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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -3.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Antero Resources's Beneish M-Score or its related term are showing as below:
FRA:7A6'
s Beneish M-Score Range Over the Past 10 Years
Min: -8.88 Med: -2.72 Max: -0.3
Current: -3.08
During the past 13 years, the highest Beneish M-Score of Antero Resources was -0.30. The lowest was -8.88. And the median was -2.72.
Antero Resources Beneish M-Score Related Terms
Antero Resources Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Antero Resources's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
FRA:7A6 vs APA, RRC, OVV: Beneish M-Score Comparison
For the Oil & Gas E&P subindustry, Antero Resources's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Antero Resources Beneish M-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Resources's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Antero Resources's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Antero Resources for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 0.7203
+
0.528 * 0.5548
+
0.404 * 1.1463
+
0.892 * 1.1409
+
0.115 * 1.1553
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.777
+
4.679 * -0.086469
-
0.327 * 1.0514
=
-3.15
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(706.766 / (706.766 + 11283.719))
/
(664.987 / (664.987 + 12369.057))
=
0.058944
/
0.051019
=
1.1553
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(829.031 - 226.333
-
1750.771)
/
13277.271
=
-0.086469
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Antero Resources has a M-score of -3.15 suggests that the company is unlikely to be a manipulator.
Antero Resources (FRA:7A6) has a Beneish M-Score of -3.08 as of Jul. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Antero Resources and its competitors. According to the industry distribution chart, Antero Resources ranks #208 out of 822 companies in the Oil & Gas industry, placing it in the top 25.3%.
Is Antero Resources' Beneish M-Score too high?
Antero Resources' current Beneish M-Score is -3.08. Based on the distribution chart, Antero Resources ranks #208 out of 822 companies in the Oil & Gas industry, which is above the industry midpoint. Overall, Antero Resources has a GF Score™ of 74/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Antero Resources' Beneish M-Score compare to APA and RRC?
According to the Oil & Gas industry distribution chart, Antero Resources ranks #208 out of 822 companies for Beneish M-Score. This puts Antero Resources in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Oil & Gas company?
A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Antero Resources and its competitors. Antero Resources's current Beneish M-Score is -3.08. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Antero Resources stock overvalued right now?
Based on GuruFocus' analysis, Antero Resources (FRA:7A6) is currently considered Modestly Undervalued. The stock's GF Value™ is €37.39, compared to a current price of €30.22 — trading 19.2% below its estimated fair value. The current Beneish M-Score is -3.08. Antero Resources' overall GF Score™ is 74/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Antero Resources (FRA:7A6), the current Beneish M-Score is -3.08 as of Jul. 24, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Antero Resources (FRA:7A6) Overvalued in 2026?
Based on GuruFocus' analysis, Antero Resources stock appears to be undervalued.
The current stock price of €30.22 is trading 19.2% below its estimated GF Value™ of €37.39.
GuruFocus considers Antero Resources to be Modestly Undervalued.
Key valuation signals for FRA:7A6:
Beneish M-Score: -3.08
GF Value™: €37.39 vs. price of €30.22 (19.2% below fair value)
No single metric tells the full story. See the FRA:7A6 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Antero Resources is an exploration and production firm whose operations represent a pure play in the Marcellus Shale, located in northern West Virginia. The company started in 2002 as an E&P focused on the Barnett Shale (Fort Worth, Texas). Antero redefined itself in Appalachia's Marcellus Shale in 2005. In 2012, shortly before Antero's 2013 IPO, Antero Midstream Partners was formed to handle the company's rapidly growing gas volumes. In 2026, the firm narrowed its focus further by selling its Ohio Utica assets and using the proceeds to acquire additional Marcellus acreage from HG Energy. Just over half of its production and earning power is tied to natural gas, with the remainder mostly NGLs, where it holds a leading position, and some crude oil.
74GF Score
Get the complete analysis for FRA:7A6
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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