I don't know if it's possible to have a favorite formula per se, but since I've been interested in nuclear reactors/physics for a long time, one of the most interesting/fascinating ones that I've encountered is the differential equation $\frac{dN}{dT}$ = $\frac{\alpha N}{\tau}$. This equation describes the rate of fission in a nuclear fission reactor, where $\alpha$ (also known as the void coefficient) is a measure of the expected number of neutrons after a single neutron lifetime has elapsed, $\frac{dN}{dT}$ is the rate of change of the core's neutron count, $\tau$ is the average lifetime of a neutron. More explicitly, $$\alpha = P_{impact} P_{fission} n_{average} - P_{absorb} - P_{escape}$$which measures the probability that a neutron will impact another neutron, induce fission, and continue the chain reaction, instead of just escaping off into space or not inducing fission upon impact.
This differential equation has 3 states, based on the values of $\alpha$:
1: $\alpha < 0$, meaning that the overall reaction is losing more neutrons than it is gaining them, making it subcritical and shrinking the rate of reaction until it reaches equilibrium at 0.
2: $\alpha > 0$, meaning that the overall reaction is gaining more neutrons than it is losing them, and causing the reaction rate to increase without bound unless checked; in this state it is known as supercritical and is on track to becoming a nuclear bomb rather than a power source. The Chernobyl plant disaster, for example, was a result of the void coefficient staying positive for too long and letting the reaction get out of control.
3: $\alpha$ = 0, meaning that the neutron exchange rate is stable (as $\frac{dN}{dT}$ = 0) and energy is being produced constantly. In this state it is known as critical, and is the desired reaction rate for nuclear power plants.
In short, I like this (apparently simple) differential equation because it's a nice real world example of differential equations in physics, and relevant to my interests.