Diamondback Energy, Inc.FANG
NasdaqGS•Energy•Oil & Gas E&P
Diamondback Energy, Inc., an independent oil and natural gas company, acquires, develops, explores, and exploits unconventional, onshore oil and natural gas reserves in the Permian Basin in West Texas, the United States. The company primarily focuses on the development of the Spraberry and Wolfcamp formations of the Midland Basin; and the Wolfcamp and Bone Spring formations of the Delaware Basin, both of which are part of the Permian Basin in West Texas and New Mexico. Diamondback Energy, Inc. was founded in 2007 and is headquartered in Midland, Texas.
Diamondback Energy, Inc. (FANG) reported trailing twelve months revenue of $15.22B as of March 2026, a 18.1% increase year-over-year. Quarterly revenue reached $4.24B, reflecting continued top-line momentum.
Diamondback Energy, Inc. generated $284.00M in TTM net income, with quarterly EBITDA of $1.41B. The operating margin contracted from 41.3% to 2.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (2.7%) and net margin (0.6%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 34.7% a year ago, reflecting increased costs or interest expense.
FANG trades at a P/E of 197.8x (a premium multiple) and a P/S of 3.7x. The price-to-book ratio of 1.5x reflects a moderate premium to book value.
The company generated $1.83B in free cash flow over the trailing twelve months, a 22.4% decrease year-over-year, indicating strong cash generation ability. The balance sheet shows $70.08B in total assets with $13.15B in long-term debt against $36.47B in stockholders equity for a debt-to-equity ratio of 0.4, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging 16.9%. The business may lack pricing power or face rising costs.'
ROE is positive at ~9.2% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~64.0% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins dropped 111.3% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
FCF covers net income by 10.5x on average — earnings are well-supported by cash generation.
D/E ratio is 0.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding increased 58.6% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation