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AR (Antero Resources) Beneish M-Score : -2.41 (As of Jul. 08, 2025)


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What is Antero Resources Beneish M-Score?

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 -2.41 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:

AR' s Beneish M-Score Range Over the Past 10 Years
Min: -8.88   Med: -2.7   Max: 0.8
Current: -2.41

During the past 13 years, the highest Beneish M-Score of Antero Resources was 0.80. The lowest was -8.88. And the median was -2.70.


Antero Resources Beneish M-Score Historical Data

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.

* Premium members only.

Antero Resources Beneish M-Score Chart

Antero Resources Annual Data
Trend Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -4.09 -2.62 -2.14 -1.62 -2.16

Antero Resources Quarterly Data
Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.30 -0.93 -1.70 -2.16 -2.41

Competitive Comparison of Antero Resources's Beneish M-Score

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's Beneish M-Score Distribution in the 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.


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Antero Resources Beneish M-Score Calculation

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 * 1.3985+0.528 * 0.6843+0.404 * 1.1027+0.892 * 1.0809+0.115 * 0.9626
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.8819+4.679 * -0.059986-0.327 * 0.9371
=-2.41

* 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.

This Year (Mar25) TTM:Last Year (Mar24) TTM:
Total Receivables was $554 Mil.
Revenue was 1392.59 + 1149.466 + 983.58 + 928.082 = $4,454 Mil.
Gross Profit was 421.936 + 128.798 + 51.18 + 22.412 = $624 Mil.
Total Current Assets was $575 Mil.
Total Assets was $13,049 Mil.
Property, Plant and Equipment(Net PPE) was $12,199 Mil.
Depreciation, Depletion and Amortization(DDA) was $762 Mil.
Selling, General, & Admin. Expense(SGA) was $464 Mil.
Total Current Liabilities was $1,485 Mil.
Long-Term Debt & Capital Lease Obligation was $3,291 Mil.
Net Income was 207.971 + 106.988 + -20.444 + -65.663 = $229 Mil.
Non Operating Income was -49.644 + -28.974 + 32.833 + 11.992 = $-34 Mil.
Cash Flow from Operations was 457.739 + 278.002 + 166.177 + 143.499 = $1,045 Mil.
Total Receivables was $366 Mil.
Revenue was 1057.567 + 1107.311 + 1061.959 + 893.61 = $4,120 Mil.
Gross Profit was 107.522 + 146.333 + 148.072 + -6.677 = $395 Mil.
Total Current Assets was $403 Mil.
Total Assets was $13,548 Mil.
Property, Plant and Equipment(Net PPE) was $12,886 Mil.
Depreciation, Depletion and Amortization(DDA) was $773 Mil.
Selling, General, & Admin. Expense(SGA) was $487 Mil.
Total Current Liabilities was $1,383 Mil.
Long-Term Debt & Capital Lease Obligation was $3,909 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(553.767 / 4453.718) / (366.339 / 4120.447)
=0.124338 / 0.088908
=1.3985

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(395.25 / 4120.447) / (624.326 / 4453.718)
=0.095924 / 0.140181
=0.6843

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (574.785 + 12198.615) / 13049.321) / (1 - (402.712 + 12885.991) / 13548.494)
=0.021144 / 0.019175
=1.1027

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=4453.718 / 4120.447
=1.0809

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
=(772.884 / (772.884 + 12885.991)) / (761.867 / (761.867 + 12198.615))
=0.056585 / 0.058784
=0.9626

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(463.784 / 4453.718) / (486.534 / 4120.447)
=0.104134 / 0.118078
=0.8819

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((3291.209 + 1485.346) / 13049.321) / ((3909.383 + 1382.903) / 13548.494)
=0.366039 / 0.390618
=0.9371

8. TATA = Total Accruals to Total Assets

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
=(228.852 - -33.793 - 1045.417) / 13049.321
=-0.059986

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 -2.41 suggests that the company is unlikely to be a manipulator.


Antero Resources Beneish M-Score Related Terms

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Antero Resources Business Description

Traded in Other Exchanges
Address
1615 Wynkoop Street, Denver, CO, USA, 80202
Antero Resources, based in Denver, engages in the exploration for and production of natural gas and natural gas liquids in the United States and Canada. At the end of 2024, the company reported proven reserves of 17.9 trillion cubic feet of natural gas equivalent. Production averaged approximately 3,424 million cubic feet of equivalent a day in 2024 at a ratio of 35% liquids and 65% natural gas.
Executives
Yvette K Schultz officer: See Remarks. 1615 WYNKOOP STREET, DENVER CO 80202
Keenan W Howard Jr director 410 PARK AVENUE, 20TH FLOOR, NEW YORK NY 10022
Sheri Pearce officer: See Remarks 1615 WYNKOOP ST., DENVER CO 80202
Jacqueline C Mutschler director 2000 ST. JAMES PLACE, HOUSTON TX 77056
Michael N. Kennedy officer: Senior Vice President Finance 707 - 17TH STREET, SUITE 3600, DENVER CO 80202
Robert J Clark director 1401 17TH STREET, SUITE 1200, DENVER CO 80202
W Patrick Ash officer: See Remarks 400 N. SAM HOUSTON PARKWAY E. SUITE 1200, HOUSTON TX 77060
Brenda R Schroer director 600 W. ILLINOIS AVENUE, ONE CONCHO CENTER, MIDLAND TX 79701
Vicky Sutil director 10889 WILSHIRE BLVD., LOS ANGELES CA 90024
Tyree Thomas B Jr director 410 - 17TH STREET, SUITE 1400, DENVER CO 80202
Warburg Pincus Llc 10 percent owner 450 LEXINGTON AVENUE, NEW YORK NY 10017
James R. Levy director C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Warburg Pincus Private Equity X O&g, L.p. director, 10 percent owner C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Peter Kagan director C/O WARBURG PINCUS LLC, 450 LEXINGTON AVENUE, NEW YORK NY 10017
Paul M Rady director, officer: See Remarks 1625 17TH STREET, DENVER CO 80202