Forensic Analysis · Energy / Oil & Gas · as of Jun 27, 2026
Viper Energy, Inc. (VNOM)
A forensic read on Viper Energy, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality compounder
Forensic grade
Grey Zone
Financial health
2.0
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-1.1%
ROE
$15.3B
Market cap
4.92%
Dividend yield
Viper Energy, Inc. earns a A (High-quality compounder) forensic quality grade, and its Altman Z-score is 2.0, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+89.0%Accruals ratio.Net operating assets grew +89.0% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -13% of net operating assets.
-1%Return on invested capital.Return on invested capital is -1% and slipping from 20% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+46.1%/yrShare-count dilution.Diluted share count changed +92% over the last 2 years to FY2025 (+46.1%/yr). The count is GROWING — existing holders are being diluted. That's ~46.1% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~92%.
Key fundamentals
Net Margin-4.9%
Debt / Equity0.58x
Latest Revenue$1.40B
Return on Equity-1.5%
Revenue Growth YoY+62.0%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Viper Energy, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about VNOM's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown