Is the business good?
How good a business is FANG?
Diamondback Energy earns 1.7% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
1.7%
Return on invested capital · cost of capital 9.0% · 7.3 points below what the capital costs: growth destroys value
- Operating margin
- 6.3%
Operating margin · Oil & Gas E&P median 30% · 12 months to Q2 2026
- Share count, year on year
- −3.7%
Share count, year on year · bought back, each share owns more of the company
| Year | Operating margin |
|---|---|
| FY2020 | −195% |
| FY2021 | 59% |
| FY2022 | 67% |
| FY2023 | 54% |
| FY2024 | 40% |
| FY2025 | 8.4% |
Details›
- Operating margin12 months to Q2 2026
- 6.3%
- Net margin12 months to Q2 2026
- 8.6%
- Free cash flow margin
- 43%
- Revenue, trailing twelve months
- $17.1B
- Free cash flow, trailing twelve months
- $7.33B
- Net income, trailing twelve months
- $1.47B
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 1.7%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.