Diamondback Energy, Inc. (FANG) 10-Year Financial Performance & Capital Metrics

FANG • • Industrial / General

EnergyOil & Gas E&PUnconventional Shale E&PPermian Basin Shale Leaders

AboutDiamondback Energy, Inc., an independent oil and natural gas company, focuses on the acquisition, development, exploration, and exploitation of unconventional and onshore oil and natural gas reserves in the Permian Basin in West Texas. It focuses on the development of the Spraberry and Wolfcamp formations of the Midland basin; and the Wolfcamp and Bone Spring formations of the Delaware basin, which are part of the Permian Basin in West Texas and New Mexico. As of December 31, 2021, the company's total acreage position was approximately 524,700 gross acres in the Permian Basin; and estimated proved oil and natural gas reserves were 1,788,991 thousand barrels of crude oil equivalent. It also held working interests in 5,289 gross producing wells, as well as royalty interests in 6,455 additional wells. In addition, the company owns mineral interests approximately 930,871 gross acres and 27,027 net royalty acres in the Permian Basin and Eagle Ford Shale; and owns, operates, develops, and acquires midstream infrastructure assets, including 866 miles of crude oil gathering pipelines, natural gas gathering pipelines, and an integrated water system in the Midland and Delaware Basins of the Permian Basin. Diamondback Energy, Inc. was founded in 2007 and is headquartered in Midland, Texas.Show more

Revenue $11.02B +32.2%
EBITDA $7.25B +14.7%
Net Income $3.34B +6.2%
EPS (Diluted) 15.53 -10.4%
Gross Margin 45.11% -21.6%
EBITDA Margin 65.74% -13.2%
Operating Margin 39.88% -27.2%
Net Margin 30.28% -19.7%
ROE 11.65% -38.6%
ROIC 8.7% -42.2%
Debt/Equity 0.31 -20.1%
Interest Coverage 15.11 -42.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 20.3%
✓Strong 5Y profit CAGR of 69.3%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 22.7%
✓Healthy dividend yield of 4.9%
✓Trading at only 0.8x book value

✗Weaknesses

✗Negative free cash flow
✗Shares diluted 18.6% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y36.37%

5Y22.7%

3Y17.78%

TTM60.33%

Profit (Net Income) CAGR

10Y32.93%

5Y69.3%

3Y15.22%

TTM30.15%

EPS CAGR

10Y15.61%

5Y60.46%

3Y8.08%

TTM-17.69%

ROCE

10Y Avg4.01%

5Y Avg9.75%

3Y Avg18.65%

Latest9.84%

Peer Comparison

Permian Basin Shale Leaders

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PRPermian Resources Corporation	10.67B	14.32	9.88	60.23%	15.65%	7.21%	2.73%	0.41
FANGDiamondback Energy, Inc.	43.21B	150.82	9.71	32.19%	27.42%	9.19%		0.31
EOGEOG Resources, Inc.	58.61B	108.02	9.60	0.85%	24.49%	18.26%	9.85%	0.17
HPKHighPeak Energy, Inc.	592.77M	4.72	7.04	-3.77%	6.03%	3.27%	11.68%	0.66
MTDRMatador Resources Company	5.32B	42.79	5.99	23.47%	20.42%	13.34%	5.27%	0.39
SMSM Energy Company	2.1B	18.34	2.75	12.53%	22.19%	15.43%		0.67
BATLBattalion Oil Corporation	20.41M	1.24	-0.32	-12.17%	-6.61%	-17.9%		0.91
VTLEVital Energy, Inc.	693.32M	17.92	-3.78	26.15%	-69.28%	-74.84%		0.95

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	446.73M	527.11M	1.21B	2.18B	3.96B	2.81B	6.75B	9.57B	8.34B	11.02B
Revenue Growth %	-0.1%	0.18%	1.29%	0.81%	0.82%	-0.29%	1.4%	0.42%	-0.13%	0.32%
Cost of Goods Sold+	339.4M	306.5M	551M	1.06B	2.37B	2.18B	2.48B	2.87B	3.54B	6.05B
COGS % of Revenue	0.76%	0.58%	0.46%	0.49%	0.6%	0.77%	0.37%	0.3%	0.42%	0.55%
Gross Profit+	107.33M	220.6M	654M	1.12B	1.59B	637M	4.27B	6.7B	4.8B	4.97B
Gross Margin %	0.24%	0.42%	0.54%	0.51%	0.4%	0.23%	0.63%	0.7%	0.58%	0.45%
Gross Profit Growth %	-0.54%	1.06%	1.96%	0.71%	0.43%	-0.6%	5.7%	0.57%	-0.28%	0.04%
Operating Expenses+	847.6M	289.22M	49M	106M	898M	6.11B	269M	193M	228M	576M
OpEx % of Revenue	1.9%	0.55%	0.04%	0.05%	0.23%	2.17%	0.04%	0.02%	0.03%	0.05%
Selling, General & Admin	31.97M	42.62M	48.67M	64.55M	104M	88M	146M	144M	150M	213M
SG&A % of Revenue	0.07%	0.08%	0.04%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	815.63M	246.6M	1M	41M	794M	6.03B	123M	49M	78M	363M
Operating Income+	-740.27M	-68.62M	605M	1.01B	695M	-5.48B	4B	6.51B	4.57B	4.4B
Operating Margin %	-1.66%	-0.13%	0.5%	0.46%	0.18%	-1.95%	0.59%	0.68%	0.55%	0.4%
Operating Income Growth %	-4.48%	0.91%	9.82%	0.67%	-0.31%	-8.88%	1.73%	0.63%	-0.3%	-0.04%
EBITDA+	-522.57M	109.4M	932M	1.63B	2.15B	-4.17B	5.28B	7.85B	6.32B	7.25B
EBITDA Margin %	-1.17%	0.21%	0.77%	0.75%	0.54%	-1.48%	0.78%	0.82%	0.76%	0.66%
EBITDA Growth %	-2.37%	1.21%	7.52%	0.75%	0.32%	-2.94%	2.27%	0.49%	-0.2%	0.15%
D&A (Non-Cash Add-back)	217.7M	178.01M	327M	623M	1.45B	1.31B	1.27B	1.34B	1.75B	2.85B
EBIT	-707.59M	-124.03M	538M	1.19B	531M	-5.58B	3.1B	5.88B	4.42B	4.79B
Net Interest Income+	-41.51M	-40.68M	-41M	-87M	-172M	-197M	-199M	-159M	-175M	-135M
Interest Income	0	0	0	1M	1M	4M	1M	1M	0	156M
Interest Expense	41.51M	40.68M	41M	87.84M	173M	201M	200M	160M	175M	291M
Other Income/Expense	-8.83M	-96.1M	-108M	102M	-333M	-300M	-1.09B	-772M	-322M	105M
Pretax Income+	-749.1M	-164.72M	497.19M	1.11B	362M	-5.78B	2.91B	5.74B	4.25B	4.5B
Pretax Margin %	-1.68%	-0.31%	0.41%	0.51%	0.09%	-2.05%	0.43%	0.6%	0.51%	0.41%
Income Tax+	-201.31M	192K	-19.57M	168.36M	47M	-1.1B	631M	1.17B	912M	800M
Effective Tax Rate %	0.74%	1%	0.97%	0.76%	0.66%	0.78%	0.75%	0.76%	0.74%	0.74%
Net Income+	-550.63M	-165.03M	482M	846M	240M	-4.52B	2.18B	4.39B	3.14B	3.34B
Net Margin %	-1.23%	-0.31%	0.4%	0.39%	0.06%	-1.61%	0.32%	0.46%	0.38%	0.3%
Net Income Growth %	-3.84%	0.7%	3.92%	0.76%	-0.72%	-19.82%	1.48%	1.01%	-0.28%	0.06%
Net Income (Continuing)	-547.79M	-164.91M	516.76M	944.89M	315M	-4.67B	2.28B	4.56B	3.34B	3.7B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	233M	320.83M	326.88M	467M	1.66B	1.01B	1.16B	681M	805M	2.13B
EPS (Diluted)+	-8.74	-2.20	4.94	8.06	1.46	-28.59	12.30	24.61	17.34	15.53
EPS Growth %	-3.4%	0.75%	3.25%	0.63%	-0.82%	-20.58%	1.43%	1%	-0.3%	-0.1%
EPS (Basic)	-8.74	-2.20	4.95	8.08	1.47	-28.59	12.35	24.61	17.34	15.53
Diluted Shares Outstanding	63.02M	75.08M	97.69M	104.93M	163.84M	157.98M	177.36M	176.54M	180M	213.54M
Basic Shares Outstanding	63.02M	75.08M	97.46M	104.62M	163.49M	157.98M	176.64M	176.54M	180M	213.54M
Dividend Payout Ratio	-	-	-	0.04%	0.47%	-	0.14%	0.36%	0.46%	0.47%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	108.75M	1.79B	358.6M	925.02M	869M	602M	1.45B	1.39B	1.62B	2.11B
Cash & Short-Term Investments	20.11M	1.67B	112.45M	214.52M	123M	104M	654M	157M	582M	161M
Cash Only	20.11M	1.67B	112.45M	214.52M	123M	104M	654M	157M	582M	161M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	78.9M	120.12M	231.61M	429.92M	634M	437M	671M	1.01B	847M	1.58B
Days Sales Outstanding	64.47	83.18	70.16	72.11	58.38	56.7	36.3	38.38	37.07	52.48
Inventory	1.73M	1.98M	9.11M	37.57M	37M	33M	62M	67M	63M	116M
Days Inventory Outstanding	1.86	2.36	6.03	12.95	5.7	5.54	9.14	8.54	6.49	7
Other Current Assets	5.12M	500K	531K	231M	51M	5M	31M	162M	130M	248M
Total Non-Current Assets+	2.65B	3.56B	7.41B	20.67B	22.66B	17.02B	21.45B	24.82B	27.38B	65.18B
Property, Plant & Equipment	2.6B	3.39B	7.34B	20.37B	21.84B	16.21B	20.62B	23.76B	26.67B	64.47B
Fixed Asset Turnover	0.17x	0.16x	0.16x	0.11x	0.18x	0.17x	0.33x	0.40x	0.31x	0.17x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	117M	479M	533M	613M	566M	529M	375M
Other Non-Current Assets	44.35M	166.66M	68.77M	201M	206M	197M	180M	428M	132M	162M
Total Assets+	2.76B	5.35B	7.77B	21.6B	23.53B	17.62B	22.9B	26.21B	29B	67.29B
Asset Turnover	0.16x	0.10x	0.16x	0.10x	0.17x	0.16x	0.29x	0.36x	0.29x	0.16x
Asset Growth %	-0.11%	0.94%	0.45%	1.78%	0.09%	-0.25%	0.3%	0.14%	0.11%	1.32%
Total Current Liabilities+	141.42M	209.34M	577.43M	1.02B	1.26B	1.24B	1.44B	1.72B	2.11B	4.81B
Accounts Payable	20.01M	47.65M	94.59M	127.98M	179M	71M	36M	127M	261M	253M
Days Payables Outstanding	21.52	56.74	62.66	44.11	27.56	11.91	5.3	16.18	26.9	15.26
Short-Term Debt	0	0	0	0	0	191M	45M	10M	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	193K	23.9M	101.53M	0	27M	276M	323M	82M	124M	1.02B
Current Ratio	0.77x	8.56x	0.62x	0.91x	0.69x	0.49x	1.01x	0.81x	0.77x	0.44x
Quick Ratio	0.76x	8.55x	0.61x	0.87x	0.66x	0.46x	0.96x	0.77x	0.74x	0.41x
Cash Conversion Cycle	44.81	28.8	13.53	40.95	36.52	50.33	40.13	30.74	16.66	44.22
Total Non-Current Liabilities+	500.32M	1.12B	1.61B	6.41B	7.36B	6.58B	8.21B	8.8B	9.46B	22.62B
Long-Term Debt	487.81M	1.11B	1.48B	4.46B	5.37B	5.62B	6.64B	6.24B	6.64B	12.07B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	108.05M	1.78B	1.89B	783M	1.34B	2.07B	2.45B	9.83B
Other Non-Current Liabilities	12.52M	16.13M	26.43M	161M	105M	172M	235M	496M	373M	718M
Total Liabilities	641.75M	1.33B	2.19B	7.43B	8.63B	7.82B	9.65B	10.52B	11.57B	27.43B
Total Debt+	501.91M	1.12B	1.51B	4.52B	5.49B	5.93B	6.77B	6.38B	6.8B	12.43B
Net Debt	481.79M	-546.8M	1.39B	4.31B	5.37B	5.83B	6.12B	6.22B	6.22B	12.27B
Debt / Equity	0.24x	0.28x	0.27x	0.32x	0.37x	0.60x	0.51x	0.41x	0.39x	0.31x
Debt / EBITDA	-	10.24x	1.62x	2.77x	2.55x	-	1.28x	0.81x	1.08x	1.72x
Net Debt / EBITDA	-	-5.00x	1.49x	2.64x	2.50x	-	1.16x	0.79x	0.98x	1.69x
Interest Coverage	-17.83x	-1.69x	14.76x	11.51x	4.02x	-27.24x	20.01x	40.68x	26.11x	15.11x
Total Equity+	2.11B	4.02B	5.58B	14.17B	14.91B	9.8B	13.24B	15.69B	17.43B	39.86B
Equity Growth %	0.06%	0.91%	0.39%	1.54%	0.05%	-0.34%	0.35%	0.18%	0.11%	1.29%
Book Value per Share	33.47	53.52	57.14	135.02	90.98	62.06	74.68	88.88	96.83	186.67
Total Shareholders' Equity	1.88B	3.7B	5.25B	13.7B	13.25B	8.79B	12.09B	15.01B	16.63B	37.74B
Common Stock	668K	901K	982K	2M	2M	2M	2M	2M	2M	3M
Retained Earnings	-354.36M	-519.39M	-37.13M	762M	890M	-3.86B	-2B	801M	2.49B	4.24B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-354.36M	-519.39M	0	-74K	0	0	0	-7M	-8M	-6M
Minority Interest	233M	320.83M	326.88M	467M	1.66B	1.01B	1.16B	681M	805M	2.13B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	416.5M	332.08M	889M	1.56B	2.74B	2.12B	3.94B	6.33B	5.92B	6.41B
Operating CF Margin %	0.93%	0.63%	0.74%	0.72%	0.69%	0.75%	0.58%	0.66%	0.71%	0.58%
Operating CF Growth %	0.17%	-0.2%	1.68%	0.76%	0.75%	-0.23%	0.86%	0.6%	-0.06%	0.08%
Net Income	-547.79M	-164.91M	517M	945M	315M	-4.67B	2.28B	4.56B	3.34B	3.7B
Depreciation & Amortization	217.7M	178.01M	327M	623M	1.45B	1.31B	1.27B	1.34B	1.75B	2.85B
Stock-Based Compensation	18.53M	26.45M	26M	27M	48M	37M	51M	55M	54M	65M
Deferred Taxes	-201.54M	0	-20M	168M	47M	-1.04B	606M	720M	378M	15M
Other Non-Cash Items	931.82M	308.24M	87M	-204M	1.04B	6.39B	-300M	-157M	110M	-122M
Working Capital Changes	-2.21M	-15.72M	-48M	6M	-167M	97M	36M	-199M	296M	-96M
Change in Receivables	11.15M	-33.74M	-97M	13M	-187M	155M	-44M	-330M	212M	-33M
Change in Inventory	224K	-255K	-2M	-14.77M	-10M	0	0	0	0	0
Change in Payables	1.02M	15.71M	37M	-7M	-129M	-20M	-41M	-47M	57M	-376M
Cash from Investing+	-895.05M	-1.31B	-3.13B	-3.5B	-3.89B	-2.1B	-1.54B	-3.33B	-3.32B	-11.22B
Capital Expenditures	-902.09M	-1.19B	-3.3B	-3.48B	-3.7B	-2.04B	-2.27B	-3.61B	-4.71B	-11.79B
CapEx % of Revenue	2.02%	2.26%	2.74%	1.6%	0.93%	0.73%	0.34%	0.38%	0.57%	1.07%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	9.74M	-116.73M	170M	-26.99M	294M	45M	849M	283M	1.39B	566M
Cash from Financing+	468.48M	2.62B	689M	2.04B	1.06B	-37M	-1.84B	-3.5B	-2.18B	4.39B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	-37M	-112M	-236M	-312M	-1.57B	-1.44B	-1.58B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-4.21M	-51.88M	-51M	-140M	-190M	-74M	-324M	-423M	-174M	75M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-485.59M	-859.09M	-2.41B	-1.91B	-958M	74M	1.67B	2.71B	1.21B	-5.37B
FCF Margin %	-1.09%	-1.63%	-2%	-0.88%	-0.24%	0.03%	0.25%	0.28%	0.14%	-0.49%
FCF Growth %	0.55%	-0.77%	-1.81%	0.21%	0.5%	1.08%	21.57%	0.62%	-0.56%	-5.46%
FCF per Share	-7.71	-11.44	-24.70	-18.21	-5.85	0.47	9.42	15.36	6.70	-25.17
FCF Conversion (FCF/Net Income)	-0.76x	-2.01x	1.84x	1.85x	11.41x	-0.47x	1.81x	1.44x	1.88x	1.92x
Interest Paid	38.76M	38.18M	0	114M	0	0	0	135M	146M	269M
Taxes Paid	267K	192K	0	689K	0	0	0	718M	352M	605M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-26.9%	-5.39%	10.04%	8.57%	1.65%	-36.56%	18.93%	30.32%	18.98%	11.65%
Return on Invested Capital (ROIC)	-21.23%	-1.7%	8.69%	5.96%	2.69%	-22.88%	17.15%	23.65%	15.05%	8.7%
Gross Margin	24.03%	41.85%	54.27%	51.33%	40.19%	22.64%	63.29%	70.05%	57.54%	45.11%
Net Margin	-123.26%	-31.31%	40%	38.88%	6.05%	-160.58%	32.34%	45.85%	37.69%	30.28%
Debt / Equity	0.24x	0.28x	0.27x	0.32x	0.37x	0.60x	0.51x	0.41x	0.39x	0.31x
Interest Coverage	-17.83x	-1.69x	14.76x	11.51x	4.02x	-27.24x	20.01x	40.68x	26.11x	15.11x
FCF Conversion	-0.76x	-2.01x	1.84x	1.85x	11.41x	-0.47x	1.81x	1.44x	1.88x	1.92x
Revenue Growth	-9.88%	17.99%	128.61%	80.58%	82.17%	-29.04%	139.85%	41.78%	-12.83%	32.19%

Revenue by Segment

	2018	2019	2020	2021	2022	2023
Upstream Services	-	3.89B	2.76B	6.75B	9.57B	8.34B
Upstream Services Growth	-	-	-29.17%	144.81%	41.87%	-12.83%
Midstream Services	-	448M	424M	421M	440M	-
Midstream Services Growth	-	-	-5.36%	-0.71%	4.51%	-
Oil Exploration and Production	1.88B	-	-	-	-	-
Oil Exploration and Production Growth	-	-	-	-	-	-
Natural Gas Liquids Production	190.11M	-	-	-	-	-
Natural Gas Liquids Production Growth	-	-	-	-	-	-
Natural Gas, Production	61.05M	-	-	-	-	-
Natural Gas, Production Growth	-	-	-	-	-	-
Natural Gas, Midstream	-	-	-	-	-	-
Natural Gas, Midstream Growth	-	-	-	-	-	-
Royalty	-282.66M	-	-	-	-	-
Royalty Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Diamondback Energy, Inc. (FANG) has a price-to-earnings (P/E) ratio of 9.7x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Diamondback Energy, Inc. (FANG) reported $15.30B in revenue for fiscal year 2024. This represents a 30897% increase from $49.4M in 2011.

Diamondback Energy, Inc. (FANG) grew revenue by 32.2% over the past year. This is strong growth.

Yes, Diamondback Energy, Inc. (FANG) is profitable, generating $4.20B in net income for fiscal year 2024 (30.3% net margin).

Dividend & Returns

Yes, Diamondback Energy, Inc. (FANG) pays a dividend with a yield of 4.90%. This makes it attractive for income-focused investors.

Diamondback Energy, Inc. (FANG) has a return on equity (ROE) of 11.7%. This is reasonable for most industries.

Diamondback Energy, Inc. (FANG) generated $442.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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