NASDAQ: FANG
Diamondback Energy
Energy · Crude Petroleum & Natural Gas
52-week range
$137.03$216.90
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$49.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.11B |
| FY2017, ended Dec 31, 2017 | $12.4B |
| FY2018, ended Dec 31, 2018 | $15.2B |
| FY2019, ended Dec 31, 2019 | $14.7B |
| FY2020, ended Dec 31, 2020 | $7.65B |
| FY2021, ended Dec 31, 2021 | $19.1B |
| FY2022, ended Dec 31, 2022 | $25.1B |
| FY2023, ended Dec 31, 2023 | $27.7B |
| FY2024, ended Dec 31, 2024 | $47.4B |
| FY2025, ended Dec 31, 2025 | $42.4B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $49.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$17.1B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $527M |
| FY2017, ended Dec 31, 2017 | $1.21B |
| FY2018, ended Dec 31, 2018 | $2.18B |
| FY2019, ended Dec 31, 2019 | $3.96B |
| FY2020, ended Dec 31, 2020 | $2.81B |
| FY2021, ended Dec 31, 2021 | $6.80B |
| FY2022, ended Dec 31, 2022 | $9.64B |
| FY2023, ended Dec 31, 2023 | $8.41B |
| FY2024, ended Dec 31, 2024 | $11.1B |
| FY2025, ended Dec 31, 2025 | $15.0B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $17.1B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$165M | $322M |
| FY2017, ended Dec 31, 2017 | $482M | $866M |
| FY2018, ended Dec 31, 2018 | $846M | $1.56B |
| FY2019, ended Dec 31, 2019 | $240M | $2.73B |
| FY2020, ended Dec 31, 2020 | −$4.52B | — |
| FY2021, ended Dec 31, 2021 | $2.18B | — |
| FY2022, ended Dec 31, 2022 | $4.39B | — |
| FY2023, ended Dec 31, 2023 | $3.14B | — |
| FY2024, ended Dec 31, 2024 | $3.34B | — |
| FY2025, ended Dec 31, 2025 | $1.66B | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.47B | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$462M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.67B |
| FY2017, ended Dec 31, 2017 | $112M |
| FY2018, ended Dec 31, 2018 | $215M |
| FY2019, ended Dec 31, 2019 | $123M |
| FY2020, ended Dec 31, 2020 | $104M |
| FY2021, ended Dec 31, 2021 | $654M |
| FY2022, ended Dec 31, 2022 | $157M |
| FY2023, ended Dec 31, 2023 | $582M |
| FY2024, ended Dec 31, 2024 | $161M |
| FY2025, ended Dec 31, 2025 | $104M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $462M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$11.1B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.11B |
| FY2017, ended Dec 31, 2017 | $1.48B |
| FY2018, ended Dec 31, 2018 | $4.46B |
| FY2019, ended Dec 31, 2019 | $5.37B |
| FY2020, ended Dec 31, 2020 | $5.62B |
| FY2021, ended Dec 31, 2021 | $6.64B |
| FY2022, ended Dec 31, 2022 | $6.24B |
| FY2023, ended Dec 31, 2023 | $6.64B |
| FY2024, ended Dec 31, 2024 | $12.1B |
| FY2025, ended Dec 31, 2025 | $13.7B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $11.1B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 211% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.280M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 90.1M |
| FY2017, ended Dec 31, 2017 | 98.2M |
| FY2018, ended Dec 31, 2018 | 164M |
| FY2019, ended Dec 31, 2019 | 158M |
| FY2020, ended Dec 31, 2020 | 158M |
| FY2021, ended Dec 31, 2021 | 177M |
| FY2022, ended Dec 31, 2022 | 184M |
| FY2023, ended Dec 31, 2023 | 178M |
| FY2024, ended Dec 31, 2024 | 289M |
| FY2025, ended Dec 31, 2025 | 282M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 280M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $0 more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash | Used in acquisitions |
|---|---|---|---|---|
| FY2016, ended Dec 31, 2016 | — | $26.5M | $2.05B | — |
| FY2017, ended Dec 31, 2017 | $0 | $26.0M | $370M | $809M |
| FY2018, ended Dec 31, 2018 | $0 | $27.0M | $305M | $7.07B |
| FY2019, ended Dec 31, 2019 | $593M | $48.0M | $1.11B | $124M |
| FY2020, ended Dec 31, 2020 | $98.0M | $37.0M | $0 | — |
| FY2021, ended Dec 31, 2021 | $431M | $51.0M | $0 | $1.73B |
| FY2022, ended Dec 31, 2022 | $1.10B | $55.0M | $0 | $876M |
| FY2023, ended Dec 31, 2023 | $840M | $54.0M | $0 | $633M |
| FY2024, ended Dec 31, 2024 | $959M | $65.0M | $476M | $20.1B |
| FY2025, ended Dec 31, 2025 | — | — | $1.23B | $1.12B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | — | $0 | — |
Revenue (TTM)
$17.1B
+21.4% YoY
Net income (TTM)
$1.47B
−61.8% YoY
Cash
$462M
+111% YoY
Total debt
$11.1B
−26.8% YoY
Valuation
At current price- Market Cap
- $59.4B
- P/E
- 40.5×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.5×
- Price / Book
- 1.6×
- EV / EBITDA
- 11.1×
Growth
Trailing 12 months- Revenue (TTM)
- $17.1B
- Revenue Growth YoY
- 21.4%
- Revenue CAGR 3Y
- 15.9%
- Revenue CAGR 5Y
- 39.8%
- EPS Growth YoY
- −62.0%
- Net Income Growth YoY
- −61.8%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 6.3%
- Net Margin
- 8.6%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 3.8%
Earnings
Trailing 12 months- Net Income
- $1.47B
- EPS (diluted)
- $5.25
- EBITDA
- $6.32B
- Operating Income
- $1.08B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $462M
- Total Debt
- $11.1B
- Net Debt
- $10.6B
- Total Assets
- $70.2B
- Total Liabilities
- $26.2B
- Shareholders' Equity
- $37.9B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $10.1B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 2.0%
- Dividend / Share
- $4.25
- Beta (5Y)
- 0.55
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 21.4% year over year, at $17.1B.
Watch
Operating margin narrowed 28.7 pts in a year, to 6.3%.
Note
Net debt of $10.6B is 1.7× EBITDA.
Strength
Share count is down 3.3% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K75Good news
75Good news
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 26, 2025 · Read the filing on EDGAR
- Closed the Endeavor purchase in September 2024. Production jumped 34% to 598,284 barrels of oil equivalent per day, and oil and gas revenue rose 23% to $10.1 billion.
- Net income rose to $3.3 billion from $3.1 billion, even though oil and gas prices were lower and merger costs came to $303 million.
- Agreed in February 2025 to buy Double Eagle for $3.0 billion in cash plus about 6.9 million shares, funded partly with new debt. The 2025 spending budget is about 36% higher.
- Aims to cut net debt to $10 billion and sell at least $1.5 billion of non-core assets. Two rating agencies upgraded its credit rating in September.
Business momentum
Strong improvement
“Our oil, natural gas and natural gas liquids revenues increased by approximately $1.9 billion, or 23%, to $10.1 billion in 2024 compared to $8.2 billion in 2023.”
Outlook
Positive
“As a result, we expect significant free cash flow growth in 2026 and beyond with minimal capital deployment through this accelerated development plan.”
Financial stress
Low
“Because of the alternatives available to us, we believe that our short-term and long-term liquidity are adequate to fund not only our current operations, but also our near-term and long-term capital requirements.”
Tone against the previous report
More positive
Red flags
None found in this report.
Positives
Big production gain from Endeavor
“This net increase consisted of an additional $2.5 billion attributable to the 34% growth in our combined production volumes”
Credit rating upgrades
“In September, we received an upgrade from two of the three major ratings agencies in the U.S., Standard and Poor's Global Ratings Services and Fitch Investor Services.”
Higher dividend and buybacks
“Increased our annual base dividend to $4.00 per share of common stock in the fourth quarter of 2024, paid dividends to stockholders of $1.6 billion during 2024”
Concerns
Lower prices received for oil and gas
“a reduction of $596 million attributable to lower average prices received for our oil, natural gas and natural gas liquids production.”
Heavy debt load after the purchases
“As of December 31, 2024, our debt, including the debt of Viper, consisted of approximately $12.0 billion in aggregate outstanding principal amount of senior notes”
Rising costs per barrel
“Lease operating expenses increased by $414 million, or $0.53 per BOE in 2024 as compared to 2023.”
New risks since the previous report
More debt from the Double Eagle purchase
“We intend to fund the cash portion of the pending Double Eagle Acquisition through a combination of cash on hand, borrowings under our credit facility or proceeds from term loans and senior notes offerings.”
Former Endeavor owners hold 36% and can block some decisions
“As of December 31, 2024, Endeavor's equityholders held approximately 36% of our common stock.”
Possible share sales as the Endeavor lock-up ends
“the lock-up will apply to 66.6% and 33.3% of the shares issued in the Endeavor Acquisition following March 10, 2025 and September 10, 2025, respectively, and will terminate following March 10, 2026.”
Endeavor's financial controls not yet tested
“The total assets and revenues of Endeavor represent approximately 54% and 16% of the related consolidated financial statement amounts as of and for the year ended December 31, 2024.”
$900 million term loan due in 2025
“As of December 31, 2024, we have approximately $900 million of Tranche A Loans maturing in September 2025.”
Biggest risks named
- Volatile oil and gas prices
- Debt and integration risk from the Endeavor and Double Eagle purchases
- Influence of former Endeavor owners and possible share sales
- Limits on Permian wastewater disposal and water supply
- Reliance on one region and a few buyers
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +12 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 75 | |
Written by AI (Claude Opus 5.5) from the report’s text. 14 of 14 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 26, 2025 | 75 | Strong improvement | None | |
| 10-K | Feb 22, 2024 | 48 | Weakening | 1 medium | |
| 10-K | Feb 23, 2023 | 73 | Strong improvement | None | |
| 10-K | Feb 24, 2022 | 74 | Strong improvement | 1 minor | |
| 10-K | Feb 25, 2021 | 40 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 27, 2020 | 43 | Sharp deterioration | 1 medium | |
| 10-K | Feb 25, 2019 | 73 | Strong improvement | None | |
| 10-K | Feb 15, 2018 | 76 | Strong improvement | None | |
| 10-K | Feb 15, 2017 | 66 | Improving | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 5, 2026. View filings on SEC EDGAR