A Business at a Glance
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Diamondback Energy, Inc.
FANG
$59.2B
Mkt Cap
$204.68
-0.39%
Diamondback Energy, Inc. (FANG) has a current P/E ratio of 35.7, compared to its historical median P/E of 9.3. The stock is currently considered Expensive based on its historical valuation range.
Diamondback Energy, Inc. (FANG) has a 5-year average return on invested capital (ROIC) of 14.8%. This indicates solid capital allocation.
Diamondback Energy, Inc. (FANG) has a market capitalization of $57.6B. It is classified as a large-cap stock.
Yes, Diamondback Energy, Inc. (FANG) pays a dividend with a trailing twelve-month yield of 2.02%.
Based on historical P/E analysis, Diamondback Energy, Inc. (FANG) appears expensive. The current P/E of 35.7 is 283% above its historical median of 9.3. The estimated fair value CAGR (P/E method) is 22.7%.
Diamondback Energy, Inc. (FANG) operates in the Crude Petroleum & Natural Gas industry, within the Energy sector.
Diamondback Energy, Inc. (FANG) reported annual revenue of $15.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Diamondback Energy is an independent oil and natural gas exploration and production company operating primarily in the Permian Basin, with a focus on the Midland Basin core and emerging positions in the Barnett and Woodford shales. The company generates revenue through the production and sale of crude oil, natural gas, and natural gas liquids, with a business model centered on developing existing leasehold acreage and drilling from a substantial backlog of drilled uncompleted wells (DUCs) that provide operational flexibility. Unit economics are characterized by low break-even costs and multi-well pad development techniques including simul-frac operations that drive down per-foot drilling and completion costs, while the company maintains commodity price hedging programs to manage volatility in oil and natural gas prices. Distribution occurs through multiple pipeline systems, with the company actively reducing exposure to the Waha pricing hub and diversifying to alternative egress solutions including new pipelines and power generation projects. The company's competitive moat derives from its large acreage position in the Permian Basin, operational scale, low-cost development model, and strategic flexibility enabled by its DUC backlog, while customers include oil and natural gas purchasers and, increasingly, data center and hyperscaler operators seeking integrated energy and water solutions. Geographic concentration is primarily in the Permian Basin, particularly the Midland Basin, with emerging development in the Barnett and Woodford formations.
【Permian development acceleration】 Management is pursuing organic growth through increased drilling activity and lateral length extensions in the Midland Basin core while simultaneously developing the Barnett and Woodford formations, with plans to add 25–30 rigs by year-end 2026 and maintain lateral feet completions at the upper end of guidance. The company is targeting meaningful cost reductions through full-scale multi-pad development and extended laterals, particularly in the Barnett where 15,000-foot laterals are expected to drive down per-foot costs. Capital allocation priorities include debt reduction in a higher commodity price environment, with the company maintaining flexibility to adjust drilling and completion activity based on commodity prices and market conditions. Management is actively pursuing non-core asset sales and exploring creative in-basin egress solutions, including power generation projects to serve hyperscaler and data center customers, while working to reduce Waha gas exposure from over 70% to approximately 40% by year-end 2026 through new pipeline capacity.
| Metric | Target | Period |
|---|---|---|
| Oil production | 520,000 bbl/d | FY2026 |
| Lateral feet completed | 12.9 million lateral ft | FY2026 |
| Waha gas exposure | just over 40% | Year-end 2026 |
Oil production (FY2026): “For the full year of 2026, you know, we still expect to be at 12.9 million lateral ft. We expect that to ramp kind of going through the back half of the year.”
Lateral feet completed (FY2026): “For the full year of 2026, you know, we still expect to be at 12.9 million lateral ft.”
Waha gas exposure (Year-end 2026): “by year-end 2026, we expect Waha exposure to be down to just over 40% of gas sales as compared to a little over 70% today”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 15.2B | 15.0B | 11.1B | 8.4B | 9.6B | 6.8B |
| Net Income | 279M | 1.7B | 3.3B | 3.1B | 4.3B | 2.2B |
| EPS | $0.90 | $5.73 | $15.53 | $17.34 | $24.61 | $12.24 |
| Free Cash Flow | 7.0B | 7.8B | 5.6B | 5.3B | 5.8B | 3.7B |
| ROIC | -0.7% | 2.0% | 9.7% | 16.4% | 26.4% | 19.2% |
| Gross Margin | - | 10.3% | 41.7% | 56.1% | - | - |
| Debt/Equity | 0.38 | 0.39 | 0.37 | 0.40 | 0.42 | 0.55 |
| Dividends/Share | $4.13 | $4.00 | $8.29 | $7.99 | $11.31 | $1.95 |
| Operating Income | -291M | 1.3B | 4.4B | 4.6B | 6.5B | 4.0B |
| Operating Margin | -1.9% | 8.4% | 39.7% | 54.3% | 67.5% | 58.9% |
| ROE | 0.8% | 4.4% | 12.2% | 19.7% | 32.1% | 20.7% |
| Shares Outstanding | 281M | 289M | 214M | 180M | 177M | 177M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | N/A | N/A | N/A | 1.2B | 2.2B | 4.0B | 2.8B | 6.8B | 9.6B | 8.4B | 11.1B | 15.0B | 15.2B |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 56.1% | 41.7% | 10.3% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 21M | 32M | 43M | 48M | 65M | 104M | 88M | 146M | 144M | 150M | 213M | 288M | 294M |
| EBIT | 213M | -740M | -69M | 605M | 1.0B | 695M | -5.5B | 4.0B | 6.5B | 4.6B | 4.4B | 1.3B | -291M |
| Op. Margin | N/A | N/A | N/A | 50.2% | 46.5% | 17.5% | -194.7% | 58.9% | 67.5% | 54.3% | 39.7% | 8.4% | -1.9% |
| Net Income | 194M | -551M | -165M | 482M | 846M | 240M | -4.5B | 2.2B | 4.3B | 3.1B | 3.3B | 1.7B | 279M |
| Net Margin | N/A | N/A | N/A | 40.0% | 38.9% | 6.1% | -160.6% | 31.8% | 45.0% | 37.1% | 30.0% | 11.0% | 1.8% |
| Non-Recurring | -1.4M | -668K | 61K | 1.0M | -3.0M | 1.0M | 0 | 23M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 7.0% | -23.0% | -4.6% | 12.4% | 7.0% | 3.3% | -27.4% | 19.2% | 26.4% | 16.4% | 9.7% | 2.0% | -0.7% |
| ROE | 14.9% | -30.4% | -5.9% | 10.8% | 8.9% | 1.8% | -41.0% | 20.7% | 32.1% | 19.7% | 12.2% | 4.4% | 0.8% |
| ROA | 8.4% | -18.8% | -4.1% | 7.3% | 5.8% | 1.1% | -22.0% | 10.7% | 17.7% | 11.3% | 6.9% | 2.4% | 0.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 356M | 417M | 332M | 889M | 1.6B | 2.7B | 2.1B | 3.9B | 6.3B | 5.9B | 6.4B | 8.8B | 8.2B |
| Free Cash Flow | 302M | 417M | 332M | 889M | 1.5B | 2.2B | 1.9B | 3.7B | 5.8B | 5.3B | 5.6B | 7.8B | 7.0B |
| Owner Earnings | 177M | 180M | 128M | 536M | 915M | 1.2B | 770M | 2.6B | 4.9B | 4.1B | 3.5B | 3.6B | 2.9B |
| CapEx | 55M | 0 | 0 | 0 | 111M | 553M | 213M | 287M | 520M | 618M | 787M | 966M | 1.2B |
| Maint. CapEx | 170M | 218M | 178M | 327M | 623M | 1.5B | 1.3B | 1.3B | 1.3B | 1.7B | 2.9B | 5.0B | 5.2B |
| Growth CapEx | 0 | N/A | N/A | N/A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 170M | 218M | 178M | 327M | 623M | 1.5B | 1.3B | 1.3B | 1.3B | 1.7B | 2.9B | 5.0B | 5.2B |
| CapEx/OCF | 15.4% | N/A | N/A | N/A | 17.5% | 20.2% | N/A | N/A | N/A | N/A | N/A | N/A | 14.4% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 37M | 112M | 236M | 312M | 1.6B | 1.4B | 1.6B | 1.2B | 1.2B |
| Dividend Yield | N/A | N/A | N/A | N/A | 0.4% | 0.9% | 4.2% | 2.6% | 7.8% | 6.2% | 4.2% | 2.8% | 2.0% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 593M | 98M | 431M | 1.1B | 840M | 959M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | 5.2% | 1.6% | 2.7% | 5.2% | 3.2% | 2.9% | 4.0% | 0.0% |
| Stock-Based Comp | 9.8M | 19M | 26M | 26M | 27M | 48M | 37M | 51M | 55M | 54M | 65M | 107M | 118M |
| Debt Repayment | 0 | 0 | 27M | 0 | 0 | 44M | 2.0M | 178M | 0 | 4.8B | 3.5B | 13.5B | 13.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 643M | 468M | -561M | 1.4B | 4.2B | 5.3B | 5.7B | 6.0B | 6.1B | 6.1B | 13.8B | 14.4B | 13.7B |
| Cash & Equiv. | 30M | 20M | 1.7B | 112M | 215M | 123M | 104M | 654M | 157M | 582M | 161M | 104M | 174M |
| Long-Term Debt | 674M | 488M | 1.1B | 1.5B | 4.5B | 5.4B | 5.6B | 6.6B | 6.2B | 6.6B | 12.1B | 13.7B | 13.1B |
| Debt/Equity | 0.38 | 0.26 | 0.30 | 0.28 | 0.33 | 0.41 | 0.66 | 0.55 | 0.42 | 0.40 | 0.37 | 0.39 | 0.38 |
| Interest Coverage | 6.2 | -17.8 | -1.7 | 14.8 | 11.6 | 4.0 | -27.8 | 20.1 | 42.3 | 28.7 | 32.6 | 5.2 | 5.2 |
| Equity | 1.8B | 1.9B | 3.7B | 5.3B | 13.7B | 13.2B | 8.8B | 12.1B | 15.0B | 16.6B | 37.7B | 37.0B | 36.5B |
| Total Assets | 3.1B | 2.8B | 5.3B | 7.8B | 21.6B | 23.5B | 17.6B | 22.9B | 26.2B | 29.0B | 67.3B | 71.1B | 70.1B |
| Total Liabilities | 1.1B | 642M | 1.3B | 2.2B | 7.4B | 8.6B | 7.8B | 9.7B | 10.5B | 11.6B | 27.4B | 28.1B | 27.4B |
| Intangibles | N/A | N/A | N/A | N/A | 11M | 8.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 196M | -354M | -519M | -37M | 762M | 890M | -3.9B | -2.0B | 801M | 2.5B | 4.2B | 4.7B | 4.5B |
| Working Capital | -15M | -33M | 1.6B | -219M | -94M | -394M | -634M | 8.0M | -324M | -487M | -2.7B | -2.7B | -2.1B |
| Current Assets | 252M | 109M | 1.8B | 359M | 925M | 869M | 602M | 1.4B | 1.4B | 1.6B | 2.1B | 1.9B | 2.7B |
| Current Liabilities | 267M | 141M | 209M | 577M | 1.0B | 1.3B | 1.2B | 1.4B | 1.7B | 2.1B | 4.8B | 4.6B | 4.8B |
| Per Share Data | |||||||||||||
| EPS | 3.64 | -8.74 | -2.20 | 4.94 | 8.06 | 1.47 | -28.61 | 12.24 | 24.61 | 17.34 | 15.53 | 5.73 | 0.90 |
| Owner EPS | 3.32 | 2.86 | 1.70 | 5.49 | 8.72 | 7.58 | 4.87 | 14.82 | 27.91 | 22.89 | 16.38 | 12.50 | 10.23 |
| Book Value | 32.90 | 29.78 | 49.29 | 53.86 | 130.52 | 81.15 | 55.68 | 68.44 | 85.03 | 92.37 | 176.68 | 127.93 | 129.65 |
| Cash Flow/Share | 6.70 | 6.61 | 4.43 | 9.11 | 14.91 | 16.78 | 13.41 | 22.33 | 35.83 | 32.89 | 30.03 | 30.30 | 19.60 |
| Dividends/Share | N/A | N/A | 0.00 | 0.00 | 0.50 | 0.94 | 1.53 | 1.95 | 11.31 | 7.99 | 8.29 | 4.00 | 4.13 |
| Shares Out. | 53.2M | 63.0M | 75.0M | 97.6M | 105.0M | 163.3M | 158.0M | 176.6M | 176.5M | 180.0M | 213.6M | 289.0M | 281.3M |
| Valuation | |||||||||||||
| P/E Ratio | 12.8 | N/A | N/A | 19.5 | 8.8 | 48.0 | N/A | 7.4 | 4.8 | 8.3 | 9.9 | 25.4 | 228.0 |
| P/FCF | 8.2 | 7.6 | 17.9 | 10.6 | 5.1 | 5.3 | 3.2 | 4.4 | 3.6 | 4.9 | 5.8 | 5.4 | 8.2 |
| EV/EBIT | 14.6 | N/A | N/A | 17.8 | 11.3 | 23.9 | N/A | 5.4 | 4.1 | 6.9 | 10.6 | 45.2 | N/A |
| Price/Book | 1.4 | 1.7 | 1.6 | 1.8 | 0.5 | 0.9 | 0.7 | 1.3 | 1.4 | 1.6 | 0.9 | 1.1 | 1.6 |
| Price/Sales | N/A | N/A | N/A | 6.2 | 4.5 | 3.1 | 2.0 | 1.8 | 2.1 | 2.8 | 3.4 | 2.8 | 3.8 |
| FCF Yield | 12.2% | 13.1% | 5.6% | 9.4% | 19.6% | 19.0% | 31.5% | 22.7% | 27.6% | 20.3% | 17.1% | 18.4% | 12.2% |
| Market Cap | 2.5B | 3.2B | 5.9B | 9.4B | 7.4B | 11.5B | 6.1B | 16.1B | 21.0B | 26.1B | 32.9B | 42.2B | 57.6B |
| Avg. Price | 53.55 | 55.91 | 66.89 | 76.93 | 94.24 | 75.20 | 35.37 | 68.60 | 113.48 | 129.90 | 175.10 | 144.36 | 204.68 |
| Year-End Price | 46.44 | 50.30 | 79.13 | 96.49 | 70.85 | 70.51 | 38.33 | 90.52 | 117.91 | 143.74 | 153.05 | 145.44 | 204.68 |
Diamondback Energy, Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Diamondback Energy, Inc. trades at 35.7x trailing earnings, compared to its 15-year median P/E of 9.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 6.8x vs a median of 5.2x. The company's 5-year average ROIC is 14.8% with a gross margin of 36.0%. Total shareholder yield (dividends) is 2.0%. At current prices, the estimated annualized return to fair value is +18.3%.
Diamondback Energy, Inc. (FANG) has a net profit margin of 11.0%. This is a healthy margin.
Diamondback Energy, Inc. (FANG) generated $7.8 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Diamondback Energy, Inc. (FANG) has a debt-to-equity ratio of 0.39. This indicates a conservatively financed balance sheet.
Diamondback Energy, Inc. (FANG) reported earnings per share (EPS) of $5.73 in its most recent fiscal year.
Diamondback Energy, Inc. (FANG) has a return on equity (ROE) of 4.4%. This indicates moderate shareholder returns.
Diamondback Energy, Inc. (FANG) has a 5-year average gross margin of 36.0%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for Diamondback Energy, Inc. (FANG), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Diamondback Energy, Inc. (FANG) has a book value per share of $127.93, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is pursuing organic growth through increased drilling activity and lateral length extensions in the Midland Basin core while simultaneously developing the Barnett and Woodford formations, with plans to add 25–30 rigs by year-end 2026 and maintain lateral feet completions at the upper end of guidance. The company is targeting meaningful cost reductions through full-scale multi-pad development and extended laterals, particularly in the Barnett where 15,000-foot laterals are expected to drive down per-foot costs. Capital allocation priorities include debt reduction in a higher commodity price environment, with the company maintaining flexibility to adjust drilling and completion activity based on commodity prices and market conditions. Management is actively pursuing non-core asset sales and exploring creative in-basin egress solutions, including power generation projects to serve hyperscaler and data center customers, while working to reduce Waha gas exposure from over 70% to approximately 40% by year-end 2026 through new pipeline capacity.
Based on recent SEC filings and earnings calls, Diamondback Energy, Inc. (FANG) has provided the following forward guidance: Oil production: 520,000 bbl/d (FY2026); Lateral feet completed: 12.9 million lateral ft (FY2026); Waha gas exposure: just over 40% (Year-end 2026).