At a glance
Diamondback Energy Inc is worth $55.93B, about 35 times its fiscal 2025 earnings. Revenue grew 35.8% to $15.03B in fiscal 2025, with 11.1% kept as profit; over 5 years it has grown 39.8% a year. It pays a 2.13% dividend yield, and returned $9.39B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +42.8% over the past year with dividends reinvested and +16.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 80.3% in the 2020 crash (S&P 500: 33.7%) and 33.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 4 months after the lows.
The business in plain English
Diamondback Energy is an independent oil and natural gas producer. Its wells sit in the Permian Basin of West Texas and New Mexico, one of the major producing regions in the United States. It mainly drills horizontal wells, which turn sideways to follow a layer of rock, in the Midland Basin and the smaller Delaware Basin. As of December 31, 2025, 774,645 of its 869,036 net acres (its ownership share of the land it holds) were in the Midland Basin. It operates about 97% of that acreage.
The company reports one segment, upstream: it finds and pumps oil and gas but does not refine it. It earns money by selling that output, so revenue rises and falls with energy prices. For the year ended December 31, 2025, revenue was $15.0 billion. Oil sales made up 77.3%, natural gas liquids such as propane 9.5%, and natural gas 2.7%. Another 9.8% came from reselling oil bought from others.
As of December 31, 2025, Diamondback also owned about 42% of Viper, a separately listed subsidiary that holds mineral interests, mostly in the Permian Basin. Mineral owners collect a share of production without paying drilling costs. The main drawback is concentration: nearly all production comes from one region, so local weather, pipeline limits or water-disposal rules can hit results hard.
Price history
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FANG +42.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Oil sales | $11.62B | 77.3% |
| Sales of purchased oil | $1.48B | 9.8% |
| Natural gas liquid sales | $1.43B | 9.5% |
| Natural gas sales | $400.0M | 2.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $5.56B, up 51.2% from a year earlier, and net income was $1.88B (+169.2%).
- For fiscal 2025, revenue was $15.03B (+35.8% year over year; +39.8% a year from FY2020 to FY2025) with a 11.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +39.8% good |
|---|---|
| Operating margin | 8.4% watch |
| Return on equity (FY2025) | 4.5% weak |
| Return on assets (FY2025) | 2.3% weak |
| Net cash (cash minus debt) | $-10.60B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.81B | $-4.52B | — |
| FY2021 | $6.80B | $2.18B | — |
| FY2022 | $9.64B | $4.39B | — |
| FY2023 | $8.41B | $3.14B | — |
| FY2024 | $11.07B | $3.34B | — |
| FY2025 | $15.03B | $1.66B | — |
Valuation snapshot
| Market value | $55.93B |
|---|---|
| P/E ratio | 34.9 |
| Dividend yield | 2.13% |
Rank among 1514 US companies
Market value at each year end
Diamondback Energy’s market value went from $7.89B at the end of 2016 to $55.93B on Nov 2, 2026, about 7.1 times as much; since the end of 2025 it is up 30%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $55.93B | +29.9% |
| 2025 | $43.07B | -10.0% |
| 2024 | $47.84B | +72.3% |
| 2023 | $27.76B | +15.3% |
| 2022 | $24.07B | +23.2% |
| 2021 | $19.54B | +155.6% |
| 2020 | $7.65B | -48.7% |
| 2019 | $14.90B | +58.7% |
| 2018 | $9.39B | -24.3% |
| 2017 | $12.39B | +57.1% |
| 2016 | $7.89B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FANG price data to Nov 2, 2026 | +35.1% | +42.8% | +11.0% | +16.6% | +11.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +35.1% |
| 2025 | -5.6% |
| 2024 | +10.4% |
| 2023 | +19.6% |
| 2022 | +35.5% |
| 2021 | +127.4% |
| 2020 | -46.0% |
| 2019 | +0.9% |
| 2018 | -26.3% |
| 2017 | +24.9% |
| 2016 | +51.1% |
| 2015 | +11.9% |
| 2014 | +13.0% |
| 2013 | +176.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 74.2% over that stretch · deepest drop along the way 80.3%, back to its old high 11.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 33% over that stretch · deepest drop along the way 33.5%, back to its old high 3.6 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (24 read): 0 open-market purchases and 29 sales ($5.83B), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 4, 2026 | SGF FANG Holdings, LP 10% owner | sell | $2.04B |
| Sep 16, 2026 | SGF FANG Holdings, LP 10% owner | sell | $1.86B |
| Sep 16, 2026 | SGF FANG Holdings, LP 10% owner | sell | $1.86B |
| Sep 11, 2026 | Travis D. Stice Director | sell | $15.3M |
| Jun 16, 2026 | Charles Alvin Meloy Director | sell (plan) | $12.1M |
Who owns it
Large shareholders (13G filings)
| Wellington Management Group LLP | 5.8% | Jun 30, 2026 |
| Vanguard Capital Management | 5.21% | Mar 31, 2026 |
ETFs with the most weight in FANG
| OILT Texas Capital Texas Oil Index ETF | 8.36% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 4.36% |
| IEO iShares U.S. Oil & Gas Exploration & Production ETF | 4.35% |
| FCG First Trust Natural Gas ETF | 4.03% |
| FTXN First Trust Nasdaq Oil & Gas ETF | 3.65% |
| MDPL Monarch Dividend Plus ETF | 3.59% |
| FXN First Trust Energy AlphaDEX Fund | 3.22% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 3.16% |
What could go wrong
- Concentrated in a single oil region. Its producing properties are in the Permian Basin of West Texas, with a large share of reserves in a few rock layers. A regional storm, rule change or pipeline outage could hit the whole company.
- Water supply and earthquake-related disposal limits. Its operations depend heavily on water, and wells also bring up "produced water" that must be disposed of. Regulators have limited Permian disposal wells to curb earthquakes, which could raise operating costs.
- Former Endeavor owners have significant influence. After Diamondback acquired Endeavor Energy Resources, Endeavor's former owners gained the ability to significantly influence the company. Their interests may differ from those of other shareholders.
- A heavy debt load. Total debt was about $11.1 billion against $462 million of cash and investments as of June 30, 2026. High debt limits flexibility, and a credit rating downgrade could raise borrowing costs.
- Results hinge on oil prices. Oil sales made up 77% of fiscal 2025 revenue. Falling prices cut cash flow, profits and reserve values. Its hedges, contracts meant to cushion price drops, can lose money and limit gains when prices rise.
- Dividends can shrink, and have. The board sets base and variable dividends and buybacks at its discretion. Dividends per share fell from $11.31 in fiscal 2022 to $8.29 in fiscal 2024 and $4 in fiscal 2025.
Recent events
- Quarterly results released
- Quarterly results released
- Major agreement signed; Executive or board change
- Quarterly results released
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Executive or board change; Shareholder vote results
- Quarterly results released
- Quarterly results released
- Other company announcement
For income and retirement investors
Diamondback pays a dividend but does not raise it every year. Dividends per share rose from $1.53 in fiscal 2020 to $11.31 in fiscal 2022, then fell to $4 in fiscal 2025. The board sets base and variable dividends at its discretion, so income can shrink. Dividends took 69.5% of fiscal 2025 earnings, and the yield was 2.06% as of October 28, 2026. The company aims to return at least half of its quarterly adjusted free cash flow to shareholders. That is roughly the cash left after capital spending. Buybacks totaled about $3.3 billion over fiscal 2021–2024, yet the share count rose about 55% from October 2021 to July 2026.
In the 2020 COVID crash, the stock fell 80.3% in under a month and took about 11.5 months to recover. In the 2022 bear market it gained 33% while the broad market fell, despite a 33.5% drop that summer. A single stock like Diamondback carries more risk than a diversified fund.
Questions investors ask
How does Diamondback Energy make money?
Diamondback makes money by drilling for and selling oil and natural gas from the Permian Basin of West Texas and New Mexico. In the fiscal year ended December 31, 2025, revenue was $15.0 billion. Oil sales made up 77.3%, reselling oil bought from others 9.8%, natural gas liquids 9.5% and natural gas 2.7%. In the quarter ended June 30, 2026, revenue was $5.6 billion, up 51.2% from a year earlier.
Does Diamondback Energy raise its dividend every year?
No. Diamondback's dividend has risen and fallen. Dividends per share were $11.31 in fiscal 2022, $7.99 in fiscal 2023, $8.29 in fiscal 2024 and $4 in fiscal 2025. The board sets base and variable dividends at its discretion. Its 10-K annual report warns there is no guarantee of future payouts at expected levels. Dividends used 69.5% of fiscal 2025 earnings, and the yield was 2.06% as of October 28, 2026.
How much debt does Diamondback Energy have?
Diamondback had about $11.1 billion of total debt and $462 million of cash and investments as of June 30, 2026. That left roughly $10.6 billion more debt than cash. Total equity was $37.9 billion. In its 10-K, the company set a target of cutting net debt (debt minus cash) to $10.0 billion. In fiscal 2025 it sold about $1.7 billion of non-core assets, including its 27.5% stake in EPIC Crude Holdings. It used the proceeds to speed up debt repayment.
How has Diamondback Energy stock performed over the long term?
The share price has climbed over long periods, with deep drops along the way. As of October 28, 2026, it returned an average of 18.5% a year over five years and 11.2% a year over ten years, not counting dividends. It gained 49.6% in the 12 months to that date, but fell 5.62% in calendar 2025 and 45.98% in 2020. Its largest peak-to-trough drop over 14 years of trading history was 88.7%.
Which ETFs hold Diamondback Energy stock?
Diamondback is held by 234 ETFs. The funds giving it the largest weights include the Texas Capital Texas Oil Index ETF (OILT) at 8.36%, the Invesco S&P 500 Equal Weight Energy ETF (RSPG) at 4.36%, the iShares U.S. Oil & Gas Exploration & Production ETF (IEO) at 4.35% and the First Trust Natural Gas ETF (FCG) at 4.03%. Funds like these spread money across many energy companies. That softens the blow from any one company's problems but not from falling oil prices.