Devon Energy Corp (DVN)
Energy · Oil & Gas Exploration & Production · US stock · S&P 500 component
$51.39
▲ +2.21 (4.49%)
Fair valueUndervalued
$65 +26.0% to fair value
$32fair band $55–$79$97
Day's range
$49.25 – $51.69
52-week range
$31.65 – $52.71
About Devon Energy Corp
Devon Energy is an independent oil and gas producer that explores for and produces crude oil, natural gas and natural gas liquids in the United States. Its operations are focused on shale and other onshore basins, with the Delaware Basin in the Permian region a key area. The company supplies its output to refiners, processors, utilities and marketers, and has no consumer-facing business.
Revenue comes from the production it markets, so its income moves with oil and gas prices as well as volumes. Sales were $20.4 billion over the last twelve months, with growth of -4.6% a year over the last three years. The operating margin is 23.1%, and the business earns a profit of 7% on the capital invested in it. Net debt is 1.4 times EBITDA. The dividend yield is 2.2%. On the site's X-Ray Score it receives 49 out of 100.
Price chart
52-wk range $31.65 – $52.71Volume 13,271,509Daily, split-adjusted
Vitals
Market cap$48.3B
52-week range$31.65 – $52.71
Volume (last day)13,271,509
P/E (TTM)11.0
EBIT / EV yield7.8%
Free-cash-flow yield9.7%
Dividend yield2.2%
Revenue (TTM)$20.4B
Net income (TTM)$3.3B
Operating margin23.1%
Return on capital6.8%
Debt incl. leases$13.4B
Cash & securities$950M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$65middle half of models $51 – $74
Undervalued
+26.0% to fair value
Average of the 13 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $51
Undervalued < $55Fair $55 – $79Overvalued > $79
P/E multiple
$48
P/B multiple
$85
P/S multiple
$52
EV/EBITDA multiple
$46
EV/EBIT multiple
$40
EV/revenue multiple
$51
10-year DCF, EBITDA exit
$73
5-year DCF, EBITDA exit
$63
10-year DCF, revenue exit
$74
5-year DCF, revenue exit
$65
10-year DCF, growth exit
$92
5-year DCF, growth exit
$85
Dividend discount, stable
$68
Dividend discount, multi-stage · not used
$148
Earnings power value · not used
$107
Growth the price implies
13.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 4.96%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Energy peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Strong
74/100
Cheap against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield7.8%
Free-cash-flow yield9.7%
Fair value vs price1.3×
Growth
Fair
52/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)-4.6%
EPS growth (3y)-23.0%
Growth consistency60%
Profitability
Weak
36/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital6.8%
Operating margin23.1%
Financial health
Weak
38/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA1.4×
Interest cover9.3×
Dividends
Weak
32/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.2%
Dividends vs free cash flow22%
Dividend growth-54.5%
Quarterly results: last 6 quarters
+21.6%
Mar '25
+9.4%
Jun '25
+7.6%
Sep '25
-6.4%
Dec '25
-0.9%
Mar '26
+73.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $7.4B, diluted EPS $2.03.
Compare with peers
EXE EXPAND ENERGY Corp68 EOG Eog Resources Inc66 EQT EQT Corp63 APA APA Corp62Other Oil & Gas Exploration & Production companies by X-Ray Score.
SWOT analysis: Devon Energy Corp
Strengthsinside the company
- Free cash flow equals 9.7% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- Return on invested capital of 6.8% is well below the 12.7% median of industry peers.
- Revenue has fallen 4.6% a year over three years (median -4.2% for industry peers).
- Earnings per share have declined 23.0% a year over three years.
Opportunitiesvaluation and setting
- Revenue growth picked up to 7.8% last year from -4.6% a year over three years.
- The price is 26% below our fair value estimate, with the gap larger than the margin we allow for error.
- Our Market Compass rates the backdrop for Energy as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Oil & Gas Exploration & Production follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare DVN with peers and sector
Medians of 8 Oil & Gas Exploration & Production peers and of 19 Energy stocks in our universe.
Largest peers (X-Ray Score): COP 57, EOG 66, OXY 37, FANG 36, EQT 63, TPL 47.
| Metric | DVN | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 49 | 60 | 50 |
| Valuation | 74 | 67 | 49 |
| Growth | 52 | 54 | 53 |
| Profitability | 36 | 61 | 50 |
| Financial health | 38 | 58 | 55 |
| Dividends | 32 | 45 | 55 |
Sector leaders: highest X-Ray Score in Energy
DVN ranks #12 of 20 in Energy and #6 of 9 in Oil & Gas Exploration & Production by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for DVN
Each factor is rated by where DVN stands among the 20 Energy stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 10 Average · 5 Bad of 21
Growth: 0 · 3 · 0
Profitability: 0 · 2 · 2
Financial strength: 0 · 2 · 2
Valuation: 4 · 1 · 0
Cash flow: 2 · 2 · 0
Efficiency: 0 · 0 · 1
| Factor | DVN | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −4.6% | Average beats 55% | −5.7% | – | – |
| Revenue growth, last year | +7.8% | Average beats 61% | +3.9% | +7.8% | ≈ In line |
| EPS growth, 3 years a year | −23.0% | Average beats 45% | −22.6% | – | – |
| Profitability | |||||
| Operating margin | 23.1% | Average beats 58% | 23.0% | 25.8% | ▼ Worse |
| Net margin | 16.1% | Average beats 61% | 13.5% | 20.4% | ▼ Worse |
| Return on invested capital | 6.8% | Bad beats 13% | 12.3% | – | – |
| Return on equity | 7.9% | Bad beats 8% | 15.2% | 30.3% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 1.4x | Average beats 36% | 1.1x | 0.8x | ▼ Worse |
| Interest cover | 9.3x | Bad beats 24% | 22.5x | 10.3x | ≈ In line |
| Current ratio | 0.72 | Bad beats 23% | 1.19 | 1.07 | ▼ Worse |
| Piotroski F-score | 6 / 9 | Average beats 57% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 14.7x | Good beats 73% | 17.7x | 7.8x | ▼ Worse |
| Price / book | 1.2x | Good beats 93% | 2.7x | 2.4x | ▲ Better |
| Price / sales | 2.4x | Average beats 50% | 2.4x | 1.9x | ▼ Worse |
| EV / EBITDA | 6.9x | Good beats 71% | 9.4x | 4.4x | ▼ Worse |
| Free cash flow yield | 9.7% | Good beats 73% | 5.9% | 13.5% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 23.0% | Good beats 71% | 13.2% | 18.5% | ▲ Better |
| Cash from operations / net income | 2.61 | Good beats 88% | 1.95 | 1.75 | ▲ Better |
| Free cash flow growth, 3 years a year | −19.5% | Average beats 42% | −17.7% | – | – |
| Accruals (lower is better) | −7.4% | Average beats 57% | −6.6% | – | – |
| Efficiency | |||||
| Days sales outstanding | 57 days | Bad beats 26% | 43 days | 38 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 9 Average · ● 3 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldGood
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalBad
Operating marginAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 49/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $13.8B | $19.8B | $15.3B | $15.9B | $17.2B |
| Operating income | $3.3B | $8.1B | $5.0B | $4.1B | $4.0B |
| Net income | $2.8B | $6.0B | $3.7B | $2.9B | $2.6B |
| Operating cash flow | $4.9B | $8.5B | $6.5B | $6.6B | $6.7B |
| Operating margin | 23.9% | 41.1% | 32.7% | 25.8% | 23.1% |
| Free cash flow | $2.9B | $6.0B | $2.7B | $3.0B | $3.1B |
| Diluted EPS | $4.19 | $9.12 | $5.84 | $4.56 | $4.17 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 50.08 | Bullish |
| EMA 10 | 49.93 | Bullish |
| SMA 20 | 48.80 | Bullish |
| EMA 20 | 49.32 | Bullish |
| SMA 50 | 48.40 | Bullish |
| EMA 50 | 48.12 | Bullish |
| SMA 100 | 45.82 | Bullish |
| EMA 100 | 46.78 | Bullish |
| SMA 200 | 45.13 | Bullish |
| EMA 200 | 44.53 | Bullish |
Oscillators (daily)
| RSI (14) | 61.63 | Neutral |
| MACD (12, 26) | 0.75 | Bullish |
| Momentum (12) | 7.33 | Bullish |
| Stochastic %K (14) | 93.30 | Bearish |
| Williams %R (14) | -6.70 | Bearish |
| CCI (20) | 106.7 | Bearish |
Pivot points (classic, last session)
S3 47.42 | S2 48.34 | S1 49.86 | Pivot 50.78 | R1 52.30 | R2 53.22 | R3 54.74 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
1.12 USD
Yield on today's price
2.18%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.3200 | |
| 0.3200 | |
| 0.2400 | |
| 0.2400 | |
| 0.2400 | |
| 0.2400 | |
| 0.2400 | |
| 0.2200 | |
| 0.4400 | |
| 0.3500 | |
| 0.4400 | |
| 0.7700 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold DVN
| ETF | Share of the fund |
|---|---|
| FXN First Trust Energy AlphaDEX | 4.76% |
| IEO iShares U.S. Oil & Gas Exploration & P... | 4.25% |
| FCG First Trust Natural Gas | 3.97% |
| VFLO VictoryShares Free Cash Flow | 3.49% |
| XLE Energy Select Sector SPDR | 2.86% |
| XOP SPDR S&P Oil & Gas Exploration & Produ... | 2.41% |
| ERX Direxion Daily Energy Bull 2X | 2.29% |
| IYE iShares U.S. Energy | 2.23% |
The eight funds with the largest weight in DVN among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
DVN stock splits
DVN has split its stock once since 2004. The latest was a 2-for-1 split on 16 Nov 2004.
Full DVN stock split history →DVN SEC filings
8-KSEC EDGAR
Regulation FD disclosure; Other events
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Entered a material agreement; Other events
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.