Diamondback Energy, Inc.

FANG · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Valuation
Market cap	$43,073	$47,837	$27,757	$24,883	$19,540	$8,769	$16,824	$16,795	$12,394	$9,110	$4,216	$3,158	$2,222	$707	–	–	–
Enterprise value	$63,843	$62,231	$34,781	$31,786	$26,816	$15,605	$23,848	$21,570	$14,114	$8,884	$4,931	$4,047	$2,671	$686	–	–	–
P/E (TTM) at period end	26.01×	14.42×	8.89×	5.73×	9.04×	–	70.10×	19.85×	25.71×	–	–	16.30×	40.70×	59.78×	–	–	–
P/S (TTM) at period end	2.87×	4.32×	3.30×	2.58×	2.87×	3.12×	4.24×	7.72×	10.29×	17.28×	9.44×	6.37×	10.68×	9.43×	–	–	–
P/B at period end	1.17×	1.27×	1.67×	1.66×	1.62×	1.00×	1.27×	1.23×	2.36×	2.46×	2.25×	1.80×	2.63×	1.53×	–	–	–
EV / EBITDA (TTM)	10.13×	8.59×	5.51×	4.05×	5.08×	–	11.10×	13.20×	15.14×	81.20×	–	10.58×	16.51×	15.74×	–	–	–
EV / Sales (TTM)	4.25×	5.62×	4.13×	3.30×	3.95×	5.55×	6.02×	9.91×	11.71×	16.85×	11.04×	8.16×	12.84×	9.15×	–	–	–
Returns
Return on equity	4.5%	8.8%	18.8%	28.9%	17.9%	(51.4%)	1.8%	6.2%	9.2%	(4.5%)	(29.4%)	11.1%	6.5%	2.6%	(0.3%)	7.8%	(3.2%)
Return on invested capital	1.8%	6.9%	15.2%	23.6%	16.2%	(28.3%)	3.0%	4.6%	8.7%	(2.0%)	(20.9%)	5.2%	4.6%	–	7.3%	5.2%	1.5%
Dividend yield	2.7%	3.3%	5.2%	6.3%	1.6%	2.7%	0.7%	0.2%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.42×	0.44×	0.77×	0.81×	1.01×	0.49×	0.69×	0.91×	0.62×	8.56×	0.77×	0.94×	0.51×	0.63×	0.73×	1.25×	0.34×
Debt / equity	0.39×	0.34×	0.40×	0.42×	0.55×	0.66×	0.41×	0.33×	0.28×	0.30×	0.26×	0.38×	0.54×	0.00×	0.66×	0.42×	0.09×
Effective tax rate	17.4%	17.8%	21.5%	20.5%	21.7%	19.1%	13.0%	15.1%	(4.0%)	(0.1%)	26.9%	35.7%	36.8%	298.7%	(4022.3%)	11.5%	(148.1%)
Share count
Diluted shares outstanding	289	214	180	177	177	158	164	105	98	75	63	53	42	20	23	23	23

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009
Revenue and gross profit
Revenue	$17,102	$15,026	$11,066	$8,412	$9,643	$6,797	$2,813	$3,964	$2,176	$1,205	$527	$447	$496	$208	$75	$49	$27	$13
Cost of revenue	($2,519)	($1,989)	($1,277)	($398)	($258)	($212)	($2,176)	($179)	($98)	($551)	($12)	($339)	($261)	($102)	($47)	($30)	($15)	($1)
Gross profit	$14,486	$12,940	$9,746	$7,941	$9,308	$6,585	$637	$3,785	$2,078	$654	$516	$107	$234	$106	$28	$19	$12	$12
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($299)	($288)	($213)	($150)	($144)	($146)	($88)	($104)	($65)	($48)	($43)	($32)	($21)	($10)	($9)	($0)	($0)	($5)
Total operating expenses	($13,404)	($11,674)	($5,350)	($3,371)	($2,800)	($2,584)	($6,113)	($3,090)	($1,067)	($49)	($584)	($848)	($22)	($11)	($10)	($4)	($3)	($11)
Total costs and expenses	($16,020)	($13,760)	($6,670)	($3,842)	($3,135)	($2,796)	($8,289)	($3,269)	($1,165)	($600)	($596)	($1,187)	($283)	($113)	($58)	($34)	($18)	($11)
Operating income	$1,082	$1,266	$4,396	$4,570	$6,508	$4,001	($5,476)	$695	$1,011	$605	($69)	($740)	$213	$95	$17	$15	$9	$1
Earnings
EBITDA	$6,322	$6,304	$7,246	$6,316	$7,852	$5,276	($4,165)	$2,149	$1,634	$932	$109	($523)	$383	$162	$44	$31	$17	$5
Interest income	–	$25	$156	$18	$6	$1	$4	$1	$1	–	–	–	$0	$0	$0	$0	$0	$0
Interest expense	($267)	($244)	($135)	($159)	($154)	($199)	($197)	($172)	($87)	($41)	($41)	($42)	($35)	($8)	($4)	($3)	($1)	($0)
Pre-tax income	$1,848	$1,874	$4,501	$4,248	$5,736	$2,907	($5,776)	$362	$1,113	$497	($165)	($749)	$305	$86	$18	($0)	$8	($3)
Income tax expense	($332)	($327)	($800)	($912)	($1,174)	($631)	$1,104	($47)	($168)	$20	($0)	$201	($109)	($32)	($55)	($16)	($1)	($4)
Net income	$1,467	$1,664	$3,338	$3,143	$4,386	$2,182	($4,517)	$240	$846	$482	($165)	($551)	$194	$55	($37)	($0)	$8	($3)
Per share
Diluted EPS (GAAP)	$5.13	$5.73	$15.53	$17.34	$24.61	$12.24	($28.61)	$1.47	$8.06	$4.94	($2.20)	($8.74)	$3.64	$1.29	$0.60	($0.0241)	$0.36	($0.12)
Basic EPS (GAAP)	$5.13	$5.73	$15.53	$17.34	$24.61	$12.24	($28.61)	$1.47	$8.09	$4.95	($2.20)	($8.74)	$3.67	$1.30	$0.60	($0.0241)	$0.36	($0.12)
Basic shares outstanding	285	289	214	180	177	177	158	163	105	97	75	63	53	42	20	23	23	23
Margins
Gross margin	84.7%	86.1%	88.1%	94.4%	96.5%	96.9%	22.6%	95.5%	95.5%	54.3%	97.8%	24.0%	47.3%	51.2%	37.1%	38.2%	45.0%	94.5%
Operating margin	6.3%	8.4%	39.7%	54.3%	67.5%	58.9%	(194.7%)	17.5%	46.5%	50.2%	(13.0%)	(165.7%)	42.9%	45.8%	23.1%	30.7%	33.7%	10.5%
Net margin	8.6%	11.1%	30.2%	37.4%	45.5%	32.1%	(160.6%)	6.1%	38.9%	40.0%	(31.3%)	(123.3%)	39.1%	26.2%	(48.7%)	(0.8%)	30.2%	(21.3%)

Analyst consensus

Buy53 analysts

Bearish · 0 · Hold · 6 · Bullish · 47

Earnings history

	EPS	Estimate
Q3 2024	$3.38	$3.98	Miss
Q4 2024	$3.64	$3.57	Beat
Q1 2025	$4.54	$4.18	Beat
Q2 2025	$2.67	$2.76	Miss
Q3 2025	$3.08	$2.94	Beat
Q4 2025	$1.74	$2.00	Miss
Q1 2026	$4.23	$3.74	Beat
Q2 2026	$6.48	$6.08	Beat

Peers

Company overview

IPO dateOct 12, 2012

CEOMatthew Kaes Van't Hof

Employees1,762

SectorEnergy

IndustryOil & Gas Exploration & Production

CountryUS

ExchangeNASDAQ Global Select

Websitewww.diamondbackenergy.com

Diamondback Energy, Inc. operates as an independent enterprise focused on oil and natural gas. Its core business involves the acquisition, development, exploration, and production of unconventional and onshore hydrocarbon reserves, predominantly located within the Permian Basin across West Texas and New Mexico. The company's development efforts primarily target significant geological formations, including the Spraberry and Wolfcamp in the Midland Basin, as well as the Wolfcamp and Bone Spring within the Delaware Basin – both crucial components of the broader Permian. As of December 31, 2021, Diamondback Energy's asset base included approximately 524,700 gross acres under its control in the Permian Basin. At that time, its estimated proved oil and natural gas reserves amounted to 1,788,991 thousand barrels of crude oil equivalent. The company also maintained working interests in 5,289 gross producing wells and held royalty interests in an additional 6,455 wells. Beyond its direct well operations, Diamondback Energy possesses mineral interests spanning roughly 930,871 gross acres and 27,027 net royalty acres across the Permian Basin and the Eagle Ford Shale. Furthermore, it manages a portfolio of midstream infrastructure, owning, operating, developing, and acquiring assets such as 866 miles of crude oil gathering pipelines, natural gas gathering pipelines, and an integrated water system within the Midland and Delaware Basins of the Permian. Established in 2007, Diamondback Energy, Inc. is headquartered in Midland, Texas.

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