FANG
Diamondback Energy, Inc.
FANG's fundamentals are mixed, but it looks expensive: trading at 25x earnings, more than twice its usual 10x. Analysts expect strong earnings growth, though they disagree widely on how much.
FANG Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Stable | |
| Strong | |
| Healthy |
FANG's revenue, cash flow and balance sheet are currently healthy, and its profitability is stable.
FANG PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.6x | $49.22 | -73% |
| Forward | 8x | $182 | — |
| Fair | 10x | $75.33 | -59% |
| Current | 25x | $182 | — |
| Expensive | 33x | $247 | +36% |
Historical ranges are pointers, not guarantees.
FANG's PE is in its expensive range at 25x. If earnings grow as analysts expect, today's price would be 8.0x next year's earnings, in its cheap range.
FANG Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| Low |
Analysts expect earnings and revenue growth for FANG, with profitability improving. However, they disagree widely on these estimates.
FANG Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $22.68 | +205% |
| Q3 2026 | $7.43 | -47% |
| Q2 2026 | $5.25 | -62% |
| Q1 2026 | $0.98 | -94% |
| Q4 2025 | $5.73 | -63% |
| Q3 2025 | $14.12 | -19% |
| Q2 2025 | $13.80 | -29% |
| Q1 2025 | $16.08 | -9.4% |
| Q4 2024 | $15.53 | -10% |
FANG's earnings per share have fallen from their peak: $7.43 over the past year, against $24.71 in late 2022.
FANG Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.4B | +38% |
| Q2 2026 | $5.6B | +51% |
| Q1 2026 | $4.2B | +4.7% |
| Q4 2025 | $3.4B | -9% |
| Q3 2025 | $3.9B | +48% |
| Q2 2025 | $3.7B | +48% |
| Q1 2025 | $4B | +82% |
| Q4 2024 | $3.7B | +67% |
FANG's revenue is growing: $5.4B last quarter, up 38% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 46% | +15 points |
| Q2 2026 | 45% | +14 points |
| Q1 2026 | 2.7% | -39 points |
| Q4 2025 | -82% | -121 points |
| Q3 2025 | 32% | +4.7 points |
| Q2 2025 | 31% | -16 points |
| Q1 2025 | 41% | -8.9 points |
| Q4 2024 | 38% | -16 points |
FANG's operating margin was 46% last quarter, up 15 points from the same quarter a year ago.
FANG Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +9.1% |
| Q2 2026 | $3.6B | +114% |
| Q1 2026 | $1.8B | -22% |
| Q4 2025 | $2.3B | +0.1% |
| Q3 2025 | $2.4B | +97% |
| Q2 2025 | $1.7B | +9.7% |
| Q1 2025 | $2.4B | +77% |
| Q4 2024 | $2.3B | +44% |
FANG's free cash flow has been positive every quarter for seven years: $10.4B over the past year, up 18% from the year before.
FANG Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -1.2M shares |
| 1 year | -3.1% | -8.9M shares |
| 3 years | +55% | +99.6M shares |
| 5 years | +54% | +98M shares |
| Available history | +71% | +116M shares |
FANG has 280M diluted shares, down 3.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2025 | $603M |
| Q2 2025 | $398M |
| Q1 2025 | $575M |
| Q4 2024 | $402M |
| Q3 2024 | $515M |
| Q2 2024 | — |
| Q1 2024 | $42M |
| Q4 2023 | $131M |
FANG Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.7x | Healthy |
| Q2 2026 | 1.9x | Healthy |
| Q1 2026 | 2.8x | Moderate |
| Q4 2025 | 2.3x | Moderate |
| Q3 2025 | 1.6x | Healthy |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 1.4x | Healthy |
| Q4 2024 | 1.8x | Healthy |
FANG's net debt is about 1.7 years of its operating earnings (EBITDA), about the same as a year ago.
FANG Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 45.8 | Neutral |
| Stochastic | 37.4 | Neutral |
FANG's weekly RSI is 46 (neutral) and its Stochastic is 37 (neutral).
FANG PE vs Energy Sector
| Metric | FANG | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 13x | 87% above |
| PE % | 80 | 61 | 19 pts above |
FANG is trading at 25x earnings, a 87% premium to the Energy sector's median of 13x.
FANG Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $193.3 | 5.7% below |
| 20 week MA | $195.0 | 6.6% below |
| 50 week MA | $184.4 | 1.2% below |
| 100 week MA | $165.9 | 9.8% above |
| 200 week MA | $165.6 | 10% above |
FANG has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 10% above its 200-week average.
FANG Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $90.8 | $48.3 | -47% |
| 2021 | $48.3 | $105.9 | +120% |
| 2022 | $105.9 | $137.0 | +29% |
| 2023 | $137.0 | $155.1 | +13% |
| 2024 | $155.1 | $158.3 | +2.1% |
| 2025 | $158.3 | $146.3 | -7.6% |
| 2026 YTD | $146.3 | $182.2 | +25% |
FANG's yearly returns have swung widely, from +120% in 2021 to −47% in 2020. It's up 25% so far in 2026.