Viper Energy
VNOM Nasdaq Oil & Gas Storage & Transportation Financials FY2016–FY2025
Viper Energy's revenue rose 62.0% to $1.4 billion in fiscal 2025. Its operating margin was −10.0%, down from 65.8% a year earlier. It paid out $328 million in dividends and buybacks. The diluted share count rose 51.7%.
About these figures. Years to 2024 come from the former Viper Energy (until 2023 Viper Energy Partners), the listed company until a new holding company took its place in its 2025 purchase of Sitio Royalties. Viper was a partnership until 2023; before then, shareholders' equity is its partners' capital, without the stake Diamondback held in its operating company. Debt in 2016 and 2017 is what Viper had drawn on its credit line, its only borrowing then. Before 2021 Viper reported earnings per partnership unit rather than per share, so earnings per share and share counts start in 2021. Viper owns mineral and royalty rights and runs no wells: its spending goes on buying more rights, which counts as acquisitions, and from 2021 its cash flow statement has no line for property and equipment, so capital spending and free cash flow are blank from 2021. Depreciation and amortization is Viper's depletion of its mineral and royalty interests, its only such charge.
What Viper Energy does
No business description yet.
- Legal name
- Viper Energy, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0002074176-26-000010
0002074176
Revenue and margins
Viper Energy had $1.4B of revenue in fiscal 2025, up 62.0% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Viper Energy returned $328M to shareholders in fiscal 2025. The diluted share count rose 51.7%.
Value Viper Energy yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.2B and divides by 142.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today — · peers 22.3x · sector 17.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Viper Energy can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $39.4M | $18.2M | $25.9M | $27.0M | $13.0M |
| Debt incl. finance leases | $777M | $577M | $1.1B | $1.1B | $2.2B |
| Net debt / EBITDA | 1.6x | 0.7x | 1.4x | 1.4x | 4.7x |
| Debt / equity | 1.0x | 0.8x | 1.1x | 0.6x | 0.5x |
| Interest coverage | 10.6x | 16.8x | 12.7x | 7.7x | −2.0x |
| Current ratio | 4.5x | 5.4x | 4.3x | 4.9x | 3.7x |
| Quick ratio | 4.5x | 5.4x | 4.3x | 4.9x | 3.7x |
| Total assets | $3.0B | $2.9B | $4.0B | $5.1B | $12.7B |
| Total liabilities | $801M | $599M | $1.1B | $1.2B | $2.3B |
| Shareholders' equity | $815M | $691M | $1.0B | $1.7B | $4.4B |
| Net debt (− = net cash) | $737M | $559M | $1.1B | $1.1B | $2.2B |
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
$589M
1 insider
Of sales under plans
0%
$0.0M
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 | 5 / 8 | 6 / 8 | 3 / 8 |
| Accruals ratio | −12.7% | −5.8% | −12.6% |
| Altman Z'' | 3.90 | 4.60 | 4.73 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Viper Energy VNOM | $9.1B | 62.0% | −10.0% | — | −1.3% | — | 3 | |
| DT Midstream DTM | $12.7B | 26.7% | 49.4% | 35.5% | 5.7% | 27.1x | 7 | Compare → |
| Antero Midstream AM | $9.9B | 7.4% | 54.3% | — | 9.2% | 24.8x | 7 | Compare → |
| Kinetik KNTK | $4.2B | 19.0% | 9.4% | 6.3% | 8.6% | 19.8x | 5 | Compare → |
| International Seaways INSW | $5.5B | −11.4% | 41.0% | 44.9% | — | 7.1x | 6 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $79.1M | $172M | $289M | $298M | $251M | $505M | $867M | $828M | $861M | $1.4B |
| Gross profit | — | $171M | $289M | $298M | — | — | — | — | — | — |
| Operating income | −$9.3M | $114M | $203M | $194M | $52.9M | $362M | $681M | $620M | $567M | −$140M |
| Interest expense | $2.5M | $3.2M | $12.4M | $13.8M | $33.1M | $34.0M | $40.4M | $48.9M | $74.0M | $70.0M |
| Pretax income | −$10.9M | $112M | $191M | $180M | −$50.9M | $258M | $622M | $547M | $504M | −$225M |
| Income tax | $0.0M | $0.0M | −$72.4M | −$41.6M | $143M | $1.5M | −$32.7M | $46.0M | −$100M | −$19.0M |
| Net income | −$10.9M | $112M | $144M | $46.3M | −$192M | $57.9M | $152M | $200M | $359M | −$68.0M |
| Diluted EPS | — | — | — | — | — | $0.85 | $2.00 | $2.69 | $3.82 | −$0.48 |
| Diluted shares | — | — | — | — | — | 0.07B | 0.08B | 0.07B | 0.09B | 0.14B |
| Cash flow | ||||||||||
| Cash from operations | $68.6M | $139M | $245M | $237M | $197M | $307M | $700M | $638M | $620M | $1.1B |
| Capital expenditure | $0.0M | $0.0M | $4.7M | $0.0M | $0.0M | — | — | — | — | — |
| Free cash flow | $68.6M | $139M | $240M | $237M | $197M | — | — | — | — | — |
| Depreciation and amortization | $29.8M | $40.5M | $58.8M | $78.2M | $101M | $103M | $121M | $146M | $214M | $607M |
| Stock-based compensation | $3.8M | $2.4M | $2.8M | $1.8M | — | — | — | — | — | — |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $24.0M | $46.0M | $151M | $95.2M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $98.3M | $107M | $45.7M | $75.9M | $183M | $129M | $219M | $328M |
| Dividends and buybacks | $0.0M | $0.0M | $98.3M | $107M | $69.7M | $122M | $333M | $224M | $219M | $328M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $9.2M | $24.2M | $22.7M | $3.6M | $19.1M | $39.4M | $18.2M | $25.9M | $27.0M | $13.0M |
| Total debt | $121M | $93.5M | $411M | $587M | $556M | $777M | $577M | $1.1B | $1.1B | $2.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $23.4M | $55.4M | $65.2M | $72.7M | $54.0M | $111M | $119M | $144M | $238M | $413M |
| Current liabilities | $2.2M | $5.6M | $6.0M | $13.4M | $44.9M | $24.5M | $21.9M | $33.3M | $49.0M | $111M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $914M | $1.5B | $2.5B | $2.4B | $2.9B | $2.8B | $3.8B | $4.6B | $12.2B |
| Total assets | $671M | $1.0B | $1.7B | $2.8B | $2.5B | $3.0B | $2.9B | $4.0B | $5.1B | $12.7B |
| Total liabilities | $123M | $99.1M | $417M | $600M | $601M | $801M | $599M | $1.1B | $1.2B | $2.3B |
| Shareholders' equity | $548M | $914M | $542M | $931M | $635M | $815M | $691M | $1.0B | $1.7B | $4.4B |
| Margins | ||||||||||
| Gross margin | — | 99.5% | 100.0% | 100.0% | — | — | — | — | — | — |
| Operating margin | −11.8% | 66.2% | 70.3% | 64.9% | 21.1% | 71.6% | 78.5% | 74.9% | 65.9% | −10.0% |
| EBITDA margin | 25.9% | 89.7% | 90.7% | 91.1% | 61.2% | 92.0% | 92.5% | 92.5% | 90.7% | 33.5% |
| Net margin | −13.8% | 64.8% | 49.8% | 15.5% | −76.7% | 11.5% | 17.5% | 24.2% | 41.7% | −4.9% |
| FCF margin | 86.7% | 80.9% | 83.0% | 79.4% | 78.4% | — | — | — | — | — |
| Returns | ||||||||||
| Return on capital | — | 13.9% | 15.6% | 8.8% | 1.6% | 13.4% | 23.3% | 16.7% | 12.8% | −1.3% |
| Return on capital employed | −1.6% | 13.6% | 15.3% | 8.8% | 2.0% | 13.3% | 23.0% | 18.1% | 12.7% | −1.6% |
| Return on equity | −2.1% | 15.3% | 19.8% | 6.3% | −24.6% | 8.0% | 20.2% | 23.5% | 26.6% | −2.2% |
| Return on assets | −1.8% | 13.2% | 10.8% | 2.1% | −7.3% | 2.1% | 5.1% | 5.8% | 7.9% | −0.8% |
| Growth | ||||||||||
| Revenue growth | — | 117.4% | 67.9% | 3.3% | −16.0% | 101.5% | 71.6% | −4.4% | 4.0% | 62.0% |
| Net income growth | — | — | 29.1% | −67.9% | −515.5% | — | 161.8% | 31.9% | 79.5% | −118.9% |
| EPS growth | — | — | — | — | — | — | 135.3% | 34.5% | 42.0% | −112.6% |
| FCF growth | — | 102.9% | 72.3% | −1.3% | −17.0% | — | — | — | — | — |
| Share count change | — | — | — | — | — | — | 10.7% | −2.0% | 26.6% | 51.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 5.4x | 0.5x | 1.5x | 2.2x | 3.5x | 1.6x | 0.7x | 1.4x | 1.4x | 4.7x |
| Debt / equity | 0.2x | 0.1x | 0.8x | 0.6x | 0.9x | 1.0x | 0.8x | 1.1x | 0.6x | 0.5x |
| Interest coverage | −3.8x | 36.0x | 16.3x | 14.0x | 1.6x | 10.6x | 16.8x | 12.7x | 7.7x | −2.0x |
| Current ratio | 10.9x | 9.9x | 10.8x | 5.4x | 1.2x | 4.5x | 5.4x | 4.3x | 4.9x | 3.7x |
| Quick ratio | 10.9x | 9.9x | 10.8x | 5.4x | 1.2x | 4.5x | 5.4x | 4.3x | 4.9x | 3.7x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.0% | 0.0% | 1.6% | 0.0% | 0.0% | — | — | — | — | — |
| Stock comp / revenue | 4.8% | 1.4% | 1.0% | 0.6% | — | — | — | — | — | — |
| Payouts / FCF | 0.0% | 0.0% | 41.0% | 45.2% | 35.5% | — | — | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | — | — | — | 7.0 | 5.0 | 6.0 | 3.0 |
| Altman Z'' | — | — | — | — | — | — | 5.9 | 3.9 | 4.6 | 4.7 |
| Accruals ratio | −13.3% | −3.3% | −7.5% | −8.6% | −14.8% | −9.1% | −18.4% | −12.7% | −5.8% | −12.6% |
Source: SEC EDGAR XBRL filings (CIK 0002074176). Data updated October 9, 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.