Name: Diamondback Energy Inc. (NASDAQ:FANG) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Diamondback Energy Inc., current enterprise value calculation

Current share price (P)	$163.55
No. shares of common stock outstanding	175,998,577
US$ in millions
Common equity (market value)¹	28,785)
Add: Non-controlling interest (per books)	1,157)
Total equity	29,942)
Add: Current maturities of long-term debt (per books)	45)
Add: Long-term debt, excluding current maturities (per books)	6,642)
Total equity and debt	36,629)
Less: Cash and cash equivalents	654)
Less: Restricted cash	18)
Enterprise value (EV)	35,957)

Based on: 10-K (reporting date: 2021-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 163.55 × 175,998,577

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Diamondback Energy Inc., EV calculation

	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018	Dec 31, 2017
Share price^1, 2	$127.89	$69.06	$59.48	$105.29	$125.15
No. shares of common stock outstanding¹	177,414,969	158,015,647	158,284,486	164,381,522	98,167,289
US$ in millions
Common equity (market value)³	22,690)	10,913)	9,415)	17,308)	12,286)
Add: Non-controlling interest (book value)	1,157)	1,010)	1,657)	467)	327)
Total equity	23,847)	11,923)	11,072)	17,775)	12,613)
Add: Current maturities of long-term debt (book value)	45)	191)	—)	—)	—)
Add: Long-term debt, excluding current maturities (book value)	6,642)	5,624)	5,371)	4,464)	1,477)
Total equity and debt	30,534)	17,738)	16,443)	22,239)	14,090)
Less: Cash and cash equivalents	654)	104)	123)	215)	112)
Less: Restricted cash	18)	4)	5)	—)	—)
Enterprise value (EV)	29,862)	17,630)	16,315)	22,025)	13,977)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Diamondback Energy Inc. Annual Report.

³ 2021 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 127.89 × 177,414,969

The financial trajectory from 2017 to 2021 is characterized by significant volatility in Enterprise Value (EV), reflecting fluctuations in both market valuation and the total capital structure. The EV experienced a general upward trend over the five-year period, starting at 13,977 million USD in 2017 and reaching a peak of 29,862 million USD by December 31, 2021.

Enterprise Value Fluctuations: A period of growth is observed between 2017 and 2018, with EV increasing to 22,025 million USD. This was followed by a notable contraction in 2019, where the value decreased to 16,315 million USD. A recovery phase began in 2020, culminating in a sharp increase in 2021, where EV grew by approximately 69% relative to the previous year.
Correlation with Market Equity: There is a strong positive correlation between the market value of common equity and the total Enterprise Value. The decline in market equity from 17,308 million USD in 2018 to 9,415 million USD in 2019 aligns with the simultaneous drop in EV. The subsequent recovery in market value to 22,690 million USD in 2021 acted as a primary driver for the overall expansion of the enterprise valuation.
Capital Structure Analysis: Total equity and debt figures closely mirror the movements of the Enterprise Value. Total equity and debt grew from 14,090 million USD in 2017 to 30,534 million USD in 2021. The close proximity between the total equity and debt figure and the Enterprise Value suggests that the valuation is heavily influenced by the combined weight of the entity's debt obligations and its equity base.

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Diamondback Energy Inc. (NASDAQ:FANG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)