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VNOM

Viper Energy, Inc.

VNOM

Viper Energy, Inc. • NASDAQ
$36.53 ▲ 1.33% (+0.48)
Market Cap $11.92 B
52w High $54.95
52w Low $34.71
Dividend Yield 2.08%
P/E 15.03
Volume 497.88K
Outstanding Shares 326.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $393M ▲ $10M ▲ $-77M ▼ -19.593% ▼ $-0.52 ▼ $-9M ▼
Q2-2025 $287M ▲ $7M ▲ $37M ▼ 12.892% ▼ $0.28 ▼ $230M ▼
Q1-2025 $245M ▲ $6M ▲ $75M ▼ 30.612% ▼ $0.62 ▼ $271M ▲
Q4-2024 $228.52M ▲ $4.417M ▲ $210.067M ▲ 91.925% ▲ $2.04 ▲ $214.063M ▲
Q3-2024 $209.408M $4.199M $48.917M 23.36% $0.52 $197.799M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $443M ▲ $13.688B ▲ $2.747B ▲ $4.62B ▲
Q2-2025 $28M ▼ $9.788B ▲ $1.177B ▲ $3.42B ▲
Q1-2025 $560M ▲ $6.238B ▲ $915M ▼ $2.674B ▲
Q4-2024 $26.851M ▼ $5.069B ▲ $1.162B ▲ $1.687B ▲
Q3-2024 $168.649M $4.206B $870.502M $1.401B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-77M ▼ $281M ▲ $-1.097B ▼ $1.231B ▲ $415M ▲ $-2.076B ▼
Q2-2025 $84M ▼ $172M ▼ $-774M ▼ $70M ▼ $-532M ▼ $-602M ▼
Q1-2025 $153M ▼ $201M ▲ $-486M ▼ $818M ▲ $533M ▲ $-285M ▼
Q4-2024 $210.067M ▲ $157.908M ▼ $-425.195M ▼ $125.489M ▼ $-141.798M ▼ $-267.282M ▼
Q3-2024 $109.045M $202.974M $-244.844M $175.308M $133.438M $-38.903M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Natural Gas Income
Natural Gas Income
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲
Natural Gas Liquids Income
Natural Gas Liquids Income
 $20.00M ▲$30.00M ▲$30.00M ▲$40.00M ▲
Oil Income
Oil Income
 $190.00M ▲$190.00M ▲$200.00M ▲$240.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Viper’s income statement shows a business that has matured into a steady, high‑margin royalty platform. Revenue has hovered in a relatively tight range over the last few years, but profitability has improved as the company scaled and integrated acquisitions. Operating and EBITDA margins are very strong, reflecting the asset‑light royalty model where others spend the drilling money and Viper collects a slice of the revenue. Net income has stayed positive since the downturn in 2020 and has stepped up meaningfully more recently, with earnings per share trending higher. The main swing factor remains commodity prices and production volumes on its acreage, not operating costs, which are comparatively small.

Balance Sheet

Balance Sheet The balance sheet has expanded significantly as Viper has added mineral and royalty assets, especially with recent acquisitions. Total assets have grown faster than in the past, while equity has also built up, suggesting retained value creation over time rather than pure debt‑funded growth. Debt levels have risen compared with several years ago but appear manageable relative to the asset base and cash generation. Cash on hand is modest, which is typical for a royalty business that doesn’t need large working capital, but it does mean careful liquidity management still matters. Overall, the balance sheet looks stronger and larger than a few years ago, but with more balance between growth and leverage now in play.

Cash Flow

Cash Flow Cash flow from operations is solid and consistently covers the lean day‑to‑day cost structure, underscoring how cash‑generative the royalty model is. Free cash flow, however, has been choppy because Viper has spent heavily on acquisitions and related investments in recent years. When investment spending is light, free cash flow is very healthy; when deal activity is high, free cash flow turns negative even though the underlying cash engine remains strong. The story here is not about cash flow weakness, but about timing: the company is choosing to reinvest aggressively during certain periods, which boosts scale and future royalties at the cost of near‑term free cash.

Competitive Edge

Competitive Edge Viper occupies a differentiated niche: it owns mineral and royalty interests rather than running drilling rigs. This gives it high margins, lower operating risk, and direct exposure to the Permian Basin, one of the most productive oil regions in the world. Its tight relationship with Diamondback Energy is a major edge, giving visibility into future drilling plans and a built‑in partner incentivized to develop Viper’s acreage. Scale has increased further with the Sitio Royalties deal, making Viper one of the larger mineral owners in its core area. Offsetting these strengths, the company is heavily tied to one basin and to the health and capital spending of its operators. It is also fully exposed to swings in oil and gas prices and to long‑term regulatory or energy‑transition pressures on fossil fuels.

Innovation and R&D

Innovation and R&D Viper’s “innovation” is mainly in its business and capital allocation model, not in traditional lab‑style R&D. The company has pioneered an asset‑light, royalty‑focused approach in the Permian, leaning on data, relationships, and financial engineering rather than drilling technology. Its edge comes from selecting and aggregating high‑quality mineral interests, structuring accretive deals, and using its scale and partnership with Diamondback to drive efficiency. Future innovation is likely to show up as better portfolio analytics, more disciplined and creative deal structures, automation in managing thousands of interests, and smart recycling of capital through acquisitions and divestitures, rather than new physical products.

Summary

Viper Energy looks like a scaled, high‑margin royalty business built on a concentrated bet on the Permian Basin and tight alignment with Diamondback Energy. The income statement highlights strong profitability and improving earnings, while the balance sheet shows a larger, more equity‑rich company that has used some leverage to accelerate growth. Cash flows from operations are steady and robust, even if free cash flow moves up and down with acquisition spending. Competitively, Viper’s asset‑light structure, deep Permian footprint, and operator relationships give it a clear edge, albeit with ongoing exposure to commodity cycles, basin concentration, and energy‑transition risk. Overall, the picture is of a cash‑generative royalty platform leaning heavily on disciplined acquisitions and capital returns rather than traditional drilling‑led growth.

NEWS

November 3, 2025 · 4:01 PM UTC

Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Third Quarter 2025 Financial and Operating Results; Announces Divestiture of Non-Permian Assets

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September 30, 2025 · 4:01 PM UTC

Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Schedules Third Quarter 2025 Conference Call for November 4, 2025

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