# Viper Energy, Inc. (VNOM)

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

**Price:** USD 45.35 (-0.72% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 45.68 · day 44.42–46.02 · 52w 35.1–51.13 · market cap $16.3B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.04B, net income $59.0M (2.9% margin) (SEC filings).
- Valuation: P/E 276.1x (avg 12.2x at the last 2 fiscal year-ends), net debt $1.60B.
- Earnings quality: non-operating income -$95.0M vs operating income $251M over the last four quarters; P/E excluding non-operating income ≈133.8x (estimate: non-operating income taxed at the company's 34% effective rate).
- 1 of 80 tracked superinvestors hold VNOM (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Buy (mean 1.67 on a 1–5 scale) (21 analysts), mean target USD 55.3 (range 45–65).
- Total return with dividends: 1Y +26.4% vs S&P 500 +14.9%; 5Y +159.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.66, revenue estimate $609M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $828M | $861M | $1.40B | $2.04B |
| Operating income | $620M | $567M | -$140M | $251M |
| Net income | $200M | $359M | -$68.0M | $59.0M |
| EPS (diluted) | $2.69 | $3.82 | -$0.48 | — |
| Operating margin | 74.9% | 65.9% | -10.0% | 12.3% |
| Net margin | 24.2% | 41.7% | -4.9% | 2.9% |
| Revenue growth | — | +4.0% | +62.0% | — |
| Cash + short-term investments | $26.0M | $27.0M | $13.0M | — |
| Total debt | — | $1.08B | $2.19B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 276.1x · P/E ex non-operating (est.) ≈133.8x · P/S 8.0x · EV/Sales 8.8x · P/B 3.2x · Earnings yield 0.36% · Dividend yield (paid, TTM) 2.46% · Net debt $1.60B · EV $17.9B
P/E at fiscal year-ends: Dec 2024 12.8x, Dec 2023 11.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold VNOM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 4.25% | $161M | Unchanged |

## Analysts
Consensus Buy (mean 1.67 on a 1–5 scale), 21 analysts; mean target USD 55.3 (low 45, high 65).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | Scotiabank | Initiated | Sector Outperform | $54 |
| 2026-10-15 | Morgan Stanley | Target raised | Overweight | $46 → $47 |
| 2026-10-14 | Truist Securities | Target raised | Buy | $52 → $53 |
| 2026-10-09 | Citigroup | Target lowered | Buy | $57 → $52 |
| 2026-10-09 | RBC Capital | Target raised | Outperform | $55 → $57 |
| 2026-09-03 | Seaport Global | Initiated | Buy | $54 |
| 2026-08-17 | Barclays | Target lowered | Overweight | $60 → $58 |
| 2026-08-04 | Mizuho | Target lowered | Outperform | $58 → $56 |
| 2026-07-20 | Truist Securities | Target lowered | Buy | $58 → $52 |
| 2026-06-29 | Morgan Stanley | Target lowered | Overweight | $49 → $46 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +26.4% | +159.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +26.5% | +20.9% |
| Volatility (annualized) | 28.2% | 36.1% |
| Max drawdown | -19.4% (May 2026→Jul 2026) | -33.4% (Nov 2024→Jul 2025) |

## Peers (Oil & Gas Midstream)
PAA (Plains All American Pipeline, L) USD 25.9 +0.04% · WES (Western Midstream Partners, LP) USD 44.46 -0.27% · DTM (DT Midstream, Inc.) USD 123.4 -0.87% · FRO (Frontline Plc) USD 51.22 -0.14% · AM (Antero Midstream Corporation) USD 20.61 -0.67% · KNTK (Kinetik Holdings Inc.) USD 54.64 -1.89%

## More
Full page: https://nexqual.com/VNOM · 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 VNOM's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/2074176/000207417626000010/vnom-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | General | "References to the "General Partner" refer to Viper Energy Partners GP LLC, our general partner prior to the Conversion." |
| Partner | Viper Energy Partners GP | "References to the "General Partner" refer to Viper Energy Partners GP LLC, our general partner prior to the Conversion." |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Solaris Energy Infrastructure, Inc. (SEI) | 10-K 2026-02-27 | "Since March 2023, Ms. Argo has served on the board of directors of Viper Energy, Inc. (NASDAQ: VNOM) ("Viper") (prior to Viper's conversion from a limited partnership to a corporation, Ms. Argo served…" |
| partner | Diamondback Energy, Inc. (FANG) | 10-K 2026-02-25 | "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 …" |
| partner | ProPetro Holding Corp. (PUMP) | 10-K 2026-02-19 | "He currently serves on the boards of Viper Energy, Inc. and CES Energy Solutions Corp and is a partner at Geneses Investments." |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Oil income | $582.0M | 88.4% | +141.5% |
| Natural gas liquids income | $75.0M | 11.4% | +108.3% |
| Natural gas income | $1.0M | 0.2% | -90.0% |
| Total revenue | $658.0M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 55%, 14% of revenue from unnamed direct customers (10-K, filed 2026-02-25).

## Company outlook (8-K filed 2026-08-03)

- "This increased base dividend, which would imply a 4.5% annualized yield at today's stock price, is expected to be fully protected down to approximately $30 per barrel WTI and will represent approximately 50% of cash available for distribution at $70 per barrel WTI."
- "Reflecting this momentum, we are increasing our full year 2026 production guidance while initiating third quarter guidance that implies continued growth in oil production per share driven by both organic and inorganic growth," said Kaes Van't Hof, Chief Executive Officer of Viper."
- "Our Board approved a 32% increase to our base dividend to $2.00 per Class A share annually, a level we expect to be fully protected down to approximately $30 per barrel WTI and which represents approximately 50% of cash available for distribution at $70 per barrel WTI."
- "The 1,798 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.66 | $0.63 | +5.5% | $609.0M | 16 |
| Next quarter (ends 2026-12-31) | $0.82 | $0.63 | +30.3% | $645.8M | 16 |
| Current fiscal year (ends 2026-12-31) | $2.71 | $2.63 | +3.2% | $2.44B | 16 |
| Next fiscal year (ends 2027-12-31) | $2.64 | $2.42 | +9.1% | $2.39B | 15 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±7.2%; last 4 reports averaged ±1.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 31.5% | ±7.2% |
| 2026-12-18 | 56 | 30.2% | ±9.4% |
| 2027-03-19 | 147 | 32.7% | ±16.5% |
| 2027-05-21 | 210 | 31.4% | ±18.8% |
| 2027-06-17 | 237 | 32.3% | ±20.3% |