FANGDiamondback Energy, Inc.
Crude Petroleum & Natural Gas
- Revenue
- $15.0B
- 36% YoY
- Operating margin
- 8.4%
- 79% YoY
- EBITDA
- $6.3B
- 13% YoY
- Market cap
- $59.5B
- Employees
- 1,762
- $9M revenue each
- Net debt / EBITDA
- 1.9×
- $12.2B net debt
- AI in 10-K
- 1.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo1 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo566% of net incomeCash flow under 80% of net income
- Dilutive SBCNo0% of revenueOver 10% of revenue
- Payouts exceed cash flowNo24% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo99% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$9M · 98th pctBottom quartile of its SIC industry
- Quiet on AINo1.2 per 10K words · 38th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$59.5B market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingYes−$9.5B netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $6.7B | $9.6B | $8.4B | $11.1B | $15.0B | 36% |
| Operating income | $4.0B | $6.5B | $4.6B | $4.4B | $1.3B | 71% |
| Net income | $2.3B | $4.6B | $3.3B | $3.7B | $1.5B | 58% |
| Operating cash flow | $3.9B | $6.3B | $5.9B | $6.4B | $8.8B | 37% |
| Stock-based comp | $51M | $55M | $54M | $65M | — | |
| Buybacks | $431M | $1.1B | $840M | $959M | — | |
| Dividends | $312M | $1.6B | $1.4B | $1.6B | $1.2B | 27% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Mar 29, 2024 | DEFM14A | Eclipse Merger Sub I, LLC | $8000000000.00 | 39.5% |
| Mar 19, 2024 | PREM14A | Endeavor Parent, LLC | $8000000000.00 | 39.5% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 17, 2026 | Greth Lyndal | SCHEDULE 13D/A | 23.2% | Passive |
| Jun 5, 2026 | Greth Lyndal | SCHEDULE 13D/A | 26.3% | Passive |
| Mar 16, 2026 | Greth Lyndal | SCHEDULE 13D/A | 29.9% | Passive |
| Feb 5, 2026 | Greth Lyndal | SCHEDULE 13D/A | 34.1% | Passive |
| Dec 2, 2025 | Greth Lyndal | SCHEDULE 13D/A | 34.8% | Passive |
| Aug 15, 2025 | Greth Lyndal | SCHEDULE 13D/A | 35.1% | Active |
| Sep 24, 2024 | Greth Lyndal | SC 13D/A | 3.9% | Passive |
| Sep 13, 2024 | Greth Lyndal | SC 13D | 4.4% | Active |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $9.5B · 97
- Net
- −$9.5B
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 384 | 270 |
| FY2024 | — | — | 407 | 284 |
| FY2023 | — | — | 369 | 313 |
| FY2022 | — | — | 308 | 323 |
| FY2021 | — | — | 227 | 189 |