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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 (+38% y/y, Q3 2026)✓Profit growing (+57% y/y, Q3 2026)✓Margins improving (64%→70%, Q3 2026)✓Commodity price +17% vs 1-yr · -0% vs 3-yr✗High leverage (3.2x EBITDA)✗Only 6 years of reserves✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_FANG

Price chart

179.68 USDDay 0.06%

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
179.68 USD · 0.06%
Market cap
50.2 bn USD

Growth

Δ revenue y/y
38.4%
Δ EBITDA y/y
51.5%

Multiples

P/E (LTM)
24.4x
3y avg: 17.6x
P/B (FY)
1.2x
P/E (ann.)
7.8x
EV/EBITDA (LTM)
8.1x
3y avg: 8.7x
EV/EBITDA (ann.)
4.1x

Cash return

Dividend yield
2.4%
FCF yield (LTM)
13.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-69.2%
↓ details

Liquidity

Daily turnover (listing)
31.9 mln USD

Shares: sec_cover/1539838:10-Q@2026-10-30

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
2026-09-30Q3 2026 (3M)OK5.4
y/y 38.4%
2.5
y/y 102.3%
1.3
y/y 2.6%
3.8
y/y 51.5%
1.6
y/y 57.5%
2.6-1.272.1
y/y -5.4%
39.0
y/y -0.3%
16.7%12.7Link
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%18.2Link
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%19.9Link
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%20.4Link
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%
10.4%22.6Link
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%18.9Link
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%15.4Link
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%14.9Link
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%
9.6%13.9Link
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%6.2Link
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%6.8Link
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%6.9Link
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 —
23.0%6.1Link
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%6.4Link
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 —
—6.8Link

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)1 548
Long-term debt (incl. LT leases)11 682
Commodity hedges (net liability)47
− Cash & equivalents558
Net debt12 719

Net debt / LTM EBITDA: 1.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

-2 00002 0004 0006 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

-200%-100%0%100%2024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-8 000-6 000-4 000-2 00002 0004 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

05 00010 00015 00020 00025 0002024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q22026 q3

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 2026-09-30): 5.05x of profit came back as operating cash flow.
net debt / EBITDA 3.2x · 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
2026275.87 * (9M)
+11.7%		1.01
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 90spot vs LTM +17%

Commodity-player potential

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

Upside: -69.2% ▼ -0.3 pp 1d

Main driver: WTI Crude Oil +17% vs LTM; revenue ×1.21 vs costs ×1.06; EBITDA 7 776→9 212; at 4.9× EV/EBITDA → -69%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+49%90.3877.2176.91+17%-0%
Brent (rev)+30%98.1982.3781.46+19%-1%
Propane (Texas, USD/gallon) (rev)+12%1.200.710.78+68%+10%
Henry Hub Gas (rev)+8%3.013.333.11-10%-7%
WTI Crude Oil (cost)-7%90.3877.2176.91+17%-0%
Brent (cost)-4%98.1982.3781.46+19%-1%
Propane (Texas, USD/gallon) (cost)-2%1.200.710.78+68%+10%
Henry Hub Gas (cost)-1%3.013.333.11-10%-7%

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

1 · Reported baseline (LTM)
LTM revenue18 609
LTM EBITDA7 776
LTM cash costs (revenue − EBITDA)10 833
2 · Revenue projection
Revenue multiplier — spot×1.211 (+21%)
= Spot revenue22 540
Revenue multiplier — 3y price×1.000 (+0%)
= 3-year-price revenue18 616
3 · Costs projection
Cost multiplier — spot×1.064 (+6%)
= Spot cash costs11 526
Cost multiplier — 3y price×1.034 (+3%)
= 3-year-price cash costs11 206
4 · EBITDA projection (revenue − costs)
= Spot EBITDA11 014
= 3-year-price EBITDA7 410
Conservative EBITDA = min(spot, avg)9 212
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)4.9x
Target EV = EV/EBITDA × conservative EBITDA45 045
Net debt12 719
Target market cap = EV − net debt32 326
Current market cap50 275

Upside = target market cap ÷ current − 1 = -69.2%

Life of mine: 6 yrs — before haircut -35.7%

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%
2026 Q35 4314 883+11.2%3 8202 117+80.4%

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 5.8x · target 75th pct (3y) 4.9x · LTM avg 8.0x

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
Chord Energy CorporationUS7.02.6x
SM Energy CompanyUS7.03.0x
APA CorporationUS14.63.1x
Ovintiv Inc.US16.44.1x
EOG Resources, Inc.US75.15.0x
Permian Resources CorporationUS17.95.2x
EQT CorporationUS31.76.2x
Devon Energy CorporationUS47.26.8x
Antero Resources CorporationUS11.27.1x
Magnolia Oil & Gas CorporationUS6.37.4x
Canadian Natural Resources LimitedUS102.67.7x
Range Resources CorporationUS11.78.8x
Group median5.7x
Group average5.6x
This companyUS50.18.1x

Group median 5.7x; this company 8.1x — a 43% premium.

Group average 5.6x; against the average this company is at a 45% premium.

At the adjusted group median the market cap would be -42% 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 18.5x, Russia 4.0x, South Africa 5.5x, Kazakhstan 6.0x, India 19.1x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-06; 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 24.4x (price to trailing 12-month earnings).
What is Diamondback Energy, Inc. (FANG)'s EV/EBITDA?
Diamondback Energy, Inc. (FANG) trades at 8.1x EV/EBITDA.
What is Diamondback Energy, Inc. (FANG)'s P/B ratio?
Diamondback Energy, Inc. (FANG) trades at a P/B of 1.2x.
What is Diamondback Energy, Inc. (FANG)'s dividend yield?
Diamondback Energy, Inc. (FANG)'s trailing 12-month dividend yield is 2.4%.
What is Diamondback Energy, Inc. (FANG)'s return on equity (ROE)?
Diamondback Energy, Inc. (FANG)'s ROE is 16.7%.
What is Diamondback Energy, Inc. (FANG)'s market capitalization?
Diamondback Energy, Inc. (FANG)'s market cap is 50.2 bn USD.

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