Diamondback Energy, Inc. FANG
We are an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. This basin, which is one of the major producing basins in the United States, is characterized by an extensive production history, a favorable operating environment, mature infrastructure, long reserve life, multiple producing horizons, enhanced recovery potential and a large number of operators. We report operations in one reportable segment, the upstream segment.
Our activities are primarily focused on horizontal development of the Spraberry and Wolfcamp formations of the Midland Basin and the Wolfcamp and Bone Spring formations of the Delaware Basin, both of which are part of the larger Permian Basin in West Texas and New Mexico. These formations are characterized by a high concentration of oil and liquids rich natural gas, multiple vertical and horizontal target horizons, extensive production history, long-lived reserves and high drilling success rates.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.03B | $11.07B | $8.41B | $9.64B | $6.80B | $2.76B | $3.89B | $2.13B | $1.21B | $527.1M |
| SG&A | $288.0M | $213.0M | $150.0M | $144.0M | $146.0M | $88.0M | $104.0M | $65.0M | $48.0M | $42.6M |
| Total operating expenses | $13.76B | $6.67B | $3.84B | $3.13B | $2.80B | $8.29B | $3.27B | $1.17B | $600.0M | $595.7M |
| Operating income | $1.27B | $4.40B | $4.57B | $6.51B | $4.00B | -$5.48B | $695.0M | $1.01B | $605.0M | -$68.6M |
| Interest expense | $244.0M | $135.0M | $159.0M | $154.0M | $199.0M | $197.0M | $172.0M | $87.0M | $41.0M | $41.1M |
| Pre-tax income | $1.87B | $4.50B | $4.25B | $5.74B | $2.91B | -$5.78B | $362.0M | $1.11B | $497.0M | -$164.7M |
| Income tax | $327.0M | $800.0M | $912.0M | $1.17B | $631.0M | $1.10B | $47.0M | $168.0M | $20.0M | $192.0K |
| Net income | $1.55B | $3.70B | $3.34B | $4.56B | $2.28B | -$4.52B | $240.0M | $846.0M | $482.0M | -$165.0M |
| 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 |
| Shares, diluted (wtd. avg.) | $289.1M | $213.5M | $180.0M | $176.5M | $176.6M | $158.0M | $163.8M | $104.9M | $97.7M | $75.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $104.0M | $161.0M | $585.0M | $164.0M | $672.0M | $108.0M | $128.0M | $215.0M | $112.0M | $1.67B |
| Receivables | $1.13B | $1.39B | $654.0M | $618.0M | $598.0M | $281.0M | $429.0M | $296.0M | $158.6M | $70.3M |
| Inventory | $86.0M | $116.0M | $63.0M | $67.0M | $62.0M | $33.0M | $37.0M | $37.0M | $9.1M | $2.0M |
| Total current assets | $1.92B | $2.11B | $1.62B | $1.39B | $1.45B | $602.0M | $869.0M | $925.0M | $358.6M | $1.79B |
| Property, plant and equipment | $68.62B | $64.47B | $26.67B | $23.76B | $20.62B | $16.21B | $21.84B | $20.37B | $7.34B | $3.39B |
| Other intangibles | — | — | — | — | — | — | $8.0M | $11.0M | — | — |
| Total assets | $71.06B | $67.29B | $29.00B | $26.21B | $22.90B | $17.62B | $23.53B | $21.60B | $7.77B | $5.35B |
| Short-term debt | $763.0M | $900.0M | $0 | $10.0M | $45.0M | $191.0M | $0 | — | — | — |
| Total current liabilities | $4.60B | $4.81B | $2.11B | $1.72B | $1.44B | $1.24B | $1.26B | $1.02B | $577.4M | $209.3M |
| Long-term debt | $13.73B | $12.07B | $6.64B | $6.24B | $6.64B | $5.62B | $5.37B | $4.46B | $1.48B | $1.11B |
| Total liabilities | $28.09B | $27.43B | $11.57B | $10.52B | $9.65B | $7.82B | $8.62B | $7.43B | $2.19B | $1.33B |
| Retained earnings | $4.74B | $4.24B | $2.49B | $801.0M | -$2.00B | -$3.86B | $890.0M | $762.0M | -$37.1M | -$519.4M |
| Total equity | $36.97B | $37.74B | $17.43B | $15.69B | $13.24B | $9.80B | $14.91B | $14.17B | $5.58B | $4.02B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.76B | $6.41B | $5.92B | $6.33B | $3.94B | $2.12B | $2.74B | $1.56B | $889.0M | $332.1M |
| Depreciation and amortisation | $5.04B | $2.85B | $1.75B | $1.34B | $1.27B | $1.31B | $1.45B | $623.0M | $327.0M | $178.0M |
| Stock-based compensation | — | $65.0M | $54.0M | $55.0M | $51.0M | $37.0M | $48.0M | $27.0M | $26.0M | $26.5M |
| Investing cash flow | -$7.81B | -$11.22B | -$3.32B | -$3.33B | -$1.54B | -$2.10B | -$3.89B | -$3.50B | -$3.13B | -$1.31B |
| Financing cash flow | -$1.01B | $4.39B | -$2.18B | -$3.50B | -$1.84B | -$37.0M | $1.06B | $2.04B | $689.0M | $2.62B |
| Dividends paid | $1.16B | $1.58B | $1.44B | $1.57B | $312.0M | $236.0M | $112.0M | $37.0M | $0 | $0 |
| Buybacks | — | $959.0M | $840.0M | $1.10B | $431.0M | $98.0M | $593.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001308179-26-000242.
Others in SIC 1311
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| EOG | EOG RESOURCES INC | $76.16B | 15.9x | -4.5% |
| OXY | OCCIDENTAL PETROLEUM CORP /DE/ | $60.02B | 37.3x | -5.0% |
| DVN | DEVON ENERGY CORP/DE | $52.87B | 11.5x | 5.4% |
| EQT | EQT Corp | $34.51B | 16.7x | 63.9% |
| EXE | EXPAND ENERGY Corp | $23.42B | 12.9x | 186.3% |
| PR | Permian Resources Corp | $19.57B | 18.2x | 1.3% |
| OVV | Ovintiv Inc. | $17.84B | 13.5x | -3.1% |
| APA | APA Corp | $14.98B | 10.7x | — |