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

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

Common Equity (Market Value): The common equity experienced fluctuations over the analyzed period. Starting at 12,286 million USD at the end of 2017, it increased notably to 17,308 million USD by the end of 2018. However, it decreased sharply to 9,415 million USD in 2019, followed by a moderate recovery in 2020 reaching 10,913 million USD. By the end of 2021, it surged significantly to 22,690 million USD, surpassing previous highs.
Total Equity: Total equity trends closely match common equity movements. Beginning at 12,613 million USD in 2017, total equity rose to 17,775 million USD in 2018 before declining to 11,072 million USD in 2019. It then increased modestly to 11,923 million USD in 2020 and experienced a strong rise to 23,847 million USD in 2021. This pattern indicates a recovery in shareholder value after the dip during 2019.
Total Equity and Debt: The combined total of equity and debt increased steadily over the period. It rose from 14,090 million USD in 2017 to 22,239 million USD in 2018, then declined to 16,443 million USD in 2019. A slight recovery followed in 2020 with 17,738 million USD, and a substantial increase was noted in 2021 reaching 30,534 million USD. This suggests an expansion in the company's overall capital structure, particularly in the last year analyzed.
Enterprise Value (EV): Enterprise value showed a similar trend to total equity and debt. Starting at 13,977 million USD in 2017, it increased to 22,025 million USD in 2018, then decreased to 16,315 million USD in 2019. It slightly improved to 17,630 million USD in 2020 and escalated significantly to 29,862 million USD by the end of 2021. This increase reflects growing market perception of the company's total value, coinciding with the rise in both equity and capital employed.

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Diamondback Energy Inc. (NASDAQ:FANG)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)