Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Diamondback Energy, Inc. (FANG) Halal?

PASS

Diamondback Energy, Inc. · NASDAQ: FANG · Energy

The short answer

Yes -- Diamondback Energy, Inc. (FANG) passes this Shariah stock screen at all three gates. Per its FY2025 10-K, Diamondback is an independent oil and natural gas company focused on acquiring, developing, exploring, and exploiting unconventional onshore reserves primarily in the Permian Basin in West Texas, operating one upstream reportable segment (including its Rattler Midstream operations) and consolidating its minerals-and-royalties subsidiary Viper Energy, Inc. -- none of which are non-compliant business activities under the AAOIFI-style business screen. Its interest-bearing debt of $14,489M ($13,726M long-term debt plus $763M current maturities) is about 27.69% of its ~$52.33B market cap ($185.51 latest close retrieved October 2, 2026; 282,078,989 shares outstanding per the 10-K cover), below the ~33% ceiling. Its separately disclosed interest income of $25M is about 0.17% of its $15,026M in FY2025 revenue, below the 5% non-compliant income ceiling. Third-party coverage is mixed: Zoya's FANG page was unreadable in October 2026 (contradictory boilerplate, blank assessment dates) so no Zoya position could be honestly established, and Musaffa rates FANG "not halal" as of October 2026 under its AAOIFI methodology -- reported honestly, not invented.

Gate 1 — Business activity: PASS

Diamondback Energy, Inc. (NASDAQ: FANG), based in Midland, Texas, describes itself in its FY2025 10-K as an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. It is managed as one reportable upstream segment (Permian oil and gas operations plus remaining midstream operations through Rattler Midstream) and consolidates its publicly traded minerals-and-royalties subsidiary Viper Energy, Inc. Business screen (factual, from the filing): the reported business is oil and gas exploration, production, midstream services, and mineral royalties -- none of the filing's segments involve conventional banking, lending, insurance, alcohol, gambling, pork, tobacco, or weapons, the non-compliant activities the AAOIFI-style business screen excludes. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Per Diamondback's FY2025 10-K (fiscal year ended December 31, 2025), total interest-bearing debt was $14,489M -- $13,726M of long-term debt plus $763M of current maturities of debt (about $2,186M of the long-term debt and $105M of revolving borrowings sit at its consolidated subsidiary Viper Energy, Inc.). Against a market cap of about $52.33B ($185.51 latest close retrieved October 2, 2026; 282,078,989 shares outstanding per the 10-K cover, as of February 20, 2026), debt divided by market cap is about 27.69% -- under the ~33% ceiling, though nearer it than most October 2026 screens. Cash and cash equivalents of $104M are about 0.20% of market cap. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Diamondback's FY2025 10-K income statement reports total revenues of $15,026M (oil sales $11,621M, natural gas liquids $1,432M, natural gas $400M, purchased-oil sales $1,476M, other operating income $97M). The separately disclosed interest-type line is interest income of $25M (supplemental cash-flow information) -- about 0.17% of revenue, well under the 5% non-compliant income ceiling. Interest income was notably higher in 2024 ($156M, from cash held ahead of the Endeavor acquisition) and fell back in 2025. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Diamondback Energy do?

Diamondback Energy, Inc. (NASDAQ: FANG), headquartered in Midland, Texas, describes itself in its FY2025 10-K as an independent oil and natural gas company focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. As of December 31, 2025 it is managed as one operating and reportable segment, the upstream segment, which includes its Permian oil and gas operations plus its remaining midstream operations (Rattler Midstream). It also consolidates its publicly traded subsidiary Viper Energy, Inc., an oil and natural gas minerals and royalties company in which Diamondback owned about 42% on a fully diluted basis at year-end 2025. None of its reported segments involve banking, lending, insurance, alcohol, gambling, pork, tobacco, or weapons.

What is Diamondback Energy's interest-bearing debt ratio?

Per its FY2025 10-K (fiscal year ended December 31, 2025), Diamondback's total interest-bearing debt was $14,489M -- long-term debt of $13,726M plus current maturities of debt of $763M. Against a market cap of about $52.33B ($185.51 latest close retrieved October 2, 2026; 282,078,989 shares outstanding per the 10-K cover, dated February 20, 2026), debt divided by market cap is about 27.69% -- under the ~33% ceiling, but closer to it than most October 2026 screens. Cash and cash equivalents were only $104M (about 0.20% of market cap); the company held about $2.6B of total liquidity including undrawn credit capacity. Gate 2 passes. Facts only.

What is Diamondback Energy's non-compliant income ratio?

Diamondback's FY2025 10-K income statement reports total revenues of $15,026M (oil sales $11,621M, natural gas liquids $1,432M, natural gas $400M, purchased-oil sales $1,476M, other operating income $97M). The separately disclosed interest-type line is interest income of $25M, reported in the supplemental cash-flow information -- about 0.17% of revenue, well under the 5% non-compliant income ceiling. Note that the 10-K's MD&A shows interest income was much higher in 2024 ($156M, from cash held for the Endeavor acquisition) and fell to $25M in 2025. Gate 3 passes. Facts only.

Why does Diamondback Energy pass this Shariah stock screen?

Diamondback passes this screen at all three gates: its core business is Permian Basin oil and gas exploration and production plus related midstream and mineral-royalty operations, none of which are non-compliant business activities under the AAOIFI-style business screen; its interest-bearing debt of $14,489M is about 27.69% of its ~$52.33B market cap, under the ~33% ceiling; and its separately disclosed interest income of $25M is about 0.17% of its $15,026M in revenue, under the 5% ceiling. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings. Note: third-party screeners disagree on FANG, so check their live pages for their reasoning.

Do Zoya, Musaffa, or ShariaPortfolio cover Diamondback Energy?

Zoya's FANG page (zoya.finance/stocks/fang) was unreadable when accessed in October 2026 -- the page rendered contradictory boilerplate answers with blank assessment dates, so no clear Zoya position on FANG could be honestly established. Musaffa covers FANG and classifies it as "not halal" as of October 2026 under its AAOIFI methodology (musaffa.com/stock/FANG/) -- this disagrees with this page's PASS outcome. No ShariaPortfolio screener page for FANG was found in October 2026. This page applies the screen directly from Diamondback's own FY2025 10-K and reports these positions honestly, without inventing ratings.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).