Recent News
On July 1, 2026 Viper closed the Riverbend acquisition, adding mineral and royalty interests acquired for approximately $339 million in cash and equity consideration. On June 12, 2026 the company and affiliates executed a first amendment to the credit agreement with its lending group. On August 3, 2026 the company announced a definitive agreement to acquire approximately 933 net royalty acres from Diamondback in exchange for roughly 3.7 million operating-sub company units and concurrent Class B common stock, and also disclosed second-quarter operational results and a decision to increase the annual base dividend beginning in the third quarter of 2026. Rating commentary from S&P Global reflected upgraded forward outlooks tied to the pro forma scale gains from these transactions.
Technical Analysis
Directional indicators present a bearish tilt with limited conviction: ADX at 16.02 signals no established trend, but DI+ at 26.62 decreasing and DI- at 19.83 showing a dip-and-reverse both point toward recent downside pressure; together these imply a bearish bias lacking strong trend strength, which tempers any immediate valuation-driven breakout potential.
MACD sits at 0.40 with the signal line at 0.29; the MACD currently sits above its signal line (a recent bullish crossover), yet the MACD trend shows a peak-and-reversal, indicating momentum has turned toward contraction—this contrast suggests a short-lived bullish crossover that may fade unless momentum re-accelerates, limiting confirmation of value-based upside.
MRO reads 9.61 and indicates the current price sits above the model target; a positive, low-magnitude MRO implies modest downward pressure toward fair value in the near term and reduces the probability of sustained upside without renewed catalytic momentum.
RSI at 50.07 with a peak-and-reversal pattern places the stock in neutral territory while signaling a loss of short-term upward momentum; this neutral RSI aligns with the weak ADX and suggests range-bound action unless directional indicators reassert themselves.
Price vs moving averages shows the close at $44.39, below the 20-day average ($44.59) but above the 50-day ($43.30) and 200-day ($42.81) averages; the 12-day EMA peaked and reversed, reinforcing short-term momentum weakening. Bollinger band width remains tight (upper ~$45.20, lower ~$43.97), implying limited near-term volatility and a sideways bias unless volume returns above recent averages—the 10-, 50- and 200-day volume averages exceed current session volume, signifying muted conviction behind recent moves.
Fundamental Analysis
Revenue and margin dynamics support a high-quality cash profile. Total revenue reached $673,000,000 with YoY revenue growth of 49.37% and QoQ revenue growth of 78.69%, reflecting rapid top-line expansion from recent asset additions. Gross profit totaled $435,000,000 and operating income $428,000,000, producing an operating margin of 63.596% and an EBIT margin of 63.447%—both well above the industry peer mean (EBIT margin mean ~23.60% and median ~17.82%), indicating materially stronger profitability on current assets and pricing.
Earnings per share delivered $0.76 versus an estimate of $0.80, an EPS surprise ratio of -5.00%, and an EPS difference of -$0.04. Free cash flow reached $384,000,000, with a free cash flow yield of 2.44%; free cash flow growth shows a recent negative YoY movement, indicating FCF expansion despite rate-of-change softness. Operating cash flow totaled $487,000,000 and cash conversion remains healthy, with a cash-flow-to-earnings multiple of 2.70.
Balance sheet and leverage metrics show conservative long-term leverage: total debt $1,678,000,000, net debt $1,601,000,000, debt-to-EBITDA at 2.70 and interest coverage near 17.79x, reflecting ample coverage and manageable serviceability. Current ratio at 6.37 and cash plus short-term investments of $77,000,000 provide working capital cushion; the capital structure produces a debt-to-equity of 0.33 and debt-to-assets of 13.92%.
Market multiples place valuation above peer central tendencies. Price-to-earnings at 58.06 exceeds the industry peer mean of ~28.90 and median of ~24.81; price-to-book at 3.12 sits above the industry peer mean (~2.19) and median (~2.34); price-to-sales at 23.35 surpasses the industry peer high (~20.08). Forward PE at 73.84 also sits notably above the peer mean. These elevated multiples underpin WMDST’s assessment: the current valuation as determined by WMDST classifies the stock as over-valued.
Dividend profile and shareholder cash returns show a dividend rate of $0.71595 and a dividend yield of 1.62%, with dividends paid of $255,000,000; dividend coverage sits at 0.56 and payout ratio at 179.58%, indicating distributions rely materially on cash generation assumptions and asset monetization cadence rather than purely on trailing EPS coverage.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-08-03 |
| NEXT REPORT DATE: | 2026-11-02 |
| CASH FLOW | Begin Period Cash Flow | $ 28.0 M |
| Operating Cash Flow | $ 487.0 M | |
| Capital Expenditures | $ -103.00 M | |
| Change In Working Capital | $ -67.00 M | |
| Dividends Paid | $ -255.00 M | |
| Cash Flow Delta | $ 49.0 M | |
| End Period Cash Flow | $ 77.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 673.0 M | |
| Forward Revenue | $ 262.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 238.0 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 245.0 M | |
| PROFITABILITY | ||
| Gross Profit | $ 435.0 M | |
| EBITDA | $ 622.0 M | |
| EBIT | $ 427.0 M | |
| Operating Income | $ 428.0 M | |
| Interest Income | — | |
| Interest Expense | $ 24.0 M | |
| Net Interest Income | $ -24.00 M | |
| Income Before Tax | $ 403.0 M | |
| Tax Provision | $ 72.0 M | |
| Tax Rate | 17.866 % | |
| Net Income | $ 142.0 M | |
| Net Income From Continuing Operations | $ 331.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.80 | |
| EPS Actual | $ 0.76 | |
| EPS Difference | $ -0.04 | |
| EPS Surprise | -5.0 % | |
| Forward EPS | $ 0.62 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 12.1 B | |
| Intangible Assets | — | |
| Net Tangible Assets | $ 5.0 B | |
| Total Current Assets | $ 580.0 M | |
| Cash and Short-Term Investments | $ 77.0 M | |
| Cash | $ 77.0 M | |
| Net Receivables | $ 488.0 M | |
| Inventory | — | |
| Long-Term Investments | $ 46.0 M | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 91.0 M | |
| Net Debt | $ 1.6 B | |
| Total Debt | $ 1.7 B | |
| Total Liabilities | $ 1.8 B | |
| EQUITY | ||
| Total Equity | $ 5.0 B | |
| Retained Earnings | $ -273.00 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 14.14 | |
| Shares Outstanding | 356.172 M | |
| Revenue Per-Share | $ 1.89 | |
| VALUATION | Market Capitalization | $ 15.7 B |
| Enterprise Value | $ 17.3 B | |
| Enterprise Multiple | 27.841 | |
| Enterprise Multiple QoQ | 27.571 % | |
| Enterprise Multiple YoY | 4.704 % | |
| Enterprise Multiple IPRWA | high: 49.871 VNOM: 27.841 mean: 24.56 median: 22.506 low: 5.198 |
|
| EV/R | 25.731 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.394 | |
| Asset To Liability | 6.799 | |
| Debt To Capital | 0.25 | |
| Debt To Assets | 0.139 | |
| Debt To Assets QoQ | 4.622 % | |
| Debt To Assets YoY | 24.086 % | |
| Debt To Assets IPRWA | high: 0.637 mean: 0.192 median: 0.192 VNOM: 0.139 low: 0.011 |
|
| Debt To Equity | 0.333 | |
| Debt To Equity QoQ | 6.323 % | |
| Debt To Equity YoY | 3.806 % | |
| Debt To Equity IPRWA | high: 1.74 mean: 0.542 median: 0.404 VNOM: 0.333 low: 0.012 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 3.121 | |
| Price To Book QoQ | 81.124 % | |
| Price To Book YoY | 111.566 % | |
| Price To Book IPRWA | high: 4.654 VNOM: 3.121 median: 2.337 mean: 2.192 low: 0.434 |
|
| Price To Earnings (P/E) | 58.059 | |
| Price To Earnings QoQ | -32.156 % | |
| Price To Earnings YoY | -39.337 % | |
| Price To Earnings IPRWA | high: 87.244 VNOM: 58.059 mean: 28.896 median: 24.813 low: 1.626 |
|
| PE/G Ratio | 1.521 | |
| Price To Sales (P/S) | 23.352 | |
| Price To Sales QoQ | 35.4 % | |
| Price To Sales YoY | 37.455 % | |
| Price To Sales IPRWA | VNOM: 23.352 high: 20.082 mean: 6.315 median: 5.359 low: 0.502 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 73.844 | |
| Forward PE/G | 1.934 | |
| Forward P/S | 61.133 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.834 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.056 | |
| Asset Turnover Ratio QoQ | 35.075 % | |
| Asset Turnover Ratio YoY | 50.675 % | |
| Asset Turnover Ratio IPRWA | high: 0.701 median: 0.232 mean: 0.226 VNOM: 0.056 low: 0.017 |
|
| Receivables Turnover | 1.516 | |
| Receivables Turnover Ratio QoQ | 11.235 % | |
| Receivables Turnover Ratio YoY | 47.749 % | |
| Receivables Turnover Ratio IPRWA | high: 6.417 mean: 2.549 median: 1.99 VNOM: 1.516 low: 0.366 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 60.201 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 60.201 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 63.579 VNOM: 60.201 mean: -11.495 median: -11.56 low: -188.724 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.376 | |
| CapEx To Revenue | -0.153 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 6.7 B | |
| Net Invested Capital | $ 6.7 B | |
| Invested Capital | $ 6.7 B | |
| Net Tangible Assets | $ 5.0 B | |
| Net Working Capital | $ 489.0 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.846 | |
| Current Ratio | 6.374 | |
| Current Ratio QoQ | 3.283 % | |
| Current Ratio YoY | 3.589 % | |
| Current Ratio IPRWA | VNOM: 6.374 high: 2.816 median: 1.252 mean: 1.21 low: 0.467 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.698 | |
| Cost Of Debt | 1.202 % | |
| Interest Coverage Ratio | 17.792 | |
| Interest Coverage Ratio QoQ | 77.917 % | |
| Interest Coverage Ratio YoY | 151.769 % | |
| Interest Coverage Ratio IPRWA | high: 86.568 mean: 30.618 VNOM: 17.792 median: 15.887 low: -13.39 |
|
| Operating Cash Flow Ratio | 5.352 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 0.557 | |
| Dividend Payout Ratio | 1.796 | |
| Dividend Rate | $ 0.72 | |
| Dividend Yield | 0.016 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 0.058 % | |
| Revenue Growth | 31.703 % | |
| Revenue Growth QoQ | 78.689 % | |
| Revenue Growth YoY | 49.373 % | |
| Revenue Growth IPRWA | high: 94.825 % median: 35.834 % mean: 33.124 % VNOM: 31.703 % low: -51.194 % |
|
| Earnings Growth | 38.182 % | |
| Earnings Growth QoQ | -46.198 % | |
| Earnings Growth YoY | -258.603 % | |
| Earnings Growth IPRWA | high: 669.565 % mean: 118.173 % median: 79.032 % VNOM: 38.182 % low: -355.556 % |
|
| MARGINS | ||
| Gross Margin | 64.636 % | |
| Gross Margin QoQ | 22.329 % | |
| Gross Margin YoY | 26.296 % | |
| Gross Margin IPRWA | high: 85.152 % VNOM: 64.636 % mean: 28.986 % median: 22.517 % low: 3.205 % |
|
| EBIT Margin | 63.447 % | |
| EBIT Margin QoQ | 20.078 % | |
| EBIT Margin YoY | 77.772 % | |
| EBIT Margin IPRWA | high: 95.642 % VNOM: 63.447 % mean: 23.604 % median: 17.819 % low: 2.99 % |
|
| Return On Sales (ROS) | 63.596 % | |
| Return On Sales QoQ | 28.448 % | |
| Return On Sales YoY | 30.261 % | |
| Return On Sales IPRWA | high: 95.642 % VNOM: 63.596 % mean: 21.135 % median: 16.032 % low: 2.583 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 384.0 M | |
| Free Cash Flow Yield | 2.443 % | |
| Free Cash Flow Yield QoQ | -27.743 % | |
| Free Cash Flow Yield YoY | -120.476 % | |
| Free Cash Flow Yield IPRWA | high: 17.176 % mean: 3.392 % median: 3.3 % VNOM: 2.443 % low: -3.681 % |
|
| Free Cash Growth | 28.859 % | |
| Free Cash Growth QoQ | -381.799 % | |
| Free Cash Growth YoY | -74.054 % | |
| Free Cash Growth IPRWA | high: 1077.9 % median: 227.394 % mean: 66.575 % VNOM: 28.859 % low: -1268.173 % |
|
| Free Cash To Net Income | 2.704 | |
| Cash Flow Margin | 8.024 % | |
| Cash Flow To Earnings | 3.43 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.178 % | |
| Return On Assets QoQ | 50.064 % | |
| Return On Assets YoY | 154.978 % | |
| Return On Assets IPRWA | high: 10.571 % median: 3.127 % mean: 2.935 % VNOM: 1.178 % low: -2.231 % |
|
| Return On Capital Employed (ROCE) | 3.569 % | |
| Return On Equity (ROE) | 0.028 | |
| Return On Equity QoQ | 48.656 % | |
| Return On Equity YoY | 160.628 % | |
| Return On Equity IPRWA | high: 0.233 mean: 0.07 median: 0.064 VNOM: 0.028 low: -0.064 |
|
| DuPont ROE | 2.798 % | |
| Return On Invested Capital (ROIC) | 5.224 % | |
| Return On Invested Capital QoQ | 46.907 % | |
| Return On Invested Capital YoY | 141.182 % | |
| Return On Invested Capital IPRWA | high: 11.602 % mean: 5.681 % VNOM: 5.224 % median: 4.949 % low: -1.274 % |
|