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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Antero Resources's Net-Net Working Capital for the quarter that ended in Jun. 2026 was MXN-387.40.
The industry rank for Antero Resources's Net-Net Working Capital or its related term are showing as below:
MEX:AR's Price-to-Net-Net-Working-Capital is not ranked *
in the Oil & Gas industry.
Industry Median: 6.505 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Antero Resources (MEX:AR) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Antero Resources Net-Net Working Capital Related Terms
Antero Resources Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Antero Resources's Net-Net Working Capital 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.
MEX:AR vs RRC, APA, SM: Net-Net Working Capital Comparison
For the Oil & Gas E&P subindustry, Antero Resources's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital 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 Price-to-Net-Net-Working-Capital vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, Antero Resources's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Antero Resources's Price-to-Net-Net-Working-Capital falls into.
* 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.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of MXN-387.40 mean?
Antero Resources (MEX:AR) has a Net-Net Working Capital of MXN-387.40 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Antero Resources According to the industry distribution chart, Antero Resources ranks #999999 out of 192 companies in the Oil & Gas industry.
Is Antero Resources' Net-Net Working Capital too high?
Antero Resources' current Net-Net Working Capital is MXN-387.40. Based on the distribution chart, Antero Resources ranks #999999 out of 192 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, Antero Resources has a GF Score™ of 74/100, reflecting its overall financial health beyond just this single metric.
How does Antero Resources' Net-Net Working Capital compare to RRC and APA?
According to the Oil & Gas industry distribution chart, Antero Resources ranks #999999 out of 192 companies for Net-Net Working Capital. This places Antero Resources in the lower half of its industry. The industry median Net-Net Working Capital is 6.51. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Oil & Gas company?
The median Net-Net Working Capital among Oil & Gas companies is 6.51, based on 192 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital 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 Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Antero Resources For the Oil & Gas industry, the median Net-Net Working Capital is 6.51 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Antero Resources's current Net-Net Working Capital is MXN-387.40. 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?
Antero Resources (MEX:AR) has a current Net-Net Working Capital of MXN-387.40. The stock's GF Value™ is MXN827.96, compared to a current price of MXN667.00 — trading 19.4% below its estimated fair value. The current Net-Net Working Capital is MXN-387.40. 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 Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Antero Resources (MEX:AR), the current Net-Net Working Capital is MXN-387.40 as of Jun. 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 (MEX:AR) Overvalued in 2026?
Based on GuruFocus' analysis, Antero Resources stock appears to be undervalued.
The current stock price of MXN667.00 is trading 19.4% below its estimated GF Value™ of MXN827.96.
Key valuation signals for MEX:AR:
Net-Net Working Capital: MXN-387.40
GF Value™: MXN827.96 vs. price of MXN667.00 (19.4% below fair value)
No single metric tells the full story. See the MEX:AR 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
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