Energy · Oil & Gas Exploration & Production · US stock · price as of 16 Oct 2026
Key indicators
Price
$203.95
52-week range
$133.81 – $216.90
Market cap
$57.4B
P/E (trailing)
43.1×
EV / EBITDA
11.0×
Free-cash-flow yield
17.7%
Dividend yield
2.1%
Revenue (last 12 months)
$17.1B
Revenue growth (3y a year)
15.9%
Operating margin
6.3%
Return on invested capital
1.8%
Net debt / EBITDA
1.9×
Fair value
Blended fair value$118.66 range $100 – $142
Versus priceOvervalued−42% to fair value
Peer multiples
$99.90
Fundamentals-adjusted multiple
$127.60
10-year DCF (market-scaled)
$128.48
Earnings power value (floor, not blended)
n/m
Model uncertainty
High
X-Ray Score
33/ 100 · Medium confidence · ahead of 0% of sector peers
Valuation18
Growth69
Profitability24
Financial health31
Dividends28
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Focused on the Permian Basin in West Texas, Diamondback Energy is an independent oil and natural gas company. It drills and operates wells that produce crude oil, natural gas and natural gas liquids. It also owns a publicly traded subsidiary, Viper Energy, which holds mineral and royalty interests. Its output is delivered to refiners, marketers and midstream companies, and the business is organised around its upstream operations in the basin.
Income depends on the oil, natural gas and liquids Diamondback produces, so it moves with output volumes and commodity prices. Revenue was $17.1 billion over the last twelve months and has grown at 15.9% a year across the last three years. The operating margin is 6.3%, and the business earns 2% on the capital invested in it. Net debt is 1.9 times EBITDA, and the dividend yield is 2.1%.
StocksXray gives Diamondback Energy, Inc. an X-Ray Score of 33 out of 100 (medium confidence), ahead of 0% of the S&P 500 stocks in its sector. Its strongest lens is growth (69) and its weakest is valuation (18).
Our fair value blend is $118.66 (range $99.95 to $142.24). At $203.95 the stock trades 72% above that blend, so the label is "Overvalued" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Diamondback Energy, Inc. (FANG)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$87.65
$118.62
$141.95
$156.63
$147.81
$203.95
Market cap
$15.5B
$20.9B
$25.6B
$33.4B
$42.7B
$57.4B
P/E
7.2×
4.8×
8.2×
10.1×
25.8×
43.1×
EV / revenue
3.3×
2.9×
3.9×
4.4×
4.2×
4.4×
EV / EBITDA
4.3×
3.5×
5.1×
6.7×
10.0×
12.0×
Price / free cash flow
3.9×
3.3×
4.3×
5.2×
4.9×
5.7×
Free-cash-flow yield
25.5%
30.2%
23.2%
19.2%
20.5%
17.7%
Price / book
1.3×
1.4×
1.5×
0.9×
1.2×
1.5×
Dividend yield
2.22%
9.53%
5.63%
5.29%
2.71%
2.08%
Fundamentals checklist ● 4 Good · ● 0 Average · ● 9 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−12.5%Good
Risk models
Altman Z score1.6×Bad
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)−38.5%Bad
Revenue growth (3y)15.9%Good
Growth consistency90%Good
Balance sheet
Current ratio0.5×Bad
Net debt / EBITDA1.9×Bad
Interest coverno interest costGood
Valuation
Fair value vs price0.6×Bad
EBIT / EV yield1.4%Bad
Profitability
Return on invested capital1.8%Bad
Operating margin6.3%Bad
Red flags
Heavy dilution — Share count up more than 5% year on year
XStocksXray
Diamondback Energy, Inc. (FANG)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
6,797
9,643
8,412
11,066
15,026
17,102
Gross profit
–
–
–
–
–
–
Operating income
4,001
6,508
4,570
4,396
1,266
1,082
Net income
2,276
4,562
3,336
3,701
1,547
1,350
Diluted EPS ($)
12.24
24.61
17.34
15.53
5.73
4.73
Free cash flow
3,944
6,325
5,920
6,413
8,758
10,143
Gross margin
–
–
–
–
–
–
Operating margin
58.9%
67.5%
54.3%
39.7%
8.4%
6.3%
Net margin
33.5%
47.3%
39.7%
33.4%
10.3%
7.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
22,898
26,209
29,001
67,292
71,059
70,218
Cash
654
157
582
161
104
462
Total debt
6,687
6,248
6,641
12,975
14,489
12,614
Equity
12,088
15,009
16,625
37,736
36,972
37,900
Dividend per share ($)
1.95
11.31
7.99
8.29
4.00
4.15
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.