Q3 24 | — | $272.0M | ||
| Q2 24 | — | $47.8M | ||
| Q1 24 | — | $12.7M |
总债务ARPR
| Q4 25 | — | $3.5B | ||
| Q3 25 | — | $3.5B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.0B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.9B | ||
| Q1 24 | — | $3.9B |
股东权益ARPR
| Q4 25 | $7.6B | $10.3B | ||
| Q3 25 | $7.3B | $10.0B | ||
| Q2 25 | $7.3B | $9.5B | ||
| Q1 25 | $7.2B | $9.4B | ||
| Q4 24 | $7.0B | $9.1B | ||
| Q3 24 | $7.0B | $9.0B | ||
| Q2 24 | $7.0B | $8.3B | ||
| Q1 24 | $7.1B | $7.0B |
总资产ARPR
| Q4 25 | $13.2B | $17.9B | ||
| Q3 25 | $12.9B | $17.3B | ||
| Q2 25 | $12.8B | $17.5B | ||
| Q1 25 | $13.0B | $17.1B | ||
| Q4 24 | $13.0B | $16.9B | ||
| Q3 24 | $13.2B | $16.6B | ||
| Q2 24 | $13.4B | $15.4B | ||
| Q1 24 | $13.5B | $15.1B |
负债/权益比ARPR
| Q4 25 | — | 0.34× | ||
| Q3 25 | — | 0.35× | ||
| Q2 25 | — | 0.42× | ||
| Q1 25 | — | 0.43× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.46× | ||
| Q1 24 | — | 0.56× |
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 | $904.3M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.83× | 2.66× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流ARPR
| Q4 25 | $370.7M | $904.3M | ||
| Q3 25 | $310.1M | $766.5M | ||
| Q2 25 | $492.4M | $1.0B | ||
| Q1 25 | $457.7M | $898.0M | ||
| Q4 24 | $278.0M | $871.6M | ||
| Q3 24 | $166.2M | $954.4M | ||
| Q2 24 | $143.5M | $938.4M | ||
| Q1 24 | $261.6M | $647.6M |
现金转化率ARPR
| Q4 25 | 1.83× | 2.66× | ||
| Q3 25 | 3.62× | 12.94× | ||
| Q2 25 | 2.96× | 5.01× | ||
| Q1 25 | 2.09× | 2.73× | ||
| Q4 24 | 1.75× | 4.02× | ||
| Q3 24 | — | 2.47× | ||
| Q2 24 | — | 3.99× | ||
| Q1 24 | 7.55× | 4.42× |
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% |
PR
| Crude Oil | $1.0B | 87% |
| Natural Gas Liquids Reserves | $145.1M | 12% |
