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Diamondback Energy, Inc.

FANG Energy Oil & Gas E&P

Diamondback Energy, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $15.0 billion, up 35.8% from fiscal 2024.

Revenue
+38.4%
EPS
+80.2%
Free cash flow
−12.2%
Total debt
−18.5%

Quarter to September 2026, against a year earlier

180.12 2.76 −1.51%
Market cap
$50.2B
P/E
22.7×
Fwd P/E
11.1×
Dividend yield
2.36%
F-score
4/9
Altman Z
1.25
Beneish M
−3.13
Dividend safety
37/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2024

  • Oil sales
  • Natural gas liquid sales
  • Sales of purchased oil
  • Natural gas sales

Every year since 2016 →

Insider Decisions last twelve months

Sold, $m 2,539.92
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — 2 16 1 6 8 — 7 4 1 —
Insider Ownership 23.75%

Capital & Financial Ratios $m

Size
Market Cap 50,150.00
Revenue ttm 18,609.00
Net income ttm 2,204.00
Free cash flow ttm 8,540.00
Net debt Q 12,670.00
Valuation
P/E 22.67
Forward P/E 11.10
Price / sales 2.71
Forward P/S Powerpack
Price / FCF 5.90
Price / book 1.12
Financial health
Current ratio Q 0.55 (below 1: weak)
Debt / equity Q 0.29 (at or below 0.5: strong)
Interest coverage Q 45.45
Growth
Revenue growth Q +38.40% (above 0%: growing)
Operating income growth Q +102.27% (above 0%: growing)
EPS, this year +73.85% (at or above 15%: strong)
EPS, next year A −7.91% (below 0%: weak)
Revenue, next year A +32.12% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +12.90%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 4.7×; over the ten years it ranged from 2.4× in 2020 to 19.0× in 2016.
P/E against its own 10 years 70.18%
10-year low 10-year high
P/S against its own 10 years 16.32%
10-year low 10-year high
P/B against its own 10 years 31.28%
10-year low 10-year high
EV/Sales against its own 10 years 12.25%
10-year low 10-year high
EV/FCF against its own 10 years 34.85%
10-year low 10-year high

Dividends raised 3 years running

Yield
2.36%
Annual rate
4.25
Payout ratio
53.5%
Growth, 2018–25
+40.2%/yr
  1. 0.38 ’18
  2. 0.69 ’19 +83
  3. 1.50 ’20 +118
  4. 1.75 ’21 +17
  5. 1.35 ’22 −23
  6. 1.64 ’23 +21
  7. 3.24 ’24 +98
  8. 4.00 ’25 +23
  9. 4.34 ’26e +8
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 585 164 106 560
Receivables 846 1,585 1,386 2,365
Inventory 63 116 86 64
Other 17 168 — —
1,621 2,110 1,915 3,147
2023 2024 2025 Q'26
Payables 261 943 1,168 1,374
ST’ Debt — 900 763 1,548
Other 86 43 15 47
2,108 4,811 4,600 5,739

Compound Annual Growth %

10y 5y 3y
Sales 42.13% 39.81% 15.93%
Cash Flow 35.61% 32.83% 11.46%
Earnings 0.00% 0.00% (27.61%)
Book Value 35.18% 34.38% 39.91%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.92 Actual 5.86

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.88 1.74 Miss by 0.14
Q1 FY26 3.55 4.23 Beat by 0.68
Q2 FY26 5.96 6.48 Beat by 0.52
Q3 FY26 4.92 5.86 Beat by 0.94
Q4 FY26 5.89 — Reports 22 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.08 6.65 6.33 — —
’25 4.83 2.38 3.51 (5.11) 5.73
’24 4.28 4.66 3.19 3.67 15.53
’23 3.88 3.05 5.07 5.34 17.34
’22 4.36 7.93 6.72 5.62 24.61
’21 1.33 1.71 3.56 5.54 12.30
’20 (1.72) (15.17) (7.05) (4.68) (28.59)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4,240 5,562 5,431 — —
’25 4,048 3,678 3,924 3,376 15,026
’24 2,227 2,483 2,645 3,711 11,066
’23 1,925 1,919 2,340 2,228 8,412
’22 2,408 2,768 2,437 2,030 9,643
’21 1,184 1,681 1,910 2,022 6,797
’20 899 425 720 769 2,813
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,828 3,589 2,599 — —
’25 2,355 1,677 2,383 2,343 8,758
’24 1,334 1,529 1,209 2,341 6,413
’23 1,425 1,513 1,358 1,624 5,920
’22 1,252 1,707 1,925 1,441 6,325
’21 624 954 1,199 1,167 3,944
’20 849 324 542 403 2,118
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 1,499 2,646 1,639 — —
’25 1,454 829 1,866 2,756 6,905
’24 737 1,132 728 1,416 4,013
’23 1,032 1,070 1,542 982 4,626
’22 850 1,276 1,467 1,121 4,714
’21 (18) 1,034 820 1,441 3,277
’20 59 (238) 263 1,759 1,843
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −7.5% a year for ten years.

Implied
−7.5%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 527 1,205 2,176 3,964 2,813 6,797 9,643 8,412 11,066 15,026 18,609 +45.1% 19,853 18,777 17,207 +4.6%
Gross margin, % 82.16 87.55 86.08 83.12 79.91 88.57 90.56 86.22 85.16 84.16 85.54 +2.0 pt
EBT (165) 497 1,113 362 (5,776) 2,907 5,736 4,248 4,501 1,874 2,750 n/m
EBT margin, % (31.25) 41.24 51.15 9.13 (205.33) 42.77 59.48 50.50 40.67 12.47 14.78 +43.7 pt
Net income (165) 517 945 315 (4,672) 2,276 4,562 3,336 3,701 1,547 2,204 n/m
Per share, $
Per share, $ Revenue 7.02 12.36 20.80 24.25 17.81 38.48 54.62 46.73 51.82 51.98 66.47 +24.9%
Earnings (2.20) 4.95 8.09 1.47 (28.59) 12.35 24.61 17.34 15.53 5.73 7.95 n/m
Cash flow 4.42 9.12 14.96 16.75 13.41 22.33 35.83 32.89 30.03 30.30 37.00 +23.8%
Capex (4.92) (8.91) (15.15) 0.34 (1.74) (3.78) (9.13) (7.19) (11.24) (6.41) (6.50) +3.0%
Free cash flow (0.50) 0.22 (0.19) 17.10 11.67 18.55 26.70 25.70 18.79 23.89 30.50 n/m
Book value 53.52 57.27 135.41 91.17 62.06 74.98 88.88 96.83 186.67 148.63 161.21 +12.0%
Shares, m 75 97 105 163 158 177 177 180 214 289 283 +16.2%
Valuation, ×
Valuation, × P/E 0.00 25.68 11.65 65.86 0.00 8.83 5.32 9.05 10.37 26.80 22.67 16.4
P/S 14.71 10.34 4.46 3.83 2.72 2.80 2.41 3.36 3.16 2.89 2.71 5.1
P/B 1.93 2.23 0.68 1.02 0.78 1.44 1.48 1.62 0.88 1.01 1.12 1.3
EV/Sales 13.64 11.48 6.41 5.15 4.75 3.69 3.04 4.08 4.32 3.85 3.39 6.0
EV/FCF (192.13) 658.47 (697.37) 7.31 7.25 7.65 6.21 7.42 11.91 8.38 7.39 (17.5)
Cash, $m
Cash, $m Operating cash flow 332 889 1,565 2,739 2,118 3,944 6,325 5,920 6,413 8,758 10,359 +43.8%
Capex (370) (868) (1,585) 56 (275) (667) (1,611) (1,294) (2,400) (1,853) (1,819) +19.6%
Free cash flow (37) 21 (20) 2,795 1,843 3,277 4,714 4,626 4,013 6,905 8,540 n/m
Balance, $m
Balance, $m Working capital 1,583 (219) (94) (394) (634) 8 (324) (487) (2,701) (2,685) (2,592) n/m
Net debt (561) 1,365 4,249 5,251 5,707 6,015 6,084 6,056 12,811 14,383 12,670 n/m
Shareholders’ equity 4,018 5,582 14,167 14,906 9,804 13,245 15,690 17,430 39,862 42,967 45,133 +30.1%
Returns, %
Returns, % ROA (4.07) 7.35 5.76 1.06 (21.95) 10.77 17.86 11.39 6.93 2.41 2.77 +6.5 pt
ROIC (1.24) 5.44 3.43 2.15 (22.06) 12.98 18.68 12.16 5.22 1.38 2.54 +2.6 pt
ROE (5.39) 10.04 8.57 1.65 (36.56) 18.93 30.32 18.98 11.65 4.02 4.52 +9.4 pt
People
People Employees 158 251 711 712 732 870 972 1,023 1,983 1,762 — +30.7%
Revenue/emp, $m 3.34 4.80 3.06 5.57 3.84 7.81 9.92 8.22 5.58 8.53 — +11.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Diamondback Energy is an independent oil and natural gas company headquartered in Midland. Founded in 2007, it is led by Chief Executive Officer Kaes Van’t Hof. Its business is acquiring and developing oil and gas resources, primarily in the Permian Basin of West Texas.

Diamondback drills horizontal wells into underground rock formations and uses hydraulic fracturing to help oil and gas flow. Horizontal drilling allows a well to follow a productive layer of rock; fracturing involves injecting water, sand and chemicals under pressure to create pathways through that rock. The company sells oil, natural gas and natural gas liquids, such as the liquids separated from gas during processing.

Where the money comes from and where it goes Fiscal 2024

Fiscal 2024: revenue by products and services, and margins
Oil sales 9,067 81.94%
Natural gas liquid sales 944 8.53%
Sales of purchased oil 923 8.34%
Natural gas sales 89 0.80%
Gross margin 85.16%
Operating margin 39.73%
Pre-tax margin 40.67%

Revenue by segment since 2016

Diamondback Energy, Inc. vs peers in Oil & Gas E&P (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
EOG EOG Resources, Inc. $76.0B 9.3× 9.2× +46.21% (above 0%: growing) +97.43% (above 0%: growing) +162.42% (above 0%: growing) 100.00% 41.95% Compare
OXY Occidental Petroleum Corporation $56.3B 8.6× 7.0× +53.39% (above 0%: growing) +937.04% (above 0%: growing) +92.71% (above 0%: growing) 80.41% 50.90% Compare
FANG Diamondback Energy, Inc. $50.2B 22.7× 11.1× +38.40% (above 0%: growing) +80.23% (above 0%: growing) −12.17% (below 0%: shrinking) 87.22% 46.03%
DVN Devon Energy Corporation $47.2B 10.2× 9.6× +73.13% (above 0%: growing) +43.66% (above 0%: growing) −130.16% (below 0%: shrinking) 81.22% 32.14% Compare
WDS Woodside Energy Group Ltd $40.7B 3.3× 12.0× +196.99% (above 0%: growing) +178.60% (above 0%: growing) −173.74% (below 0%: shrinking) 42.87% 0.00% Compare
EQT EQT Corporation $31.7B 12.0× 14.3× −9.61% (below 0%: shrinking) −16.67% (below 0%: shrinking) +12.15% (above 0%: growing) 73.39% 25.95% Compare
EXE Expand Energy Corporation $19.7B 7.4× 7.9× +10.79% (above 0%: growing) −2.61% (below 0%: shrinking) +2.49% (above 0%: growing) 74.25% 19.48% Compare
TPL Texas Pacific Land Corporation $18.8B 32.3× 35.9× +34.62% (above 0%: growing) +38.33% (above 0%: growing) +83.99% (above 0%: growing) 100.00% 76.00% Compare
PR Permian Resources Corporation $17.9B 10.9× 11.1× +48.11% (above 0%: growing) +525.00% (above 0%: growing) −56.18% (below 0%: shrinking) 0.00% 45.35% Compare
Median of peers $36.2B 9.7× 10.4× +47.16% +70.55% +7.32% 77.33% 37.05%

All 74 Oil & Gas E&P stocks →

From the latest earnings call

Updated

  • CEO Kaes Van’t Hof said Diamondback expects to keep reinvestment low and would need to spend more than its fourth-quarter range to grow production next year.
  • Van’t Hof said Diamondback has secured pipeline space closer to gas end markets and is exploring opportunities with LNG companies seeking supply.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 71.70%
Held by the ten largest 40.85%
Holder Shares Stake Change
Vanguard 24.55m 8.75% +65.02k
BlackRock 18.79m 6.70% +286.34k
Wellington Management 16.42m 5.85% +3.92m
State Street 12.56m 4.48% +510.28k
Invesco 11.18m 3.98% +662.69k
Capital Group 10.44m 3.72% +3.57m
Boston Partners 5.85m 2.09% +83.11k
Geode Capital Management 5.39m 1.92% +62.49k
BNY 4.85m 1.73% +910.72k
Fidelity (FMR) 4.59m 1.64% −283.88k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 9 April 2026

Ownership

Directors and executive officers, together less than 1%
SGF FANG Holdings, LP c/o Kevin T. Keen, Esq. 29.87%
BlackRock, Inc. 5.46%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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FANG metrics, ten years each

stockrow.com/FANG · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com