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Diamondback Energy, Inc. (FANG) USD

At a glance: strengths & risks
✓Revenue growing (+36%)✗Profit falling (-50%)✗Margins compressing (65%→42%)✗Only 6 years of reserves✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States

US_EP_FANG

Price chart

186.17 USDDay -2.97%

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
186.17 USD · -2.97%
Market cap
52.2 bn USD

Growth

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

Multiples

P/E (LTM)
35.6x
3y avg: 17.7x
P/B (FY)
1.4x
P/E (ann.)
6.9x
EV/EBITDA (LTM)
9.9x
3y avg: 8.3x
EV/EBITDA (ann.)
4.1x

Cash return

Dividend yield
2.2%
FCF yield (LTM)
9.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-85.7%
↓ details

Liquidity

Daily turnover (listing)
433.4 mln 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: 1.2x

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

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
202688.14 * (3M)
+15.1%		0.97
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 76spot vs LTM +5%

Commodity-player potential

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

Upside: -85.7% ▲ +0.4 pp 1d

Main driver: WTI Crude Oil +5% vs LTM; revenue ×1.01 vs costs ×1.04; EBITDA 6 478→6 346; at 4.7× EV/EBITDA → -86%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
WTI Crude Oil (rev)+49%75.7472.3176.29+5%+5%
Brent (rev)+30%79.5276.5880.44+4%+5%
Propane (Texas, USD/gallon) (rev)+12%0.680.690.77-2%+11%
Henry Hub Gas (rev)+8%2.683.373.11-21%-8%
WTI Crude Oil (cost)-7%75.7472.3176.29+5%+5%
Brent (cost)-4%79.5276.5880.44+4%+5%
Propane (Texas, USD/gallon) (cost)-2%0.680.690.77-2%+11%
Henry Hub Gas (cost)-1%2.683.373.11-21%-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×1.015 (+1%)
= Spot revenue17 358
Revenue multiplier — 3y price×1.048 (+5%)
= 3-year-price revenue17 924
3 · Costs projection
Cost multiplier — spot×1.036 (+4%)
= Spot cash costs11 012
Cost multiplier — 3y price×1.041 (+4%)
= 3-year-price cash costs11 061
4 · EBITDA projection (revenue − costs)
= Spot EBITDA6 346
= 3-year-price EBITDA6 862
Conservative EBITDA = min(spot, avg)6 346
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)4.7x
Target EV = EV/EBITDA × conservative EBITDA29 927
Net debt13 724
Target market cap = EV − net debt16 203
Current market cap54 834

Upside = target market cap ÷ current − 1 = -85.7%

Life of mine: 6 yrs — before haircut -70.5%

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 5.8x · target 75th pct (3y) 4.7x · LTM avg 7.2x

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

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
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)
2021-08-110.45 USDEx-dividend: 0.45 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.

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

Frequently asked questions

What is Diamondback Energy, Inc. (FANG)'s P/E ratio?
Diamondback Energy, Inc. (FANG) trades at a P/E of 35.6x (price to trailing 12-month earnings).
What is Diamondback Energy, Inc. (FANG)'s EV/EBITDA?
Diamondback Energy, Inc. (FANG) trades at 9.9x EV/EBITDA.
What is Diamondback Energy, Inc. (FANG)'s P/B ratio?
Diamondback Energy, Inc. (FANG) trades at a P/B of 1.4x.
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 52.2 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map