Latest Ratios: P/E Ratio -86.7x · EV/EBITDA 14.4x · ROE -1.0%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.9B | $5.5B | $4.6B | $2.3B | $2.4B | $1.5B | $787M | $1.5B | $1.9B | $2.4B | $1.3B |
| Enterprise Value | $17.1B | $7.7B | $5.7B | $3.4B | $3.0B | $2.2B | $1.3B | $2.1B | $2.3B | $2.5B | $1.4B |
| P/E Ratio → | -86.71 | — | 12.85 | 11.67 | 15.89 | 25.07 | — | 32.88 | 12.96 | 21.80 | — |
| P/S Ratio | 11.10 | 4.09 | 5.36 | 2.82 | 2.78 | 2.89 | 3.15 | 5.11 | 6.46 | 14.16 | 16.80 |
| P/B Ratio | 0.57 | 0.53 | 1.18 | 0.81 | 1.04 | 0.65 | 0.42 | 0.71 | 1.51 | 2.66 | 2.43 |
| P/FCF | — | — | — | — | 3.78 | 56.19 | 6.01 | — | — | — | — |
| P/OCF | 14.19 | 5.23 | 7.44 | 3.65 | 3.44 | 4.75 | 4.00 | 6.44 | 7.63 | 17.49 | 19.37 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.71 | 6.59 | 4.09 | 3.42 | 4.35 | 5.30 | 7.07 | 7.81 | 14.56 | 18.20 |
| EV / EBITDA | 14.43 | 6.47 | 7.26 | 4.42 | 3.70 | 4.72 | 8.62 | 7.75 | 8.61 | 16.23 | 70.24 |
| EV / EBIT | 29.56 | 13.26 | 9.81 | 5.69 | 4.48 | 7.51 | — | 10.50 | 11.10 | 22.00 | — |
| EV / FCF | — | — | — | — | 4.66 | 84.61 | 10.11 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.9% | 47.9% | 68.0% | 76.2% | 79.5% | 73.1% | 51.8% | 67.4% | 73.0% | 70.3% | 55.3% |
| Operating Margin | 43.0% | 43.0% | 65.9% | 75.0% | 78.6% | 71.7% | 21.2% | 65.0% | 70.3% | 66.2% | -11.8% |
| Net Profit Margin | -5.1% | -5.1% | 41.8% | 24.2% | 17.5% | 11.5% | -77.1% | 15.5% | 49.9% | 64.8% | -13.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -1.0% | -1.0% | 10.6% | 7.7% | 6.7% | 2.8% | -9.6% | 2.7% | 13.4% | 15.3% | -2.1% |
| ROA | -0.8% | -0.8% | 7.9% | 5.8% | 5.1% | 2.1% | -7.3% | 2.1% | 10.8% | 13.2% | -1.8% |
| ROIC | 5.0% | 5.0% | 9.6% | 13.7% | 17.4% | 10.1% | 1.5% | 6.6% | 11.7% | 10.4% | -1.2% |
| ROCE | 6.6% | 6.6% | 12.6% | 18.1% | 23.0% | 13.3% | 2.0% | 8.8% | 15.3% | 13.6% | -1.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.21 | 0.21 | 0.28 | 0.38 | 0.25 | 0.35 | 0.30 | 0.27 | 0.33 | 0.10 | 0.22 |
| Debt / EBITDA | 1.84 | 1.84 | 1.39 | 1.41 | 0.72 | 1.67 | 3.62 | 2.16 | 1.57 | 0.61 | 5.88 |
| Net Debt / Equity | — | 0.21 | 0.27 | 0.37 | 0.24 | 0.33 | 0.29 | 0.27 | 0.31 | 0.08 | 0.20 |
| Net Debt / EBITDA | 1.83 | 1.83 | 1.35 | 1.38 | 0.70 | 1.59 | 3.50 | 2.15 | 1.48 | 0.45 | 5.43 |
| Debt / FCF | — | — | — | — | 0.88 | 28.42 | 4.10 | — | — | — | — |
| Interest Coverage | 6.03 | 6.03 | 7.82 | 12.55 | 16.56 | 8.58 | -0.54 | 9.52 | 14.66 | 35.97 | -3.44 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 3.72 | 3.72 | 4.89 | 4.32 | 5.41 | 4.54 | 1.20 | 5.41 | 10.83 | 9.85 | 10.88 |
| Quick Ratio | 3.72 | 3.72 | 4.89 | 4.32 | 5.41 | 4.54 | 1.20 | 5.41 | 10.83 | 9.85 | 10.88 |
| Cash Ratio | 0.12 | 0.12 | 0.55 | 0.78 | 0.83 | 1.61 | 0.43 | 0.27 | 3.77 | 4.30 | 4.28 |
| Asset Turnover | — | 0.11 | 0.17 | 0.21 | 0.30 | 0.17 | 0.10 | 0.11 | 0.17 | 0.17 | 0.12 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 94.91 | 77.45 | 49.81 | 37.37 | 51.18 | 50.03 | 84.12 | 53.50 | 65.55 | 62.32 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.5% | 6.0% | 4.8% | 14.0% | 17.3% | 12.1% | 13.7% | 15.8% | 13.6% | 5.4% | 4.9% |
| Payout Ratio | — | — | 61.1% | 162.3% | 274.9% | 304.8% | — | 519.2% | 176.1% | 117.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 7.8% | 8.6% | 6.3% | 4.0% | — | 3.0% | 7.7% | 4.6% | — |
| FCF Yield | — | — | — | — | 26.4% | 1.8% | 16.6% | — | — | — | — |
| Buyback Yield | 1.3% | 3.5% | 0.0% | 4.1% | 6.3% | 3.2% | 3.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.8% | 9.5% | 4.8% | 18.0% | 23.6% | 15.3% | 16.8% | 15.8% | 13.6% | 5.4% | 4.9% |
| Shares Outstanding | — | $143M | $94M | $74M | $76M | $68M | $68M | $62M | $72M | $104M | $83M |
Permian Basin concentration risk
According to recent market data, Viper Energy trades at a forward P/E of 16.17, which appears to incorporate a premium for its structural integration with Diamondback Energy compared to the broader, more diversified royalty peer group that often trades at lower multiples of expected future earnings.
The valuation premium suggests that investors prioritize the visibility of drilling activity provided by the parent operator over the potentially higher yields found in independent royalty peers. This pricing implies a market expectation of sustained production growth, though it leaves little room for error should the pace of Permian development decelerate.
Based on reported figures, ROIC has trended downward from 3.1% in 2023Q4 to 1.5% in 2026Q1, suggesting that the company's aggressive inorganic expansion strategy is currently outpacing the immediate cash-generating efficiency of the newly acquired mineral interests within the Permian Basin.
The compression in return on capital indicates that the capital deployed for acreage acquisitions has not yet reached full productivity. Investors should monitor whether these assets can achieve higher utilization rates as Diamondback and other operators increase well density on the newly acquired land.
As reported in financial statements, Viper Energy maintains a conservative D/E ratio of 0.15 as of 2026Q1, which demonstrates that the company has successfully avoided over-leveraging its balance sheet despite the significant capital requirements associated with its recent, large-scale inorganic growth initiatives in the Permian.
The low debt burden provides a significant buffer against commodity price volatility, allowing the company to maintain its distribution policy even during periods of lower cash flow. This fortress-like balance sheet structure appears to be a deliberate strategic choice to preserve optionality for future opportunistic acquisitions.
Based on an analysis of the business model, the P/E ratio is frequently misapplied to Viper Energy, as it fails to account for the significant non-cash depletion and derivative adjustments that frequently distort reported net income, thereby obscuring the true cash-generating capacity of the royalty assets.
Investors should instead focus on cash-based metrics such as EV/EBITDA or distributable cash flow, which better reflect the underlying economics of a mineral interest business. Relying on P/E may lead to an inaccurate assessment of the company's valuation, as it treats non-cash accounting charges as operational failures.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying VNOM stock.
Viper Energy, Inc.'s current P/E ratio is -86.7x. The historical average is 26.7x.
Viper Energy, Inc.'s current EV/EBITDA is 14.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
Viper Energy, Inc.'s return on equity (ROE) is -1.0%. The historical average is 5.0%.
Based on historical data, Viper Energy, Inc. is trading at a P/E of -86.7x. Compare with industry peers and growth rates for a complete picture.
Viper Energy, Inc.'s current dividend yield is 5.53%.
Viper Energy, Inc. has 47.9% gross margin and 43.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Viper Energy, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.