Diamondback Energy, Inc. (FANG)

Highly Crowded

Held by 361 of 2,417 reporting institutions (97th percentile) — extremely crowded.

Data as of Q3 2026

FY2025 basis

$212.08▲ 2.74%

EOD close · as of 2026-10-30

Market Cap

$59.39B

Enterprise Value

$73.77B

P/E

37.0×

EV/EBITDA

11.7×

P/S

4.0×

Revenue (FY)

$15.03B

Rev. growth

45.1%/yr

Gross margin

—

Net margin

11%

ROIC

Net debt / EBITDA

2.3×

Revenue· FY2025$15.03B

Net Income· FY2025$1.66B

Free Cash Flow· FY2025$8.76B

Deep analysis

Valuation vs. its own history

Cheap or dear — against itself

Where each multiple sits in its own 14-yr range · 76th pct blended

P/E

36.3× now

4.9×47.3×

90th

rich

EV/EBITDA

11.9× now

3.5×58.2×

83th

rich

P/S

4.0× now

2.2×13.1×

60th

mid

P/B

1.6× now

0.7×2.2×

71th

rich

Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.

Quality of the business

What backs the price

Is the profit real, and how strong is the balance sheet?

✓

Cash-backed earnings

Operating cash flow 5.3× net income

5.26×

✓

Capital intensity

Reinvests 0% of operating cash flow

light

Balance-sheet strength

2.28× net debt / EBITDA

moderate

Returns on capital

ROIC 3%

Income statement

How a revenue dollar becomes profit

FY2025 · every deduction from revenue to net income

Returns

Why ROE is 4.5%

DuPont — the three levers

Net margin

11.1%

profit / rev

Asset turns

0.21×

rev / assets

Leverage

1.92×

assets / year-end equity

ROE

4.5%

on year-end equity

ROE 5% against ROIC 3% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.

Leverage & liquidity

Debt structure

What the company owes vs. what it holds

Total Debt

$14.49B

Cash & Equivalents

$104.0M

Net Debt

$14.38B

Net debt / EBITDA2.3×

This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.

Operating leverage

How profit responds to sales

Latest year: profit growth vs revenue growth

Revenue Δ

+35.8%

Op. income Δ

-71.2%

Op. leverage

-2.0×

Profit and sales moved in opposite directions this year.

Operating leverage

Common-size income statement

Each line as % of revenue — the trend in color

% of revenue	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
SG&A	3.0	2.6	3.1	2.1	1.5	1.8	1.9	1.9
Operating Income	46.5	17.5	-194.7	58.9	67.5	54.3	39.7	8.4
Income Tax	7.7	1.2	-39.2	9.3	12.2	10.8	7.2	2.2
Net Income	38.9	6.1	-160.6	33.5	47.3	39.7	33.4	10.3

Green = margin-favorable vs the row's own range · red = unfavorable.

Track record · FY2016 → FY2025

How the ratios & debt developed

The metrics that matter, over time

ROE

FY2025 · latest

Net margin

11%

FY2025 · latest

ROIC

FY2025 · latest

Gross margin

—

— · latest

—

Net debt / EBITDA

2.3×

FY2025 · latest

Current ratio

0.4×

FY2025 · latest

FCF margin

58%

FY2025 · latest

Free cash flow

$8.76B

FY2025 · latest

Institutional ownership: 361 holders · 2% of shares · 97th percentile crowding — Held by 361 of 2,417 reporting institutions (97th percentile) — extremely crowded. (see the 13F tab)

A 30-second read on FANG: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.

Loading snapshot...

Financials

$212.08▲ 2.74%

EOD close · as of 2026-10-30

Market Cap

$59.39B

Enterprise Value

$73.77B

Revenue → Profit Flow

How a revenue dollar becomes profit — FY2025

Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.

Each value shows its share of revenue below it (common-size).

Line Item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Revenue	$15.03B 100.0%	$11.07B 100.0%	$8.41B 100.0%	$9.64B 100.0%	$6.80B 100.0%	$2.81B 100.0%	$3.96B 100.0%	$2.18B 100.0%	$1.21B 100.0%	$527.1M 100.0%
Selling, General & Admin	$288.0M 1.9%	$213.0M 1.9%	$150.0M 1.8%	$144.0M 1.5%	$146.0M 2.1%	$88.0M 3.1%	$104.0M 2.6%	$65.0M 3.0%	$48.0M 4.0%	$42.6M 8.1%
Total Operating Expenses	$13.76B 91.6%	$6.67B 60.3%	$3.84B 45.7%	$3.13B 32.5%	$2.80B 41.1%	$8.29B 294.7%	$3.27B 82.5%	$1.17B 53.5%	$600.0M 49.8%	$595.7M 113.0%
Operating Income	$1.27B 8.4%	$4.40B 39.7%	$4.57B 54.3%	$6.51B 67.5%	$4.00B 58.9%	-$5.48B -194.7%	$695.0M 17.5%	$1.01B 46.5%	$605.0M 50.2%	-$68.6M -13.0%
Interest Expense	$244.0M 1.6%	$135.0M 1.2%	$159.0M 1.9%	$154.0M 1.6%	$199.0M 2.9%	$197.0M 7.0%	$172.0M 4.3%	$87.0M 4.0%	$41.0M 3.4%	$41.1M 7.8%
Interest & Investment Income	$25.0M 0.2%	$156.0M 1.4%	$18.0M 0.2%	$6.0M 0.1%	$1.0M 0.0%	$4.0M 0.1%	$1.0M 0.0%	$1.0M 0.0%	—	—
Other Income (Expense), net	$608.0M 4.0%	$105.0M 0.9%	-$322.0M -3.8%	-$772.0M -8.0%	-$1.09B -16.1%	-$300.0M -10.7%	-$333.0M -8.4%	$102.0M 4.7%	-$108.0M -9.0%	-$96.1M -18.2%
Pretax Income	$1.87B 12.5%	$4.50B 40.7%	$4.25B 50.5%	$5.74B 59.5%	$2.91B 42.8%	-$5.78B -205.3%	$362.0M 9.1%	$1.11B 51.1%	$497.0M 41.2%	-$164.7M -31.2%
Income Tax Expense	$327.0M 2.2%	$800.0M 7.2%	$912.0M 10.8%	$1.17B 12.2%	$631.0M 9.3%	-$1.10B -39.2%	$47.0M 1.2%	$168.0M 7.7%	-$20.0M -1.7%	$192K 0.0%
Net Income	$1.55B 10.3%	$3.70B 33.4%	$3.34B 39.7%	$4.56B 47.3%	$2.28B 33.5%	-$4.52B -160.6%	$240.0M 6.1%	$846.0M 38.9%	$482.0M 40.0%	-$165.0M -31.3%
Per Share
EPS (Basic)	$5.73	$15.53	$17.34	$24.61	$12.24	-$28.61	$1.47	$8.09	$4.95	-$2.20
EPS (Diluted)	$5.73	$15.53	$17.34	$24.61	$12.24	-$28.61	$1.47	$8.06	$4.94	-$2.20
Weighted Avg Shares (Basic)	289.1M	213.5M	180.0M	176.5M	176.6M	158.0M	163.5M	104.6M	97.5M	75.1M
Weighted Avg Shares (Diluted)	289.1M	213.5M	180.0M	176.5M	176.6M	158.0M	163.8M	104.9M	97.7M	75.1M

Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.

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Reverse DCF — what growth does the price assume?

Solve the discounted cash flow backwards, then stress-test the assumptions.

Free-cash-flow basis

Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.

Market-implied FCF growth · 10 yr

-6.4%/yr

To be worth $212.08 today, the market must believe free cash flow compounds -6.4%/yr for a decade (off $7.03B on the 3-yr avg basis).

Actual historical growth

FCF 33.1%/yr (8yr)FCF 32.8%/yr (5yr)Revenue 45.1%/yr

The market's -6.4% is more conservative than its 8-yr track record.

▲ your estimate implies 82% upside

Fair value at your growth$386.69

price $212.08

Your assumptions — drag to stress-test

Normalized FCF · 3-yr avg$7.03B

10-yr FCF growth0.0%

Discount rate (WACC)7.3%

Default is 7.3% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.

Terminal growth2.50%

2-stage DCF · 0.28B shares (market data) · net debt $14.38B

Fair value across growth and discount rate

Hover any cell. The dark line is every pair of assumptions that reproduces today's price exactly.

Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.

Track record

Has this growth actually happened?

Hover a bar for that year's FCF and growth.

Year-over-year FCF growth · each dot is one year

mean 39.2% · volatility σ 42% · implied rate exceeded in 7/8 yrs

Forward projection

The implied path vs. realistic uncertainty

Central path = implied -6.4%/yr growth; shaded band = ±1σ (42%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.

Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.

Loading valuation...

Is the business good?

Weak

Earns -5.34pts against its cost of capital — capital is being consumed, not created.

Return on invested capital against that year's cost of capital, by fiscal year
Period	ROIC	Cost of capital	Spread
FY2019	3.0%	7.3% (today's — no rate published for this year)	-4.3pts
FY2020	-30.5%	7.3% (today's — no rate published for this year)	-37.8pts
FY2021	17.8%	8.0%	9.8pts
FY2022	24.8%	8.5%	16.4pts
FY2023	16.2%	7.8%	8.5pts
FY2024	7.0%	7.2%	-0.2pts
FY2025	2.0%	7.7%	-5.7pts
Now	3.2%	7.3%	-4.1pts

— ROIC (filled dot = audited fiscal year)○ current basis-- cost of capital, at each year's risk-free rate and beta (weights held at today's)○ on the dashed line = no rate published for that year end; today's WACC used

ROIC − WACC spread

-5.3pts↘ narrowing

robust to a ±2pt WACC move

Net margin vs 3yr ago

-34.4pts

4548.38% → 1107.41%

ROIC

2.0%

invested capital: average of quarter-ends

WACC

7.3%

Gross, operating and net margin by fiscal year
Fiscal year	Gross margin	Operating margin	Net margin
FY2016	not reported	-13.0%	-31.3%
FY2017	not reported	50.2%	40.0%
FY2018	not reported	46.5%	38.9%
FY2019	not reported	17.5%	6.1%
FY2020	not reported	-194.7%	-160.6%
FY2021	not reported	58.9%	32.1%
FY2022	not reported	67.5%	45.5%
FY2023	not reported	54.3%	37.4%
FY2024	not reported	39.7%	30.2%
FY2025	not reported	8.4%	11.1%

Shared scale — the distance between the lines is the cost structure▨ each line's own 10-year range

Return on equity (5%) and return on invested capital (3%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.

The other side

Margins have compressed 3 years running even as the spread stayed positive.

Basis: FY2025Source: SEC EDGAR XBRL

Are the earnings real?

Strong

Converts 2.46x of reported profit into free cash flow over 5 years, with accruals negative.

FCF / net income

2.46×↗ widening

5-year average; latest 5.26x

Sloan accruals

-10.0%

(net income − OCF) / assets · negative is better

Share count since FY2019

79.0%

measured from the first year on file, so a recent listing shows up here as dilution

SBC / revenue

—

not reported

Cash conversion cycle

—

DSO 27d — not enough of the cycle is reported to complete it

The other side

Capex has been below depreciation for 7 consecutive years (0.00x on average over the last 5). Spending less than the asset base is consuming flatters free cash flow now and defers the cost — though depreciation also covers amortisation of acquired intangibles, which capex is not meant to replace.

Missing from our data, so excluded from this answer: share_based_compensation.

Basis: FY2025Source: SEC EDGAR XBRL

Can it survive?

Adequate

Covers interest 3.6x under stress — adequate, without much room.

Interest coverage at each level of EBITDA decline
EBITDA decline	Interest coverage
0%	5.19x
5%	4.93x
10%	4.67x
15%	4.41x
20%	4.15x
25%	3.89x
30%	3.63x
35%	3.37x
40%	3.11x
45%	2.85x
50%	2.59x
55%	2.33x
60%	2.08x

Stress

At 0% EBITDA, coverage is 5.19×

Interest stays covered across the whole range tested (to −60%). Interest expense is held constant; only EBIT declines.

Interest coverage, stressed

3.63×

EBIT after a 30% decline

Net debt / EBITDA

2.28×

no lease liabilities reported

Interest coverage, today

5.19×

Can the maturities be paid?

cumulative principal duecash + free cash flow held flat at $8.8B/yr

Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.

What is on hand

Cash & equivalents

$104M

excludes restricted cash

Net debt

$14.4B

total debt less cash

Current ratio

0.42×

current assets / current liabilities

Quick ratio

0.40×

excludes inventory

Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.

The other side

Coverage is comfortable at 5.2x today but falls to 3.6x after a 30% EBITDA decline — the cushion is earnings, not liquidity.

Basis: FY2025Source: SEC EDGAR XBRL

What's priced in?

Undemanding

At $212.08, free cash flow must compound -6.43%/yr for 10 years. It has done 21.38%/yr over 6 years.

Achieved free cash flow growth by year against the growth the price requires
Fiscal year	FCF growth	Price requires
FY2020	−22.7%	−6.4%
FY2021	86.2%	−6.4%
FY2022	60.4%	−6.4%
FY2023	−6.4%	−6.4%
FY2024	8.3%	−6.4%
FY2025	36.6%	−6.4%

The rate the price requires sits inside the range this business has delivered — matched or beaten in 5 of 6 years. Shaded band is ±1σ of its own free-cash-flow growth.

Implied FCF growth

-6.4%

for 10 years, discounted at 7.3% (computed WACC)

Achieved FCF growth

21.4%

6-year CAGR, on the same basis as the requirement above

Required vs achieved

-0.30×

above 1 means the price asks for more than the record

P / E

37.0× · med 15.8× · 9.9×–29.4×

P / S

4.0× · med 2.0× · 1.3×–3.0×

EV / EBITDA

11.7× · med 6.0× · 4.6×–8.3×

P / B

1.6× · med 1.5× · 1.1×–1.9×

FANG cohort median p25–p7537 peersvalues clipped at p1/p99 before rankingeach row scaled to its own range

The other side

The implied rate has been matched or beaten in 5 of the last 6 years.

Basis: FY2025Source: SEC EDGAR XBRL

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FANG vs. Crude Petroleum & Natural Gas peers

Ranked against 37 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.

Where it ranks

top thirdmiddlebottompeer median

ValuationCheaper than peers scores higher

P / E

FANG 37.0× · med 15.8× · p25–p75 9.9×–29.4×

23rd pct

P / S

FANG 4.0× · med 2.0× · p25–p75 1.3×–3.0×

16th pct

EV / EBITDA

FANG 11.7× · med 6.0× · p25–p75 4.6×–8.3×

11th pct

P / B

FANG 1.6× · med 1.5× · p25–p75 1.1×–1.9×

50th pct

GrowthLatest fiscal-year revenue vs prior year

Revenue growth (YoY)

FANG 35.8% · med 5.4% · p25–p75 -4.5%–24.1%

81st pct

ProfitabilityMargins vs the sector

Gross margin

FANG — · med 80.4% · p25–p75 37.5%–94.1%

not enough peer data

—

Operating margin

FANG 8.4% · med 16.5% · p25–p75 6.5%–31.1%

30th pct

Net margin

FANG 11.1% · med 13.9% · p25–p75 2.7%–20.5%

45th pct

FCF margin

FANG 58.3% · med 29.0% · p25–p75 14.9%–53.5%

81st pct

Returns on capitalHow hard the capital works

Return on equity

FANG 4.5% · med 9.1% · p25–p75 1.9%–14.8%

34th pct

Return on invested capital

FANG 3.2% · med 7.3% · p25–p75 1.2%–11.5%

32nd pct

LeverageLess debt scores higher

Net debt / EBITDA

FANG 2.3× · med 0.9× · p25–p75 -0.0×–1.6×

11th pct

13F convictionInstitutional breadth & ownership

13F holders

FANG 361 · med 67 · p25–p75 27–121

92nd pct

Institutional ownership

FANG 2.0% · med 1.8% · p25–p75 1.2%–2.6%

65th pct

Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.

Peer table

Click a column to sort · latest FY

Company	Mkt cap ▼	P/E	EV/EBITDA	P/S	Rev gr	Gross	Net	ROE	ROIC	Net D/EBITDA	13F
EOGEOG RESOURCES INC	$86.8B	18.1×	8.4×	3.8×	-4.5%	—	22.0%	16.7%	13.2%	0.4×	490
OXYOCCIDENTAL PETROLEUM C…	$64.0B	39.8×	—	3.0×	-1.9%	—	11.0%	6.6%	4.2%	—	383
FANGDiamondback Energy, In…	$59.4B	37.0×	11.7×	4.0×	35.8%	—	11.1%	4.5%	3.2%	2.3×	361
DVNDEVON ENERGY CORP/DE	$57.4B	12.5×	—	3.3×	7.8%	—	15.4%	17.0%	11.0%	—	451
EQTEQT Corp	$34.6B	16.7×	7.2×	4.0×	63.9%	82.3%	23.6%	8.6%	6.5%	1.3×	277
PRPermian Resources Corp	$21.8B	20.3×	—	4.3×	1.3%	—	18.5%	9.1%	6.8%	—	151
EXEEXPAND ENERGY Corp	$20.9B	12.0×	4.6×	1.7×	186%	—	15.0%	9.8%	7.7%	0.8×	206
OVVOvintiv Inc.	$20.1B	15.2×	7.6×	2.3×	-2.7%	—	13.9%	11.1%	7.6%	1.6×	148
ARANTERO RESOURCES Corp	$12.9B	20.7×	8.8×	2.5×	22.0%	—	12.8%	8.9%	7.5%	0.9×	137
RRCRANGE RESOURCES CORP	$12.8B	19.9×	—	4.1×	28.9%	94.0%	21.1%	15.2%	11.9%	—	124
SMSM Energy Co	$9.6B	7.2×	—	3.0×	17.2%	—	20.5%	13.5%	13.5%	—	107
CHRDChord Energy Corp	$8.6B	212.2×	5.9×	1.8×	-7.1%	80.0%	0.9%	0.6%	0.5%	0.8×	110
MTDRMatador Resources Co	$7.5B	10.0×	4.5×	2.0×	5.5%	94.4%	20.5%	13.4%	8.4%	1.4×	95
MGYMagnolia Oil & Gas Cor…	$7.1B	—	8.3×	5.4×	-0.3%	—	24.8%	16.3%	13.6%	0.1×	83
MURMURPHY OIL CORP	$6.3B	61.0×	5.6×	2.3×	-10.2%	100%	3.8%	2.0%	1.6%	0.7×	97
CNXCNX Resources Corp	$5.4B	9.4×	5.3×	2.4×	76.8%	—	28.3%	14.6%	9.4%	1.6×	73
CRCCalifornia Resources C…	$4.9B	13.4×	5.5×	1.3×	14.7%	—	9.9%	9.9%	7.3%	1.0×	67
CRKCOMSTOCK RESOURCES INC	$4.3B	10.3×	5.5×	1.9×	77.0%	—	17.8%	14.9%	7.3%	2.2×	62
PARRPAR PACIFIC HOLDINGS, …	$3.8B	10.7×	6.5×	0.5×	-6.4%	—	4.9%	24.4%	16.0%	0.9×	94
TALOTALOS ENERGY INC.	$3.0B	—	7.9×	1.7×	-9.8%	—	-27.8%	-22.8%	-14.6%	1.7×	66
NOGNORTHERN OIL & GAS, IN…	$3.0B	72.7×	—	1.2×	11.2%	80.9%	1.6%	1.8%	0.9%	—	69
GPORGULFPORT ENERGY CORP	$2.9B	7.8×	4.1×	2.1×	48.5%	74.8%	30.1%	23.3%	16.3%	0.9×	52
BKVBKV Corp	$2.3B	10.2×	6.3×	2.0×	9.9%	—	15.7%	9.0%	5.7%	1.8×	20
REPXRiley Exploration Perm…	$1.2B	7.0×	6.1×	3.0×	-4.4%	—	41.0%	25.4%	18.2%	1.0×	29
AESIAtlas Energy Solutions…	$1.2B	—	11.6×	1.1×	3.7%	13.8%	-4.6%	-4.2%	-2.8%	3.9×	52

Peers = companies sharing FANG's sector (Crude Petroleum & Natural Gas) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.

Loading peer comparison...

Open-market buys

$0 · 0 holders

Discretionary sales

$7.00bn · 11 holders

10b5-1 plan sales

$47.4m · scheduled in advance

Filed late

0 of 87 filings

0 open-market purchases and 32 discretionary sales against the share price · hover a marker

2025-10-31$139.82 – $210.722026-10-23

Shares held by reporting insiders1 → 20 insiders reporting — no comparable change

2025-11-06 · 119,2642026-10-05 · 66,203,413 (20 insiders)

Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.

Date	Insider	What it was	Shares	Price	Value
2026-10-05	3 co-filers Group filing	10b5-1 plan saleindirect	20,503	$183.17	$3.8m
2026-10-05	3 co-filers Group filing	10b5-1 plan saleindirect	6,476	$184.31	$1.2m
2026-10-05	3 co-filers Group filing	10b5-1 plan saleindirect	6,354	$184.99	$1.2m

How this is measured

Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.

Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.

Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.

The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.

“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.

Insider activity is descriptive. Nothing here is investment advice.

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Revenue growth against receivables growth by fiscal year

Fiscal year

Revenue growth

Receivables growth

Gap

FY2020

-29.0%

-34.5%

-5.5 points

FY2021

141.6%

112.8%

-28.8 points

FY2022

41.9%

3.3%

-38.5 points

FY2023

-12.8%

5.8%

18.6 points

FY2024

31.6%

112.1%

80.5 points

FY2025

35.8%

-18.7%

-54.5 points

Working capital day counts by fiscal year

Fiscal year

DSO

DIO

DPO

Cash conversion cycle

FY2019

39.5 days

not reported

FY2020

36.5 days

not reported

FY2021

32.1 days

not reported

FY2022

23.4 days

not reported

FY2023

28.4 days

not reported

FY2024

45.7 days

not reported

FY2025

27.4 days

not reported

Accruals as a percent of assets, by fiscal year

Fiscal year

Accruals / assets

FY2019

-10.6 percent

FY2020

-37.7 percent

FY2021

-7.7 percent

FY2022

-7.4 percent

FY2023

-9.6 percent

FY2024

-4.6 percent

FY2025

-10.0 percent

Step	Amount	Running total
Net income	$1.66B	$1.66B
Share-based comp	not reported	not reported
Other non-cash & working capital	$7.09B	$8.76B
Operating cash flow	$8.76B	$8.76B
Capex	$0	$8.76B
Free cash flow	$8.76B	$8.76B

Diamondback Energy, Inc. (FANG)

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 4.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed

Financials

Revenue → Profit Flow

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Is the business good?

Are the earnings real?

Can it survive?

What's priced in?

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Debt & Leverage

When the debt comes due · $14.67B scheduled

Capital structure over time

Net debt / EBITDA

Debt servicing

Liquidity

Short-term vs long-term debt

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -29%

FANG vs. Crude Petroleum & Natural Gas peers

Where it ranks

Peer table

Ownership Map

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Institutional Holders

Institutional Holders

Buy / Sell Volume by Quarter

Institutional Trends (8 Quarters)

Performance vs. S&P 500

Hover the chart to read any quarter

Annual return vs the market

Cumulative lead over the S&P 500

Drawdown from peak · max -29%

Reverse DCF — what growth does the price assume?

Has this growth actually happened?

The implied path vs. realistic uncertainty

Ownership Map

FANG vs. Crude Petroleum & Natural Gas peers

Where it ranks

Peer table

Dividends & Returns

Is the payout covered?

Dividends + buybacks, per year

Dividend per share

Capital Allocation

Where the cash went

Reinvest vs. return cash

Return on reinvestment

Deployment per year

Deep analysis

Cheap or dear — against itself

What backs the price

How a revenue dollar becomes profit

Why ROE is 4.5%

Debt structure

How profit responds to sales

Common-size income statement

How the ratios & debt developed