Diversified Energy Co
DEC NYSE Crude Petroleum & Natural Gas Financials FY2023–FY2025
Last close · Oct 23, 2026
$14.69
2.1%
Revenue
Total sales reported in the income statement.
$1.8B
141.5%
vs prior year
Operating margin
Operating income as a share of revenue.
29.2%
42.1 pts
Net income
Profit after all expenses, interest and tax.
$341M
Free cash flow
Cash from operations minus capital spending.
$280M
66.1%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.6%
18.6 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$1.1B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
2.5x
On $5.80 EPS (TTM)
What Diversified Energy Co does
No business description yet.
- Legal name
- Diversified Energy Co
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001922446-26-000020
0001922446
Revenue and margins
Diversified Energy Co had $1.8B of revenue in fiscal 2025, up 141.5% on the year before.
FY23
Revenue $1.9B
FY24
Revenue $757M
FY25
Revenue $1.8B
Q1 '25
Revenue $62.5M
Q2 '25
Revenue $587M
Q3 '25
Revenue $500M
Q4 '25
Revenue $667M
Q1 '26
Revenue $27.1M
Q2 '26
Revenue $812M
FY23
Gross —
Operating 56.9%
Net 38.4%
FCF 11.1%
FY24
Gross —
Operating −12.8%
Net −13.8%
FCF 22.3%
FY25
Gross —
Operating 29.2%
Net 18.6%
FCF 15.3%
Gross
Operating
Net
FCF
Q1 '25
Gross —
Operating −300.9%
Net −517.0%
FCF 90.9%
Q2 '25
Gross —
Operating 49.7%
Net 50.7%
FCF 3.2%
Q3 '25
Gross —
Operating 36.2%
Net 34.2%
FCF —
Q4 '25
Gross —
Operating 37.6%
Net 29.3%
FCF —
Q1 '26
Gross —
Operating −923.1%
Net −591.7%
FCF 407.9%
Q2 '26
Gross —
Operating 58.1%
Net 30.4%
FCF 6.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2023 to 2025, diluted EPS grew −46.1% a year. Loss periods are shown in red.
FY23
Net income $749M
FY24
Net income −$104M
FY25
Net income $341M
Q1 '25
Net income −$323M
Q2 '25
Net income $298M
Q3 '25
Net income $171M
Q4 '25
Net income $195M
Q1 '26
Net income −$161M
Q2 '26
Net income $247M
FY23
Diluted EPS $15.76
FY24
Diluted EPS −$2.17
FY25
Diluted EPS $4.58
Q1 '25
Diluted EPS −$5.52
Q2 '25
Diluted EPS $3.67
Q3 '25
Diluted EPS $2.14
Q4 '25
Diluted EPS $2.48
Q1 '26
Diluted EPS −$2.13
Q2 '26
Diluted EPS $3.31
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity 139.2%
Return on assets —
FY24
Return on capital −4.1%
Return on equity −22.3%
Return on assets −2.6%
FY25
Return on capital 14.6%
Return on equity 49.3%
Return on assets 6.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $280M in fiscal 2025, 15.3% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow $217M
FY24
Free cash flow $169M
FY25
Free cash flow $280M
Q1 '25
Free cash flow $56.8M
Q2 '25
Free cash flow $19.0M
Q3 '25
Free cash flow —
Q4 '25
Free cash flow —
Q1 '26
Free cash flow $111M
Q2 '26
Free cash flow $48.4M
FY23
Cash from operations $291M
Capital spending $74.3M
FY24
Cash from operations $221M
Capital spending $52.1M
FY25
Cash from operations $465M
Capital spending $185M
Cash from operations
Capital spending
Q1 '25
Cash from operations $84.9M
Capital spending $28.0M
Q2 '25
Cash from operations $80.3M
Capital spending $61.2M
Q3 '25
Cash from operations —
Capital spending —
Q4 '25
Cash from operations —
Capital spending —
Q1 '26
Cash from operations $169M
Capital spending $58.0M
Q2 '26
Cash from operations $88.8M
Capital spending $40.4M
Cash from operations
Capital spending
Dividends, buybacks and share count
Diversified Energy Co returned $85.0M to shareholders in fiscal 2025, 30% of free cash flow. The diluted share count rose 55.1%.
FY23
Dividends $168M
Buybacks —
FY24
Dividends $83.9M
Buybacks —
FY25
Dividends $85.0M
Buybacks —
Dividends
Buybacks
Q1 '25
Dividends $17.2M
Buybacks —
Q2 '25
Dividends $22.7M
Buybacks —
Q3 '25
Dividends —
Buybacks —
Q4 '25
Dividends —
Buybacks —
Q1 '26
Dividends $22.1M
Buybacks —
Q2 '26
Dividends $21.0M
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.07B
Balance sheet
Cash, debt and the ratios that show how comfortably Diversified Energy Co can carry it.
FY23
Cash $3.8M
Debt —
FY24
Cash $6.0M
Debt $1.5B
FY25
Cash $29.7M
Debt $2.8B
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $3.8M | $6.0M | $29.7M |
| Debt incl. finance leases | — | $1.5B | $2.8B |
| Net debt / EBITDA | — | 7.6x | 2.9x |
| Debt / equity | — | 3.7x | 2.8x |
| Interest coverage | 8.5x | −0.7x | 2.5x |
| Current ratio | — | 0.4x | 0.6x |
| Quick ratio | — | 0.4x | 0.6x |
| Total assets | — | $4.0B | $6.2B |
| Total liabilities | — | $3.5B | $5.2B |
| Shareholders' equity | $538M | $400M | $984M |
| Net debt (− = net cash) | — | $1.5B | $2.8B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | — | ✓ |
| F-score | — / 3 | — / 4 | 6 / 8 |
| Accruals ratio | — | −8.2% | −2.4% |
| Altman Z'' | — | −1.46 | 0.06 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $1.9B | $757M | $1.8B |
| Operating income | $1.1B | −$97.1M | $535M |
| Interest expense | $131M | $137M | $210M |
| Pretax income | $990M | −$248M | $301M |
| Income tax | $239M | −$145M | −$40.6M |
| Net income | $749M | −$104M | $341M |
| Diluted EPS | $15.76 | −$2.17 | $4.58 |
| Diluted shares | 0.05B | 0.05B | 0.07B |
| Cash flow | |||
| Cash from operations | $291M | $221M | $465M |
| Capital expenditure | $74.3M | $52.1M | $185M |
| Free cash flow | $217M | $169M | $280M |
| Depreciation and amortization | $273M | $292M | $413M |
| Stock-based compensation | $6.5M | $8.3M | $10.4M |
| Acquisitions | $0.0M | $0.0M | $330M |
| Dividends paid | $168M | $83.9M | $85.0M |
| Dividends and buybacks | $168M | $83.9M | $85.0M |
| Balance sheet | |||
| Cash and short-term investments | $3.8M | $6.0M | $29.7M |
| Total debt | — | $1.5B | $2.7B |
| Finance lease liabilities | — | — | $72.0M |
| Current assets | — | $304M | $650M |
| Current liabilities | — | $777M | $1.1B |
| Inventory | — | $9.6M | $27.8M |
| Property and equipment, net | $442M | $426M | $446M |
| Intangible assets | — | $2.9M | $3.2M |
| Total assets | — | $4.0B | $6.2B |
| Total liabilities | — | $3.5B | $5.2B |
| Shareholders' equity | $538M | $400M | $984M |
| Margins | |||
| Operating margin | 56.9% | −12.8% | 29.2% |
| EBITDA margin | 70.9% | 25.7% | 51.8% |
| Net margin | 38.4% | −13.8% | 18.6% |
| FCF margin | 11.1% | 22.3% | 15.3% |
| Returns | |||
| Return on capital | — | −4.1% | 14.6% |
| Return on capital employed | — | −3.1% | 10.5% |
| Return on equity | 139.2% | −22.3% | 49.3% |
| Return on assets | — | −2.6% | 6.7% |
| Return on tangible equity | 139.2% | −26.3% | 34.8% |
| Growth | |||
| Revenue growth | — | −61.1% | 141.5% |
| Net income growth | — | −113.9% | — |
| EPS growth | — | −113.8% | — |
| FCF growth | — | −22.4% | 66.1% |
| Share count change | — | 1.1% | 55.1% |
| Financial health | |||
| Net debt / EBITDA | — | 7.6x | 2.9x |
| Debt / equity | — | 3.7x | 2.8x |
| Interest coverage | 8.5x | −0.7x | 2.5x |
| Current ratio | — | 0.4x | 0.6x |
| Quick ratio | — | 0.4x | 0.6x |
| Capital allocation | |||
| Capex / revenue | 3.8% | 6.9% | 10.1% |
| Stock comp / revenue | 0.3% | 1.1% | 0.6% |
| Payouts / FCF | 77.4% | 49.8% | 30.4% |
| Quality scores | |||
| Piotroski F-score | — | — | 6.0 |
| Altman Z'' | — | −1.5 | 0.1 |
| Accruals ratio | — | −8.2% | −2.4% |
Source: SEC EDGAR XBRL filings (CIK 0001922446). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.