Viper Energy, Inc. (VNOM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1117.2%

-$469.05

vs $46.11 price

Levered DCF

$63.35

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.83

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-80.48×	12.85×	11.67×	15.9×	25.07×	-4.09×	32.88×	12.96×
P/B	1.24×	2.73×	2.29×	3.48×	1.79×	1.24×	1.64×	3.44×
P/S	4.09×	5.36×	2.82×	2.78×	2.89×	3.15×	5.11×	6.45×
EV / EBITDA	16.06×	7.16×	4.57×	3.78×	5.55×	16.03×	7.55×	8.6×
Gross margin	47.9%	68.0%	76.2%	79.5%	73.1%	51.8%	67.4%	73.0%
Operating margin	43.0%	65.9%	75.0%	78.6%	71.7%	21.2%	65.0%	70.3%
Net margin	-5.1%	41.8%	24.2%	17.5%	11.5%	-77.1%	15.5%	49.9%
Current ratio	3.72×	4.89×	4.32×	5.41×	4.54×	1.2×	5.41×	10.83×
Debt / equity	0.49×	0.64×	1.07×	0.84×	0.95×	0.88×	0.63×	0.76×
Interest coverage	6.03×	7.67×	13.09×	17.01×	10.62×	1.6×	9.18×	14.66×
Dividend yield	6.0%	10.3%	14.0%	17.3%	12.1%	13.7%	15.8%	13.6%
Payout ratio	-482.4%	131.9%	162.3%	274.9%	304.8%	-56.1%	519.2%	176.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.5%	21.3%	19.7%	22.0%	7.1%	-30.3%	5.0%	26.6%
Return on invested capital	4.2%	11.3%	14.4%	23.5%	11.9%	2.2%	7.0%	12.3%
Return on assets	-0.5%	7.1%	5.0%	5.2%	1.9%	-7.8%	1.7%	8.7%
Free cash flow yield	-24.9%	-1.7%	-11.6%	26.4%	1.8%	16.6%	-19.3%	-19.9%
Earnings yield	-1.2%	7.8%	8.6%	6.3%	4.0%	-24.5%	3.0%	7.7%
Enterprise value	$7.7B	$5.7B	$3.4B	$3B	$2.2B	$1.3B	$2.1B	$2.3B
Net debt / EBITDA	4.55×	1.33×	1.43×	0.71×	1.87×	6.5×	2.09×	1.48×
Cash conversion cycle (days)	95	77	50	35	51	50	84	53