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

FANG •

EnergyOil & Gas E&PU.S. shale oil focused producers

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 $15.03B +36.3%
EBITDA $9.96B +37.4%
Net Income $1.66B -50.1%
EPS (Diluted) 5.73 -63.1%
Gross Margin 35.16% -22.1%
EBITDA Margin 66.26% +0.8%
Operating Margin 32.73% -17.9%
Net Margin 11.07% -63.4%
ROE 4.02% -65.5%
ROIC 6.74% -22.6%
Debt/Equity 0.34 +8.1%
Interest Coverage 20.16 +33.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 34.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 39.8%
✓Healthy dividend yield of 2.3%
✓Healthy 5Y average net margin of 31.4%
✓Trading near 52-week high

✗Weaknesses

✗Shares diluted 35.4% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y42.13%

5Y39.81%

3Y16.24%

TTM35.92%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-27.61%

TTM-50.15%

EPS CAGR

10Y-

5Y-

3Y-38.48%

TTM-64.56%

ROCE

10Y Avg7.5%

5Y Avg16.94%

3Y Avg11.75%

Latest7.63%

Peer Comparison

U.S. shale oil focused producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHRDChord Energy Corporation	6.15B	108.37	146.45	-7.12%	9.07%	5.48%	11.26%	0.19
FANGDiamondback Energy, Inc.	49.54B	174.08	30.38	36.31%	11.11%	3.87%	10.57%	0.34
MGYMagnolia Oil & Gas Corporation	153.01M	27.82	14.34	7.25%	24.79%	5.49%	100%	0.21
PRPermian Resources Corporation	1.54B	18.29	14.29	-100%	24%	8.11%	100%	0.01
EOGEOG Resources, Inc.	67.33B	124.08	13.62	-3.47%	22.07%	16.69%	5.84%	0.28
OVVOvintiv Inc.	12.81B	50.59	10.58	-4.55%	14.13%	11.09%	11.74%	0.67
DVNDevon Energy Corporation	27B	43.53	10.36	10.41%	15.91%	17.01%	11.55%	0.57
MTDRMatador Resources Company	6.46B	51.40	8.44	6.25%	20.55%	12.66%	37.51%	0.35

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	527.11M	1.21B	2.18B	3.96B	2.81B	6.75B	9.57B	8.34B	11.02B	15.03B
Revenue Growth %	17.99%	128.61%	80.58%	82.17%	-29.04%	139.85%	41.78%	-12.83%	32.19%	36.31%
Cost of Goods Sold+	306.5M	551M	1.06B	2.37B	2.18B	2.48B	2.87B	3.54B	6.05B	9.74B
COGS % of Revenue	58.15%	45.73%	48.67%	59.81%	77.36%	36.71%	29.95%	42.46%	54.89%	64.84%
Gross Profit+	220.6M	654M	1.12B	1.59B	637M	4.27B	6.7B	4.8B	4.97B	5.28B
Gross Margin %	41.85%	54.27%	51.33%	40.19%	22.64%	63.29%	70.05%	57.54%	45.11%	35.16%
Gross Profit Growth %	105.54%	196.46%	70.8%	42.61%	-60.01%	570.33%	56.93%	-28.4%	3.63%	6.25%
Operating Expenses+	289.22M	49M	106M	898M	6.11B	269M	193M	228M	576M	365M
OpEx % of Revenue	54.87%	4.07%	4.87%	22.65%	217.31%	3.99%	2.02%	2.73%	5.23%	2.43%
Selling, General & Admin	42.62M	48.67M	64.55M	104M	88M	146M	144M	150M	213M	288M
SG&A % of Revenue	8.09%	4.04%	2.97%	2.62%	3.13%	2.16%	1.51%	1.8%	1.93%	1.92%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	246.6M	1M	41M	794M	6.03B	123M	49M	78M	363M	77M
Operating Income+	-68.62M	605M	1.01B	695M	-5.48B	4B	6.51B	4.57B	4.4B	4.92B
Operating Margin %	-13.02%	50.21%	46.46%	17.53%	-194.67%	59.3%	68.03%	54.8%	39.88%	32.73%
Operating Income Growth %	90.73%	981.71%	67.11%	-31.26%	-887.91%	173.06%	62.66%	-29.78%	-3.81%	11.87%
EBITDA+	109.4M	932M	1.63B	2.15B	-4.17B	5.28B	7.85B	6.32B	7.25B	9.96B
EBITDA Margin %	20.75%	77.34%	75.09%	54.21%	-148.06%	78.2%	82.08%	75.74%	65.74%	66.26%
EBITDA Growth %	120.93%	751.94%	75.32%	31.52%	-293.81%	226.67%	48.82%	-19.56%	14.72%	37.4%
D&A (Non-Cash Add-back)	178.01M	327M	623M	1.45B	1.31B	1.27B	1.34B	1.75B	2.85B	5.04B
EBIT	-124.03M	538M	1.19B	531M	-5.58B	3.1B	5.88B	4.42B	4.79B	2.12B
Net Interest Income+	-40.68M	-41M	-87M	-172M	-197M	-199M	-159M	-175M	-135M	-244M
Interest Income	0	0	1M	1M	4M	1M	1M	0	156M	0
Interest Expense	40.68M	41M	87.84M	173M	201M	200M	160M	175M	291M	244M
Other Income/Expense	-96.1M	-108M	102M	-333M	-300M	-1.09B	-772M	-322M	105M	-3.04B
Pretax Income+	-164.72M	497.19M	1.11B	362M	-5.78B	2.91B	5.74B	4.25B	4.5B	1.87B
Pretax Margin %	-31.25%	41.26%	51.16%	9.13%	-205.33%	43.09%	59.96%	50.94%	40.83%	12.47%
Income Tax+	192K	-19.57M	168.36M	47M	-1.1B	631M	1.17B	912M	800M	327M
Effective Tax Rate %	100.19%	96.95%	75.99%	66.3%	78.2%	75.06%	76.46%	73.99%	74.16%	88.79%
Net Income+	-165.03M	482M	846M	240M	-4.52B	2.18B	4.39B	3.14B	3.34B	1.66B
Net Margin %	-31.31%	40%	38.88%	6.05%	-160.58%	32.34%	45.85%	37.69%	30.28%	11.07%
Net Income Growth %	70.03%	392.06%	75.52%	-71.63%	-1982.08%	148.31%	101.01%	-28.34%	6.2%	-50.15%
Net Income (Continuing)	-164.91M	516.76M	944.89M	315M	-4.67B	2.28B	4.56B	3.34B	3.7B	1.55B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	320.83M	326.88M	467M	1.66B	1.01B	1.16B	681M	805M	2.13B	6B
EPS (Diluted)+	-2.20	4.94	8.06	1.46	-28.59	12.30	24.61	17.34	15.53	5.73
EPS Growth %	74.83%	324.55%	63.16%	-81.89%	-2058.22%	143.02%	100.08%	-29.54%	-10.44%	-63.1%
EPS (Basic)	-2.20	4.95	8.08	1.47	-28.59	12.35	24.61	17.34	15.53	5.73
Diluted Shares Outstanding	75.08M	97.69M	104.93M	163.84M	157.98M	177.36M	176.54M	180M	213.54M	289.08M
Basic Shares Outstanding	75.08M	97.46M	104.62M	163.49M	157.98M	176.64M	176.54M	180M	213.54M	289.08M
Dividend Payout Ratio	-	-	4.37%	46.67%	-	14.3%	35.84%	45.94%	47.27%	69.47%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.79B	358.6M	925.02M	869M	602M	1.45B	1.39B	1.62B	2.11B	1.92B
Cash & Short-Term Investments	1.67B	112.45M	214.52M	123M	104M	654M	157M	582M	161M	106M
Cash Only	1.67B	112.45M	214.52M	123M	104M	654M	157M	582M	161M	106M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	120.12M	231.61M	429.92M	634M	437M	671M	1.01B	847M	1.58B	1.39B
Days Sales Outstanding	83.18	70.16	72.11	58.38	56.7	36.3	38.38	37.07	52.48	33.67
Inventory	1.98M	9.11M	37.57M	37M	33M	62M	67M	63M	116M	86M
Days Inventory Outstanding	2.36	6.03	12.95	5.7	5.54	9.14	8.54	6.49	7	3.22
Other Current Assets	500K	531K	231M	51M	5M	31M	162M	130M	248M	337M
Total Non-Current Assets+	3.56B	7.41B	20.67B	22.66B	17.02B	21.45B	24.82B	27.38B	65.18B	69.14B
Property, Plant & Equipment	3.39B	7.34B	20.37B	21.84B	16.21B	20.62B	23.76B	26.67B	64.47B	874M
Fixed Asset Turnover	0.16x	0.16x	0.11x	0.18x	0.17x	0.33x	0.40x	0.31x	0.17x	17.19x
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	117M	479M	533M	613M	566M	529M	375M	0
Other Non-Current Assets	166.66M	68.77M	201M	206M	197M	180M	428M	132M	162M	68.27B
Total Assets+	5.35B	7.77B	21.6B	23.53B	17.62B	22.9B	26.21B	29B	67.29B	71.06B
Asset Turnover	0.10x	0.16x	0.10x	0.17x	0.16x	0.29x	0.36x	0.29x	0.16x	0.21x
Asset Growth %	93.94%	45.26%	177.9%	8.96%	-25.12%	29.96%	14.46%	10.65%	132.03%	5.6%
Total Current Liabilities+	209.34M	577.43M	1.02B	1.26B	1.24B	1.44B	1.72B	2.11B	4.81B	4.6B
Accounts Payable	47.65M	94.59M	127.98M	179M	71M	36M	127M	261M	253M	1.17B
Days Payables Outstanding	56.74	62.66	44.11	27.56	11.91	5.3	16.18	26.9	15.26	43.76
Short-Term Debt	0	0	0	0	191M	45M	10M	0	0	763M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	23.9M	101.53M	0	27M	276M	323M	82M	124M	1.02B	2.52B
Current Ratio	8.56x	0.62x	0.91x	0.69x	0.49x	1.01x	0.81x	0.77x	0.44x	0.42x
Quick Ratio	8.55x	0.61x	0.87x	0.66x	0.46x	0.96x	0.77x	0.74x	0.41x	0.40x
Cash Conversion Cycle	28.8	13.53	40.95	36.52	50.33	40.13	30.74	16.66	44.22	-6.87
Total Non-Current Liabilities+	1.12B	1.61B	6.41B	7.36B	6.58B	8.21B	8.8B	9.46B	22.62B	23.49B
Long-Term Debt	1.11B	1.48B	4.46B	5.37B	5.62B	6.64B	6.24B	6.64B	12.07B	13.73B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	108.05M	1.78B	1.89B	783M	1.34B	2.07B	2.45B	9.83B	9.14B
Other Non-Current Liabilities	16.13M	26.43M	161M	105M	172M	235M	496M	373M	718M	625M
Total Liabilities	1.33B	2.19B	7.43B	8.63B	7.82B	9.65B	10.52B	11.57B	27.43B	28.09B
Total Debt+	1.12B	1.51B	4.52B	5.49B	5.93B	6.77B	6.38B	6.8B	12.43B	14.49B
Net Debt	-546.8M	1.39B	4.31B	5.37B	5.83B	6.12B	6.22B	6.22B	12.27B	14.38B
Debt / Equity	0.28x	0.27x	0.32x	0.37x	0.60x	0.51x	0.41x	0.39x	0.31x	0.34x
Debt / EBITDA	10.24x	1.62x	2.77x	2.55x	-	1.28x	0.81x	1.08x	1.72x	1.46x
Net Debt / EBITDA	-5.00x	1.49x	2.64x	2.50x	-	1.16x	0.79x	0.98x	1.69x	1.44x
Interest Coverage	-1.69x	14.76x	11.51x	4.02x	-27.24x	20.01x	40.68x	26.11x	15.11x	20.16x
Total Equity+	4.02B	5.58B	14.17B	14.91B	9.8B	13.24B	15.69B	17.43B	39.86B	42.97B
Equity Growth %	90.53%	38.91%	153.81%	5.22%	-34.23%	35.1%	18.46%	11.09%	128.7%	7.79%
Book Value per Share	53.52	57.14	135.02	90.98	62.06	74.68	88.88	96.83	186.67	148.63
Total Shareholders' Equity	3.7B	5.25B	13.7B	13.25B	8.79B	12.09B	15.01B	16.63B	37.74B	36.97B
Common Stock	901K	982K	2M	2M	2M	2M	2M	2M	3M	3M
Retained Earnings	-519.39M	-37.13M	762M	890M	-3.86B	-2B	801M	2.49B	4.24B	4.74B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-519.39M	0	-74K	0	0	0	-7M	-8M	-6M	-7M
Minority Interest	320.83M	326.88M	467M	1.66B	1.01B	1.16B	681M	805M	2.13B	6B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	332.08M	889M	1.56B	2.74B	2.12B	3.94B	6.33B	5.92B	6.41B	8.76B
Operating CF Margin %	63%	73.78%	71.92%	69.1%	75.29%	58.46%	66.12%	70.99%	58.18%	58.29%
Operating CF Growth %	-20.27%	167.71%	76.04%	75.02%	-22.67%	86.21%	60.37%	-6.4%	8.33%	36.57%
Net Income	-164.91M	517M	945M	315M	-4.67B	2.28B	4.56B	3.34B	3.7B	1.66B
Depreciation & Amortization	178.01M	327M	623M	1.45B	1.31B	1.27B	1.34B	1.75B	2.85B	5.04B
Stock-Based Compensation	26.45M	26M	27M	48M	37M	51M	55M	54M	65M	0
Deferred Taxes	0	-20M	168M	47M	-1.04B	606M	720M	378M	15M	-519M
Other Non-Cash Items	308.24M	87M	-204M	1.04B	6.39B	-300M	-157M	110M	-122M	2.89B
Working Capital Changes	-15.72M	-48M	6M	-167M	97M	36M	-199M	296M	-96M	-314M
Change in Receivables	-33.74M	-97M	13M	-187M	155M	-44M	-330M	212M	-33M	386M
Change in Inventory	-255K	-2M	-14.77M	-10M	0	0	0	0	0	0
Change in Payables	15.71M	37M	-7M	-129M	-20M	-41M	-47M	57M	-376M	-343M
Cash from Investing+	-1.31B	-3.13B	-3.5B	-3.89B	-2.1B	-1.54B	-3.33B	-3.32B	-11.22B	-7.81B
Capital Expenditures	-1.19B	-3.3B	-3.48B	-3.7B	-2.04B	-2.27B	-3.61B	-4.71B	-11.79B	-3.52B
CapEx % of Revenue	225.98%	274.02%	159.74%	93.26%	72.66%	33.7%	37.77%	56.53%	106.93%	23.45%
Acquisitions	-2.35M	0	0	-485M	-102M	-114M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-116.73M	170M	-26.99M	294M	45M	849M	283M	1.39B	566M	-4.29B
Cash from Financing+	2.62B	689M	2.04B	1.06B	-37M	-1.84B	-3.5B	-2.18B	4.39B	-1.01B
Debt Issued (Net)	625M	370M	1.91B	851M	410M	-680M	-257M	377M	6.37B	1.57B
Equity Issued (Net)	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	-37M	-112M	-236M	-312M	-1.57B	-1.44B	-1.58B	-1.16B
Share Repurchases	0	0	0	-593M	-137M	-525M	-1.25B	-935M	-959M	-2.01B
Other Financing	-51.88M	-51M	-140M	-190M	-74M	-324M	-423M	-174M	75M	-648M
Net Change in Cash	1.65B	-1.55B	103M	-87M	-20M	564M	-508M	421M	-421M	-58M
Free Cash Flow+	-859.09M	-2.41B	-1.91B	-958M	74M	1.67B	2.71B	1.21B	-5.37B	5.24B
FCF Margin %	-162.98%	-200.25%	-87.82%	-24.17%	2.63%	24.75%	28.35%	14.46%	-48.75%	34.84%
FCF Growth %	-76.92%	-180.88%	20.8%	49.87%	107.72%	2156.76%	62.4%	-55.53%	-545.61%	197.41%
FCF per Share	-11.44	-24.70	-18.21	-5.85	0.47	9.42	15.36	6.70	-25.17	18.11
FCF Conversion (FCF/Net Income)	-2.01x	1.84x	1.85x	11.41x	-0.47x	1.81x	1.44x	1.88x	1.92x	5.26x
Interest Paid	38.18M	0	114M	0	0	0	135M	146M	269M	0
Taxes Paid	192K	0	689K	0	0	0	718M	352M	605M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-5.39%	10.04%	8.57%	1.65%	-36.56%	18.93%	30.32%	18.98%	11.65%	4.02%
Return on Invested Capital (ROIC)	-1.7%	8.69%	5.96%	2.69%	-22.88%	17.15%	23.65%	15.05%	8.7%	6.74%
Gross Margin	41.85%	54.27%	51.33%	40.19%	22.64%	63.29%	70.05%	57.54%	45.11%	35.16%
Net Margin	-31.31%	40%	38.88%	6.05%	-160.58%	32.34%	45.85%	37.69%	30.28%	11.07%
Debt / Equity	0.28x	0.27x	0.32x	0.37x	0.60x	0.51x	0.41x	0.39x	0.31x	0.34x
Interest Coverage	-1.69x	14.76x	11.51x	4.02x	-27.24x	20.01x	40.68x	26.11x	15.11x	20.16x
FCF Conversion	-2.01x	1.84x	1.85x	11.41x	-0.47x	1.81x	1.44x	1.88x	1.92x	5.26x
Revenue Growth	17.99%	128.61%	80.58%	82.17%	-29.04%	139.85%	41.78%	-12.83%	32.19%	36.31%

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

FANG •

EnergyOil & Gas E&PU.S. shale oil focused producers

Revenue $15.03B +36.3%
EBITDA $9.96B +37.4%
Net Income $1.66B -50.1%
EPS (Diluted) 5.73 -63.1%
Gross Margin 35.16% -22.1%
EBITDA Margin 66.26% +0.8%
Operating Margin 32.73% -17.9%
Net Margin 11.07% -63.4%
ROE 4.02% -65.5%
ROIC 6.74% -22.6%
Debt/Equity 0.34 +8.1%
Interest Coverage 20.16 +33.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 34.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 39.8%
✓Healthy dividend yield of 2.3%
✓Healthy 5Y average net margin of 31.4%
✓Trading near 52-week high

✗Weaknesses

✗Shares diluted 35.4% in last year
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y42.13%

5Y39.81%

3Y16.24%

TTM35.92%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-27.61%

TTM-50.15%

EPS CAGR

10Y-

5Y-

3Y-38.48%

TTM-64.56%

ROCE

10Y Avg7.5%

5Y Avg16.94%

3Y Avg11.75%

Latest7.63%

Peer Comparison

U.S. shale oil focused producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CHRDChord Energy Corporation	6.15B	108.37	146.45	-7.12%	9.07%	5.48%	11.26%	0.19
FANGDiamondback Energy, Inc.	49.54B	174.08	30.38	36.31%	11.11%	3.87%	10.57%	0.34
MGYMagnolia Oil & Gas Corporation	153.01M	27.82	14.34	7.25%	24.79%	5.49%	100%	0.21
PRPermian Resources Corporation	1.54B	18.29	14.29	-100%	24%	8.11%	100%	0.01
EOGEOG Resources, Inc.	67.33B	124.08	13.62	-3.47%	22.07%	16.69%	5.84%	0.28
OVVOvintiv Inc.	12.81B	50.59	10.58	-4.55%	14.13%	11.09%	11.74%	0.67
DVNDevon Energy Corporation	27B	43.53	10.36	10.41%	15.91%	17.01%	11.55%	0.57
MTDRMatador Resources Company	6.46B	51.40	8.44	6.25%	20.55%	12.66%	37.51%	0.35

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	527.11M	1.21B	2.18B	3.96B	2.81B	6.75B	9.57B	8.34B	11.02B	15.03B
Revenue Growth %	17.99%	128.61%	80.58%	82.17%	-29.04%	139.85%	41.78%	-12.83%	32.19%	36.31%
Cost of Goods Sold+	306.5M	551M	1.06B	2.37B	2.18B	2.48B	2.87B	3.54B	6.05B	9.74B
COGS % of Revenue	58.15%	45.73%	48.67%	59.81%	77.36%	36.71%	29.95%	42.46%	54.89%	64.84%
Gross Profit+	220.6M	654M	1.12B	1.59B	637M	4.27B	6.7B	4.8B	4.97B	5.28B
Gross Margin %	41.85%	54.27%	51.33%	40.19%	22.64%	63.29%	70.05%	57.54%	45.11%	35.16%
Gross Profit Growth %	105.54%	196.46%	70.8%	42.61%	-60.01%	570.33%	56.93%	-28.4%	3.63%	6.25%
Operating Expenses+	289.22M	49M	106M	898M	6.11B	269M	193M	228M	576M	365M
OpEx % of Revenue	54.87%	4.07%	4.87%	22.65%	217.31%	3.99%	2.02%	2.73%	5.23%	2.43%
Selling, General & Admin	42.62M	48.67M	64.55M	104M	88M	146M	144M	150M	213M	288M
SG&A % of Revenue	8.09%	4.04%	2.97%	2.62%	3.13%	2.16%	1.51%	1.8%	1.93%	1.92%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	246.6M	1M	41M	794M	6.03B	123M	49M	78M	363M	77M
Operating Income+	-68.62M	605M	1.01B	695M	-5.48B	4B	6.51B	4.57B	4.4B	4.92B
Operating Margin %	-13.02%	50.21%	46.46%	17.53%	-194.67%	59.3%	68.03%	54.8%	39.88%	32.73%
Operating Income Growth %	90.73%	981.71%	67.11%	-31.26%	-887.91%	173.06%	62.66%	-29.78%	-3.81%	11.87%
EBITDA+	109.4M	932M	1.63B	2.15B	-4.17B	5.28B	7.85B	6.32B	7.25B	9.96B
EBITDA Margin %	20.75%	77.34%	75.09%	54.21%	-148.06%	78.2%	82.08%	75.74%	65.74%	66.26%
EBITDA Growth %	120.93%	751.94%	75.32%	31.52%	-293.81%	226.67%	48.82%	-19.56%	14.72%	37.4%
D&A (Non-Cash Add-back)	178.01M	327M	623M	1.45B	1.31B	1.27B	1.34B	1.75B	2.85B	5.04B
EBIT	-124.03M	538M	1.19B	531M	-5.58B	3.1B	5.88B	4.42B	4.79B	2.12B
Net Interest Income+	-40.68M	-41M	-87M	-172M	-197M	-199M	-159M	-175M	-135M	-244M
Interest Income	0	0	1M	1M	4M	1M	1M	0	156M	0
Interest Expense	40.68M	41M	87.84M	173M	201M	200M	160M	175M	291M	244M
Other Income/Expense	-96.1M	-108M	102M	-333M	-300M	-1.09B	-772M	-322M	105M	-3.04B
Pretax Income+	-164.72M	497.19M	1.11B	362M	-5.78B	2.91B	5.74B	4.25B	4.5B	1.87B
Pretax Margin %	-31.25%	41.26%	51.16%	9.13%	-205.33%	43.09%	59.96%	50.94%	40.83%	12.47%
Income Tax+	192K	-19.57M	168.36M	47M	-1.1B	631M	1.17B	912M	800M	327M
Effective Tax Rate %	100.19%	96.95%	75.99%	66.3%	78.2%	75.06%	76.46%	73.99%	74.16%	88.79%
Net Income+	-165.03M	482M	846M	240M	-4.52B	2.18B	4.39B	3.14B	3.34B	1.66B
Net Margin %	-31.31%	40%	38.88%	6.05%	-160.58%	32.34%	45.85%	37.69%	30.28%	11.07%
Net Income Growth %	70.03%	392.06%	75.52%	-71.63%	-1982.08%	148.31%	101.01%	-28.34%	6.2%	-50.15%
Net Income (Continuing)	-164.91M	516.76M	944.89M	315M	-4.67B	2.28B	4.56B	3.34B	3.7B	1.55B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	320.83M	326.88M	467M	1.66B	1.01B	1.16B	681M	805M	2.13B	6B
EPS (Diluted)+	-2.20	4.94	8.06	1.46	-28.59	12.30	24.61	17.34	15.53	5.73
EPS Growth %	74.83%	324.55%	63.16%	-81.89%	-2058.22%	143.02%	100.08%	-29.54%	-10.44%	-63.1%
EPS (Basic)	-2.20	4.95	8.08	1.47	-28.59	12.35	24.61	17.34	15.53	5.73
Diluted Shares Outstanding	75.08M	97.69M	104.93M	163.84M	157.98M	177.36M	176.54M	180M	213.54M	289.08M
Basic Shares Outstanding	75.08M	97.46M	104.62M	163.49M	157.98M	176.64M	176.54M	180M	213.54M	289.08M
Dividend Payout Ratio	-	-	4.37%	46.67%	-	14.3%	35.84%	45.94%	47.27%	69.47%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.79B	358.6M	925.02M	869M	602M	1.45B	1.39B	1.62B	2.11B	1.92B
Cash & Short-Term Investments	1.67B	112.45M	214.52M	123M	104M	654M	157M	582M	161M	106M
Cash Only	1.67B	112.45M	214.52M	123M	104M	654M	157M	582M	161M	106M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	120.12M	231.61M	429.92M	634M	437M	671M	1.01B	847M	1.58B	1.39B
Days Sales Outstanding	83.18	70.16	72.11	58.38	56.7	36.3	38.38	37.07	52.48	33.67
Inventory	1.98M	9.11M	37.57M	37M	33M	62M	67M	63M	116M	86M
Days Inventory Outstanding	2.36	6.03	12.95	5.7	5.54	9.14	8.54	6.49	7	3.22
Other Current Assets	500K	531K	231M	51M	5M	31M	162M	130M	248M	337M
Total Non-Current Assets+	3.56B	7.41B	20.67B	22.66B	17.02B	21.45B	24.82B	27.38B	65.18B	69.14B
Property, Plant & Equipment	3.39B	7.34B	20.37B	21.84B	16.21B	20.62B	23.76B	26.67B	64.47B	874M
Fixed Asset Turnover	0.16x	0.16x	0.11x	0.18x	0.17x	0.33x	0.40x	0.31x	0.17x	17.19x
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	117M	479M	533M	613M	566M	529M	375M	0
Other Non-Current Assets	166.66M	68.77M	201M	206M	197M	180M	428M	132M	162M	68.27B
Total Assets+	5.35B	7.77B	21.6B	23.53B	17.62B	22.9B	26.21B	29B	67.29B	71.06B
Asset Turnover	0.10x	0.16x	0.10x	0.17x	0.16x	0.29x	0.36x	0.29x	0.16x	0.21x
Asset Growth %	93.94%	45.26%	177.9%	8.96%	-25.12%	29.96%	14.46%	10.65%	132.03%	5.6%
Total Current Liabilities+	209.34M	577.43M	1.02B	1.26B	1.24B	1.44B	1.72B	2.11B	4.81B	4.6B
Accounts Payable	47.65M	94.59M	127.98M	179M	71M	36M	127M	261M	253M	1.17B
Days Payables Outstanding	56.74	62.66	44.11	27.56	11.91	5.3	16.18	26.9	15.26	43.76
Short-Term Debt	0	0	0	0	191M	45M	10M	0	0	763M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	23.9M	101.53M	0	27M	276M	323M	82M	124M	1.02B	2.52B
Current Ratio	8.56x	0.62x	0.91x	0.69x	0.49x	1.01x	0.81x	0.77x	0.44x	0.42x
Quick Ratio	8.55x	0.61x	0.87x	0.66x	0.46x	0.96x	0.77x	0.74x	0.41x	0.40x
Cash Conversion Cycle	28.8	13.53	40.95	36.52	50.33	40.13	30.74	16.66	44.22	-6.87
Total Non-Current Liabilities+	1.12B	1.61B	6.41B	7.36B	6.58B	8.21B	8.8B	9.46B	22.62B	23.49B
Long-Term Debt	1.11B	1.48B	4.46B	5.37B	5.62B	6.64B	6.24B	6.64B	12.07B	13.73B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	0	108.05M	1.78B	1.89B	783M	1.34B	2.07B	2.45B	9.83B	9.14B
Other Non-Current Liabilities	16.13M	26.43M	161M	105M	172M	235M	496M	373M	718M	625M
Total Liabilities	1.33B	2.19B	7.43B	8.63B	7.82B	9.65B	10.52B	11.57B	27.43B	28.09B
Total Debt+	1.12B	1.51B	4.52B	5.49B	5.93B	6.77B	6.38B	6.8B	12.43B	14.49B
Net Debt	-546.8M	1.39B	4.31B	5.37B	5.83B	6.12B	6.22B	6.22B	12.27B	14.38B
Debt / Equity	0.28x	0.27x	0.32x	0.37x	0.60x	0.51x	0.41x	0.39x	0.31x	0.34x
Debt / EBITDA	10.24x	1.62x	2.77x	2.55x	-	1.28x	0.81x	1.08x	1.72x	1.46x
Net Debt / EBITDA	-5.00x	1.49x	2.64x	2.50x	-	1.16x	0.79x	0.98x	1.69x	1.44x
Interest Coverage	-1.69x	14.76x	11.51x	4.02x	-27.24x	20.01x	40.68x	26.11x	15.11x	20.16x
Total Equity+	4.02B	5.58B	14.17B	14.91B	9.8B	13.24B	15.69B	17.43B	39.86B	42.97B
Equity Growth %	90.53%	38.91%	153.81%	5.22%	-34.23%	35.1%	18.46%	11.09%	128.7%	7.79%
Book Value per Share	53.52	57.14	135.02	90.98	62.06	74.68	88.88	96.83	186.67	148.63
Total Shareholders' Equity	3.7B	5.25B	13.7B	13.25B	8.79B	12.09B	15.01B	16.63B	37.74B	36.97B
Common Stock	901K	982K	2M	2M	2M	2M	2M	2M	3M	3M
Retained Earnings	-519.39M	-37.13M	762M	890M	-3.86B	-2B	801M	2.49B	4.24B	4.74B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-519.39M	0	-74K	0	0	0	-7M	-8M	-6M	-7M
Minority Interest	320.83M	326.88M	467M	1.66B	1.01B	1.16B	681M	805M	2.13B	6B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	332.08M	889M	1.56B	2.74B	2.12B	3.94B	6.33B	5.92B	6.41B	8.76B
Operating CF Margin %	63%	73.78%	71.92%	69.1%	75.29%	58.46%	66.12%	70.99%	58.18%	58.29%
Operating CF Growth %	-20.27%	167.71%	76.04%	75.02%	-22.67%	86.21%	60.37%	-6.4%	8.33%	36.57%
Net Income	-164.91M	517M	945M	315M	-4.67B	2.28B	4.56B	3.34B	3.7B	1.66B
Depreciation & Amortization	178.01M	327M	623M	1.45B	1.31B	1.27B	1.34B	1.75B	2.85B	5.04B
Stock-Based Compensation	26.45M	26M	27M	48M	37M	51M	55M	54M	65M	0
Deferred Taxes	0	-20M	168M	47M	-1.04B	606M	720M	378M	15M	-519M
Other Non-Cash Items	308.24M	87M	-204M	1.04B	6.39B	-300M	-157M	110M	-122M	2.89B
Working Capital Changes	-15.72M	-48M	6M	-167M	97M	36M	-199M	296M	-96M	-314M
Change in Receivables	-33.74M	-97M	13M	-187M	155M	-44M	-330M	212M	-33M	386M
Change in Inventory	-255K	-2M	-14.77M	-10M	0	0	0	0	0	0
Change in Payables	15.71M	37M	-7M	-129M	-20M	-41M	-47M	57M	-376M	-343M
Cash from Investing+	-1.31B	-3.13B	-3.5B	-3.89B	-2.1B	-1.54B	-3.33B	-3.32B	-11.22B	-7.81B
Capital Expenditures	-1.19B	-3.3B	-3.48B	-3.7B	-2.04B	-2.27B	-3.61B	-4.71B	-11.79B	-3.52B
CapEx % of Revenue	225.98%	274.02%	159.74%	93.26%	72.66%	33.7%	37.77%	56.53%	106.93%	23.45%
Acquisitions	-2.35M	0	0	-485M	-102M	-114M	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-116.73M	170M	-26.99M	294M	45M	849M	283M	1.39B	566M	-4.29B
Cash from Financing+	2.62B	689M	2.04B	1.06B	-37M	-1.84B	-3.5B	-2.18B	4.39B	-1.01B
Debt Issued (Net)	625M	370M	1.91B	851M	410M	-680M	-257M	377M	6.37B	1.57B
Equity Issued (Net)	1000K	1000K	1000K	1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	-37M	-112M	-236M	-312M	-1.57B	-1.44B	-1.58B	-1.16B
Share Repurchases	0	0	0	-593M	-137M	-525M	-1.25B	-935M	-959M	-2.01B
Other Financing	-51.88M	-51M	-140M	-190M	-74M	-324M	-423M	-174M	75M	-648M
Net Change in Cash	1.65B	-1.55B	103M	-87M	-20M	564M	-508M	421M	-421M	-58M
Free Cash Flow+	-859.09M	-2.41B	-1.91B	-958M	74M	1.67B	2.71B	1.21B	-5.37B	5.24B
FCF Margin %	-162.98%	-200.25%	-87.82%	-24.17%	2.63%	24.75%	28.35%	14.46%	-48.75%	34.84%
FCF Growth %	-76.92%	-180.88%	20.8%	49.87%	107.72%	2156.76%	62.4%	-55.53%	-545.61%	197.41%
FCF per Share	-11.44	-24.70	-18.21	-5.85	0.47	9.42	15.36	6.70	-25.17	18.11
FCF Conversion (FCF/Net Income)	-2.01x	1.84x	1.85x	11.41x	-0.47x	1.81x	1.44x	1.88x	1.92x	5.26x
Interest Paid	38.18M	0	114M	0	0	0	135M	146M	269M	0
Taxes Paid	192K	0	689K	0	0	0	718M	352M	605M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-5.39%	10.04%	8.57%	1.65%	-36.56%	18.93%	30.32%	18.98%	11.65%	4.02%
Return on Invested Capital (ROIC)	-1.7%	8.69%	5.96%	2.69%	-22.88%	17.15%	23.65%	15.05%	8.7%	6.74%
Gross Margin	41.85%	54.27%	51.33%	40.19%	22.64%	63.29%	70.05%	57.54%	45.11%	35.16%
Net Margin	-31.31%	40%	38.88%	6.05%	-160.58%	32.34%	45.85%	37.69%	30.28%	11.07%
Debt / Equity	0.28x	0.27x	0.32x	0.37x	0.60x	0.51x	0.41x	0.39x	0.31x	0.34x
Interest Coverage	-1.69x	14.76x	11.51x	4.02x	-27.24x	20.01x	40.68x	26.11x	15.11x	20.16x
FCF Conversion	-2.01x	1.84x	1.85x	11.41x	-0.47x	1.81x	1.44x	1.88x	1.92x	5.26x
Revenue Growth	17.99%	128.61%	80.58%	82.17%	-29.04%	139.85%	41.78%	-12.83%	32.19%	36.31%

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

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare FANG vs Peers

vs EOG

vs DVN

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

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Deep Dive Analysis

Valuation Overview

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Dividend History

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Financial Ratios