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US independent oil and gas producer focused on unconventional (shale) drilling in the Permian Basin.
US independent oil and gas producer focused on unconventional (shale) drilling in the Permian Basin.
Is a pure Permian producer selling oil at market prices; profit comes from drilling wells at costs well below those prices. It owns the majority of Viper Energy, a listed vehicle holding royalty interests, which collects payments without drilling. The 2024 purchase of Endeavor added Midland Basin acreage and scale.
Moat: narrow (cost advantage, scale). Large contiguous low-cost Permian acreage gives efficient, high-return drilling economics.
Headquarters: Midland, Texas, US · Founded: 2007 · Employees: 1,762
Size Diamondback Energy (FANG) is a United States Energy company (Oil & Gas Production) with a market value of $50.0B, the 252nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $178.96 on 6 Nov 2026.
Performance Over six months the shares fell 4.6%, against +4.6% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 6 in its peer set.
Growth Revenue grew 21.1% over the last twelve months (peer median -8.5%); the operating margin is 38.9% (peer median 21.4%).
Valuation It trades at 7.9× forward earnings against a peer median of 11.5× (cheapest of 6).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is -45 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points above its cost of capital (6.8% WACC).
Credit Diamondback Energy has 12 bonds outstanding ($10.00B), rated BBB by the agencies and trading like A- at a weighted spread of 78 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $18.6B | $15.0B | $11.1B | $8.41B | $9.64B |
| Revenue growth | — | +36% | +32% | -13% | — |
| Gross profit | $7.62B | $5.28B | $5.01B | $4.87B | $6.78B |
| EBITDA | $12.5B | $9.89B | $7.55B | $6.33B | $7.87B |
| Net income | $2.04B | $1.66B | $3.32B | $3.12B | $4.34B |
| Free cash flow | $4.55B | $5.24B | $3.55B | $3.22B | $4.39B |
| Capital expenditure | $5.81B | $3.52B | $2.87B | $2.70B | $1.94B |
| Total debt | $13.2B | $14.9B | $13.3B | $6.80B | $6.38B |
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 |
|---|---|---|---|---|---|---|
| Diamondback Energy FANG | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% |
| EOG Resources EOG | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% |
| ConocoPhillips COP | $164B | +21% | +9% | 22% | 11.5× | -6.2% |
| Occidental Petroleum OXY | $56.4B | +7% | -11% | 23% | 9.1× | -2.5% |
| Devon Energy DVN | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% |
| ExxonMobil XOM | $677B | +16% | +21% | 14% | 11.8× | -5.9% |
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 | FANG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.6% | +0.8% | lowest of 6 |
| 6-month return | -4.6% | +4.6% | lowest of 6 |
| Distance from 52-week high | -17.5% | -10.7% | lowest of 6 |
| Revenue growth (TTM) | +21.1% | -8.5% | highest of 6 |
| Operating margin | 38.9% | 21.4% | highest of 6 |
| Forward P/E | 7.9× | 11.5× | cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | -5.6% | 10.9% | 2nd least demanding of 4 |
| Growth delivered (Del g) | +39.8% | +9.3% | highest of 4 |
| Hurdle (Req g minus delivered) | -45.4 pp | +2.4 pp | least demanding of 4 |
| ROIC minus cost of capital | +3.0 pp | -1.9 pp | 2nd highest of 6 |
| EV / EBITDA | 5.5× | 8.0× | cheapest of 6 |
| Net debt / EBITDA | 1.0× | 1.0× | 3rd least indebted of 6 |
| Bond spread | 78 bp | 107 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Diamondback Energy FANG | United States | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% | +39.8% |
| Woodside Energy WDS.AX | Australia | $40.4B | 0% | -10% | 26% | 9.4× | n/a | n/a |
| Santos STO.AX | Australia | $19.2B | +11% | -8% | 21% | 8.1× | 11.7% | +9.3% |
| Tourmaline Oil TOU.TO | Canada | $17.5B | -3% | +4% | 1% | 11.9× | n/a | n/a |
| ConocoPhillips COP | United States | $164B | +21% | +9% | 22% | 11.5× | -6.2% | +25.6% |
| Origin Energy ORG.AX | Australia | $14.4B | +5% | -10% | 8% | 16.2× | 10.9% | +5.0% |
Diamondback Energy has 12 bonds outstanding with $10.00B face value. The agencies rate it BBB; its bonds trade like A-. Weighted yield 5.60%, a spread of 78 bp over government bonds.