Diamondback Energy (FANG) stock
Energy · Oil & Gas Exploration & Production
Diamondback Energy (FANG) is an Oil & Gas Exploration & Production company in the Energy sector, headquartered in Midland, Texas. As of October 23, 2026, FANG closed at $205.75, a market capitalization of $57.61 billion, the 208th largest company in the S&P 500. Over the last twelve months it generated $16.25 billion in revenue (+52% year over year) and $3.68 billion in free cash flow. The stock trades at 40.0x trailing earnings and 9.8x forward earnings.
- 1-year total return: +43.2% (dividends reinvested)
- 5-year return: +18.4% a year
- 52-week range: $137.03 – $216.90
- Gross margin 72.4%, operating margin 48.5%
- Dividend yield: 2.14%
- FI Handbook report card: C+ across 10 metrics
- 14th largest of 21 Energy stocks in the S&P 500
FANG price chart
1Y price change: +39.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| FANG | +10.8% | +39.2% | +43.2% | +11.6% | +18.4% | +10.2% | +21.6% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 2012.
FANG key statistics
- Market cap
- $57.6B
- #208 in S&P 500
- P/E (TTM)
- 40.0x
- Forward P/E
- 9.8x
- EPS (TTM)
- $5.15
- Revenue (TTM)
- $16.2B
- +53%
- Free cash flow
- $3.7B
- Gross margin
- 72.4%
- Operating margin
- 48.5%
- Return on equity
- 3.5%
- Dividend yield
- 2.14%
- 52-week range
- $137.03 – $216.90
- Beta
- 0.54
- Price / sales
- 3.5x
- EV / EBITDA
- 6.4x
- Debt / equity
- 0.29x
- Employees
- 1,762
FANG report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth52.5%A
- Gross margin72.4%A
- Operating margin48.5%A
- FCF margin22.7%B
- Return on equity3.5%F
- Net debt / EBITDA1.0xC
- Forward P/E9.8xA
- PEG ratio10.1xF
- Shareholder yield2.1%C
- Share count change / yr12.8%F
Diamondback Energy financials
Revenue went from $527.1M in fiscal 2016 to $15.0B in fiscal 2025, growing 45.1% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $527.1M | $1.2B | $2.1B | $3.9B | $2.8B | $6.7B | $9.6B | $8.4B | $11.1B | $15.0B |
| Operating income | -$68.6M | $605.0M | $1.0B | $695.0M | -$5.5B | $4.0B | $6.5B | $4.6B | $4.4B | $1.3B |
| Net income | -$165.0M | $482.0M | $846.0M | $240.0M | -$4.5B | $2.2B | $4.4B | $3.1B | $3.3B | $1.7B |
| EPS (diluted) | $-2.20 | $4.94 | $8.06 | $1.47 | $-28.61 | $12.24 | $24.61 | $17.34 | $15.53 | $5.73 |
| Buybacks | — | $0 | $0 | $593.0M | $98.0M | $431.0M | $1.1B | $840.0M | $959.0M | — |
| Dividends paid | $0 | $0 | $37.0M | $112.0M | $236.0M | $312.0M | $1.6B | $1.4B | $1.6B | $1.2B |
| Diluted shares | 75.1M | 97.7M | 104.9M | 163.8M | 158.0M | 176.6M | 176.5M | 180.0M | 213.5M | 289.1M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into FANG?
A reverse DCF asks what growth the current price requires. With an enterprise value of $69.8B and $3.7B of trailing free cash flow, Diamondback Energy needs to grow free cash flow about 9.2% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 35.9x vs. median 11.5x (10th–90th percentile 6.3x–31.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
FANG dividend
- Dividend yield
- 2.14%
- Annual dividend
- $4.40
- Years of increases
- —
- 5-yr dividend growth
- 21.7%
- per year
- Payout ratio
- 79%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
FANG analyst price targets
29 analysts' average 12-month target is $238.24 (+16% vs. $205.75). Targets range from $213.00 to $287.00. 84% rate it a buy.
FANG earnings
Next report: November 2, 2026. Diamondback Energy has beaten EPS estimates 2 quarters in a row. Last quarter's revenue was $5.5B (+51% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 3, 2026 | $5.98 | $6.48 | +8.3% |
| May 4, 2026 | $3.75 | $4.23 | +12.8% |
| Feb 23, 2026 | $2.00 | $1.74 | -13.2% |
| Nov 3, 2025 | $2.94 | $3.08 | +4.6% |
| Aug 4, 2025 | $2.72 | $2.67 | -2.0% |
| May 5, 2025 | $4.20 | $4.54 | +8.1% |
| Feb 24, 2025 | $3.38 | $3.64 | +7.5% |
| Nov 4, 2024 | $3.92 | $3.38 | -13.9% |
Stocks like FANG
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 COP ConocoPhillips | +3.55% | +73% | $181.2B | 20.0x | Compare |
 EOG EOG Resources | +3.21% | +56% | $85.5B | 12.7x | Compare |
 OXY Occidental Petroleum Corporatio | +2.67% | +53% | $64.1B | 18.2x | Compare |
 DVN Devon Energy | +4.49% | +58% | $56.5B | 11.2x | Compare |
 EQT EQT | +1.76% | +5% | $34.8B | 12.9x | Compare |
 TPL Texas Pacific Land | +1.38% | +9% | $23.3B | 43.1x | Compare |
 EXE Expand Energy | +0.29% | -9% | $21.6B | 8.0x | Compare |
 APA APA | +4.98% | +117% | $18.2B | 11.0x | Compare |
FANG news
- Oil Stocks Rally as WTI Crude Price Tops $103: Devon Energy and Diamondback Energy Gain 5%, Occidental Petroleum Rises 3% · Oct 23, 2026
- Diamondback Energy (FANG) Declines More Than Market: Some Information for Investors · Oct 22, 2026
- U.S. shale E&P stocks Q2 highlights: Diamondback Energy (NASDAQ:FANG) · Oct 22, 2026
- Are You Looking for a Top Momentum Pick? Why Diamondback Energy (FANG) is a Great Choice · Oct 20, 2026
- The Zacks Analyst Blog Highlights EOG Resources, ExxonMobil, Diamondback Energy and Chevron · Oct 20, 2026
FANG stock FAQ
What is FANG's market cap?
Diamondback Energy's market capitalization is $57.61 billion as of October 23, 2026, ranking 208th in the S&P 500.
What is FANG's P/E ratio?
FANG trades at a trailing price-to-earnings ratio of 40.0x and a forward P/E of 9.8x. Its median P/E over the period we track is 11.5x.
Does FANG pay a dividend?
Yes. Diamondback Energy pays $4.40 per share a year, a 2.14% yield. Dividends grew 21.7% a year over the last five years.
How much has FANG stock returned?
Including reinvested dividends, FANG returned +43.2% over one year, +18.4% a year over five years, +10.2% a year over ten years through October 23, 2026.
Is FANG stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Diamondback Energy must grow free cash flow about 9% a year for the next decade. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
What is the FANG price target?
29 analysts cover FANG with an average 12-month price target of $238.24, +16% from the current price. 84% of them rate it a buy.
When does FANG report earnings?
Diamondback Energy is expected to report earnings on November 2, 2026. It has beaten EPS estimates 2 quarters in a row.
How many employees does Diamondback Energy have?
Diamondback Energy has about 1,762 full-time employees, or $9.2 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology