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Held by 1,145 of 6,047 reporting institutions (99th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
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.
To be worth $192.13 today, the market must believe free cash flow compounds -7.0%/yr for a decade (off $7.03B on the 3-yr avg basis).
The market's -7.0% is more conservative than its 8-yr track record.
Default is 7.5% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.28B shares (market data) · net debt $14.38B
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.
mean 39.2% · volatility σ 42% · implied rate exceeded in 7/8 yrs
Central path = implied -7.0%/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.
Ranked against 37 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EOG | $77.7B | 16.3× | 7.6× | 3.4× | -4.5% | — | 22.0% | 16.7% | 13.2% | 0.4× | 1,561 |
| OXY | $60.1B | 37.3× | — | 2.8× | -1.9% | — | 11.0% | 6.6% | 4.2% | — | 1,206 |
| FANG | $53.8B | 33.5× | 10.8× | 3.6× | 35.8% | — | 11.1% | 4.5% | 3.2% | 2.3× | 1,145 |
| DVN | $53.1B | 11.6× | — | 3.1× | 7.8% | — | 15.4% | 17.0% | 11.0% | — | 1,410 |
| EQT | $33.0B | 16.0× | 7.0× | 3.8× | 63.9% | 82.3% | 23.6% | 8.6% | 6.5% | 1.3× | 1,062 |
| EXE | $20.4B | 11.7× | 4.5× | 1.7× | 186% | — | 15.0% | 9.8% | 7.7% | 0.8× | 820 |
| PR | $19.3B | 18.0× | — | 3.8× | 1.3% | — | 18.5% | 9.1% | 6.8% | — | 583 |
| OVV | $17.7B | 13.4× | 6.9× | 2.0× | -2.7% | — | 13.9% | 11.1% | 7.6% | 1.6× | 576 |
| AR | $11.0B | 17.7× | 7.6× | 2.1× | 22.0% | — | 12.8% | 8.9% | 7.5% | 0.9× | 609 |
| RRC | $9.6B | 14.9× | — | 3.1× | 28.9% | 94.0% | 21.1% | 15.2% | 11.9% | — | 525 |
| SM | $8.8B | 6.6× | — | 2.8× | 17.2% | — | 20.5% | 13.5% | 13.5% | — | 481 |
| CHRD | $7.7B | 191.3× | 5.4× | 1.6× | -7.1% | 80.0% | 0.9% | 0.6% | 0.5% | 0.8× | 498 |
| MTDR | $6.7B | 8.9× | 4.2× | 1.8× | 5.5% | 94.4% | 20.5% | 13.4% | 8.4% | 1.4× | 472 |
| MGY | $6.5B | — | 7.5× | 4.9× | -0.3% | — | 24.8% | 16.3% | 13.6% | 0.1× | 394 |
| MUR | $5.5B | 53.7× | 5.0× | 2.0× | -10.2% | 100% | 3.8% | 2.0% | 1.6% | 0.7× | 419 |
| CNX | $5.0B | 8.6× | 5.1× | 2.3× | 76.8% | — | 28.3% | 14.6% | 9.4% | 1.6× | 374 |
| CRC | $4.7B | 12.8× | 5.3× | 1.3× | 14.7% | — | 9.9% | 9.9% | 7.3% | 1.0× | 352 |
| PARR | $4.1B | 11.4× | 6.9× | 0.6× | -6.4% | — | 4.9% | 24.4% | 16.0% | 0.9× | 360 |
| CRK | $4.0B | 9.6× | 5.3× | 1.8× | 77.0% | — | 17.8% | 14.9% | 7.3% | 2.2× | 313 |
| GPOR | $2.9B | 7.6× | 4.0× | 2.0× | 48.5% | 74.8% | 30.1% | 23.3% | 16.3% | 0.9× | 279 |
| TALO | $2.8B | — | 7.4× | 1.6× | -9.8% | — | -27.8% | -22.8% | -14.6% | 1.7× | 285 |
| BKV | $2.7B | 11.8× | 7.1× | 2.3× | 9.9% | — | 15.7% | 9.0% | 5.7% | 1.8× | 160 |
| NOG | $2.6B | 63.5× | — | 1.1× | 11.2% | 80.9% | 1.6% | 1.8% | 0.9% | — | 333 |
| AESI | $1.5B | — | 14.2× | 1.4× | 3.7% | 13.8% | -4.6% | -4.2% | -2.8% | 3.9× | 278 |
| REPX | $984M | 6.0× | 5.4× | 2.5× | -4.4% | — | 41.0% | 25.4% | 18.2% | 1.0× | 192 |
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.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 13% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.16B dividends + $0 buybacks = $1.16B returned on $8.76B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 3%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $104.0M is below the $763.0M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~1.7% on $14.49B of debt.
Cash of $104.0M is below short-term debt of $763.0M — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-09
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.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-09
Where each multiple sits in its own 14-yr range · 70th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 5% against ROIC 3% — 1% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
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.
The metrics that matter, over time
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.
Earns -5.56pts against its cost of capital — capital is being consumed, not created.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 3.0% | 7.5% (today's — no rate published for this year) | -4.5pts |
| FY2020 | -30.5% | 7.5% (today's — no rate published for this year) | -38.0pts |
| FY2021 | 17.8% | 7.9% | 9.9pts |
| FY2022 | 24.8% | 8.4% | 16.5pts |
| FY2023 | 16.2% | 7.7% | 8.5pts |
| FY2024 | 7.0% | 7.2% | -0.1pts |
| FY2025 | 2.0% | 7.6% | -5.6pts |
| Now | 3.2% | 7.5% | -4.3pts |
| 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% |
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.
Margins have compressed 3 years running even as the spread stayed positive.
Converts 2.46x of reported profit into free cash flow over 5 years, with accruals negative.
Shares outstanding are up 79% since FY2019 — per-share cash flow has grown more slowly than the totals above, and the gap is the owners'.
Missing from our data, so excluded from this answer: share_based_compensation.
Covers interest 3.6x under stress — adequate, without much room.
| 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 |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Coverage is comfortable at 5.2x today but falls to 3.6x after a 30% EBITDA decline — the cushion is earnings, not liquidity.
At $192.13, free cash flow must compound -6.99%/yr for 10 years. It has done 21.38%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | −22.7% | −7.0% |
| FY2021 | 86.2% | −7.0% |
| FY2022 | 60.4% | −7.0% |
| FY2023 | −6.4% | −7.0% |
| FY2024 | 8.3% | −7.0% |
| FY2025 | 36.6% | −7.0% |
The implied rate has been matched or beaten in 5 of the last 6 years.
| 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 |
| 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 |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 39.5 days | not reported | not reported | not reported |
| FY2020 | 36.5 days | not reported | not reported | not reported |
| FY2021 | 32.1 days | not reported | not reported | not reported |
| FY2022 | 23.4 days | not reported | not reported | not reported |
| FY2023 | 28.4 days | not reported | not reported | not reported |
| FY2024 | 45.7 days | not reported | not reported | not reported |
| FY2025 | 27.4 days | not reported | not reported | not reported |
| 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 |