Expand Energy vs Diamondback Energy
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The short version
- Diamondback Energy is the larger business, with $15.0B of revenue in fiscal 2025 against $12.1B for Expand Energy.
- Expand Energy grew revenue faster (186.3%, against 35.8%).
- Expand Energy kept more of each dollar of sales as operating profit (20.4% operating margin, against 8.4%).
- Expand Energy earned a higher return on the capital invested in it (8.6%, against 1.9%).
- Investors pay more for each dollar of Diamondback Energy’s earnings: a P/E of 39.1x against 8.1x for Expand Energy.
| Latest fiscal year | EXE · FY25 | FANG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $22.2B | $57.9B |
| Revenue | $12.1B | $15.0B |
| Free cash flow | $1.8B | — |
| Net income | $1.8B | $1.7B |
| Growth | ||
| Revenue growth | 186.3% | 35.8% |
| 5-year growth | 7.3% | 39.8% |
| Share count change | 53.1% | 35.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 20.4% | 8.4% |
| Net margin | 15.0% | 11.1% |
| FCF margin | 15.2% | — |
| Return on capital | 8.6% | 1.9% |
| Return on equity | 10.1% | 4.5% |
| Balance sheet | ||
| Net debt | $4.4B | $14.4B |
| Net debt / EBITDA | 0.8x | 2.3x |
| Dividends and buybacks | $865M | $1.2B |
| Valuation & quality | ||
| P/E | 8.1x | 39.1x |
| Piotroski F-score | 7 | 4 |
Revenue
FY16
EXE $7.9B
FANG $527M
FY17
EXE $10.0B
FANG $1.2B
FY18
EXE $10.0B
FANG $2.2B
FY19
EXE $8.5B
FANG $4.0B
FY20
EXE $5.2B
FANG $2.8B
FY21
EXE —
FANG $6.8B
FY22
EXE $11.7B
FANG $9.6B
FY23
EXE $8.7B
FANG $8.4B
FY24
EXE $4.2B
FANG $11.1B
FY25
EXE $12.1B
FANG $15.0B
EXE
FANG
Operating margin
FY16
EXE −56.0%
FANG −13.0%
FY17
EXE −1.4%
FANG 50.2%
FY18
EXE 3.8%
FANG 46.5%
FY19
EXE −0.4%
FANG 17.5%
FY20
EXE −166.1%
FANG −194.7%
FY21
EXE —
FANG 58.9%
FY22
EXE 32.2%
FANG 67.5%
FY23
EXE 36.0%
FANG 54.3%
FY24
EXE −19.0%
FANG 39.7%
FY25
EXE 20.4%
FANG 8.4%
EXE
FANG
Free cash flow
FY16
EXE −$1.7B
FANG —
FY17
EXE −$1.6B
FANG —
FY18
EXE −$118M
FANG —
FY19
EXE −$640M
FANG —
FY20
EXE $22.0M
FANG —
FY21
EXE —
FANG —
FY22
EXE $2.3B
FANG —
FY23
EXE $551M
FANG —
FY24
EXE $8.0M
FANG —
FY25
EXE $1.8B
FANG —
EXE
FANG
Return on capital
FY16
EXE −33.8%
FANG −1.8%
FY17
EXE −1.1%
FANG 11.6%
FY18
EXE 3.5%
FANG 6.8%
FY19
EXE −0.2%
FANG 3.1%
FY20
EXE −135.0%
FANG −24.3%
FY21
EXE —
FANG 18.0%
FY22
EXE —
FANG 25.2%
FY23
EXE 20.6%
FANG 15.9%
FY24
EXE −3.7%
FANG 9.5%
FY25
EXE 8.6%
FANG 1.9%
EXE
FANG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.