FANG Nasdaq Oil & Gas Exploration & Production Financials FY2016βFY2025
Diamondback Energy had $15.0B of revenue in fiscal 2025, up 35.8% on the year before. Over five years, revenue changed +39.8% a year on average.
Hi! I read Diamondback Energyβs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+35.8%
Yes. Sales grew 35.8% last year.
Does it make a profit?
11.1%
Yes. It keeps 11.1% of every sale as profit.
Is debt under control?
2.3x
Keep an eye on it. Repaying its debt would take 2.3 years of operating profit.
How healthy are the accounts?
4 / 8
Mixed. It passes 4 of 8 health tests.
How is the share priced?
39.4x
One share costs 39.4 times its yearly profit per share. Typical for its sector: 16.9x.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Total debt is the balance sheet's long-term debt plus its current debt line. Diamondback reports its capital spending in several lines (drilling and completions, midstream assets, acquisitions of property) with no total in the SEC's structured data, so capital spending and free cash flow are left blank.
Is it selling more, and how much does it keep?
KIRA Β· Diamondback Energy had $15.0B of revenue in fiscal 2025, up 35.8% on the year before. Over five years, revenue changed +39.8% a year on average. Its operating margin was 8.4%, down 31.3Β pts: of every 100 in sales, about 8 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Diamondback Energy made $1.7B of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
KIRA Β· Diamondback Energy returned $1.2B to shareholders in fiscal 2025. The diluted share count rose 35.4%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $7.0B of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$7.0B
12 insiders
Of sales under plans
1%
$47.4M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 5, 2026 | Charles Alvin MeloyDirector | Sold plan | 33,333 | $183.74 | $6.1M | Form 4 |
| Sep 16, 2026 | Lyndal Greth10% owner | Sold | 9,079,675 | $205.26 | $1.9B | Form 4 |
| Sep 15, 2026 | Teresa L. DickEVP Accounting, Assist. Sec. | Sold | 5,000 | $210.00 | $1.1M | Form 4 |
| Sep 15, 2026 | Matt ZmigroskyEVP, Chief Legal and Admin Off | Sold | 1,326 | $212.56 | $0.3M | Form 4 |
| Sep 11, 2026 | Travis D. SticeDirector | Sold | 75,000 | $204.31 | $15.3M | Form 4 |
| Aug 21, 2026 | Mark Lawrence PlaumannDirector | Sold | 1,000 | $210.58 | $0.2M | Form 4 |
| Aug 20, 2026 | Hof Matthew Kaes Van'tChief Executive Officer, Director | Sold | 10,000 | $214.66 | $2.1M | Form 4 |
| Aug 20, 2026 | Daniel N WessonExec. VP & COO | Sold | 7,500 | $215.21 | $1.6M | Form 4 |
| Aug 14, 2026 | Matt ZmigroskyEVP, Chief Legal and Admin Off | Sold | 2,500 | $202.77 | $0.5M | Form 4 |
| Aug 14, 2026 | Jere W Thompson IIICFO, Executive VP | Sold | 500 | $204.14 | $0.1M | Form 4 |
| Aug 11, 2026 | Hof Matthew Kaes Van'tChief Executive Officer, Director | Sold | 5,000 | $202.46 | $1.0M | Form 4 |
| Aug 3, 2026 | Charles Alvin MeloyDirector | Sold plan | 33,333 | $198.41 | $6.6M | Form 4 |
| Jun 16, 2026 | Charles Alvin MeloyDirector | Sold plan | 83,334 | $187.12 | $15.6M | Form 4 |
| Jun 9, 2026 | Mark Lawrence PlaumannDirector | Sold | 500 | $196.50 | $0.1M | Form 4 |
| Jun 4, 2026 | SGF FANG Holdings, LP10% owner | Sold | 10,000,000 | $204.25 | $2.0B | Form 4 |
| Jun 4, 2026 | Teresa L. DickCAO, Exec. VP, Assist. Sec. | Sold | 5,000 | $205.00 | $1.0M | Form 4 |
| Jun 3, 2026 | Matt ZmigroskyEVP, Chief Legal and Admin Off | Sold | 5,000 | $210.00 | $1.1M | Form 4 |
| Jun 3, 2026 | Hof Matthew Kaes Van'tChief Executive Officer, Director | Sold | 15,000 | $208.33 | $3.1M | Form 4 |
| Jun 2, 2026 | Teresa L. DickCAO, Exec. VP, Assist. Sec. | Sold | 7,000 | $200.90 | $1.4M | Form 4 |
| Jun 1, 2026 | Matt ZmigroskyEVP, Chief Legal and Admin Off | Sold | 5,000 | $200.54 | $1.0M | Form 4 |
| May 19, 2026 | Teresa L. DickCAO, Exec. VP, Assist. Sec. | Sold | 5,000 | $207.00 | $1.0M | Form 4 |
| May 15, 2026 | Jere W Thompson IIICFO, Executive VP | Sold | 1,000 | $203.16 | $0.2M | Form 4 |
| May 15, 2026 | Albert BarkmannExec. VP and Chief Engineer | Sold | 3,000 | $204.04 | $0.6M | Form 4 |
| May 14, 2026 | Teresa L. DickCAO, Exec. VP, Assist. Sec. | Sold | 5,000 | $200.00 | $1.0M | Form 4 |
| May 13, 2026 | Matt ZmigroskyEVP, Chief Legal and Admin Off | Sold | 5,000 | $200.10 | $1.0M | Form 4 |
| May 8, 2026 | Charles Alvin MeloyDirector | Sold plan | 7,857 | $189.08 | $1.5M | Form 4 |
| May 7, 2026 | Charles Alvin MeloyDirector | Sold plan | 7,857 | $189.20 | $1.5M | Form 4 |
| Apr 7, 2026 | Charles Alvin MeloyDirector | Sold plan | 7,857 | $197.01 | $1.5M | Form 4 |
| Apr 6, 2026 | Charles Alvin MeloyDirector | Sold plan | 7,857 | $193.93 | $1.5M | Form 4 |
| Mar 20, 2026 | Teresa L. DickCAO, Exec. VP, Assist. Sec. | Sold | 5,000 | $193.00 | $1.0M | Form 4 |
| Mar 20, 2026 | Daniel N WessonExec. VP & COO | Sold | 5,000 | $191.96 | $1.0M | Form 4 |
| Mar 18, 2026 | Steven E WestDirector | Sold | 6,000 | $188.35 | $1.1M | Form 4 |
| Mar 18, 2026 | Teresa L. DickCAO, Exec. VP, Assist. Sec. | Sold | 5,000 | $190.00 | $1.0M | Form 4 |
| Mar 18, 2026 | Matt ZmigroskyEVP, Chief Legal and Admin Off | Sold | 4,101 | $190.51 | $0.8M | Form 4 |
| Mar 16, 2026 | Jere W Thompson IIICFO, Executive VP | Sold | 750 | $182.47 | $0.1M | Form 4 |
| Mar 13, 2026 | Albert BarkmannExec. VP and Chief Engineer | Sold | 4,000 | $182.90 | $0.7M | Form 4 |
| Mar 13, 2026 | Matt ZmigroskyEVP, Chief Legal and Admin Off | Sold | 20,899 | $180.00 | $3.8M | Form 4 |
| Mar 12, 2026 | SGF FANG Holdings, LP10% owner | Sold | 12,650,000 | $170.19 | $2.2B | Form 4 |
| Mar 10, 2026 | Charles Alvin MeloyDirector | Sold plan | 7,857 | $179.73 | $1.4M | Form 4 |
| Mar 9, 2026 | Charles Alvin MeloyDirector | Sold plan | 7,857 | $183.27 | $1.4M | Form 4 |
| Mar 9, 2026 | Teresa L. DickCAO, Exec. VP, Assist. Sec. | Sold | 2,500 | $185.00 | $0.5M | Form 4 |
| Mar 6, 2026 | Travis D. SticeExecutive Chairman, Director | Sold | 100,000 | $181.13 | $18.1M | Form 4 |
| Mar 6, 2026 | Daniel N WessonExec. VP & COO | Sold | 20,000 | $181.11 | $3.6M | Form 4 |
| Mar 6, 2026 | Jere W Thompson IIICFO, Executive VP | Sold | 750 | $181.68 | $0.1M | Form 4 |
| Mar 6, 2026 | Hof Matthew Kaes Van'tChief Executive Officer, Director | Sold | 10,000 | $180.84 | $1.8M | Form 4 |
| Mar 6, 2026 | Teresa L. DickCAO, Exec. VP, Assist. Sec. | Sold | 3,000 | $181.46 | $0.5M | Form 4 |
| Mar 4, 2026 | SGF FANG Holdings, LP10% owner | Sold | 1,000,000 | $176.71 | $177M | Form 4 |
| Feb 4, 2026 | SGF FANG Holdings, LP10% owner | Sold | 1,000,000 | $168.99 | $169M | Form 4 |
| Feb 3, 2026 | Charles Alvin MeloyDirector | Sold plan | 60,605 | $161.12 | $9.8M | Form 4 |
| Feb 3, 2026 | SGF FANG Holdings, LP10% owner | Sold | 1,000,000 | $162.88 | $163M | Form 4 |
| Feb 2, 2026 | Charles Alvin MeloyDirector | Sold plan | 2,200 | $160.17 | $0.4M | Form 4 |
| Dec 8, 2025 | Charles Alvin MeloyDirector | Sold plan | 53 | $160.13 | $0.0M | Form 4 |
| Dec 4, 2025 | Charles Alvin MeloyDirector | Sold | 377,911 | $138.61 | $52.4M | Form 4 |
| Nov 28, 2025 | SGF FANG Holdings, LP10% owner | Sold | 2,000,000 | $152.59 | $305M | Form 4 |
| Nov 26, 2025 | Daniel N WessonExec. VP & COO | Sold | 4,000 | $149.24 | $0.6M | Form 4 |
| Nov 14, 2025 | Matt ZmigroskyEVP, Chief Legal and Admin Off | Sold | 3,500 | $148.18 | $0.5M | Form 4 |
| Nov 11, 2025 | Jere W Thompson IIICFO, Executive VP | Sold | 1,000 | $147.73 | $0.1M | Form 4 |
| Nov 6, 2025 | Hof Matthew Kaes Van'tChief Executive Officer, Director | Sold | 10,000 | $140.61 | $1.4M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· Diamondback Energy owes $14.4B more than it holds in cash, about 2.3 years of operating profit.
Cash, debt and the ratios that show how comfortably Diamondback Energy can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $654M | $157M | $582M | $161M | $104M |
| Debt incl. finance leases | $6.7B | $6.2B | $6.6B | $13.0B | $14.5B |
| Net debt / EBITDA | 1.1x | 0.8x | 1.0x | 1.8x | 2.3x |
| Debt / equity | 0.6x | 0.4x | 0.4x | 0.3x | 0.4x |
| Interest coverage | 20.1x | 42.3x | 28.7x | 32.6x | 5.2x |
| Current ratio | 1.0x | 0.8x | 0.8x | 0.4x | 0.4x |
| Quick ratio | 1.0x | 0.8x | 0.7x | 0.4x | 0.4x |
| Total assets | $22.9B | $26.2B | $29.0B | $67.3B | $71.1B |
| Total liabilities | $9.7B | $10.5B | $11.6B | $27.4B | $28.1B |
| Shareholders' equity | $12.1B | $15.0B | $16.6B | $37.7B | $37.0B |
| Net debt (β = net cash) | $6.0B | $6.1B | $6.1B | $12.8B | $14.4B |
KIRA Β· Its return on capital was 1.9%: every 100 invested in the business earned about 2 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Diamondback Energy passes 4 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | β | β | β |
| Cash from operations is positive | β | β | β |
| Return on assets rose | β | β | β |
| Cash from operations exceeds net income | β | β | β |
| Debt fell relative to assets | β | β | β |
| Current ratio rose | β | β | β |
| Share count didn't rise | β | β | β |
| Gross margin rose | β | β | β |
| Revenue rose relative to assets | β | β | β |
| F-score | 4 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | β10.1% | β6.4% | β10.3% |
| Altman Z'' | 2.81 | 1.91 | 1.70 |
What does the share cost, and how does it compare?
KIRA Β· At $207.13 a share, the company is worth $58.2B: 39.4 times its earnings of the last four quarters.
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets β the answer depends entirely on what you put in.
In plain words: Move the sliders to try your own guesses about growth. The result is what one share would be worth if those guesses came true. Different guesses give very different answers.
Value per share
β
Adds net cash of β$14.4B and divides by 289.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Value per share
β
Reference multiples: today 39.1x Β· peers 9.9x Β· sector 16.9x.
KIRA Β· Diamondback Energy grew sales faster than 3 of its 4 similar companies. Its P/E is higher than 3 of 3.
Each companyβs latest fiscal year. Fiscal years end in different months, so periods donβt line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Diamondback Energy FANG | $58.2B | 35.8% | 8.4% | β | 1.9% | 39.4x | 4 | |
| Devon Energy DVN | $48.5B | 7.8% | β | 18.2% | 13.0% | 12.3x | 5 | Compare β |
| Woodside Energy WDS | $44.6B | β1.5% | 30.0% | β | 7.1% | β | 4 | Compare β |
| Expand Energy EXE | $22.4B | 186.3% | 20.4% | 15.2% | 8.6% | 8.1x | 7 | Compare β |
| Occidental Petroleum OXY | $64.9B | β1.9% | β | 19.0% | 4.9% | 9.9x | 4 | Compare β |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $527M | $1.2B | $2.2B | $4.0B | $2.8B | $6.8B | $9.6B | $8.4B | $11.1B | $15.0B |
| Operating income | β$68.6M | $605M | $1.0B | $695M | β$5.5B | $4.0B | $6.5B | $4.6B | $4.4B | $1.3B |
| Interest expense | $41.1M | $41.0M | $87.0M | $172M | $197M | $199M | $154M | $159M | $135M | $244M |
| Pretax income | β$165M | $497M | $1.1B | $362M | β$5.8B | $2.9B | $5.7B | $4.2B | $4.5B | $1.9B |
| Income tax | $0.2M | β$20.0M | $168M | $47.0M | β$1.1B | $631M | $1.2B | $912M | $800M | $327M |
| Net income | β$165M | $482M | $846M | $240M | β$4.5B | $2.2B | $4.4B | $3.1B | $3.3B | $1.7B |
| Diluted EPS | β$2.20 | $4.94 | $8.06 | $1.47 | β$28.61 | $12.24 | $24.61 | $17.34 | $15.53 | $5.73 |
| Diluted shares | 0.08B | 0.10B | 0.10B | 0.16B | 0.16B | 0.18B | 0.18B | 0.18B | 0.21B | 0.29B |
| Cash flow | ||||||||||
| Cash from operations | $332M | $889M | $1.6B | $2.7B | $2.1B | $3.9B | $6.3B | $5.9B | $6.4B | $8.8B |
| Depreciation and amortization | $178M | $327M | $623M | $1.5B | $1.3B | $1.3B | $1.3B | $1.7B | $2.9B | $5.0B |
| Stock-based compensation | $26.5M | $26.0M | $27.0M | $48.0M | $37.0M | $51.0M | $55.0M | $54.0M | $65.0M | β |
| 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 | $593M | $98.0M | $431M | $1.1B | $840M | $959M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $37.0M | $112M | $236M | $312M | $1.6B | $1.4B | $1.6B | $1.2B |
| Dividends and buybacks | $0.0M | $0.0M | $37.0M | $705M | $334M | $743M | $2.7B | $2.3B | $2.5B | $1.2B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $1.7B | $112M | $215M | $123M | $104M | $654M | $157M | $582M | $161M | $104M |
| Total debt | $1.1B | $1.5B | $4.5B | $5.4B | $5.8B | $6.7B | $6.2B | $6.6B | $13.0B | $14.5B |
| 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 | $1.8B | $359M | $925M | $869M | $602M | $1.4B | $1.4B | $1.6B | $2.1B | $1.9B |
| Current liabilities | $209M | $577M | $1.0B | $1.3B | $1.2B | $1.4B | $1.7B | $2.1B | $4.8B | $4.6B |
| Inventory | $2.0M | $9.1M | $37.0M | $37.0M | $33.0M | $62.0M | $67.0M | $63.0M | $116M | $86.0M |
| Property and equipment, net | $3.4B | $7.3B | $20.4B | $21.8B | $16.2B | $20.6B | $23.8B | $26.7B | $64.5B | $68.6B |
| Total assets | $5.3B | $7.8B | $21.6B | $23.5B | $17.6B | $22.9B | $26.2B | $29.0B | $67.3B | $71.1B |
| Total liabilities | $1.3B | $2.2B | $7.4B | $8.6B | $7.8B | $9.7B | $10.5B | $11.6B | $27.4B | $28.1B |
| Shareholders' equity | $3.7B | $5.3B | $13.7B | $13.2B | $8.8B | $12.1B | $15.0B | $16.6B | $37.7B | $37.0B |
| Margins | ||||||||||
| Operating margin | β13.0% | 50.2% | 46.5% | 17.5% | β194.7% | 58.9% | 67.5% | 54.3% | 39.7% | 8.4% |
| EBITDA margin | 20.8% | 77.3% | 75.1% | 54.2% | β148.1% | 77.6% | 81.4% | 75.1% | 65.5% | 42.0% |
| Net margin | β31.3% | 40.0% | 38.9% | 6.1% | β160.6% | 32.1% | 45.5% | 37.4% | 30.2% | 11.1% |
| Returns | ||||||||||
| Return on capital | β1.8% | 11.6% | 6.8% | 3.1% | β24.3% | 18.0% | 25.2% | 15.9% | 9.5% | 1.9% |
| Return on capital employed | β1.8% | 9.8% | 7.3% | 3.2% | β28.3% | 21.2% | 28.3% | 17.8% | 9.8% | 2.0% |
| Return on equity | β5.9% | 10.8% | 8.9% | 1.8% | β41.0% | 20.9% | 32.4% | 19.9% | 12.3% | 4.5% |
| Return on assets | β4.1% | 7.4% | 5.8% | 1.1% | β22.0% | 10.8% | 17.9% | 11.4% | 6.9% | 2.4% |
| Growth | ||||||||||
| Revenue growth | β | 128.6% | 80.6% | 82.2% | β29.0% | 141.6% | 41.9% | β12.8% | 31.6% | 35.8% |
| Net income growth | β | β | 75.5% | β71.6% | β1,982.1% | β | 101.0% | β28.3% | 6.2% | β50.2% |
| EPS growth | β | β | 63.2% | β81.8% | β2,046.3% | β | 101.1% | β29.5% | β10.4% | β63.1% |
| Share count change | 19.1% | 30.1% | 7.4% | 56.2% | β3.6% | 11.8% | β0.1% | 2.0% | 18.6% | 35.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | β5.1x | 1.5x | 2.6x | 2.4x | β | 1.1x | 0.8x | 1.0x | 1.8x | 2.3x |
| Debt / equity | 0.3x | 0.3x | 0.3x | 0.4x | 0.7x | 0.6x | 0.4x | 0.4x | 0.3x | 0.4x |
| Interest coverage | β1.7x | 14.8x | 11.6x | 4.0x | β27.8x | 20.1x | 42.3x | 28.7x | 32.6x | 5.2x |
| Current ratio | 8.6x | 0.6x | 0.9x | 0.7x | 0.5x | 1.0x | 0.8x | 0.8x | 0.4x | 0.4x |
| Quick ratio | 8.6x | 0.6x | 0.9x | 0.7x | 0.5x | 1.0x | 0.8x | 0.7x | 0.4x | 0.4x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 5.0% | 2.2% | 1.2% | 1.2% | 1.3% | 0.8% | 0.6% | 0.6% | 0.6% | β |
| Quality scores | ||||||||||
| Piotroski F-score | β | 6.0 | 6.0 | 4.0 | 3.0 | 6.0 | 7.0 | 4.0 | 4.0 | 4.0 |
| Altman Z'' | 4.7 | 3.0 | 2.4 | 2.0 | β1.7 | 2.3 | 3.3 | 2.8 | 1.9 | 1.7 |
| Accruals ratio | β12.3% | β6.2% | β4.9% | β11.1% | β32.3% | β8.7% | β7.9% | β10.1% | β6.4% | β10.3% |
Source: SEC EDGAR XBRL filings (CIK 0001539838). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
