ARANTERO RESOURCES Corp

Crude Petroleum & Natural Gas

Revenue: $5.1B; 20% YoY
Operating margin: 17.2%; 160521% YoY
EBITDA: $1.6B; 114% YoY
Market cap: $12.9B
Employees: 632; $8M revenue each
Net debt / EBITDA: 1.7×; $2.8B net debt
AI in 10-K: 0.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$14M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
242% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
8% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$8M · 95th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.2 per 10K words · 13th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$11M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.5B	$8.7B	$4.5B	$4.3B	$5.1B	20%
Operating income	$24M	$2.5B	$396M	$460K	$884M	191997%
Net income	−$162M	$2.0B	$297M	$94M	$675M	618%
Operating cash flow	$1.7B	$3.1B	$995M	$849M	$1.6B	92%
Capex	$716M	$944M	—	—	—
Stock-based comp	$20M	$35M	$60M	$66M	$61M	8.5%
Buybacks	—	$874M	$75M	—	$136M

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 21, 2019	RADY PAUL M	SC 13D	5.0%	Active

Insider trading

Open-market buys, 12 mo: $167K · 1
Open-market sells, 12 mo: $11M · 8
Net: −$11M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	632	—
FY2024	$14M	$40M	643	—
FY2023	$14M	−$6M	416	—
FY2022	$25M	$66M	569	—
FY2021	$6M	$34M	321	—