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Owns and operates tens of thousands of long-life, low-decline conventional natural gas and oil wells, mainly in Appalachia.
Owns and operates tens of thousands of long-life, low-decline conventional natural gas and oil wells, mainly in Appalachia.
Buys mature producing wells, often from larger operators, and runs them for steady output rather than drilling new ones. Most volumes are gas, sold with hedges (price-fixing contracts) to smooth price swings, and the company carries a long-run obligation to plug wells when they stop producing.
Moat: narrow (scale, cost advantage). Low-decline legacy wells generate steady, low-capex cash flow versus shale-style growth drilling.
Headquarters: Birmingham, Alabama, United States · Founded: 2001 · Employees: 1,987
Size Diversified Energy (DEC) is a United States Energy company (Oil & Gas Production) with a market value of $899M, the 2315th largest of 3,117 United States companies the cockpit tracks. Shares closed at $12.70 on 6 Nov 2026.
Performance Over six months the shares fell 18.9%, against -18.5% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 109.1% over the last twelve months (peer median +3.0%); the operating margin is 15.1% (peer median 20.4%).
Valuation It trades at 2.1× forward earnings against a peer median of 9.8× (cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +32%, so the hurdle is -33 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points below its cost of capital (5.6% WACC).
Short interest Short interest is 10.2% of the free float (15 Oct 2026).
Next results Next results expected around 4 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | $2.12B | $1.02B | $1.08B | $2.36B |
| Revenue growth | — | +109% | -6% | -54% | — |
| Gross profit | n/a | $542M | $56.4M | $219M | $1.51B |
| EBITDA | n/a | $929M | $300M | $415M | $1.71B |
| Net income | n/a | $450M | -$133M | $942M | -$770M |
| Free cash flow | n/a | $369M | $215M | $272M | $269M |
| Capital expenditure | n/a | $243M | $66.6M | $92.3M | $432M |
| Total debt | $3.93B | $4.07B | $2.19B | $1.67B | $1.77B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Diversified Energy DEC | $899M | -19% | +109% | 15% | 2.1× | -0.5% |
| EQT EQT | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% |
| CNX Resources CNX | $4.99B | -2% | +8% | 40% | 9.3× | -5.8% |
| Antero Resources AR | $11.1B | 0% | +22% | 23% | 7.8× | -4.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DEC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.9% | -9.7% | 11th highest of 21 |
| 6-month return | -18.9% | -18.5% | 9th lowest of 20 |
| Distance from 52-week high | -32.8% | -29.9% | 9th lowest of 21 |
| Revenue growth (TTM) | +109.1% | +3.0% | 3rd highest of 19 |
| Operating margin | 15.1% | 20.4% | 4th lowest of 19 |
| Forward P/E | 2.1× | 9.8× | cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -0.5% | -9.8% | 4th most demanding of 11 |
| Growth delivered (Del g) | +32.3% | +21.5% | 3rd highest of 10 |
| Hurdle (Req g minus delivered) | -32.8 pp | -26.5 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | -0.7 pp | +0.7 pp | 9th lowest of 21 |
| EV / EBITDA | 5.2× | 3.7× | 5th most expensive of 17 |
| Net debt / EBITDA | 4.2× | 1.2× | 2nd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Diversified Energy DEC | United States | $899M | -19% | +109% | 15% | 2.1× | -0.5% | +32.3% |
| HighPeak Energy HPK | United States | $903M | +23% | -13% | 16% | 24.6× | n/a | n/a |
| Meren Energy MER.TO | Canada | $921M | -19% | +388% | 22% | 5.8× | -16.4% | n/a |
| Rockhopper Exploration RKH.L | United Kingdom | $937M | -18% | n/a | n/a | n/a | n/a | n/a |
| Karoon Energy KAR.AX | Australia | $763M | -23% | -20% | 28% | 4.6× | -10.4% | +22.5% |
| Valeura Energy VLE.TO | Canada | $1.07B | +11% | +6% | 17% | 9.9× | -17.3% | +141.2% |
| BW Offshore BWO.OL | Norway | $747M | -25% | -17% | 23% | 8.5× | 5.5% | -8.7% |
| Surge Energy SGY.TO | Canada | $730M | +7% | +3% | 27% | 6.1× | -6.3% | +20.2% |
| Tenaz Energy TNZ.TO | Canada | $1.13B | -21% | +381% | 16% | 11.9× | 17.7% | +103.4% |
| Tong Petrotech 300164.SZ | China | $705M | -41% | -12% | -5% | n/a | n/a | n/a |
| Granite Ridge Resources GRNT | United States | $698M | +6% | +15% | 21% | 5.3× | n/a | n/a |
| Oriental Energy 002221.SZ | China | $1.17B | -36% | -22% | 3% | 15.2× | n/a | n/a |
| Serica Energy SER.L | United Kingdom | $1.20B | -17% | +64% | 23% | 12.6× | -13.0% | +29.4% |
| EnQuest ENQ.L | United Kingdom | $671M | +40% | +3% | 17% | 8.9× | -9.1% | +3.8% |
| Obsidian Energy OBE.TO | Canada | $653M | -21% | -22% | 22% | 4.1× | n/a | n/a |
| Advantage Energy AAV.TO | Canada | $1.26B | +6% | +14% | 20% | 16.0× | n/a | n/a |
| Vedanta Oil and Gas VOGL.NS | India | $1.27B | n/a | n/a | n/a | n/a | n/a | n/a |
| Vitesse Energy VTS | United States | $623M | -17% | +11% | 12% | 42.9× | 13.4% | +21.5% |
| Zhongman Petroleum and Natural Gas 603619.SS | China | $1.30B | -42% | -13% | 20% | 20.7× | n/a | n/a |
| GeoPark GPRK | United States | $613M | +1% | -5% | 24% | 9.8× | n/a | n/a |
| Parex Resources PXT.TO | Canada | $1.36B | -30% | +14% | 29% | 3.5× | -11.2% | +11.5% |