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Diamondback Energy, Inc. (FANG) USD

Permian Basin–focused independent oil producer with integrated midstream logistics.

At a glance: strengths & risks
✓Revenue growing (+51% y/y, Q2 2026)✓Profit growing (+169% y/y, Q2 2026)✓Margins improving (65%→71%, Q2 2026)✓Commodity price +34% vs 1-yr · +6% vs 3-yr✗Only 6 years of reserves✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_FANG

Price chart

192.42 USDDay -2.30%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
192.42 USD · -2.30%
Market cap
54.0 bn USD

Growth

Δ revenue y/y
51.2%
Δ EBITDA y/y
63.8%

Multiples

P/E (LTM)
36.8x
3y avg: 17.7x
P/B (FY)
1.5x
P/E (ann.)
7.2x
EV/EBITDA (LTM)
10.2x
3y avg: 8.3x
EV/EBITDA (ann.)
4.2x

Cash return

Dividend yield
2.2%
FCF yield (LTM)
8.7%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-74.2%
↓ details

Liquidity

Daily turnover (listing)
1.6 bln USD

Shares: sec_companyfacts/1539838

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK5.6
y/y 51.2%
2.5
y/y 120.5%
1.4
y/y 12.8%
3.9
y/y 63.8%
1.9
y/y 169.2%
3.6-0.470.2
y/y -2.4%
37.9
y/y -2.5%
20.2%12.2Link
2026-03-31Q1 2026 (3M)OK4.2
y/y 4.7%
0.1
y/y -93.1%
1.3
y/y 17.9%
1.4
y/y -49.1%
0.0
y/y -98.2%
1.8-0.970.1
y/y 0.0%
36.5
y/y -5.2%
0.3%13.7Link
2025-12-31Q4 2025 (3M)OK3.4
y/y -9.0%
-2.8
y/y -297.0%
1.4
y/y 20.2%
-1.4
y/y -154.2%
-1.5
y/y -235.8%
2.3-0.971.1
y/y 5.6%
37.0
y/y -2.0%
4.4%14.4Link
2025-09-30Q3 2025 (3M)OK3.9
y/y 48.4%
1.2
y/y 74.1%
1.3
y/y 73.3%
2.5
y/y 73.7%
1.0
y/y 54.5%
2.4-0.876.2
y/y 15.9%
39.1
y/y 4.4%
3.5%16.1Link
2025-06-30Q2 2025 (3M)OK3.7
y/y 48.1%
1.1
y/y -1.5%
1.3
y/y 162.1%
2.4
y/y 46.7%
0.7
y/y -16.5%
1.7-0.971.9
y/y 101.9%
38.9
y/y 122.8%
7.2%14.9Link
2025-03-31Q1 2025 (3M)OK4.0
y/y 81.8%
1.7
y/y 49.6%
1.1
y/y 133.9%
2.8
y/y 74.5%
1.4
y/y 82.9%
2.4-0.970.1
y/y 136.0%
38.5
y/y 127.0%
14.7%12.1Link
2024-12-31Q4 2024 (3M)OK3.7
y/y 66.6%
1.4
y/y 17.2%
1.2
y/y 146.5%
2.6
y/y 53.4%
1.1
y/y 11.9%
2.3-0.967.3
y/y 132.0%
37.7
y/y 127.0%
8.9%12.8Link
2024-09-30Q3 2024 (3M)OK2.6
y/y 13.0%
0.7
y/y -47.0%
0.7
y/y 67.9%
1.5
y/y -18.5%
0.7
y/y -28.0%
1.2-0.765.7
y/y 134.4%
37.4
y/y 129.9%
3.2%12.6Link
2024-06-30Q2 2024 (3M)OK2.5
y/y 29.4%
1.2
y/y 15.6%
0.5
y/y 11.8%
1.6
y/y 14.5%
0.8
y/y 50.5%
1.5-0.635.6
y/y 22.9%
17.4
y/y 12.2%
19.5%5.1Link
2024-03-31Q1 2024 (3M)OK2.2
y/y 15.7%
1.1
y/y 9.1%
0.5
y/y 16.4%
1.6
y/y 11.1%
0.8
y/y 7.9%
1.3-0.629.7
y/y 7.6%
16.9
y/y 9.6%
18.3%5.7Link
2023-12-31Q4 2023 (3M)OK2.2
y/y —
1.2
y/y —
0.5
y/y —
1.7
y/y —
1.0
y/y —
1.6-1.629.0
y/y —
16.6
y/y —
19.1%6.1Link
2023-09-30Q3 2023 (3M)OK2.3
y/y —
1.3
y/y —
0.4
y/y —
1.8
y/y —
0.9
y/y —
1.4-0.228.0
y/y —
16.3
y/y —
7.7%5.4Link
2023-06-30Q2 2023 (3M)OK1.9
y/y —
1.0
y/y —
0.4
y/y —
1.4
y/y —
0.6
y/y —
1.5-0.129.0
y/y —
15.6
y/y —
14.3%5.7Link
2023-03-31Q1 2023 (3M)OK1.9
y/y —
1.0
y/y —
0.4
y/y —
1.4
y/y —
0.7
y/y —
1.4-0.927.6
y/y —
15.5
y/y —
—6.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1 548
Long-term debt (incl. LT leases)11 066
− Cash & equivalents462
Net debt12 152

Net debt / LTM EBITDA: 1.9x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 00002 0004 0006 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-200%-100%0%100%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-8 000-6 000-4 000-2 00002 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

05 00010 00015 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 1.92x of reported net profit; after capex, 1.06x.
year202320242025
cash flow / profit1.88x1.92x5.26x
accruals, % of assets-9.6%-4.6%-10.0%
Last twelve months (to 2026-06-30): 6.91x of profit came back as operating cash flow.
net debt / EBITDA 2.3x · EBIT covers interest 5.2x · capex 1.0x of depreciation · dividends 35% of free cash flow · share count +26.7% a year
● Diluted share count grew 26.7% a year.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
2 033 mln boe
2022
Reserve life (R/P)
6.0 yrs
reserves ÷ annual output
Annual production
336.18 mln boe
2025

Production, mln boe

103.282019109.922020137.002021140.892022163.412023218.972024336.182025

Proved reserves

YearReserves, mln boe
20222 033
20211 789
20201 316
20191 128
2018992.00
2017335.35
20162 055 *
20151 569 *
20141 128 *

Production

YearProduction, mln boeper day, mln boe
2026180.75 * (6M)
+12.8%		0.99
2025336.18
+53.5%		0.92
2024218.97
+34.0%		0.60
2023163.41
+16.0%		0.45
2022140.89
+2.8%		0.39
2021137.00
+24.6%		0.38
2020109.92
+6.4%		0.30
2019103.280.28
201847.61 * (12M)
+64.6%		0.13

* historical figures with reconstructed scale · * partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — WTI Crude Oil

Current 96spot vs LTM +33%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -74.2% ▼ -0.8 pp 1d

Main driver: WTI Crude Oil +34% vs LTM; revenue ×1.29 vs costs ×1.07; EBITDA 6 478→8 770; at 4.7× EV/EBITDA → -74%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+49%96.0871.9676.50+34%+6%
Brent (rev)+30%103.8776.5180.72+36%+6%
Propane (Texas, USD/gallon) (rev)+12%0.850.690.77+23%+11%
Henry Hub Gas (rev)+8%2.903.383.12-14%-8%
WTI Crude Oil (cost)-7%96.0871.9676.50+34%+6%
Brent (cost)-4%103.8776.5180.72+36%+6%
Propane (Texas, USD/gallon) (cost)-2%0.850.690.77+23%+11%
Henry Hub Gas (cost)-1%2.903.383.12-14%-8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue17 102
LTM EBITDA6 478
LTM cash costs (revenue − EBITDA)10 624
2 · Revenue projection
Revenue multiplier — spot×1.287 (+29%)
= Spot revenue22 009
Revenue multiplier — 3y price×1.054 (+5%)
= 3-year-price revenue18 017
3 · Costs projection
Cost multiplier — spot×1.075 (+7%)
= Spot cash costs11 416
Cost multiplier — 3y price×1.042 (+4%)
= 3-year-price cash costs11 069
4 · EBITDA projection (revenue − costs)
= Spot EBITDA10 593
= 3-year-price EBITDA6 948
Conservative EBITDA = min(spot, avg)8 770
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)4.7x
Target EV = EV/EBITDA × conservative EBITDA41 360
Net debt12 152
Target market cap = EV − net debt29 208
Current market cap54 992

Upside = target market cap ÷ current − 1 = -74.2%

Life of mine: 6 yrs — before haircut -46.9%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q12 2272 088+6.7%1 5871 553+2.2%
2024 Q22 4832 230+11.3%1 6391 657-1.1%
2024 Q32 6452 192+20.7%1 4521 534-5.3%
2024 Q43 7112 274+63.2%2 5681 454+76.6%
2025 Q14 0482 828+43.1%2 7701 850+49.7%
2025 Q23 6782 937+25.2%2 4051 812+32.7%
2025 Q33 9243 243+21.0%2 5222 009+25.5%
2025 Q43 3763 457-2.3%-1 3932 173-164.1%
2026 Q14 2404 042+4.9%1 4091 792-21.4%
2026 Q25 5625 073+9.6%3 9402 329+69.2%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

Prod. CAGR (2 yr): +48.3%

921.0795.4669.8544.2418.6202320242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves CAGR (2 yr): +28.6% · Reserves life (R/P): 10.8 yr

36183260290225442186202320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-319213,6182,5211,097
2024-12-31598.33,5572,385—
2023-12-31418.62,186——

2025-12-31 · FY

Production & proved reserves

FY2025 average daily production and year-end 2025 proved reserves from SEC inline XBRL (SRT ProvedDevelopedAndUndevelopedReserveProductionEnergy MBoe + reserves BOE tags).

Line itemAmount
Crude oil equivalent (net, Mboe/d)921
Proved reserves (net, MMboe)3,618
Proved developed (net, MMboe)2,521
Proved undeveloped (net, MMboe)1,097

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 consolidated operating disclosure (Items 1-2): Selected Operating Data, Year Ended 12/31/2025; volumes tie to reserve roll-forward production line in FY2025 filing materials (fang-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil181.5 MMBbls64.04 USD/bbl11,620.886.4%
Natural gas447,855 MMcf0.89 USD/Mcf398.63.0%
NGLs80.1 MMBbls17.88 USD/bbl1,431.710.6%
Total (implied product revenue)13,451.1100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)13,453USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)1,573USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization5,038USD mln
Interest expense244USD mln
Impairment — oil & gas properties3,652USD mln
Income tax expense (benefit)327USD mln
Total costs and expenses (consolidated)13,760USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 average daily production and year-end 2024 proved reserves per FY2024 earnings materials / Form 10-K.

Line itemAmount
Crude oil equivalent (net, Mboe/d)598.3
Proved reserves (net, MMboe)3,557
Proved developed (net, MMboe)2,385

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Selected Operating Data, Year Ended 12/31/2024 column (fang-20251231.htm).

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil123.3 MMBbls73.52 USD/bbl9,066.989.8%
Natural gas275,680 MMcf0.32 USD/Mcf88.20.9%
NGLs49.7 MMBbls18.99 USD/bbl943.89.3%
Total (implied product revenue)10,098.9100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)10,100USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)966USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization2,850USD mln
Interest expense135USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)800USD mln
Total costs and expenses (consolidated)6,670USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

Approximate FY2023 average production and year-end 2023 proved reserves — see Form 10-K 2023.

Line itemAmount
Crude oil equivalent (net, Mboe/d)418.6
Proved reserves (net, MMboe)2,186

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Oil & gas producing activities (Reg. S-X results of operations)8,228USD mln
Other revenue (incl. marketing, derivatives & eliminations vs. producing-activities subtotal)184USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization1,746USD mln
Interest expense159USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)912USD mln
Total costs and expenses (consolidated)3,842USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +36% vs +32% the year before — a +4.2 pp move. 3-year CAGR —.
revenue growth by year: 2024 +32% · 2025 +36%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.9x · target 75th pct (3y) 4.8x · LTM avg 7.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: energy (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
SM Energy CompanyUS8.82.5x
APA CorporationUS15.83.2x
Chord Energy CorporationUS8.03.3x
Matador Resources CompanyUS7.03.3x
Ovintiv Inc.US17.34.8x
Permian Resources CorporationUS17.14.9x
EQT CorporationUS31.35.5x
EOG Resources, Inc.US76.35.8x
Devon Energy CorporationUS37.85.8x
Antero Resources CorporationUS10.86.6x
Range Resources CorporationUS9.16.8x
Canadian Natural Resources LimitedUS104.17.2x
Group median5.2x
Group average5.0x
This companyUS54.010.2x

Group median 5.2x; this company 10.2x — a 97% premium.

Group average 5.0x; against the average this company is at a 105% premium.

At the adjusted group median the market cap would be -62% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 23.2x, Russia 3.8x, South Africa 5.3x, Kazakhstan 5.0x, India 18.0x, Indonesia 4.3x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-09-20; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-131.1 USDEx-dividend: 1.1 USD per sharePaidYahoo Finance (ex-div)
2026-05-141.1 USDEx-dividend: 1.1 USD per sharePaidYahoo Finance (ex-div)
2026-03-051.05 USDEx-dividend: 1.05 USD per sharePaidYahoo Finance (ex-div)
2025-11-131 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2025-08-141 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2025-05-151 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2025-03-061 USDEx-dividend: 1 USD per sharePaidYahoo Finance (ex-div)
2024-11-140.9 USDEx-dividend: 0.9 USD per sharePaidYahoo Finance (ex-div)
2024-08-152.34 USDEx-dividend: 2.34 USD per sharePaidYahoo Finance (ex-div)
2024-05-141.97 USDEx-dividend: 1.97 USD per sharePaidYahoo Finance (ex-div)
2024-03-043.08 USDEx-dividend: 3.08 USD per sharePaidYahoo Finance (ex-div)
2023-11-153.37 USDEx-dividend: 3.37 USD per sharePaidYahoo Finance (ex-div)
2023-08-090.84 USDEx-dividend: 0.84 USD per sharePaidYahoo Finance (ex-div)
2023-05-100.83 USDEx-dividend: 0.83 USD per sharePaidYahoo Finance (ex-div)
2023-03-022.95 USDEx-dividend: 2.95 USD per sharePaidYahoo Finance (ex-div)
2022-11-162.26 USDEx-dividend: 2.26 USD per sharePaidYahoo Finance (ex-div)
2022-08-153.05 USDEx-dividend: 3.05 USD per sharePaidYahoo Finance (ex-div)
2022-05-113.05 USDEx-dividend: 3.05 USD per sharePaidYahoo Finance (ex-div)
2022-03-030.6 USDEx-dividend: 0.6 USD per sharePaidYahoo Finance (ex-div)
2021-11-090.5 USDEx-dividend: 0.5 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://ir.diamondbackenergy.com/

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Diamondback Energy, Inc. (FANG) — from primary filings.

Frequently asked questions

What is Diamondback Energy, Inc. (FANG)'s P/E ratio?
Diamondback Energy, Inc. (FANG) trades at a P/E of 36.8x (price to trailing 12-month earnings).
What is Diamondback Energy, Inc. (FANG)'s EV/EBITDA?
Diamondback Energy, Inc. (FANG) trades at 10.2x EV/EBITDA.
What is Diamondback Energy, Inc. (FANG)'s P/B ratio?
Diamondback Energy, Inc. (FANG) trades at a P/B of 1.5x.
What is Diamondback Energy, Inc. (FANG)'s dividend yield?
Diamondback Energy, Inc. (FANG)'s trailing 12-month dividend yield is 2.2%.
What is Diamondback Energy, Inc. (FANG)'s return on equity (ROE)?
Diamondback Energy, Inc. (FANG)'s ROE is 20.2%.
What is Diamondback Energy, Inc. (FANG)'s market capitalization?
Diamondback Energy, Inc. (FANG)'s market cap is 54.0 bn USD.

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