Antero Resources vs SM Energy
Antero Resources is the larger business, with $5.28bn of revenue in fiscal 2025 against $3.15bn for SM Energy (1.7 times as much). Antero Resources grew faster (22.0% against 17.2%). SM Energy kept more of each dollar of sales as profit: a net margin of 20.5% against 12.0%.
| Latest fiscal year | Antero ResourcesAR, 2025 | SM EnergySM, 2025 |
|---|---|---|
| Revenue | $5.28bn | $3.15bn |
| Revenue growth | 22.0% | 17.2% |
| Net income | $634m | $648m |
| Operating margin | — | 31.7% |
| Net margin | 12.0% | 20.5% |
| Return on equity | 8.7% | 14.3% |
| Free cash flow | $1.38bn | $1.98bn |
| Cash | $210m | $368m |
| Total debt | $1.40bn | $0 |
| Debt to equity | — | 0.0% |
| Dividend per share | — | $0.80 |
| Dividend yield | — | 2.0% |
| Share buybacks | $136m | $13.0m |
| Employees | 632 | 1,241 |
| Market value | $12.36bn | $8.82bn |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | 41 (Weak) | 49 (Moderate) |
| Insider trades, 12 months | 2 buys, 8 sales | 0 buys, 3 sales |