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Diamondback Energy

FANG on Nasdaq. Crude petroleum & natural gas. Market value $51.5bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Energy stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
12.6%very high

For every $100 of what the whole company costs, it produced $12.60 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
58.9×full

You pay 58.9 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
15.9%five-year median

Each dollar kept in the business earns 16 cents a year. Above 10 is good.

Quality score: 100 of 100. Price score: 49 of 100. Our list needs 70 on quality and 60 on price.

$184.08 a share, 34% above its 1-year low

Over the past year the price has ranged from $137.03 to $216.90.

Dividend: 2.2% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

2.5
4.4
3.2
3.5
5.2
6.5
2021202220232024202512 monthsto Jun '26
Revenue
$6.8bn$9.6bn$8.4bn$11.1bn$15.0bn
Operating margin
58.9%67.5%54.3%39.7%8.4%
Debt to equity
0.550.420.400.340.39
Shares outstanding
0.18bn0.18bn0.29bn0.29bn0.28bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)6 of 8 checks we could run
  • Profit backed by cash (accruals)No
  • Debt0.39× equity
  • Revenue growth, five yearsStrong, 39.8% a year
  • Buying back its own sharesNo, 59% more shares since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $5.6 billion last quarter, up 51% on a year ago.
  • Profit: $1.9 billion, up 169% on a year ago.
  • It keeps 6 cents of each $1 of sales as operating profit, down from 35 cents a year earlier.
  • Spare cash over the past 12 months: $6.5 billion, up from $4.2 billion.
  • 4% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $12.2 billion more than cash, down from $14.9 billion a year ago.
  • Sales grew on a year ago in 3 of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2.6bn
December 2024$3.7bn
March 2025$4.0bn
June 2025$3.7bn
September 2025$3.9bn
December 2025$3.4bn
March 2026$4.2bn
June 2026$5.6bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$659m
December 2024$1.1bn
March 2025$1.4bn
June 2025$699m
September 2025$1.0bn
December 2025-$1.5bn
March 2026$25m
June 2026$1.9bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
2 November 2026
Last annual report (10-K)
25 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

11 long-term investors we follow own it, unchanged from 11 last quarter. 1,192 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

3 investors own more than 5%.

  • SGF FANG Holdings, LP
    at least 23.2%−3.1 pts
    (filed with 1 related holder)
    Since 16 September 2026
    What they said

    Item 4 is hereby amended and supplemented to add the following: On September 16, 2026, SGF FANG sold an aggregate of 9,079,675 shares of Common Stock at a price of $205.26 per share pursuant to Rule 144 under the Securities Act of 1933, as amended (the "September 16, 2026…

    Read the filing
  • at least 5.8%
    (filed with 3 related holders)
    Since 30 June 2026
  • 5.2%
    Since 31 March 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026
  • Autry Stephens Management Trust
    Sold down below 5%
    Since 13 August 2025
    What they said

    Item 4 is hereby amended to delete the third paragraph in full and replace it with the following: The Endeavor Stockholders have nominated four directors to the Company's board of directors, in accordance with their rights under the Stockholders Agreement. Item 4 is hereby…

    Read the filing

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 10 sold $164m, $41m of it under preset trading plans.

  • Zmigrosky Matt
    EVP, Chief Legal and Admin Off
    Sold
    Date
    15 September 2026
    Shares
    1,326
    Price
    $212.56
    Value
    $281,848
  • Dick Teresa L.
    EVP Accounting, Assist. Sec.
    Sold
    Date
    15 September 2026
    Shares
    5,000
    Price
    $210.00
    Value
    $1m
  • Stice Travis D.
    Director
    Sold
    Date
    11 September 2026
    Shares
    75,000
    Price
    $204.31
    Value
    $15m
  • Plaumann Mark Lawrence
    Director
    Sold
    Date
    21 August 2026
    Shares
    1,000
    Price
    $210.58
    Value
    $210,577
  • Van't Hof Matthew Kaes
    Chief Executive Officer, Director
    Sold
    Date
    20 August 2026
    Shares
    10,000
    Price
    $214.66
    Value
    $2m
  • Wesson Daniel N
    Exec. VP & COO
    Sold
    Date
    20 August 2026
    Shares
    7,500
    Price
    $215.21
    Value
    $2m
  • Zmigrosky Matt
    EVP, Chief Legal and Admin Off
    Sold
    Date
    14 August 2026
    Shares
    2,500
    Price
    $202.77
    Value
    $506,930
  • Thompson Jere W III
    CFO, Executive VP
    Sold
    Date
    14 August 2026
    Shares
    500
    Price
    $204.14
    Value
    $102,070
  • Van't Hof Matthew Kaes
    Chief Executive Officer, Director
    Sold
    Date
    11 August 2026
    Shares
    5,000
    Price
    $202.46
    Value
    $1m
  • Meloy Charles Alvin
    Director
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    33,333
    Price
    $198.41
    Value
    $7m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 10 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 58.9× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.