# Diamondback Energy, Inc. (FANG)

> Source: Nexqual · https://nexqual.com/FANG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Diamondback Energy, Inc. (FANG), nexqual.com/FANG" · informational, not investment advice.

**Price:** USD 197.14 (-1.89% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 200.93 · day 194.85–203.35 · 52w 137.03–216.9 · market cap $55.2B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $17.1B, net income $1.47B (8.6% margin) (SEC filings).
- Valuation: P/E 37.6x (avg 15.2x at the last 3 fiscal year-ends), EV/EBITDA 10.7x, net debt $12.2B.
- Earnings quality: non-operating income $766M vs operating income $1.08B over the last four quarters; P/E excluding non-operating income ≈65.8x (estimate: non-operating income taxed at the company's 18% effective rate).
- 2 of 80 tracked superinvestors hold FANG (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 1.97 on a 1–5 scale) (32 analysts), mean target USD 238.47 (range 213–287).
- Total return with dividends: 1Y +37.2% vs S&P 500 +14.9%; 5Y +122.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 5.51, revenue estimate $4.84B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.80B | $9.64B | $8.41B | $11.1B | $15.0B | $17.1B |
| Operating income | $4.00B | $6.51B | $4.57B | $4.40B | $1.27B | $1.08B |
| Net income | $2.18B | $4.39B | $3.14B | $3.34B | $1.66B | $1.47B |
| EPS (diluted) | $12.24 | $24.61 | $17.34 | $15.53 | $5.73 | — |
| Operating margin | 58.9% | 67.5% | 54.3% | 39.7% | 8.4% | 6.3% |
| Net margin | 32.1% | 45.5% | 37.4% | 30.2% | 11.1% | 8.6% |
| Revenue growth | +141.6% | +41.9% | -12.8% | +31.6% | +35.8% | — |
| Cash + short-term investments | $654M | $157M | $582M | $161M | $104M | — |
| Total debt | $6.69B | $6.25B | $6.64B | $13.0B | $14.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 37.6x · P/E ex non-operating (est.) ≈65.8x · P/S 3.2x · EV/EBITDA 10.7x · EV/Sales 3.9x · P/B 1.5x · Earnings yield 2.66% · Dividend yield (paid, TTM) 2.14% · Net debt $12.2B · EV $67.4B
P/E at fiscal year-ends: Dec 2025 26.1x, Dec 2024 10.5x, Dec 2023 8.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold FANG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 3.02% | $14.3M | Reduced -2.0% |
| Yacktman Asset Management |  | 2.20% | $178M | Added +1.0% |

## Analysts
Consensus Buy (mean 1.97 on a 1–5 scale), 32 analysts; mean target USD 238.47 (low 213, high 287).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Scotiabank | Initiated | Sector Outperform | $250 |
| 2026-10-15 | Morgan Stanley | Target raised | Equal-Weight | $216 → $222 |
| 2026-10-14 | RBC Capital | Reiterated | Outperform | $240 |
| 2026-09-17 | Raymond James | Target raised | Strong Buy | $248 → $255 |
| 2026-09-14 | UBS | Target raised | Buy | $243 → $253 |
| 2026-09-03 | Seaport Global | Initiated | Neutral |  |
| 2026-08-19 | Morgan Stanley | Downgrade | Overweight → Equal-Weight | $216 |
| 2026-08-17 | Barclays | Target lowered | Overweight | $232 → $221 |
| 2026-08-10 | Citigroup | Target lowered | Buy | $221 → $220 |
| 2026-08-05 | Truist Securities | Target raised | Buy | $220 → $224 |
| 2026-08-05 | Wells Fargo | Target raised | Overweight | $262 → $263 |
| 2026-07-21 | UBS | Target lowered | Buy | $246 → $243 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +37.2% | +122.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +37.3% | +17.3% |
| Volatility (annualized) | 32.6% | 38.4% |
| Max drawdown | -19.1% (May 2026→Jul 2026) | -38.6% (Apr 2024→Mar 2025) |

## Peers (Oil & Gas E&P)
DVN (Devon Energy Corporation) USD 49.18 -1.38% · OXY (Occidental Petroleum Corporatio) USD 62.5 -0.32% · EOG (EOG Resources, Inc.) USD 157.96 +0.05% · EQT (EQT Corporation) USD 54.67 +1.11% · CNQ (Canadian Natural Resources Limi) USD 53.92 -0.59% · TPL (Texas Pacific Land Corporation) USD 333.67 -3.09%

## More
Full page: https://nexqual.com/FANG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FANG's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/1539838/000153983826000010/fang-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Viper Energy, Inc. (VNOM) | "On August 19, 2025, Viper and Viper LLC completed a series of transactions in which Viper Energy, Inc. (formerly known as New Cobra Pubco, Inc., "New Viper") acquired Sitio, Sitio Royalties Operating Partnership, LP ("Si…" |
| Partner | Endeavor Parent | "Pursuant to an agreement with the Endeavor equityholders, the Company appointed four additional directors to our board of directors of the Company." |
| Partner | Five Point Energy | "We and Five Point Energy LLC currently anticipate collectively contributing $500 million in follow-on capital to fund future growth in our Deep Blue Midland Basin LLC joint venture projects and acquisitions." |
| Partner | Deep Blue Midland Basin | "We and Five Point Energy LLC currently anticipate collectively contributing $500 million in follow-on capital to fund future growth in our Deep Blue Midland Basin LLC joint venture projects and acquisitions." |
| Partner | PLAINS ALL AMERICAN PIPELINE LP (PAA) | "On October 31, 2025, the Company divested its 27.5% equity interest in EPIC Crude Holdings, LP ("EPIC") pursuant to a definitive purchase and sale agreement with Plains All American Pipeline, L.P. and Plains GP Holdings …" |

Other companies that name FANG in their own reports (relationship from FANG's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Kinetik Holdings Inc. (KNTK) | 10-K 2026-02-26 | "During the fourth quarter 2025, the Company consummated the previously announced Sale and Purchase Agreement with affiliates of Diamondback Energy, Inc. (together with the Company, the "Sellers") and …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Aggregate Revenues | $5.55B | 99.7% | +51.3% |
| Total oil, natural gas and natural gas liquid revenues | $4.79B | 86.0% | +44.3% |
| Oil sales | $4.63B | 83.2% | +62.2% |
| Sales of purchased oil | $739.0M | 13.3% | +120.6% |
| Natural gas liquid sales | $435.0M | 7.8% | +18.5% |
| Total revenue | $5.56B | 100% | — |
The lines above cover 290.1% of total revenue.

## Customer concentration

Period ended 2025-12-31: 16%, 13%, 12%, 11% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $5.51 | $4.52 | +21.8% | $4.84B | 29 |
| Next quarter (ends 2026-12-31) | $6.24 | $4.53 | +37.9% | $5.19B | 27 |
| Current fiscal year (ends 2026-12-31) | $22.55 | $19.66 | +14.7% | $19.52B | 27 |
| Next fiscal year (ends 2027-12-31) | $20.92 | $17.39 | +20.3% | $18.67B | 28 |