Viper Energy, Inc. (VNOM) 10-Year Financial Performance & Capital Metrics

VNOM • • Industrial / General

EnergyMidstream Oil & GasPipeline & Gathering SystemsNatural Gas Pipeline Operators

AboutViper Energy Partners LP owns, acquires, and exploits oil and natural gas properties in North America. As of December 31, 2021, it had mineral interests in 27,027 net royalty acres in the Permian Basin and Eagle Ford Shale; and estimated proved oil and natural gas reserves of 127,888 thousand barrels of crude oil equivalent. Viper Energy Partners GP LLC operates as the general partner of the company. The company was founded in 2013 and is based in Midland, Texas. Viper Energy Partners LP is a subsidiary of Diamondback Energy, Inc.Show more

Revenue $860M +4.0%
EBITDA $781M +1.9%
Net Income $359M +79.5%
EPS (Diluted) 3.82 +42.0%
Gross Margin 67.98% -10.8%
EBITDA Margin 90.82% -2.0%
Operating Margin 65.88% -12.2%
Net Margin 41.78% +72.7%
ROE 10.62% +37.5%
ROIC 9.57% -30.1%
Debt/Equity 0.28 -26.9%
Interest Coverage 7.67 -41.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 50.7%
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 23.6%
✓Trading at only 0.9x book value

✗Weaknesses

✗Negative free cash flow
✗Shares diluted 26.6% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y27.16%

5Y23.61%

3Y19.46%

TTM38.15%

Profit (Net Income) CAGR

10Y31.86%

5Y50.66%

3Y83.71%

TTM19.03%

EPS CAGR

10Y29.41%

5Y38.48%

3Y65.02%

TTM3.86%

ROCE

10Y Avg10.98%

5Y Avg13.84%

3Y Avg17.94%

Latest12.64%

Peer Comparison

Natural Gas Pipeline Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNTKKinetik Holdings Inc.	2.4B	37.54	36.80	18.03%	7.29%	4.78%	15.04%	1.19
DTMDT Midstream, Inc.	11.9B	117.03	32.51	6.4%	34.3%	8.32%	3.47%	0.74
AMAntero Midstream Corporation	8.5B	17.84	21.49	5.79%	37.81%	22.87%	7.08%	1.47
HESMHess Midstream LP	4.51B	34.89	14.01	10.83%	18.56%	57.31%	14.05%	7.46
WESWestern Midstream Partners, LP	17B	41.67	10.37	16.06%	35.18%	39.54%	7.5%	2.41
VNOMViper Energy, Inc.	6.29B	37.32	9.77	3.99%	21.25%	2.24%		0.28
SMCSummit Midstream Corp.	324.7M	26.48	-2.07	-6.38%	-2.82%	-1.35%	2.51%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	74.86M	79.15M	172.03M	288.69M	297.93M	249.57M	504.3M	865.77M	826.79M	859.75M
Revenue Growth %	-0.04%	0.06%	1.17%	0.68%	0.03%	-0.16%	1.02%	0.72%	-0.05%	0.04%
Cost of Goods Sold+	40.97M	35.36M	51.13M	77.88M	97.25M	120.34M	135.54M	177.44M	196.52M	275.29M
COGS % of Revenue	0.55%	0.45%	0.3%	0.27%	0.33%	0.48%	0.27%	0.2%	0.24%	0.32%
Gross Profit+	33.89M	43.78M	120.91M	210.81M	200.67M	129.22M	368.75M	688.32M	630.27M	584.45M
Gross Margin %	0.45%	0.55%	0.7%	0.73%	0.67%	0.52%	0.73%	0.8%	0.76%	0.68%
Gross Profit Growth %	-0.24%	0.29%	1.76%	0.74%	-0.05%	-0.36%	1.85%	0.87%	-0.08%	-0.07%
Operating Expenses+	6.09M	5.62M	7.08M	7.83M	7.13M	76.31M	7.18M	7.84M	10.05M	18.06M
OpEx % of Revenue	0.08%	0.07%	0.04%	0.03%	0.02%	0.31%	0.01%	0.01%	0.01%	0.02%
Selling, General & Admin	6.09M	5.62M	7.08M	7.96M	7.49M	8.16M	7.8M	8.54M	10.6M	18.64M
SG&A % of Revenue	0.08%	0.07%	0.04%	0.03%	0.03%	0.03%	0.02%	0.01%	0.01%	0.02%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	1.92M	-355K	68.14M	-620K	-700K	-553K	-585K
Operating Income+	24.38M	-9.31M	113.82M	202.99M	193.54M	52.91M	361.57M	680.48M	620.22M	566.4M
Operating Margin %	0.33%	-0.12%	0.66%	0.7%	0.65%	0.21%	0.72%	0.79%	0.75%	0.66%
Operating Income Growth %	-0.4%	-1.38%	13.22%	0.78%	-0.05%	-0.73%	5.83%	0.88%	-0.09%	-0.09%
EBITDA+	59.81M	20.51M	154.34M	261.82M	271.72M	153.41M	464.56M	801.55M	766.34M	780.81M
EBITDA Margin %	0.8%	0.26%	0.9%	0.91%	0.91%	0.61%	0.92%	0.93%	0.93%	0.91%
EBITDA Growth %	-0.12%	-0.66%	6.53%	0.7%	0.04%	-0.44%	2.03%	0.73%	-0.04%	0.02%
D&A (Non-Cash Add-back)	35.44M	29.82M	40.52M	58.83M	78.18M	100.5M	102.99M	121.07M	146.12M	214.41M
EBIT	27.8M	-8.44M	113.82M	202.99M	200.7M	-17.95M	292.24M	662.35M	594.68M	577.78M
Net Interest Income+	-1.11M	-2.46M	-3.16M	-13.85M	-21.08M	-33M	-34.04M	-39.99M	-47.39M	-73.85M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	1.11M	2.46M	3.16M	13.85M	21.08M	33M	34.04M	39.99M	47.39M	73.85M
Other Income/Expense	44K	-1.59M	-2.34M	-12.47M	-13.91M	-103.86M	-103.37M	-58.13M	-72.93M	-62.46M
Pretax Income+	24.42M	-10.9M	111.48M	190.51M	179.63M	-50.95M	258.2M	622.35M	547.29M	503.94M
Pretax Margin %	0.33%	-0.14%	0.65%	0.66%	0.6%	-0.2%	0.51%	0.72%	0.66%	0.59%
Income Tax+	0	0	0	-72.36M	-41.58M	142.47M	1.52M	-32.65M	45.95M	-99.71M
Effective Tax Rate %	1%	1%	1%	0.76%	0.26%	3.77%	0.22%	0.24%	0.37%	0.71%
Net Income+	24.42M	-10.9M	111.48M	143.96M	46.28M	-192.3M	57.94M	151.67M	200.09M	359.25M
Net Margin %	0.33%	-0.14%	0.65%	0.5%	0.16%	-0.77%	0.11%	0.18%	0.24%	0.42%
Net Income Growth %	0.08%	-1.45%	11.23%	0.29%	-0.68%	-5.16%	1.3%	1.62%	0.32%	0.8%
Net Income (Continuing)	24.42M	-10.9M	111.48M	262.88M	221.21M	-193.41M	256.68M	655M	501.34M	603.65M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	695.94M	1.26B	1.23B	1.42B	1.63B	1.84B	2.22B
EPS (Diluted)+	0.31	-0.13	1.07	2.01	0.75	-2.84	0.85	2.00	2.69	3.82
EPS Growth %	0.07%	-1.42%	9.23%	0.88%	-0.63%	-4.79%	1.3%	1.35%	0.34%	0.42%
EPS (Basic)	0.31	-0.13	1.07	2.01	0.75	-2.84	0.85	2.00	2.69	3.82
Diluted Shares Outstanding	79.73M	83.08M	104.38M	71.63M	61.79M	67.69M	68.39M	75.68M	74.18M	93.93M
Basic Shares Outstanding	79.72M	83.08M	104.32M	71.55M	61.74M	67.69M	68.32M	75.61M	74.18M	93.93M
Dividend Payout Ratio	2.81%	-	1.17%	1.76%	5.19%	-	3.05%	2.75%	1.62%	0.61%

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+	10.88M	23.41M	55.45M	65.25M	72.66M	53.99M	111.15M	118.62M	143.52M	238.04M
Cash & Short-Term Investments	539K	9.21M	24.2M	22.68M	3.6M	19.12M	39.45M	18.18M	25.87M	26.85M
Cash Only	539K	9.21M	24.2M	22.68M	3.6M	19.12M	39.45M	18.18M	25.87M	26.85M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	9.37M	13.51M	30.9M	42.31M	68.67M	34.21M	70.71M	88.64M	112.82M	182.44M
Days Sales Outstanding	45.68	62.32	65.55	53.5	84.12	50.03	51.18	37.37	49.81	77.45
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	976K	687K	355K	257K	397K	665K	989K	11.8M	4.83M	28.75M
Total Non-Current Assets+	518.85M	647.14M	957.59M	1.59B	2.71B	2.41B	2.92B	2.8B	3.83B	4.83B
Property, Plant & Equipment	483.33M	611.87M	914.43M	1.47B	2.55B	2.41B	2.92B	2.75B	3.77B	4.64B
Fixed Asset Turnover	0.15x	0.13x	0.19x	0.20x	0.12x	0.10x	0.17x	0.31x	0.22x	0.19x
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	6.3M	0	0	0	0	442K	92K	0
Other Non-Current Assets	35.51M	35.27M	36.85M	17.83M	22.82M	2.33M	2.76M	1.38M	5.51M	8.17M
Total Assets+	529.73M	670.55M	1.01B	1.65B	2.79B	2.46B	3.03B	2.92B	3.97B	5.07B
Asset Turnover	0.14x	0.12x	0.17x	0.17x	0.11x	0.10x	0.17x	0.30x	0.21x	0.17x
Asset Growth %	-0.01%	0.27%	0.51%	0.63%	0.68%	-0.12%	0.23%	-0.04%	0.36%	0.28%
Total Current Liabilities+	87K	2.15M	5.63M	6.02M	13.43M	44.9M	24.47M	21.95M	33.26M	48.69M
Accounts Payable	1K	1.78M	2.96M	0	0	43K	69K	1.13M	19K	85K
Days Payables Outstanding	0.01	18.37	21.13	-	-	0.13	0.19	2.32	0.04	0.11
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	26.59M	3.42M	0	2.96M	2.32M
Current Ratio	125.10x	10.88x	9.85x	10.83x	5.41x	1.20x	4.54x	5.41x	4.32x	4.89x
Quick Ratio	125.10x	10.88x	9.85x	10.83x	5.41x	1.20x	4.54x	5.41x	4.32x	4.89x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	34.5M	120.5M	93.5M	411M	586.77M	555.64M	776.73M	576.9M	1.08B	1.11B
Long-Term Debt	34.5M	120.5M	93.5M	411M	586.77M	555.64M	776.73M	576.89M	1.08B	1.08B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	0	0	0	7K	201K	30.15M
Total Liabilities	34.59M	122.65M	99.13M	417.02M	600.21M	600.54M	801.19M	598.85M	1.12B	1.16B
Total Debt+	34.5M	120.5M	93.5M	411M	586.77M	555.64M	776.73M	576.89M	1.08B	1.08B
Net Debt	33.96M	111.29M	69.3M	388.32M	583.17M	536.52M	737.28M	558.72M	1.06B	1.06B
Debt / Equity	0.07x	0.22x	0.10x	0.33x	0.27x	0.30x	0.35x	0.25x	0.38x	0.28x
Debt / EBITDA	0.58x	5.88x	0.61x	1.57x	2.16x	3.62x	1.67x	0.72x	1.41x	1.39x
Net Debt / EBITDA	0.57x	5.43x	0.45x	1.48x	2.15x	3.50x	1.59x	0.70x	1.38x	1.35x
Interest Coverage	21.96x	-3.79x	35.97x	14.66x	9.18x	1.60x	10.62x	17.01x	13.09x	7.67x
Total Equity+	495.14M	547.9M	913.91M	1.24B	2.16B	1.86B	2.23B	2.32B	2.86B	3.91B
Equity Growth %	-0.08%	0.11%	0.67%	0.35%	0.75%	-0.14%	0.2%	0.04%	0.23%	0.37%
Book Value per Share	6.21	6.59	8.76	17.27	34.94	27.49	32.65	30.68	38.52	41.60
Total Shareholders' Equity	495.14M	547.9M	913.91M	541.1M	930.25M	634.45M	814.09M	690.01M	1.01B	1.69B
Common Stock	495.14M	547.9M	913.91M	541.1M	930.25M	634.45M	814.09M	690.01M	0	0
Retained Earnings	0	0	0	0	0	0	0	0	-16.79M	118.44M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	695.94M	1.26B	1.23B	1.42B	1.63B	1.84B	2.22B

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+	63.83M	68.63M	139.22M	244.49M	236.69M	196.56M	307.11M	699.8M	638.19M	619.61M
Operating CF Margin %	0.85%	0.87%	0.81%	0.85%	0.79%	0.79%	0.61%	0.81%	0.77%	0.72%
Operating CF Growth %	0.23%	0.08%	1.03%	0.76%	-0.03%	-0.17%	0.56%	1.28%	-0.09%	-0.03%
Net Income	24.42M	-10.9M	111.48M	262.88M	221.21M	-193.41M	256.68M	655M	501.34M	603.65M
Depreciation & Amortization	314K	401K	589K	737K	78.18M	100.5M	102.99M	121.07M	146.12M	0
Stock-Based Compensation	3.93M	3.81M	2.4M	2.76M	1.82M	0	0	0	0	0
Deferred Taxes	38.55M	76.89M	39.93M	-72.52M	-41.58M	142.47M	0	-49.66M	-7M	-149.09M
Other Non-Cash Items	314K	401K	589K	59.38M	-3.85M	107.94M	-18.47M	-8.11M	15.92M	206.25M
Working Capital Changes	-3.69M	-1.98M	-15.76M	-8.75M	-19.08M	39.06M	-34.08M	-18.51M	-18.18M	-41.2M
Change in Receivables	-1.13M	-4.14M	-17.38M	-11.42M	-26.35M	34.46M	-36.5M	-17.2M	-24.45M	-40.89M
Change in Inventory	0	0	-177K	0	0	0	0	0	0	0
Change in Payables	-1.96M	1.94M	1.3M	2.54M	7.24M	0	2.74M	457K	7.33M	7.65M
Cash from Investing+	-43.91M	-205.72M	-344.08M	-614.25M	-530.57M	-16.28M	-281.18M	47.57M	-908.37M	-608.57M
Capital Expenditures	-43.91M	-205.72M	-344.08M	-614.82M	-530.57M	-65.68M	-281.18M	-64.13M	-908.37M	-696.24M
CapEx % of Revenue	0.59%	2.6%	2%	2.13%	1.78%	0.26%	0.56%	0.07%	1.1%	0.81%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-43.91M	-205.72M	-344.08M	441K	0	38.59M	0	111.7M	0	87.67M
Cash from Financing+	-34.5M	145.77M	219.84M	368.24M	274.81M	-164.75M	-5.61M	-768.64M	277.86M	-10.05M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-68.56M	-64.82M	-130.88M	-253.48M	-240.28M	-107.96M	-176.63M	-416.94M	-324.75M	-473.68M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-441K	-988K	-2.69M	-87.05M	-11.27M	23.45M	-2.98M	-142K	-13.16M	-10.28M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	19.93M	-137.09M	-204.86M	-370.32M	-293.88M	130.88M	25.94M	635.66M	-270.17M	-76.63M
FCF Margin %	0.27%	-1.73%	-1.19%	-1.28%	-0.99%	0.52%	0.05%	0.73%	-0.33%	-0.09%
FCF Growth %	2.79%	-7.88%	-0.49%	-0.81%	0.21%	1.45%	-0.8%	23.51%	-1.43%	0.72%
FCF per Share	0.25	-1.65	-1.96	-5.17	-4.76	1.93	0.38	8.40	-3.64	-0.82
FCF Conversion (FCF/Net Income)	2.61x	-6.30x	1.25x	1.70x	5.11x	-1.02x	5.30x	4.61x	3.19x	1.72x
Interest Paid	0	0	0	0	13.8M	33.12M	30.78M	36.87M	40.19M	73.86M
Taxes Paid	0	0	0	0	0	0	1.05M	16.99M	51.34M	56.13M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.74%	-2.09%	15.25%	13.39%	2.73%	-9.57%	2.83%	6.66%	7.73%	10.62%
Return on Invested Capital (ROIC)	3.48%	-1.18%	10.4%	11.67%	6.65%	1.54%	10.1%	17.45%	13.69%	9.57%
Gross Margin	45.27%	55.32%	70.28%	73.02%	67.36%	51.78%	73.12%	79.5%	76.23%	67.98%
Net Margin	32.62%	-13.77%	64.8%	49.87%	15.53%	-77.06%	11.49%	17.52%	24.2%	41.78%
Debt / Equity	0.07x	0.22x	0.10x	0.33x	0.27x	0.30x	0.35x	0.25x	0.38x	0.28x
Interest Coverage	21.96x	-3.79x	35.97x	14.66x	9.18x	1.60x	10.62x	17.01x	13.09x	7.67x
FCF Conversion	2.61x	-6.30x	1.25x	1.70x	5.11x	-1.02x	5.30x	4.61x	3.19x	1.72x
Revenue Growth	-3.74%	5.73%	117.36%	67.81%	3.2%	-16.23%	102.07%	71.68%	-4.5%	3.99%

Revenue by Segment

	2018	2020	2021	2022	2023	2024
Oil Income	-	217.86M	397.51M	667.28M	619.18M	750.24M
Oil Income Growth	-	-	82.46%	67.86%	-7.21%	21.17%
Natural Gas Liquids Income	-	20.1M	54.82M	87.55M	66.98M	88.52M
Natural Gas Liquids Income Growth	-	-	172.78%	59.69%	-23.50%	32.17%
Natural Gas Income	-	9.02M	49.2M	83.15M	30.95M	14.81M
Natural Gas Income Growth	-	-	445.18%	69.01%	-62.77%	-52.14%
Royalty	282.66M	-	-	-	-	-
Royalty Growth	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Viper Energy, Inc. (VNOM) has a price-to-earnings (P/E) ratio of 9.8x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Viper Energy, Inc. (VNOM) reported $1.15B in revenue for fiscal year 2024. This represents a 1824% increase from $59.9M in 2013.

Viper Energy, Inc. (VNOM) grew revenue by 4.0% over the past year. Growth has been modest.

Yes, Viper Energy, Inc. (VNOM) is profitable, generating $245.1M in net income for fiscal year 2024 (41.8% net margin).

Dividend & Returns

Yes, Viper Energy, Inc. (VNOM) pays a dividend with a yield of 6.26%. This makes it attractive for income-focused investors.

Viper Energy, Inc. (VNOM) has a return on equity (ROE) of 10.6%. This is reasonable for most industries.

Viper Energy, Inc. (VNOM) had negative free cash flow of $3.23B in fiscal year 2024, likely due to heavy capital investments.

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