Viper Energy
Collects Permian oil and gas royalties without operating or funding wells.
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Profile
Owns Permian-centered mineral and royalty interests that generate revenue from oil, natural gas, and natural gas liquids without funding drilling or well operations. The single-segment business expands through acquisitions and Diamondback asset drop-downs, while operators control development and production.
Owns mineral and royalty interests tied to oil, natural gas, and natural gas liquids, with the portfolio concentrated in the Permian Basin. Revenue comes from contractual shares of production sold from those properties rather than from operating wells.
Expands its single business through Diamondback asset drop-downs and third-party acquisitions. The royalty model captures production income without funding drilling capital or lease operating costs, while Diamondback supplies all personnel under a services and secondment agreement.
Commodity prices shape royalty receipts and reserve values. Diamondback and other operators control development timing, drilling pace, completion design, and production, making operator activity a direct business dependency.
Company facts
Key statistics
Year to date +13.9% · Average volume (30d) 1.6M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 4, 2026 | Mizuho Securities | Target | $58 | $56 | |
| Aug 3, 2026 | Johnson Rice | Initiate | Accumulate | ||
| Jul 31, 2026 | Raymond James | Target | $61 | $57 | |
| Jul 15, 2026 | Roth Capital | Target | $54 | $52 | |
| Jun 29, 2026 | Morgan Stanley | Reiterate | Overweight | $49 | $46 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.76 | $0.76 | −0.5% | $643.5M | $677.0M | +5.2% | −3.09% |
| May 4, 2026Q1 FY26 | $0.43 | $0.55 | +27.9% | $499.8M | $511.0M | +2.2% | −1.92% |
| Feb 23, 2026Q4 FY25 | $0.29 | $0.31 | +6.7% | $422.8M | $435.0M | +2.9% | +1.18% |
| Aug 4, 2025Q2 FY25 | $0.34 | $0.41 | +20.6% | $344.1M | $393.0M | +14.2% | −0.16% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $245.0M | $287.0M | $393.0M | $422.0M | $496.0M | $658.0M | |
| Gross profit | $161.0M | $142.0M | $184.0M | $159.0M | $255.0M | $420.0M | |
| Operating income | $155.0M | $135.0M | $174.0M | $141.0M | $238.0M | $409.0M | |
| Net income | $75.0M | $37.0M | −$77.0M | −$103.0M | $97.0M | $142.0M | |
| Diluted EPS | $0.62 | $0.28 | −$0.52 | −$0.61 | $0.53 | $0.73 | |
| Gross margin | 65.7% | 49.5% | 46.8% | 37.7% | 51.4% | 63.8% | |
| Operating margin | 63.3% | 47.0% | 44.3% | 33.4% | 48.0% | 62.2% |
Fiscal years (4-quarter sums)FY21 $504.3M · FY22 $865.8M · FY23 $826.8M · FY24 $858.9M · FY25 $1.35B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $77.0M · Total debt $1.68B · Total assets $12.06B · Shareholders' equity $5.04B
Dividends
Raised for 2 straight years. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 13, 2026 | Aug 13 | Aug 20 | $0.67 | cut from $0.81 |
| May 14, 2026 | May 14 | May 21 | $0.68 | special dividend |
| Mar 5, 2026 | Mar 5 | Mar 12 | $0.52 | special dividend |
| Nov 13, 2025 | Nov 13 | Nov 20 | $0.58 | special dividend |
| Aug 14, 2025 | Aug 14 | Aug 21 | $0.53 | special dividend |
| May 15, 2025 | May 15 | May 22 | $0.57 | special dividend |
| Mar 6, 2025 | Mar 6 | Mar 13 | $0.65 | special dividend |
| Nov 14, 2024 | Nov 14 | Nov 21 | $0.61 | special dividend |
Ownership
Shares outstanding 360.03M · Float —
Float — provider float is below the insider stake.
The provider's float is smaller than the insider stake it should exclude, so it is not shown.
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Diamondback Energy, Inc. · 10 percent owner, other: Director by Deputization | 64.97M | 18.05% | Form 4 | Mar 23, 2026 |
| Capital World Investors | 26.47M | 7.35% | 13F | Aug 12, 2026 |
| BlackRock, Inc. | 19.23M | 5.34% | 13F | Aug 7, 2026 |
| Kimmeridge Energy Management Company, LLC | 15.68M | 4.36% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 9.07M | 2.52% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 19, 2026 | Diamondback Energy, Inc. | 10 percent owner, other: Director by Deputization | −510,071 | $45.69 |
| Mar 4, 2026 | Diamondback Energy, Inc. | 10 percent owner, other: Director by Deputization | −12,391,304 | $45.69 |
Peers
- Kimbell Royalty Partners
Listed royalty aggregator with broad Permian acquisition overlap
- Texas Pacific Land
Permian royalty heavyweight with a large land and water platform
- Black Stone Minerals
Large U.S. mineral owner overlapping in royalties and acquisitions
- Dorchester Minerals
Listed royalty partnership with Permian and national overlap
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Viper Energy | $44.18 | 0.00% | $15.91B | 339.8 | 18.6 | 8.1 | +135.9% |
| Kimbell Royalty Partners | $15.46 | +3.85% | $1.47B | 22.8 | 14.7 | 4.0 | +30.0% |
| Texas Pacific Land | $363.30 | −0.29% | $25.13B | 46.5 | 39.3 | 28.0 | +31.2% |
| Black Stone Minerals | $14.75 | 0.00% | $3.13B | 12.2 | 14.1 | 6.5 | +39.6% |
| Dorchester Minerals | $28.58 | −0.51% | $1.38B | 15.8 | — | 7.2 | +73.1% |
| Median | 19.3 | 14.7 | 6.8 | +35.4% |