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Viper Energy Inc.

VNOM Energy Oil & Gas Midstream

Viper Energy Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.4 billion, up 62.0% from fiscal 2024.

Revenue
+58.1%
EPS
+397.4%
Free cash flow
+57.3%
Total debt
−8.66%

Quarter to September 2026, against a year earlier

39.93 1.13 −2.75%
Market cap
$14.4B
P/E
18.1×
Fwd P/E
16.7×
Dividend yield
6.14%
F-score
2/9
Altman Z
1.50
Beneish M
−2.52
Dividend safety
10/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Viper Energy Inc. (VNOM) valuation and DCF model

What the price implies · reverse DCF

At $39.93 the price implies free cash flow after share-based pay growing 26.2% a year for ten years.

Free cash flow after share-based pay grew 73.3% a year over the last five years. The price asks for less than its five-year rate. The industry’s median company is priced for 5.8%.

In December 2018 the price assumed 38.2% a year; Viper Energy Inc. went on to grow free cash flow after share-based pay 23.5% a year to FY2025.

Price implies
26.2%
Last 5 years, reported
73.3%
Industry median implies
5.8%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
26.2% a year for ten years
$39.93
today’s price
Its base case
25.0% a year for five years, then 15.0%
$21.23
46.8% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Viper Energy Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Cash flow to equity
the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 26.2% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs
Free cash flow Revenue and margin
negative is net cash
new shares the cash flow does not pay for

Against Viper Energy Inc.’s own cost of capital: risk-free 4.3% + beta 0.47 × equity premium 4.5% = 6.4% cost of equity; weighted, 6.4%.

Use 6.4%
Equity value $3.78b ▼ below market cap $7.10b
Base case value per share $21.23 equity value ÷ 177.92m shares
Current price $39.93 market price per share
Below today’s price 46.8% downside at the base case’s assumptions

How we got there$1.98b 10 years of cash to equity+$4.18b terminal value−$2.38b net debt=$3.78b equity value÷177.92m shares=$21.23 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Oil & Gas Midstream).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 18.10× 16.94× 19.00× 5% below 11.68× 55% above
P/FCF 74.48× 28.69× 24.68× 202% above 8.52× 774% above
P/B 0.74× 0.84× 1.02× 27% below 1.68× 56% below
EV/EBITDA 9.84× 8.43× 8.82× 12% above 9.03× 9% above
EV/Sales 4.60× 4.84× 6.34× 27% below 3.43× 34% above
P/E P/FCF P/B EV/EBITDA EV/Sales
6.11×26.71×47.31×67.90×10Y avg 24.68×202020212022202320242026

VNOM trades at 74.48× P/FCF, against a 10-year average of 24.68× (range 2.70×–74.48×). That is dearer than 100% of the last 5 year-end readings; re-rating to the average implies $13.23 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.