Is Antero Resources Corp. overvalued or undervalued?

As of 17 October 2025, Antero Resources Corp. has moved from a very attractive to a fair valuation grade. The company appears to be overvalued based on its current valuation ratios, which include a P/E ratio of 31, an EV to EBITDA of 12.37, and a PEG ratio of 0.19. In comparison to peers, Ovintiv, Inc. is considered very expensive with a P/E of 6.38 and Range Resources Corp. also deemed very expensive with a P/E of 11.61, indicating that Antero's valuation is relatively high within its industry.
Despite a strong 5-year return of 767.04%, Antero has underperformed against the S&P 500 in the recent year and year-to-date, with returns of 12.75% and -12.18% respectively, compared to the S&P's 14.08% and 13.30%. This performance, combined with the current valuation metrics, suggests that Antero Resources Corp. is not an attractive investment at this time.