Diamondback Energy, Inc. (FANG)

Price—Loading quote

AI: Fair-priced

Price checkThe shares look fairly priced because strong cash returns depend heavily on elevated oil prices.

At $202.47, about 280.6 million shares imply a $56.8 billion market value. Diamondback reported $5.5 billion of 2025 free cash flow—cash left after running and investing in the business—equal to a 9.7% cash yield on that value. First-half 2026 free cash flow reached $4.0 billion, but unusually high second-quarter oil pricing boosted it. The price therefore appears to require sustainable annual free cash flow near $5.7 billion for a 10% yield: plausible, but not an obvious bargain for a cyclical producer.

Big pictureCash generation remains strong, but recent profits benefited from an exceptional oil-price surge.

Cash generation has been more durable than accounting profit, but both remain tied to commodity prices. Revenue rose from $11.1 billion in 2024 to $15.0 billion in 2025, while net income halved from $3.34 billion to $1.66 billion; operating cash flow nevertheless increased from $6.41 billion to $8.76 billion. In second-quarter 2026, realized oil was $96.82 a barrel and free cash flow reached $2.33 billion. That windfall should not be treated as steady-state earnings, especially because realized natural-gas pricing was negative $2.15 per thousand cubic feet.

Business strengthEfficient operations and falling debt help, though acquisition-era leverage still limits financial flexibility.

Diamondback’s scale and low costs support cash generation, while leverage is improving but still meaningful. June 2026 debt was $12.6 billion against $462 million cash; net debt fell $1.6 billion during the quarter, though current liabilities of $5.68 billion exceeded current assets of $2.65 billion. Shares jumped from 178.7 million in 2023 to 291.0 million after the Endeavor deal, then declined to 280.6 million. The $1.10 quarterly dividend and buybacks return cash, but Q2 repurchases were only $141 million as debt reduction took priority; the $16 billion authorization does not guarantee spending.

What could change the storyCheaper shares require lasting cash growth, while weaker oil could quickly expose today’s expectations.

The bull case is more output without more spending: 2026 guidance now calls for at least 522,000 oil barrels daily and over one million equivalent barrels daily, with capital spending unchanged near $3.9 billion. The bear case is oil normalizing after the supply shock while debt stays above $12 billion; gas bottlenecks also produced negative prices in Q2. Sustained free cash flow above $6 billion and net debt below $10 billion would make today’s price look cheap. Below roughly $4.5 billion, the present valuation would look demanding.

$202.47 price considered

AI: News

Second-quarter cash surgeHigh oil prices powered exceptional cash flow, while higher output guidance strengthened near-term expectations.

On August 3, 2026, Diamondback reported second-quarter free cash flow of $2.33 billion, average oil output of 525,000 barrels daily and adjusted earnings of $6.48 per diluted share. It raised full-year oil guidance to at least 522,000 barrels daily while holding spending near $3.9 billion. A market-data summary reported a 3.51% after-hours decline; attributing that move solely to earnings is uncertain, but investors may have weighed the oil-price windfall and flexible payout policy against the headline beat.

Large holder sells sharesA major holder sold a large block without diluting owners or adding company cash.

On June 4, 2026, SGF FANG Holdings sold 10 million existing Diamondback shares at $204.25 each, a $2.04 billion block, and retained about 74 million shares. Because the seller—not Diamondback—provided the stock, the deal did not issue new shares or raise company cash. The large placement increased tradable supply and highlighted a continuing overhang from the Endeavor seller; any short-term price effect cannot be separated cleanly from oil and broad-market moves.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$15.03B	$11.07B	$8.41B	$9.57B	$6.75B	$2.76B	$3.89B	$2.13B	$1.21B	$527.1M	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	$1.19B	$283.0M	$112.8M	$57.7M	$34.2M	$18.1M
Operating income	$1.27B	$4.40B	$4.57B	$6.51B	$4.00B	−$5.48B	$695.0M	$1.01B	$605.0M	−$68.6M	−$740.3M	$212.7M	$95.2M	$17.3M	$15.1M	$9.2M
EBITDAderived	$6.30B	$7.25B	$6.32B	$7.85B	$5.28B	−$4.17B	$2.15B	$1.63B	$932.0M	$109.4M	−$522.6M	$382.7M	$161.8M	$43.6M	$30.7M	$17.3M
Net income	$1.66B	$3.34B	$3.14B	$4.39B	$2.18B	−$4.52B	$240.0M	$846.0M	$482.0M	−$165.0M	−$550.6M	$193.8M	$54.6M	−$36.5M	−$386,000	$8.2M
Basic EPSper diluted share	$5.73	$15.53	$17.34	$24.61	$12.24	-$28.61	$1.47	$8.09	$4.95	-$2.20	-$8.74	$3.67	$1.30	—	—	—
Diluted EPSper diluted share	$5.73	$15.53	$17.34	$24.61	$12.24	-$28.61	$1.47	$8.06	$4.94	-$2.20	-$8.74	$3.64	$1.29	—	—	—

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys3$1.80M disclosed value

Sells (SEC code S)100$7.48B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4 · 10b5-1	Meloy Charles AlvinDirector	SellCommon Stock · indirect	4.0K	$187.68	$759.9K	851.5K
Jun 16, 2026Form 4 · 10b5-1	Meloy Charles AlvinDirector	SellCommon Stock · indirect	64.7K	$187.25	$12.12M	855.6K
Jun 16, 2026Form 4 · 10b5-1	Meloy Charles AlvinDirector	SellCommon Stock · indirect	14.5K	$186.37	$2.71M	920.3K
Jun 9, 2026Form 4	Plaumann Mark LawrenceDirector	SellCommon Stock	500	$196.50	$98.3K	13.4K
Jun 4, 2026Form 4	Dick Teresa L.CAO, Exec. VP, Assist. Sec.	SellCommon Stock	5.0K	$205.00	$1.02M	80.8K

Review ownership filings at SEC.gov ↗

Diamondback Energy, Inc. (FANG)

Financial charts

Financial statements

Insider buys & sells